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 | SGNT | |
Entity Registrant Name | SAGENT PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1369786 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,089,282 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $49,350 | $55,633 |
Short-term investments | 19,893 | 18,473 |
Accounts receivable, net of chargebacks and other deductions | 53,530 | 42,780 |
Inventories, net | 61,578 | 61,781 |
Due from related party | 2,308 | 2,156 |
Current deferred tax assets | 12,215 | 12,135 |
Prepaid expenses and other current assets | 6,664 | 5,560 |
Total current assets | 205,538 | 198,518 |
Property, plant, and equipment, net | 69,784 | 71,153 |
Investment in joint ventures | 5,424 | 4,539 |
Goodwill | 26,106 | 28,155 |
Intangible assets, net | 59,048 | 65,575 |
Non-current deferred tax assets | 12,940 | 13,173 |
Other assets | 386 | 375 |
Total assets | 379,226 | 381,488 |
Current liabilities: | ||
Accounts payable | 46,582 | 32,710 |
Due to related party | 10,730 | 8,079 |
Accrued profit sharing | 10,393 | 10,684 |
Accrued liabilities | 16,301 | 19,346 |
Current portion of deferred purchase consideration | 8,825 | 8,725 |
Current portion of long-term debt | 275 | 508 |
Notes payable | 5,499 | |
Total current liabilities | 93,106 | 85,551 |
Long term liabilities: | ||
Long-term debt | 1,702 | 1,945 |
Deferred income taxes | 13,823 | 15,706 |
Other long-term liabilities | 2,489 | 2,534 |
Total liabilities | 111,120 | 105,736 |
Stockholders' equity: | ||
Common stock - $0.01 par value, 100,000,000 authorized, and 32,085,707 and 31,976,661 outstanding at March 31, 2015 and December 31, 2014, respectively | 321 | 320 |
Additional paid-in capital | 354,236 | 352,982 |
Accumulated other comprehensive income (loss) | -10,382 | -3,374 |
Accumulated deficit | -76,069 | -74,176 |
Total stockholders' equity | 268,106 | 275,752 |
Total liabilities and stockholders' equity | $379,226 | $381,488 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Statement of Financial Position [Abstract] | ||
Common stock, par value | $0.01 | $0.01 |
Common stock, authorized shares | 100,000,000 | 100,000,000 |
Common stock, outstanding shares | 32,085,707 | 31,976,661 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Net revenue | $82,645 | $70,869 |
Cost of sales | 60,720 | 50,485 |
Gross profit | 21,925 | 20,384 |
Operating expenses: | ||
Product development | 5,315 | 4,020 |
Selling, general and administrative | 13,125 | 10,013 |
Acquisition-related costs | 1,251 | |
Management transition costs | 3,308 | |
Equity in net income of joint ventures | -885 | -281 |
Total operating expenses | 22,114 | 13,752 |
Income (loss) from operations | -189 | 6,632 |
Interest income and other income (expense), net | -1,056 | -86 |
Interest expense | -330 | -213 |
Income (loss) before income taxes | -1,575 | 6,333 |
Provision for income taxes | 319 | 1,214 |
Net income (loss) | ($1,894) | $5,119 |
Net income (loss) per common share: | ||
Basic | ($0.06) | $0.16 |
Diluted | ($0.06) | $0.16 |
Weighted-average of shares used to compute net income (loss) per common share: | ||
Basic | 32,043 | 31,814 |
Diluted | 32,043 | 32,614 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Comprehensive Income (Loss) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net income (loss) | ($1,894) | $5,119 |
Other comprehensive income (loss), net of tax | ||
Foreign currency translation adjustments | -7,038 | -436 |
Unrealized gains on available for sale securities | 30 | 15 |
Total other comprehensive loss, net of tax | -7,008 | -421 |
Comprehensive income (loss) | ($8,902) | $4,698 |
Condensed_Consolidated_Stateme2
Condensed Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Cash flows from operating activities | ||
Net income (loss) | ($1,894) | $5,119 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 3,089 | 1,750 |
Stock-based compensation | 1,090 | 1,196 |
Equity in net (income) loss of joint ventures | -885 | -281 |
Deferred income taxes, net | -843 | |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | -11,071 | -10,172 |
Inventories, net | -844 | 2,272 |
Prepaid expenses and other current assets | -646 | -129 |
Due from related party | 3,169 | 259 |
Accounts payable and other accrued liabilities | 11,831 | -4,409 |
Net cash provided by (used in) operating activities | 2,996 | -4,395 |
Cash flows from investing activities | ||
Capital expenditures | -2,240 | -556 |
Purchases of investments | -2,464 | -21,784 |
Sale of investments | 1,000 | 21,250 |
Purchase of product rights | -100 | -989 |
Net cash used in investing activities | -3,804 | -2,079 |
Cash flows from financing activities | ||
Reduction in short-term borrowings | -5,189 | |
Repayment of long-term debt | -260 | -10,324 |
Payment of deferred financing costs | -27 | |
Proceeds from issuance of common stock, net of issuance costs | 165 | 149 |
Net cash used in financing activities | -5,311 | -10,175 |
Effect of exchange rate movements in cash | -164 | 55 |
Net decrease in cash and cash equivalents | -6,283 | -16,594 |
Cash and cash equivalents, at beginning of period | 55,633 | 42,332 |
Cash and cash equivalents, at end of period | 49,350 | 25,738 |
Supplemental disclosure of cash flow information | ||
Acquisition of property, plant and equipment in accounts payable | ($801) |
Basis_of_presentation
Basis of presentation | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Basis of presentation | Note 1. Basis of presentation: |
Our interim condensed consolidated financial statements are unaudited. We prepared the condensed consolidated financial statements following rules for interim reporting as prescribed by the U.S. Securities and Exchange Commission (“SEC”). As permitted under those rules, we have condensed or omitted a number of footnotes or other financial information that are normally required by accounting principles generally accepted in the United States of America (“U.S. GAAP”). It is management’s opinion that these financial statements include all adjustments, consisting of normal and recurring adjustments, necessary for a fair presentation of our financial position, operating results and cash flows. Operating results for any interim period are not necessarily indicative of future or annual results. | |
The condensed consolidated financial statements include Sagent as well as our wholly owned subsidiaries. All material intercompany balances and transactions have been eliminated in consolidation. We account for our investment in Sagent Agila LLC (formerly Sagent Strides LLC) using the equity method of accounting, as our interest in the entity provides for joint financial and operational control. | |
Certain amounts previously included in accounts payable have been reclassified to accrued liabilities to conform to the current period presentation. | |
You should read these statements in conjunction with our consolidated financial statements and related notes for the year ended December 31, 2014, included in our most recent Annual Report on Form 10-K filed with the SEC on March 16, 2015. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 2: Recent Accounting Pronouncements |
In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. We are required to adopt this new guidance on January 1, 2017, using one of two prescribed retroactive methods. Early adoption is not permitted. In April 2015, the FASB proposed a one year deferral to the new revenue guidance. If approved, we would be required to adopt the new guidance on January 1, 2018. We are evaluating the impact of the amended revenue recognition guidance on our consolidated financial statements. | |
In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. |
Acquisitions
Acquisitions | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisitions | Note 3. Acquisitions: | ||||
Omega Acquisition | |||||
On October 1, 2014, we, through our wholly-owned Canadian subsidiary, Sagent Acquisition Corp., entered into a Share Purchase Agreement to acquire all of the issued and outstanding shares of the capital stock of 7685947 Canada Inc., and its subsidiary, Omega Laboratories Limited (collectively, “Omega”), a privately held Canadian pharmaceutical and specialty healthcare products company for C$92,768 ($82,693), after accounting for net post-closing adjustments of C$191 ($170). | |||||
