Document and Entity Information
Document and Entity Information - shares | 6 Months Ended | |
Jun. 30, 2015 | Jul. 31, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q2 | |
Trading Symbol | SGNT | |
Entity Registrant Name | SAGENT PHARMACEUTICALS, INC. | |
Entity Central Index Key | 1,369,786 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 32,689,570 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 50,945 | $ 55,633 |
Short-term investments | 20,108 | 18,473 |
Accounts receivable, net of chargebacks and other deductions | 44,192 | 42,780 |
Inventories, net | 71,732 | 61,781 |
Due from related party | 2,528 | 2,156 |
Current deferred tax assets | 10,013 | 12,135 |
Prepaid expenses and other current assets | 6,860 | 5,560 |
Total current assets | 206,378 | 198,518 |
Property, plant, and equipment, net | 70,273 | 71,153 |
Investment in joint ventures | 5,717 | 4,539 |
Goodwill | 26,756 | 28,155 |
Intangible assets, net | 59,819 | 65,575 |
Non-current deferred tax assets | 14,114 | 13,173 |
Other assets | 448 | 375 |
Total assets | 383,505 | 381,488 |
Current liabilities: | ||
Accounts payable | 44,438 | 32,710 |
Due to related party | 9,519 | 8,079 |
Accrued profit sharing | 9,533 | 10,684 |
Accrued liabilities | 13,494 | 19,346 |
Current portion of deferred purchase consideration | 8,928 | 8,725 |
Current portion of long-term debt | 269 | 508 |
Notes payable | 5,499 | |
Total current liabilities | 86,181 | 85,551 |
Long term liabilities: | ||
Long-term debt | 1,693 | 1,945 |
Deferred income taxes | 14,248 | 15,706 |
Other long-term liabilities | 2,186 | 2,534 |
Total liabilities | 104,308 | 105,736 |
Stockholders' equity: | ||
Common stock-$0.01 par value, 100,000,000 authorized, and 32,682,230 and 31,976,661 outstanding at June 30, 2015 and December 31, 2014, respectively | 327 | 320 |
Additional paid-in capital | 363,316 | 352,982 |
Accumulated other comprehensive income (loss) | (8,121) | (3,374) |
Accumulated deficit | (76,325) | (74,176) |
Total stockholders' equity | 279,197 | 275,752 |
Total liabilities and stockholders' equity | $ 383,505 | $ 381,488 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Jun. 30, 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 | 32,682,230 | 31,976,661 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Statement [Abstract] | ||||
Net revenue | $ 77,345 | $ 69,194 | $ 159,990 | $ 140,063 |
Cost of sales | 58,904 | 46,602 | 119,624 | 97,087 |
Gross profit | 18,441 | 22,592 | 40,366 | 42,976 |
Operating expenses: | ||||
Product development | 5,419 | 10,037 | 10,734 | 14,057 |
Selling, general and administrative | 11,410 | 10,695 | 24,535 | 20,708 |
Acquisition-related costs | 70 | 1,321 | ||
Management transition costs | 644 | 3,952 | ||
Equity in net (income) loss of joint ventures | (293) | (1,458) | (1,178) | (1,739) |
Total operating expenses | 17,250 | 19,274 | 39,364 | 33,026 |
Income from operations | 1,191 | 3,318 | 1,002 | 9,950 |
Interest income and other income (expense), net | 516 | 157 | (540) | 71 |
Interest expense | (132) | (233) | (462) | (446) |
Income before income taxes | 1,575 | 3,242 | 9,575 | |
Provision for income taxes | 1,831 | 173 | 2,150 | 1,387 |
Net income (loss) | $ (256) | $ 3,069 | $ (2,150) | $ 8,188 |
Net income (loss) per common share: | ||||
Basic | $ (0.01) | $ 0.10 | $ (0.07) | $ 0.26 |
Diluted | $ (0.01) | $ 0.09 | $ (0.07) | $ 0.25 |
Weighted-average of shares used to compute net income per common share: | ||||
Basic | 32,161 | 31,873 | 32,102 | 31,844 |
Diluted | 32,161 | 32,665 | 32,102 | 32,650 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Statement of Comprehensive Income [Abstract] | ||||
Net income (loss) | $ (256) | $ 3,069 | $ (2,150) | $ 8,188 |
Other comprehensive income (loss), net of tax | ||||
Foreign currency translation adjustments | 2,266 | (10) | (4,772) | (446) |
Unrealized gains (losses) on available for sale securities | (5) | 64 | 25 | 79 |
Total other comprehensive income (loss), net of tax | 2,261 | 54 | (4,747) | (367) |