The fair value of identifiable assets acquired and liabilities assumed for the Omega acquisition is shown in the table below: | |||||
(in thousands) | |||||
Cash | $ | 3 | |||
Accounts receivable, net | 3,419 | ||||
Inventory | 14,014 | ||||
Prepaid and other current assets | 1,295 | ||||
Property, plant and equipment | 14,307 | ||||
Definite-lived intangible assets | 49,918 | ||||
In-process research and development | 7,666 | ||||
Goodwill | 22,842 | ||||
Accounts payable | (2,410 | ) | |||
Other accrued liabilities | (4,090 | ) | |||
Long-term debt and notes payable | (7,095 | ) | |||
Deferred income tax liabilities | (17,176 | ) | |||
Total allocation of fair value | $ | 82,693 | |||
We recorded goodwill of $22,842 due to the synergies achieved by having control over the products and manufacturing at Omega. | |||||
The following unaudited pro forma financial information reflects the consolidated results of operations of Sagent as if the Omega acquisition had taken place on January 1, 2014. The pro forma information includes acquisition and integration expenses. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction been effected on the assumed date | |||||
Condensed consolidated statement of operations information | Three months ended | ||||
March 31, 2014 | |||||
Net revenues | $ | 78,417 | |||
Net income | 2,576 | ||||
Diluted income per common share | $ | 0.08 |
Investments
Investments | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments | Note 4. Investments: | ||||||||||||||||||||||||
Our investments at March 31, 2015 were comprised of the following: | |||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Carrying | Cash and | Short term | ||||||||||||||||||||
gains | losses | value | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 8,465 | $ | — | $ | — | $ | 8,465 | $ | 8,465 | $ | — | |||||||||||||
Money market funds | 40,885 | — | — | 40,885 | 40,885 | — | |||||||||||||||||||
Corporate bonds and notes | 19,903 | 1 | (11 | ) | 19,893 | — | 19,893 | ||||||||||||||||||
$ | 69,253 | $ | 1 | $ | (11 | ) | $ | 69,243 | $ | 49,350 | $ | 19,893 | |||||||||||||
Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2015 were as follows: | |||||||||||||||||||||||||
Fair value | Unrealized | ||||||||||||||||||||||||
losses | |||||||||||||||||||||||||
Corporate bonds and notes | $ | 15,126 | $ | (11 | ) | ||||||||||||||||||||
Unrealized losses from fixed-income securities are primarily attributable to changes in interest rates. Because we do not currently intend to sell these investments, and it is not more likely than not that we will be required to sell our investments before recovery of their amortized cost basis, which may be maturity, we do not consider these investments to be other-than-temporarily impaired at March 31, 2015. | |||||||||||||||||||||||||
The original cost and estimated current fair value of our fixed-income securities at March 31, 2015 are set forth below. | |||||||||||||||||||||||||
Cost basis | Estimated fair value | ||||||||||||||||||||||||
Due in one year or less | $ | 12,373 | $ | 12,370 | |||||||||||||||||||||
Due between one and five years | 7,530 | 7,523 | |||||||||||||||||||||||
$ | 19,903 | $ | 19,893 | ||||||||||||||||||||||
Inventories
Inventories | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||
Inventories | Note 5. Inventories: | ||||||||||||||||||||||||
Inventories at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Raw materials | $ | 9,248 | $ | 2,848 | $ | 12,096 | $ | 10,203 | $ | 2,848 | $ | 13,051 | |||||||||||||
Work in process | 1,819 | — | 1,819 | 2,012 | — | 2,012 | |||||||||||||||||||
Finished goods | 51,082 | — | 51,082 | 49,960 | — | 49,960 | |||||||||||||||||||
Inventory reserve | (3,419 | ) | — | (3,419 | ) | (3,242 | ) | — | (3,242 | ) | |||||||||||||||
$ | 58,730 | $ | 2,848 | $ | 61,578 | $ | 58,933 | $ | 2,848 | $ | 61,781 | ||||||||||||||
Property_plant_and_equipment
Property, plant and equipment | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, plant and equipment | Note 6. Property, plant and equipment | ||||||||
Property, plant and equipment at March 31, 2015 and December 31, 2014 were as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 3,398 | $ | 3,519 | |||||
Buildings and improvements | 26,459 | 26,605 | |||||||
Machinery, equipment, furniture and fixtures | 45,012 | 42,124 | |||||||
Construction in process | 3,630 | 6,175 | |||||||
78,499 | 78,423 | ||||||||
Less accumulated depreciation | (8,715 | ) | (7,270 | ) | |||||
$ | 69,784 | $ | 71,153 | ||||||
Depreciation expense was $1,427 and $1,041 for the three months ending March 31, 2015 and 2014, respectively. |
Goodwill_and_Intangible_assets
Goodwill and Intangible assets, net | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Intangible assets, net | Note 7. Goodwill and Intangible assets, net: | ||||||||||||||||||||||||
Goodwill at March 31, 2015 and December 31, 2014 was $26,106 and $28,155, respectively. There were no goodwill impairment losses for the three months ended March 31, 2015 and 2014, respectively. | |||||||||||||||||||||||||
Movements in goodwill were due to the following: | |||||||||||||||||||||||||
December 31, 2014 | $ | 28,155 | |||||||||||||||||||||||
Foreign currency movements | (2,049 | ) | |||||||||||||||||||||||
March 31, 2015 | $ | 26,106 | |||||||||||||||||||||||
Intangible assets at March 31, 2015 and December 31, 2014 were as follows: | |||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 4,807 | $ | (2,987 | ) | $ | 1,820 | $ | 4,707 | $ | (2,878 | ) | $ | 1,829 | |||||||||||
Product development rights | 3,791 | — | 3,791 | 4,191 | — | 4,191 | |||||||||||||||||||
Purchased product rights and other | 46,761 | (2,319 | ) | 44,442 | 51,245 | (1,375 | ) | 49,870 | |||||||||||||||||
Total definite-lived intangible assets | $ | 55,359 | $ | (5,306 | ) | $ | 50,053 | $ | 60,143 | $ | (4,253 | ) | $ | 55,890 | |||||||||||
In-process research and development (IPR&D) | $ | 8,995 | $ | — | $ | 8,995 | $ | 9,685 | $ | — | $ | 9,685 | |||||||||||||
Total intangible assets | $ | 64,354 | $ | (5,306 | ) | $ | 59,048 | $ | 69,828 | $ | (4,253 | ) | $ | 65,575 | |||||||||||
The weighted-average period prior to the next extension or renewal for the 21 products comprising our product licensing rights intangible asset was 55 months at March 31, 2015. |
Investment
Investment (Sagent Agila LLC) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Sagent Agila LLC | |||||||||
Investment | Note 8. Investment in Sagent Agila: | ||||||||
Changes in our investment in Sagent Agila during the three months ended March 31, 2015 were as follows: | |||||||||
Investment in Sagent Agila at January 1, 2015 | $ | 4,539 | |||||||
Equity in net income of Sagent Agila | 885 | ||||||||
Investment in Sagent Agila at March 31, 2015 | $ | 5,424 | |||||||
Condensed statement of operations information of Sagent Agila is presented below. | |||||||||
Three months ended March 31, | |||||||||
Condensed statement of operations information | 2015 | 2014 | |||||||
Net revenues | $ | 3,074 | $ | 1,330 | |||||
Gross profit | 1,770 | 600 | |||||||
Net income | 1,770 | 562 |
Debt
Debt | 3 Months Ended |
Mar. 31, 2015 | |
Debt Disclosure [Abstract] | |
Debt | Note 9. Debt: |
Credit facilities acquired in connection with the Omega acquisition | |
In connection with the acquisition of Omega on October 1, 2014, we assumed a series of credit facilities and mortgages with the National Bank of Canada (“NBC”) and the Business Development Bank of Canada (“BDC”), as described below. | |
Omega had an authorized credit facility (the “Omega operating credit facility”) in the amount of C$8,200 ($7,309) with the NBC. The Omega operating credit facility can be utilized in the form of floating-rate advances for an amount not exceeding C$7,000 ($6,239 as of the acquisition date) and advances in the form of letters of guarantee or letters of credit, within that limit for an amount not exceeding C$2,000 ($1,782 as of the acquisition date). The Omega operating credit facility could also be utilized in the form of advances to cover Omega’s currency risk for an amount not to exceed C$1,200 ($1,070 as of the acquisition date). On October 1, 2014, the Omega operating credit facility had floating-rate advances in the amount of C$1,530 ($1,364) bearing interest at the lender’s prime rate plus 0.50% (or an effective rate of 3.5%), which we assumed as part of the acquisition. As of December 31, 2014, C$3,272 ($2,824) was outstanding under the Omega operating credit facility. | |