Comprehensive income (loss) | $ 2,005 | $ 3,123 | $ (6,897) | $ 7,821 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2015 | Jun. 30, 2014 | |
Cash flows from operating activities | ||
Net income (loss) | $ (2,150) | $ 8,188 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Depreciation and amortization | 6,127 | 4,511 |
Stock-based compensation | 1,925 | 2,454 |
Equity in net (income) loss of joint ventures | (1,178) | (1,739) |
Deferred income taxes, net | 800 | |
Other | (88) | (38) |
Changes in operating assets and liabilities: | ||
Accounts receivable, net | (1,634) | 2,845 |
Inventories, net | (10,649) | 3,331 |
Prepaid expenses and other current assets | (1,446) | 1,626 |
Due from related party | 1,068 | (214) |
Accounts payable and other accrued liabilities | 5,530 | (1,348) |
Net cash provided by (used in) operating activities | (1,695) | 19,616 |
Cash flows from investing activities | ||
Capital expenditures | (3,193) | (1,820) |
Purchases of investments | (5,221) | (52,750) |
Sale of investments | 3,450 | 52,047 |
Purchase of product rights | (768) | (1,546) |
Net cash used in investing activities | (5,732) | (4,069) |
Cash flows from financing activities | ||
Reduction in short-term borrowings | (5,189) | |
Repayment of long-term debt | (340) | (10,324) |
Payment of deferred financing costs | (106) | |
Proceeds from issuance of common stock, net of issuance costs | 8,416 | 323 |
Net cash provided by (used in) financing activities | 2,781 | (10,001) |
Effect of exchange rate movements in cash | (42) | (47) |
Net increase (decrease) in cash and cash equivalents | (4,688) | 5,499 |
Cash and cash equivalents, at beginning of period | 55,633 | 42,332 |
Cash and cash equivalents, at end of period | 50,945 | $ 47,831 |
Supplemental disclosure of cash flow information | ||
Acquisition of property, plant and equipment in accounts payable | $ (317) |
Basis of presentation
Basis of presentation | 6 Months Ended |
Jun. 30, 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. 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 Pronouncement
Recent Accounting Pronouncements | 6 Months Ended |
Jun. 30, 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. In July 2015, the FASB approved a one year deferral to the new revenue guidance. Following the deferral, we are required to adopt the new guidance on January 1, 2018. Early adoption is permitted. 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 our consolidated financial statements. |
Acquisitions
Acquisitions | 6 Months Ended |
Jun. 30, 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 at the time of acquisition 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 Six months ended Net revenues $ 78,334 $ 156,751 Net income 2,900 5,476 Diluted income per common share $ 0.09 $ 0.17 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Note 4. Investments: Our investments at June 30, 2015 were comprised of the following: Cost basis Unrealized Unrealized Carrying Cash and Short term Assets Cash $ 6,606 $ — $ — $ 6,606 $ 6,606 $ — Money market funds 44,339 — — 44,339 44,339 — Corporate bonds and notes 20,123 — (15 ) 20,108 — 20,108 $ 71,068 $ — $ (15 ) $ 71,053 $ 50,945 $ 20,108 Investments with continuous unrealized losses for less than twelve months and their related fair values at June 30, 2015 were as follows: Fair value Unrealized Corporate bonds and notes $ 18,103 $ (15 ) 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 June 30, 2015. The original cost and estimated current fair value of our fixed-income securities at June 30, 2015 are set forth below. Cost basis Estimated fair value Due in one year or less $ 15,107 $ 15,100 Due between one and five years 5,016 5,008 $ 20,123 $ 20,108 |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventories | Note 5. Inventories: Inventories at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Approved Pending Inventory Approved Pending Inventory Raw materials $ 9,288 $ 2,819 $ 12,107 $ 10,203 $ 2,848 $ 13,051 Work in process 2,387 — 2,387 2,012 — 2,012 Finished goods 61,546 — 61,546 49,960 — 49,960 Inventory reserve (4,308 ) — (4,308 ) (3,242 ) — (3,242 ) $ 68,913 $ 2,819 $ 71,732 $ 58,933 $ 2,848 $ 61,781 |
Property, plant and equipment
Property, plant and equipment | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, plant and equipment | Note 6. Property, plant and equipment Property, plant and equipment at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, 2015 2014 Land and land improvements $ 3,435 $ 3,519 Buildings and improvements 26,671 26,605 Machinery, equipment, furniture and fixtures 45,952 42,124 Construction in process 4,391 6,175 80,449 78,423 Less accumulated depreciation (10,176 ) (7,270 ) $ 70,273 $ 71,153 Depreciation expense was $1,400 and $2,730 for the three and six months ended June 30, 2015, respectively. |
Goodwill and Intangible assets,
Goodwill and Intangible assets, net | 6 Months Ended |
Jun. 30, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible assets, net | Note 7. Goodwill and Intangible assets, net: Goodwill at June 30, 2015 and December 31, 2014 was $26,756 and $28,155, respectively. There were no goodwill impairment losses for the three or six months ended June 30, 2015 and 2014, respectively. Movements in goodwill were due to the following: December 31, 2014 $ 28,155 Foreign currency movements (1,399 ) June 30, 2015 $ 26,756 Intangible assets at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Gross carrying Accumulated Intangible Gross carrying Accumulated Intangible Product licensing rights $ 4,807 $ (3,075 ) $ 1,732 $ 4,707 $ (2,878 ) $ 1,829 Product development rights 4,159 — 4,159 4,191 — 4,191 Purchased product rights and other 48,181 (3,466 ) 44,715 51,245 (1,375 ) 49,870 Total definite-lived intangible assets $ 57,147 $ (6,541 ) $ 50,606 $ 60,143 $ (4,253 ) $ 55,890 In-process research and development (IPR&D) $ 9,213 $ — $ 9,213 $ 9,685 $ — $ 9,685 Total intangible assets $ 66,360 $ (6,541 ) $ 59,819 $ 69,828 $ (4,253 ) $ 65,575 Movements in intangible assets were due to the following: Product Product Purchased IPR&D December 31, 2014 $ 1,829 $ 4,191 $ 49,870 $ 9,685 Purchase of product rights 100 668 — — Amortization of product rights (197 ) (700 ) (2,155 ) — Foreign currency movements and other — — (3,000 ) (472 ) June 30, 2015 $ 1,732 $ 4,159 $ 44,715 $ 9,213 The weighted-average period prior to the next extension or renewal for the 22 products comprising our product licensing rights intangible asset was 59 months at June 30, 2015. |
Investment in Sagent Agila
Investment in Sagent Agila | 6 Months Ended |
Jun. 30, 2015 | |
Sagent Agila LLC | |
Investment in Sagent Agila | Note 8. Investment in Sagent Agila: Changes in our investment in Sagent Agila during the six months ended June 30, 2015 were as follows: Investment in Sagent Agila at December 31, 2014 $ 4,539 Equity in net income of Sagent Agila 1,178 Investment in Sagent Agila at June 30, 2015 $ 5,717 Condensed statement of operations information of Sagent Agila is presented below. Three months ended June 30, Six months ended June 30, Condensed statement of operations information 2015 2014 2015 2014 Net revenues $ 847 $ 3,403 $ 3,921 $ 4,733 Gross profit 585 2,919 2,355 3,519 Net income 585 2,916 2,355 3,478 |
Debt
Debt | 6 Months Ended |
Jun. 30, 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 could 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 June 30, 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. No amounts are drawn under this facility at June 30, 2015. |
Accrued liabilities
Accrued liabilities | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued liabilities | Note 10. Accrued liabilities: Accrued liabilities at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, Payroll and employee benefits $ 5,111 $ 9,329 Sales and marketing 6,663 6,964 Taxes payable 545 1,040 Other accrued liabilities 1,175 2,013 $ 13,494 $ 19,346 |
Fair value measurements