In July 2014, Omega obtained a C$3,000 demand loan (the “Omega demand loan”), from the NBC bearing interest at the prime rate of the lender, plus a premium of 1.75% (effective rate 4.75%). The Omega demand loan was secured by all of the assets of Omega for C$3,000 plus an additional security interest of 20% of this amount, bearing interest at 4.75% per annum and matured in November 2014. We assumed the Omega demand loan ($2,674 as of the acquisition date) in connection with the acquisition and subsequently extended the maturity date to January 2015. The Omega operating credit facility and the Omega demand loan were secured by a first ranking security interest in the amount of C$8,250 ($7,354 as of the acquisition date) in Omega’s inventories, trade receivables and on the intellectual property of Omega, present and future. As of December 31, 2014, C$3,000 ($2,674) was outstanding under the Omega demand loan. | |
Omega also had C$267 ($238) outstanding on a decreasing revolving credit facility with the NBC (the “Omega decreasing revolving credit facility”) bearing interest at the prime rate of the lender, plus 1.0% (or an effective rate equal to 4.0%). The Omega decreasing revolving credit facility was secured by a first ranking security interest of C$1,000 ($891 as of the acquisition date) on the equipment, tooling and office furniture financed by the credit facility. | |
The Omega credit facilities were subject to certain restrictions, including the obligation to maintain certain financial ratios. As of October 1, 2014, Omega had not met certain of these financial ratios. As a result, the Omega decreasing revolving credit facility was classified as a current liability as of the acquisition date. In January 2015, we paid off all amounts outstanding under the Omega operating credit facility, the Omega demand loan and the Omega decreasing revolving credit facility with available cash on hand. | |
In addition to the above, Omega has five mortgage loans with the BDC (collectively the “Omega mortgages”) which we assumed in connection with the acquisition. The Omega mortgages, which require monthly installments and which are secured by specific Omega buildings and equipment, range in amount from C$70 to C$1,250 ($62 to $1,114 as of the acquisition date) and bear interest at the lender’s prime rate (5% as of the acquisition date) plus a premium ranging from 0% - 1.5%. The Omega mortgages mature at various times from August 2019 through November 2036. | |
JPMorgan Chase Revolving Credit Loan Facility | |
On October 31, 2014, we entered into a credit agreement (the “Chase Agreement”) with JPMorgan Chase Bank, N.A., (“Chase”). As of March 31, 2015 and December 31, 2014, respectively, no borrowings were outstanding under the Chase Agreement and we were in compliance with all of our covenants under the Chase Agreement. | |
JP Morgan Chase China Fixed Assets Committed Loan Facility | |
On April 6, 2015, our subsidiary, Sagent (China) Pharmaceuticals, Co., Ltd. (“SCP”) entered into a fixed assets committed loan facility (“China Facility”) with JPMorgan Chase Bank (China) Company Limited, Shanghai Branch (“Chase China”). SCP may make drawings under the China Facility in an aggregate amount up to $18.0 million to finance capital expenditures relating to a production line expansion. Amounts drawn under the China Facility bear interest at the LIBOR rate (or Chase China’s cost of funds if the long term foreign debt quota of Chase China is not available) plus 3.25%. Amounts drawn under the China Facility will be subject to an amortization schedule. Principal payments for any amounts drawn will be repaid in accordance with that schedule, between 36-60 months. | |
In connection with the China Facility, on April 6, 2015 we and our wholly-owned subsidiary, Sagent Pharmaceuticals (“Sagent Wyoming”) entered into an amendment (the “Amendment”) to the Chase Agreement as well as a guaranty (the “Guaranty”) in favor of Chase and certain of its affiliates. Under the Guaranty and Amendment, the Company and Sagent Wyoming provide Chase and its affiliates a guaranty of obligations incurred by SCP under the China Facility. |
Accrued_liabilities
Accrued liabilities | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued liabilities | Note 10. Accrued liabilities: | ||||||||
Accrued liabilities at March 31, 2015 and December 31, 2014 were as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Payroll and employee benefits | $ | 6,868 | $ | 9,329 | |||||
Sales and marketing | 5,714 | 6,964 | |||||||
Taxes payable | 1,263 | 1,040 | |||||||
Other accrued liabilities | 2,456 | 2,013 | |||||||
$ | 16,301 | $ | 19,346 | ||||||
Fair_value_measurements
Fair value measurements | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair value measurements | Note 11. Fair value measurements: | ||||||||||||||||
Assets measured at fair value on a recurring basis as of March 31, 2015 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices in | Significant | Significant | ||||||||||||||
active markets | other | unobservable | |||||||||||||||
for identical | observable | inputs | |||||||||||||||
assets (Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 40,885 | $ | 40,885 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 19,893 | — | 19,893 | — | |||||||||||||
Short-term investments | $ | 19,893 | $ | — | $ | 19,893 | $ | — | |||||||||
Total assets | $ | 60,778 | $ | 40,885 | $ | 19,893 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||
The fair value of our Level 2 investments is based on a combination of quoted market prices of similar securities and matrix pricing provided by third-party pricing services utilizing securities of similar quality and maturity. The fair value of our Level 3 contingent consideration is based upon a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the product approval date. | |||||||||||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices | Significant | Significant | ||||||||||||||
in active | other | unobservable | |||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 13,139 | $ | 13,139 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 18,513 | — | 18,513 | — | |||||||||||||
Commercial paper | — | — | — | — | |||||||||||||
Short-term investments | $ | 18,513 | $ | — | $ | 18,513 | $ | — | |||||||||
Total assets | $ | 31,652 | $ | 13,139 | $ | 18,513 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||
There were no transfers of assets between Level 1, Level 2 or Level 3 during the periods presented. | |||||||||||||||||
We estimated the fair value of the contingent consideration to be $605 using a probability weighting approach that considered the possible outcomes based on assumptions related to the timing and probability of the Cisatracurium product approval date. There were no changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the three months ending March 31, 2015. |
Accumulated_other_comprehensiv
Accumulated other comprehensive income (loss) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Accumulated other comprehensive income (loss) | Note 12. Accumulated other comprehensive income (loss): | ||||||||
Accumulated other comprehensive income (loss) at March 31, 2015 and December 31, 2014 is comprised of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Currency translation adjustment, net of tax | $ | (10,372 | ) | $ | (3,334 | ) | |||
Unrealized gains (losses) on available for sale securities, net of tax | (10 | ) | (40 | ) | |||||
Total accumulated other comprehensive income (loss) | $ | (10,382 | ) | $ | (3,374 | ) | |||
There were no amounts reclassified from accumulated other comprehensive income during the three months ended March 31, 2015. |
Earnings_per_share
Earnings per share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Earnings per share | Note 13. Earnings per share: | ||||||||
Basic earnings per share is calculated by dividing net income available to common stockholders by the weighted average number of common shares outstanding for the period. Because of their anti-dilutive effect, 2,848,026 and 1,196,646 common share equivalents, comprised of unvested restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the periods ended March 31, 2015 and 2014, respectively. | |||||||||
The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014: | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic and dilutive numerator: | |||||||||
Net income (loss), as reported | $ | (1,894 | ) | $ | 5,119 | ||||
Denominator: | |||||||||
Weighted-average common shares outstanding - basic (in thousands) | 32,043 | 31,814 | |||||||
Net effect of dilutive securities: | |||||||||
Stock options and restricted stock | — | 800 | |||||||
Weighted-average common shares outstanding - diluted (in thousands) | 32,043 | 32,614 | |||||||
Net income (loss) per common share (basic) | $ | (0.06 | ) | $ | 0.16 | ||||
Net income (loss) per common share (diluted) | $ | (0.06 | ) | $ | 0.16 | ||||
Stockbased_compensation
Stock-based compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-based compensation | Note 14. Stock-based compensation: | ||||||||
The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2015: | |||||||||
Number of Shares | |||||||||
Stock | Restricted | ||||||||
options | stock | ||||||||
Outstanding at January 1, 2015 | 2,543,362 | 128,209 | |||||||
Granted | 301,582 | 72,148 | |||||||
Exercised | (77,006 | ) | (38,664 | ) | |||||
Forfeited | (71,611 | ) | (9,994 | ) | |||||
Outstanding at March 31, 2015 | 2,696,327 | 151,699 | |||||||
The aggregate intrinsic value of stock options exercised during the three months ended March 31, 2015 and 2014, respectively, was $1,550 and $957, respectively. |
Net_revenue_by_product
Net revenue by product | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Net revenue by product | Note 15. Net revenue by product: | ||||||||
Net revenue by therapeutic class is as follows: | |||||||||
Three months ended March 31, | |||||||||
Therapeutic class: | 2015 | 2014 | |||||||
Anti-infective | $ | 31,558 | $ | 27,148 | |||||
Critical care | 29,909 | 21,585 | |||||||
Oncology | 21,178 | 22,136 | |||||||
$ | 82,645 | $ | 70,869 | ||||||
Related_party_transactions
Related party transactions | 3 Months Ended |
Mar. 31, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 16. Related party transactions: |
As of March 31, 2015 and December 31, 2014, respectively, we had a receivable of $2,308 and $2,156 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of March 31, 2015 and December 31, 2014, respectively, we had a payable of $10,730 and $8,079 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 17. Income Taxes: |
Our provision for income taxes for the three months ended March 31, 2015 and March 31, 2014 was $319 and $1,214, respectively. As we have recorded a full valuation allowance against our Chinese deferred tax assets, we have not recorded a tax benefit for losses associated with SCP. |
Commitments_and_contingencies
Commitments and contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and contingencies | Note 18. Commitments and contingencies: |
Litigation | |
From time to time, we are subject to claims and litigation arising in the ordinary course of business. These claims may include assertions that our products infringe existing patents and claims that the use of our products has caused personal injuries. We intend to vigorously defend any such litigation that may arise under all defenses that would be available to us. Currently, we are party to the following claim. | |
Zoledronic Acid (Generic versions of Zometa ® and Reclast ®). On February 20, 2013, Novartis Pharmaceuticals Corporation (“Novartis”) sued the Company and several other defendants in the United States District Court for the District of New Jersey, alleging, among other things, that sales of the Company’s (i) zoledronic acid premix bag (4mg/100ml), made by ACS Dobfar Info S.A. (“Info”), also a defendant, a generic version of Novartis’ Zometa ® ready to use bottle, would infringe U.S. Patent No. 7,932,241 (the “241 Patent”) and U.S. Patent No. 8,324,189 (the “189 Patent”) and (ii) zoledronic acid premix bag (5mg/100ml), also made by Info, a generic version of Novartis’ Reclast ® ready to use bottle, would infringe U.S. Patent No. 8,052,987 and the 241 Patent, and (iii) zoledronic acid vial (4mg/5ml), made by Actavis LLC, also a defendant, a generic version of Novartis’ Zometa ® vial, would infringe the 189 Patent. (Novartis Pharmaceuticals Corporation v. Actavis, LLC, et. al., Case No. 13-cv-1028). On March 1, 2013, the District Court denied Novartis’ request for a temporary restraining order against the Company and the other defendants, including Actavis and Info. On March 6, 2013 the Company, began selling Actavis’ zoledronic acid vial, the generic version of Zometa. Also, as of August 27, 2013 and October 1, 2013, the Company began selling zoledronic acid premix bags in 4mg/100ml and 5mg/100ml presentations, respectively. The Company believes it has substantial meritorious defenses to the case, and the Company has sold and will continue to sell these products. While an estimate of the potential loss resulting from an adverse final determination that one of the patents in suit is valid and infringed cannot currently be made as specific monetary damages have not been asserted, an adverse final determination could have a material adverse effect on the Company’s business, results of operations, financial condition and cash flows. | |
At this time, there are no other proceedings of which we are aware that are considered likely to have a material adverse effect on the consolidated financial position or results of operations. |
Management_transition_changes
Management transition changes | 3 Months Ended |
Mar. 31, 2015 | |
Restructuring and Related Activities [Abstract] | |
Management transition changes | Note 19. Management transition changes: |
In March 2015, we completed a management transition following the retirement of our founder and Chief Executive Officer and resignation of our President. Costs associated with the transition, primarily severance related charges, were all incurred in the Sagent US operating segment, and are reflected in the management transition costs caption in the condensed consolidated statement of operations for the three months ended March 31, 2015. $3,308 related to these charges was included in Accrued Liabilities as of March 31, 2015. |
Geographic_and_segment_informa
Geographic and segment information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Geographic and segment information | Note 20. Geographic and segment information | ||||||||
Management uses segment information to evaluate segment performance and allocate resources. Historically we have operated in a single reportable segment, the United States. Effective October 1, 2014, in connection with the Omega acquisition, we began operating in two reportable segments comprised of operations organized geographically within the United States (Sagent US segment) and Canada (Omega segment), each of which develop, source, manufacture and market generic injectable products for sale within the their respective countries. Each segment derives a significant portion of its revenues from a single class of pharmaceutical wholesale customers within that country. Management utilizes segment operating income as its measure of segment profitability. | |||||||||
Segment and geographic data for the three months ended March 31, 2015 includes the impact of Omega. Shared costs for certain corporate functions, including but not limited to, corporate finance and legal, are included within the Sagent US segment profitability that management reviews. | |||||||||
Geographic and segment data is as follows: | |||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Segment revenues: | |||||||||
United States | $ | 74,976 | $ | 70,868 | |||||
Others | 302 | 1 | |||||||
Sagent US segment | 75,278 | 70,869 | |||||||
Canada (Omega segment) | 7,367 | — | |||||||
Total net revenue | $ | 82,645 | $ | 70,869 | |||||
2015 | 2014 | ||||||||
Income (loss) before income taxes: | |||||||||
Sagent US | $ | 682 | $ | 6,632 | |||||
Omega | (871 | ) | — | ||||||
Total segment operating income (loss) | (189 | ) | 6,632 | ||||||
Interest income and other | (1,056 | ) | (86 | ) | |||||
Interest expense | (330 | ) | (213 | ) | |||||
Income (loss) before income taxes | $ | (1,575 | ) | $ | 6,333 | ||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Segment assets: | |||||||||
United States | $ | 216,745 | $ | 237,739 | |||||
China | 63,767 | 63,221 | |||||||
Sagent US segment | 280,512 | 238,285 | |||||||
Canada (Omega segment) | 98,714 | — | |||||||
Total assets | $ | 379,226 | $ | 238,285 | |||||
Recent_Accounting_Pronouncemen1
Recent Accounting Pronouncements (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the FASB issued amended revenue recognition guidance to clarify the principles for recognizing revenue from contracts with customers. The guidance requires an entity to recognize revenue in an amount that reflects the consideration to which an entity expects to be entitled in exchange for those goods or services. The guidance also requires expanded disclosures relating to the nature, amount, timing, and uncertainty of revenue and cash flows arising from contracts with customers. Additionally, qualitative and quantitative disclosures are required about customer contracts, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. We are required to adopt this new guidance on January 1, 2017, using one of two prescribed retroactive methods. Early adoption is not permitted. In April 2015, the FASB proposed a one year deferral to the new revenue guidance. If approved, we would be required to adopt the new guidance on January 1, 2018. We are evaluating the impact of the amended revenue recognition guidance on our consolidated financial statements. | |
In February 2015, the FASB issued amended guidance on the model used to evaluate whether certain legal entities should be consolidated. This guidance is effective for the Company in the first quarter of 2017. Early adoption is permitted. We are currently evaluating the impact that adoption of this guidance will have on its consolidated financial statements. |
Acquisitions_Tables
Acquisitions (Tables) (Omega) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Omega | |||||
Allocation of Purchase Price | The fair value of identifiable assets acquired and liabilities assumed for the Omega acquisition is shown in the table below: | ||||
(in thousands) | |||||
Cash | $ | 3 | |||
Accounts receivable, net | 3,419 | ||||
Inventory | 14,014 | ||||
Prepaid and other current assets | 1,295 | ||||
Property, plant and equipment | 14,307 | ||||
Definite-lived intangible assets | 49,918 | ||||
In-process research and development | 7,666 | ||||
Goodwill | 22,842 | ||||
Accounts payable | (2,410 | ) | |||
Other accrued liabilities | (4,090 | ) | |||
Long-term debt and notes payable | (7,095 | ) | |||
Deferred income tax liabilities | (17,176 | ) | |||
Total allocation of fair value | $ | 82,693 | |||
Consolidated Pro Forma Operations Results in Acquisition | The following unaudited pro forma financial information reflects the consolidated results of operations of Sagent as if the Omega acquisition had taken place on January 1, 2014. The pro forma information includes acquisition and integration expenses. The pro forma financial information is not necessarily indicative of the results of operations as they would have been had the transaction been effected on the assumed date | ||||
Condensed consolidated statement of operations information | Three months ended | ||||
March 31, 2014 | |||||
Net revenues | $ | 78,417 | |||
Net income | 2,576 | ||||
Diluted income per common share | $ | 0.08 |
Investments_Tables
Investments (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||||||||||
Investments | Our investments at March 31, 2015 were comprised of the following: | ||||||||||||||||||||||||
Cost basis | Unrealized | Unrealized | Carrying | Cash and | Short term | ||||||||||||||||||||
gains | losses | value | cash | investments | |||||||||||||||||||||
equivalents | |||||||||||||||||||||||||
Assets | |||||||||||||||||||||||||
Cash | $ | 8,465 | $ | — | $ | — | $ | 8,465 | $ | 8,465 | $ | — | |||||||||||||
Money market funds | 40,885 | — | — | 40,885 | 40,885 | — | |||||||||||||||||||
Corporate bonds and notes | 19,903 | 1 | (11 | ) | 19,893 | — | 19,893 | ||||||||||||||||||
$ | 69,253 | $ | 1 | $ | (11 | ) | $ | 69,243 | $ | 49,350 | $ | 19,893 | |||||||||||||
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values | Investments with continuous unrealized losses for less than twelve months and their related fair values at March 31, 2015 were as follows: | ||||||||||||||||||||||||
Fair value | Unrealized | ||||||||||||||||||||||||
losses | |||||||||||||||||||||||||
Corporate bonds and notes | $ | 15,126 | $ | (11 | ) | ||||||||||||||||||||
Cost and Estimated Current Fair Value of Fixed-Income Securities | The original cost and estimated current fair value of our fixed-income securities at March 31, 2015 are set forth below. | ||||||||||||||||||||||||
Cost basis | Estimated fair value | ||||||||||||||||||||||||
Due in one year or less | $ | 12,373 | $ | 12,370 | |||||||||||||||||||||
Due between one and five years | 7,530 | 7,523 | |||||||||||||||||||||||
$ | 19,903 | $ | 19,893 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Inventory Disclosure [Abstract] | |||||||||||||||||||||||||
Inventory Valuation | Inventories at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Approved | Pending | Inventory | Approved | Pending | Inventory | ||||||||||||||||||||
regulatory | regulatory | ||||||||||||||||||||||||
approval | approval | ||||||||||||||||||||||||
Raw materials | $ | 9,248 | $ | 2,848 | $ | 12,096 | $ | 10,203 | $ | 2,848 | $ | 13,051 | |||||||||||||
Work in process | 1,819 | — | 1,819 | 2,012 | — | 2,012 | |||||||||||||||||||
Finished goods | 51,082 | — | 51,082 | 49,960 | — | 49,960 | |||||||||||||||||||
Inventory reserve | (3,419 | ) | — | (3,419 | ) | (3,242 | ) | — | (3,242 | ) | |||||||||||||||
$ | 58,730 | $ | 2,848 | $ | 61,578 | $ | 58,933 | $ | 2,848 | $ | 61,781 | ||||||||||||||
Property_plant_and_equipment_T
Property, plant and equipment (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment | Property, plant and equipment at March 31, 2015 and December 31, 2014 were as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Land and land improvements | $ | 3,398 | $ | 3,519 | |||||
Buildings and improvements | 26,459 | 26,605 | |||||||
Machinery, equipment, furniture and fixtures | 45,012 | 42,124 | |||||||
Construction in process | 3,630 | 6,175 | |||||||
78,499 | 78,423 | ||||||||
Less accumulated depreciation | (8,715 | ) | (7,270 | ) | |||||
$ | 69,784 | $ | 71,153 | ||||||
Goodwill_and_Intangible_assets1
Goodwill and Intangible assets, net (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Summary of Movements in Goodwill | Movements in goodwill were due to the following: | ||||||||||||||||||||||||
December 31, 2014 | $ | 28,155 | |||||||||||||||||||||||
Foreign currency movements | (2,049 | ) | |||||||||||||||||||||||
March 31, 2015 | $ | 26,106 | |||||||||||||||||||||||
Schedule of Intangible Assets - Indefinite Lived | Intangible assets at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 4,807 | $ | (2,987 | ) | $ | 1,820 | $ | 4,707 | $ | (2,878 | ) | $ | 1,829 | |||||||||||
Product development rights | 3,791 | — | 3,791 | 4,191 | — | 4,191 | |||||||||||||||||||
Purchased product rights and other | 46,761 | (2,319 | ) | 44,442 | 51,245 | (1,375 | ) | 49,870 | |||||||||||||||||
Total definite-lived intangible assets | $ | 55,359 | $ | (5,306 | ) | $ | 50,053 | $ | 60,143 | $ | (4,253 | ) | $ | 55,890 | |||||||||||
In-process research and development (IPR&D) | $ | 8,995 | $ | — | $ | 8,995 | $ | 9,685 | $ | — | $ | 9,685 | |||||||||||||
Total intangible assets | $ | 64,354 | $ | (5,306 | ) | $ | 59,048 | $ | 69,828 | $ | (4,253 | ) | $ | 65,575 | |||||||||||
Schedule of Intangible Assets - Finite lived | Intangible assets at March 31, 2015 and December 31, 2014 were as follows: | ||||||||||||||||||||||||
March 31, 2015 | December 31, 2014 | ||||||||||||||||||||||||
Gross carrying | Accumulated | Intangible | Gross carrying | Accumulated | Intangible | ||||||||||||||||||||
amount | amortization | assets, net | amount | amortization | assets, net | ||||||||||||||||||||
Product licensing rights | $ | 4,807 | $ | (2,987 | ) | $ | 1,820 | $ | 4,707 | $ | (2,878 | ) | $ | 1,829 | |||||||||||
Product development rights | 3,791 | — | 3,791 | 4,191 | — | 4,191 | |||||||||||||||||||
Purchased product rights and other | 46,761 | (2,319 | ) | 44,442 | 51,245 | (1,375 | ) | 49,870 | |||||||||||||||||
Total definite-lived intangible assets | $ | 55,359 | $ | (5,306 | ) | $ | 50,053 | $ | 60,143 | $ | (4,253 | ) | $ | 55,890 | |||||||||||
In-process research and development (IPR&D) | $ | 8,995 | $ | — | $ | 8,995 | $ | 9,685 | $ | — | $ | 9,685 | |||||||||||||
Total intangible assets | $ | 64,354 | $ | (5,306 | ) | $ | 59,048 | $ | 69,828 | $ | (4,253 | ) | $ | 65,575 | |||||||||||
Investment_Tables
Investment (Tables) (Sagent Agila LLC) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Sagent Agila LLC | |||||||||
Changes in Investment | Changes in our investment in Sagent Agila during the three months ended March 31, 2015 were as follows: | ||||||||
Investment in Sagent Agila at January 1, 2015 | $ | 4,539 | |||||||
Equity in net income of Sagent Agila | 885 | ||||||||
Investment in Sagent Agila at March 31, 2015 | $ | 5,424 | |||||||
Condensed Statement of Operations Information | Condensed statement of operations information of Sagent Agila is presented below. | ||||||||
Three months ended March 31, | |||||||||
Condensed statement of operations information | 2015 | 2014 | |||||||
Net revenues | $ | 3,074 | $ | 1,330 | |||||
Gross profit | 1,770 | 600 | |||||||
Net income | 1,770 | 562 |
Accrued_liabilities_Tables
Accrued liabilities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Liabilities | Accrued liabilities at March 31, 2015 and December 31, 2014 were as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Payroll and employee benefits | $ | 6,868 | $ | 9,329 | |||||
Sales and marketing | 5,714 | 6,964 | |||||||
Taxes payable | 1,263 | 1,040 | |||||||
Other accrued liabilities | 2,456 | 2,013 | |||||||
$ | 16,301 | $ | 19,346 | ||||||
Fair_value_measurements_Tables
Fair value measurements (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis | Assets measured at fair value on a recurring basis as of March 31, 2015 consisted of the following: | ||||||||||||||||
Total fair value | Quoted prices in | Significant | Significant | ||||||||||||||
active markets | other | unobservable | |||||||||||||||
for identical | observable | inputs | |||||||||||||||
assets (Level 1) | inputs | (Level 3) | |||||||||||||||
(Level 2) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 40,885 | $ | 40,885 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 19,893 | — | 19,893 | — | |||||||||||||
Short-term investments | $ | 19,893 | $ | — | $ | 19,893 | $ | — | |||||||||
Total assets | $ | 60,778 | $ | 40,885 | $ | 19,893 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||
Assets measured at fair value on a recurring basis as of December 31, 2014 consisted of the following: | |||||||||||||||||
Total fair value | Quoted prices | Significant | Significant | ||||||||||||||
in active | other | unobservable | |||||||||||||||
markets for | observable | inputs | |||||||||||||||
identical assets | inputs (Level 2) | (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets | |||||||||||||||||
Money market funds | $ | 13,139 | $ | 13,139 | $ | — | $ | — | |||||||||
Corporate bonds and notes | 18,513 | — | 18,513 | — | |||||||||||||
Commercial paper | — | — | — | — | |||||||||||||
Short-term investments | $ | 18,513 | $ | — | $ | 18,513 | $ | — | |||||||||
Total assets | $ | 31,652 | $ | 13,139 | $ | 18,513 | $ | — | |||||||||
Liabilities | |||||||||||||||||
Contingent purchase consideration | $ | 605 | $ | — | $ | — | $ | 605 | |||||||||
Accumulated_other_comprehensiv1
Accumulated other comprehensive income (loss) (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Equity [Abstract] | |||||||||
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) at March 31, 2015 and December 31, 2014 is comprised of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
Currency translation adjustment, net of tax | $ | (10,372 | ) | $ | (3,334 | ) | |||
Unrealized gains (losses) on available for sale securities, net of tax | (10 | ) | (40 | ) | |||||
Total accumulated other comprehensive income (loss) | $ | (10,382 | ) | $ | (3,374 | ) | |||
Earnings_per_share_Tables
Earnings per share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Calculation of Numerator and Denominator in Earnings Per Share | The table below presents the computation of basic and diluted earnings per share for the three months ended March 31, 2015 and 2014: | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Basic and dilutive numerator: | |||||||||
Net income (loss), as reported | $ | (1,894 | ) | $ | 5,119 | ||||
Denominator: | |||||||||
Weighted-average common shares outstanding - basic (in thousands) | 32,043 | 31,814 | |||||||
Net effect of dilutive securities: | |||||||||
Stock options and restricted stock | — | 800 | |||||||
Weighted-average common shares outstanding - diluted (in thousands) | 32,043 | 32,614 | |||||||
Net income (loss) per common share (basic) | $ | (0.06 | ) | $ | 0.16 | ||||
Net income (loss) per common share (diluted) | $ | (0.06 | ) | $ | 0.16 | ||||
Stockbased_compensation_Tables
Stock-based compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock Option and Restricted Stock Activity | The following tables set forth stock option and restricted stock activity for the three months ended March 31, 2015: | ||||||||
Number of Shares | |||||||||
Stock | Restricted | ||||||||
options | stock | ||||||||
Outstanding at January 1, 2015 | 2,543,362 | 128,209 | |||||||
Granted | 301,582 | 72,148 | |||||||
Exercised | (77,006 | ) | (38,664 | ) | |||||
Forfeited | (71,611 | ) | (9,994 | ) | |||||
Outstanding at March 31, 2015 | 2,696,327 | 151,699 | |||||||
Net_revenue_by_product_Tables
Net revenue by product (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Net Revenue by Therapeutic Class | Net revenue by therapeutic class is as follows: | ||||||||
Three months ended March 31, | |||||||||
Therapeutic class: | 2015 | 2014 | |||||||
Anti-infective | $ | 31,558 | $ | 27,148 | |||||
Critical care | 29,909 | 21,585 | |||||||
Oncology | 21,178 | 22,136 | |||||||
$ | 82,645 | $ | 70,869 | ||||||
Geographic_and_segment_informa1
Geographic and segment information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Geographic and Segment Data | Geographic and segment data is as follows: | ||||||||
Three months ended March 31, | |||||||||
2015 | 2014 | ||||||||
Segment revenues: | |||||||||
United States | $ | 74,976 | $ | 70,868 | |||||
Others | 302 | 1 | |||||||
Sagent US segment | 75,278 | 70,869 | |||||||
Canada (Omega segment) | 7,367 | — | |||||||
Total net revenue | $ | 82,645 | $ | 70,869 | |||||
2015 | 2014 | ||||||||
Income (loss) before income taxes: | |||||||||
Sagent US | $ | 682 | $ | 6,632 | |||||
Omega | (871 | ) | — | ||||||
Total segment operating income (loss) | (189 | ) | 6,632 | ||||||
Interest income and other | (1,056 | ) | (86 | ) | |||||
Interest expense | (330 | ) | (213 | ) | |||||
Income (loss) before income taxes | $ | (1,575 | ) | $ | 6,333 | ||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Segment assets: | |||||||||
United States | $ | 216,745 | $ | 237,739 | |||||
China | 63,767 | 63,221 | |||||||
Sagent US segment | 280,512 | 238,285 | |||||||
Canada (Omega segment) | 98,714 | — | |||||||
Total assets | $ | 379,226 | $ | 238,285 | |||||
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 |
In Thousands, unless otherwise specified | USD ($) | USD ($) | Omega | Omega | Omega |
USD ($) | CAD | USD ($) | |||
Business Acquisition [Line Items] | |||||
Business acquisition, purchase price | $82,693 | 92,768 | |||
Post closing adjustment cost | 170 | 191 | |||
Goodwill | $26,106 | $28,155 | $22,842 |
Allocation_of_Purchase_Price_D
Allocation of Purchase Price (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2014 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | |||
Goodwill | $26,106 | $28,155 | |
Omega | |||
Business Acquisition [Line Items] | |||
Cash | 3 | ||
Accounts receivable, net | 3,419 | ||
Inventory | 14,014 | ||
Prepaid and other current assets | 1,295 | ||
Property, plant and equipment | 14,307 | ||
Definite-lived intangible assets | 49,918 | ||
In-process research and development | 7,666 | ||
Goodwill | 22,842 | ||
Accounts payable | -2,410 | ||
Other accrued liabilities | -4,090 | ||
Long-term debt and notes payable | -7,095 | ||
Deferred income tax liabilities | -17,176 | ||
Total allocation of fair value | $82,693 |
Consolidated_Pro_Forma_Operati
Consolidated Pro Forma Operations Results in Acquisition (Detail) (Omega, USD $) | 3 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 |
Omega | |
Business Acquisition [Line Items] | |
Net revenues | $78,417 |
Net income | $2,576 |
Diluted income per common share | $0.08 |
Investments_Detail
Investments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | $69,253 | |||
Unrealized gains | 1 | |||
Unrealized losses | -11 | |||
Carrying value | 69,243 | |||
Cash and cash equivalents | 49,350 | 55,633 | 25,738 | 42,332 |
Short term investments | 19,893 | 18,473 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 8,465 | |||
Carrying value | 8,465 | |||
Cash and cash equivalents | 8,465 | |||
Money market funds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 40,885 | |||
Carrying value | 40,885 | |||
Cash and cash equivalents | 40,885 | |||
Corporate bonds and notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 19,903 | |||
Unrealized gains | 1 | |||
Unrealized losses | -11 | |||
Carrying value | 19,893 | |||
Short term investments | $19,893 |
Investments_with_Continuous_Un
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) (Corporate bonds and notes, USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Corporate bonds and notes | |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value | $15,126 |
Unrealized losses | ($11) |
Cost_and_Estimated_Current_Fai
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, cost basis | $12,373 |
Due between one and five years, cost basis | 7,530 |
Total fixed income securities, cost basis | 19,903 |
Due in one year or less, Estimated fair value | 12,370 |
Due between one and five years, Estimated fair value | 7,523 |
Total fixed income securities, Estimated fair value | $19,893 |
Inventories_Detail
Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory [Line Items] | ||
Raw materials | $12,096 | $13,051 |
Work in process | 1,819 | 2,012 |
Finished goods | 51,082 | 49,960 |
Inventory reserve | -3,419 | -3,242 |
Inventory, Net, Total | 61,578 | 61,781 |
Approved | ||
Inventory [Line Items] | ||
Raw materials | 9,248 | 10,203 |
Work in process | 1,819 | 2,012 |
Finished goods | 51,082 | 49,960 |
Inventory reserve | -3,419 | -3,242 |
Inventory, Net, Total | 58,730 | 58,933 |
Pending Regulatory Approval | ||
Inventory [Line Items] | ||
Raw materials | 2,848 | 2,848 |
Inventory, Net, Total | $2,848 | $2,848 |
Property_Plant_and_Equipment_D
Property, Plant and Equipment (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $78,499 | $78,423 |
Less accumulated depreciation | -8,715 | -7,270 |
Property, plant and equipment after depreciation | 69,784 | 71,153 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 3,398 | 3,519 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 26,459 | 26,605 |
Machinery, equipment, furniture, and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 45,012 | 42,124 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $3,630 | $6,175 |
Property_Plant_and_Equipment_A
Property, Plant and Equipment - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $1,427 | $1,041 |
Goodwill_and_Intangible_assets2
Goodwill and Intangible assets, net - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Product_Right | ||
Finite-Lived Intangible Assets [Line Items] | ||
Goodwill acquired | $26,106,000 | $28,155,000 |
Goodwill impairment | $0 | $0 |
Number of products comprising product licensing rights intangible asset | 21 | |
Product Licensing Rights | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average period prior to next extension or renewal of intangible asset | 55 months |
Summary_of_Movements_in_Goodwi
Summary of Movements in Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2014 | $28,155 |
Foreign currency movements | -2,049 |
Balance at March 31, 2015 | $26,106 |
Schedule_of_Intangible_Assets_
Schedule of Intangible Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $55,359 | $60,143 |
Intangible assets, Gross carrying amount | 64,354 | 69,828 |
Definite-lived intangible assets, Accumulated amortization | -5,306 | -4,253 |
Definite-lived intangible assets, net | 50,053 | 55,890 |
Intangible assets, net | 59,048 | 65,575 |
Product Licensing Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 4,807 | 4,707 |
Definite-lived intangible assets, Accumulated amortization | -2,987 | -2,878 |
Definite-lived intangible assets, net | 1,820 | 1,829 |
Product Development Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 3,791 | 4,191 |
Definite-lived intangible assets, net | 3,791 | 4,191 |
Purchased Product Rights And Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 46,761 | 51,245 |
Definite-lived intangible assets, Accumulated amortization | -2,319 | -1,375 |
Definite-lived intangible assets, net | 44,442 | 49,870 |
IPR&D | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived IPR&D, Intangible assets, net | $8,995 | $9,685 |
Changes_in_Investment_of_Sagen
Changes in Investment of Sagent Agila (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Schedule of Equity Method Investments [Line Items] | ||
Investment at beginning of the period | $4,539 | |
Equity in net income of joint ventures | -885 | -281 |
Investment at end of the period | 5,424 | |
Sagent Agila LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Investment at beginning of the period | 4,539 | |
Equity in net income of joint ventures | 885 | |
Investment at end of the period | $5,424 |
Condensed_Statement_of_Operati
Condensed Statement of Operations Information (Detail) (Sagent Agila LLC, USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Sagent Agila LLC | ||
Schedule of Equity Method Investments [Line Items] | ||
Net revenues | $3,074 | $1,330 |
Gross profit | 1,770 | 600 |
Net income | $1,770 | $562 |
Debt_Additional_Information_De
Debt - Additional Information (Detail) | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Mar. 31, 2015 | Dec. 31, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Apr. 06, 2015 | Apr. 06, 2015 | Apr. 06, 2015 | Apr. 06, 2015 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Oct. 01, 2014 | Jul. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2014 | Oct. 01, 2014 | Jul. 31, 2014 | Jul. 31, 2014 | Oct. 01, 2014 | Jul. 31, 2014 |
Omega | Omega | Omega | Omega | Omega | JPMorgan Chase Revolving Credit Loan Facility | JPMorgan Chase Revolving Credit Loan Facility | Revolving Credit Facility | Revolving Credit Facility | Revolving Credit Facility | Floating Rate | Floating Rate | Letters Of Credit | Letters Of Credit | Currency Risk | Currency Risk | JP Morgan Chase China Fixed Assets Committed Loan Facility | JP Morgan Chase China Fixed Assets Committed Loan Facility | JP Morgan Chase China Fixed Assets Committed Loan Facility | JP Morgan Chase China Fixed Assets Committed Loan Facility | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Mortgage Loans | Demand Loan | Demand Loan | Demand Loan | Demand Loan | Demand Loan | Demand Loan | Demand Loan | Demand Loan | Demand Loan | |
USD ($) | CAD | USD ($) | CAD | Prime Rate | USD ($) | USD ($) | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Subsequent Event | Subsequent Event | Subsequent Event | Subsequent Event | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Omega | Operating Credit Facility | Operating Credit Facility | |
USD ($) | CAD | Prime Rate | USD ($) | CAD | USD ($) | CAD | USD ($) | CAD | USD ($) | Minimum | Maximum | LIBOR | MortgageLoan | Minimum | Minimum | Maximum | Maximum | Prime Rate | Prime Rate | Prime Rate | USD ($) | CAD | USD ($) | CAD | Prime Rate | Omega | Omega | ||||||||||
USD ($) | CAD | USD ($) | CAD | Minimum | Maximum | USD ($) | CAD | ||||||||||||||||||||||||||||||
Line of Credit Facility [Line Items] | |||||||||||||||||||||||||||||||||||||
Amount available under credit facility | $7,309,000 | 8,200,000 | $6,239,000 | 7,000,000 | $1,782,000 | 2,000,000 | $1,070,000 | 1,200,000 | $18,000,000 | ||||||||||||||||||||||||||||
Credit facility | 2,824,000 | 3,272,000 | 0 | 0 | 238,000 | 267,000 | 1,364,000 | 1,530,000 | |||||||||||||||||||||||||||||
Basis spread on variable rate | 0.50% | 1.00% | 3.25% | 0.00% | 1.50% | 1.75% | |||||||||||||||||||||||||||||||
Effective interest rate | 3.50% | 3.50% | 4.00% | 4.00% | |||||||||||||||||||||||||||||||||
Principal amount of demand loan | 2,674,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||
Effective interest rate | 4.75% | ||||||||||||||||||||||||||||||||||||
Debt collateral amount | 891,000 | 1,000,000 | 3,000,000 | 7,354,000 | 8,250,000 | ||||||||||||||||||||||||||||||||
Additional security interest percentage | 20.00% | ||||||||||||||||||||||||||||||||||||
Interest rate per annum | 4.75% | ||||||||||||||||||||||||||||||||||||
Maturity date | 2014-11 | ||||||||||||||||||||||||||||||||||||
Debt instrument extended maturity date | 2015-01 | ||||||||||||||||||||||||||||||||||||
Demand loan outstanding balance | 2,674,000 | 3,000,000 | |||||||||||||||||||||||||||||||||||
Monthly mortgages installments | $62,000 | 70,000 | $1,114,000 | 1,250,000 | |||||||||||||||||||||||||||||||||
Number of mortgage loans | 5 | ||||||||||||||||||||||||||||||||||||
Interest rate | 5.00% | ||||||||||||||||||||||||||||||||||||
Principal payment term | 36 months | 60 months |
Accrued_Liabilities_Detail
Accrued Liabilities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities, Current [Abstract] | ||
Payroll and employee benefits | $6,868 | $9,329 |
Sales and marketing | 5,714 | 6,964 |
Taxes payable | 1,263 | 1,040 |
Other accrued liabilities | 2,456 | 2,013 |
Accrued Liabilities, Total | $16,301 | $19,346 |
Summary_of_Assets_Measured_at_
Summary of Assets Measured at Fair Value on Recurring Basis (Detail) (Assets measured at fair value on a recurring basis, USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $60,778 | $31,652 |
Contingent purchase consideration | 605 | 605 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,885 | 13,139 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,893 | 18,513 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,893 | 18,513 |
Quoted prices in active markets for identical assets (Level 1) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,885 | 13,139 |
Quoted prices in active markets for identical assets (Level 1) | Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 40,885 | 13,139 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,893 | 18,513 |
Significant other observable inputs (Level 2) | Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,893 | 18,513 |
Significant other observable inputs (Level 2) | Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 19,893 | 18,513 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent purchase consideration | $605 | $605 |
Fair_Value_Measurements_Additi
Fair Value Measurements - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2015 | Dec. 31, 2014 | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Transfer of assets between Level 1 to Level 2 | $0 | $0 |
Transfer of assets between Level 2 to Level 1 | 0 | 0 |
Transfer of assets into (out of) Level 3 | 0 | 0 |
Contingent Consideration Liability | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of the contingent consideration | 605,000 | |
Change in fair value of contingent purchase consideration | $0 |
Recovered_Sheet1
Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Currency translation adjustment, net of tax | ($10,372) | ($3,334) |
Unrealized gains (losses) on available for sale securities, net of tax | -10 | -40 |
Total accumulated other comprehensive income (loss) | ($10,382) | ($3,374) |
Recovered_Sheet2
Accumulated Other Comprehensive Income - Additional Information (Detail) (USD $) | 3 Months Ended |
Mar. 31, 2015 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amounts reclassified from accumulated other comprehensive income | $0 |
Earnings_Per_Share_Additional_
Earnings Per Share - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Earnings Per Share [Abstract] | ||
Anti-dilutive share excluded from the calculation of diluted earnings | 2,848,026 | 1,196,646 |
Schedule_of_Calculation_of_Num
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Basic and dilutive numerator: | ||
Net income (loss), as reported | ($1,894) | $5,119 |
Denominator: | ||
Weighted-average common shares outstanding - basic (in thousands) | 32,043 | 31,814 |
Net effect of dilutive securities: Stock options and restricted stock | 800 | |
Weighted-average common shares outstanding - diluted (in thousands) | 32,043 | 32,614 |
Net income (loss) per common share (basic) | ($0.06) | $0.16 |
Net income (loss) per common share (diluted) | ($0.06) | $0.16 |
Stock_Option_and_Restricted_St
Stock Option and Restricted Stock Activity (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Options Outstanding | 2,543,362 |
Granted | 301,582 |
Exercised | -77,006 |
Forfeited | -71,611 |
Ending Balance, Options Outstanding | 2,696,327 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Outstanding | 128,209 |
Granted | 72,148 |
Exercised | -38,664 |
Forfeited | -9,994 |
Ending Balance, Outstanding | 151,699 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Intrinsic value of stock options exercised | $1,550 | $957 |
Schedule_of_Net_Revenue_by_The
Schedule of Net Revenue by Therapeutic Class (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Product Information [Line Items] | ||
Net revenue by product Line | $82,645 | $70,869 |
Anti-infective | ||
Product Information [Line Items] | ||
Net revenue by product Line | 31,558 | 27,148 |
Critical care | ||
Product Information [Line Items] | ||
Net revenue by product Line | 29,909 | 21,585 |
Oncology | ||
Product Information [Line Items] | ||
Net revenue by product Line | $21,178 | $22,136 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Related Party Transaction [Line Items] | ||
Due from related party | $2,308 | $2,156 |
Payable to related party | 10,730 | 8,079 |
Sagent Agila LLC | ||
Related Party Transaction [Line Items] | ||
Due from related party | 2,308 | 2,156 |
Payable to related party | $10,730 | $8,079 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Income Tax Disclosure [Line Items] | ||
Provision for income taxes | $319,000 | $1,214,000 |
SCP | ||
Income Tax Disclosure [Line Items] | ||
Tax benefit recorded for losses | $0 |
Management_Transition_Changes_
Management Transition Changes - Additional Information (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Restructuring Cost and Reserve [Line Items] | |
Management transition costs | $3,308 |
Accrued Liabilities | |
Restructuring Cost and Reserve [Line Items] | |
Management transition costs | $3,308 |
Recovered_Sheet3
Geographic and Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Schedule_of_Geographic_and_Seg
Schedule of Geographic and Segment Data (Detail) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Segment revenues | |||
Net revenue | $82,645 | $70,869 | |
Income (loss) before income taxes: | |||
Operating income (loss) | -189 | 6,632 | |
Interest income and other | -1,056 | -86 | |
Interest expense | -330 | -213 | |
Income (loss) before income taxes | -1,575 | 6,333 | |
Segment assets: | |||
Assets | 379,226 | 238,285 | 381,488 |
Sagent US | |||
Segment revenues | |||
Net revenue | 75,278 | 70,869 | |
Income (loss) before income taxes: | |||
Operating income (loss) | 682 | 6,632 | |
Segment assets: | |||
Assets | 280,512 | 238,285 | |
Sagent US | Other | |||
Segment revenues | |||
Net revenue | 302 | 1 | |
Sagent US | United States | |||
Segment revenues | |||
Net revenue | 74,976 | 70,868 | |
Segment assets: | |||
Assets | 216,745 | 237,739 | |
Sagent US | China | |||
Segment assets: | |||
Assets | 63,767 | 63,221 | |
Omega | |||
Income (loss) before income taxes: | |||
Operating income (loss) | -871 | ||
Omega | Canada | |||
Segment revenues | |||
Net revenue | 7,367 | ||
Segment assets: | |||
Assets | $98,714 |