Fair value measurements | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair value measurements | Note 11. Fair value measurements: Assets measured at fair value on a recurring basis as of June 30, 2015 consisted of the following: Total fair Quoted prices in Significant Significant Assets Money market funds $ 44,339 $ 44,339 $ — $ — Corporate bonds and notes 20,108 — 20,108 — Short-term investments $ 20,108 $ — $ 20,108 $ — Total assets $ 64,447 $ 44,339 $ 20,108 $ — Liabilities Contingent purchase consideration $ 365 $ — $ — $ 365 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 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. The Changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the six months ending June 30, 2015 were as follows: Balance at January 1, 2015 $ 605 Issuance of contingent purchase consideration — Change in fair value of contingent purchase consideration (240 ) Payment of contingent purchase consideration — Balance at June 30, 2015 $ 365 The change in fair value of our contingent purchase consideration was recognized within selling, general and administrative expense in the Condensed Consolidated Statement of Operations. |
Accumulated other comprehensive
Accumulated other comprehensive income (loss) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated other comprehensive income (loss) | Note 12. Accumulated other comprehensive income (loss): Accumulated other comprehensive income (loss) at June 30, 2015 and December 31, 2014 is comprised of the following: June 30, December 31, Currency translation adjustment, net of tax $ (8,106 ) $ (3,334 ) Unrealized gains (losses) on available for sale securities, net of tax (15 ) (40 ) Total accumulated other comprehensive income (loss) $ (8,121 ) $ (3,374 ) There were no amounts reclassified from accumulated other comprehensive income during the six months ended June 30, 2015. |
Earnings per share
Earnings per share | 6 Months Ended |
Jun. 30, 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, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and six month periods ended June 30, 2015 and 2014, respectively: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Anti-dilutive shares (in thousands) 1,849 1,183 1,849 1,182 The table below presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Basic and dilutive numerator: Net income (loss), as reported $ (256 ) $ 3,069 $ (2,150 ) $ 8,188 Denominator: Weighted-average common shares outstanding—basic (in thousands) 32,161 31,873 32,102 31,844 Net effect of dilutive securities: Stock options and restricted stock — 792 — 806 Weighted-average common shares outstanding—diluted (in thousands) 32,161 32,665 32,102 32,650 Net income (loss) per common share (basic) $ (0.01 ) $ 0.10 $ (0.07 ) $ 0.26 Net income (loss) per common share (diluted) $ (0.01 ) $ 0.09 $ (0.07 ) $ 0.25 |
Stock-based compensation
Stock-based compensation | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015: Number of Shares Stock Restricted Outstanding at December 31, 2014 2,543,362 128,209 Granted 253,324 79,723 Exercised (677,406 ) (38,664 ) Forfeited (391,098 ) (48,476 ) Outstanding at June 30, 2015 1,728,182 120,792 The aggregate intrinsic value of stock options exercised during the three months ended June 30, 2015 and 2014, was $5,964 and $246, respectively. The aggregate intrinsic value of stock options exercised during the six months ended June 30, 2015 and 2014, was $7,514 and $1,203, respectively. |
Net revenue by product
Net revenue by product | 6 Months Ended |
Jun. 30, 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 June 30, Six months ended June 30, Therapeutic class: 2015 2014 2015 2014 Anti-infective $ 33,004 $ 26,378 $ 64,562 $ 53,526 Critical care 26,783 19,038 56,692 40,623 Oncology 17,558 23,778 38,736 45,914 $ 77,345 $ 69,194 $ 159,990 $ 140,063 |
Related party transactions
Related party transactions | 6 Months Ended |
Jun. 30, 2015 | |
Related Party Transactions [Abstract] | |
Related party transactions | Note 16. Related party transactions: As of June 30, 2015 and December 31, 2014, respectively, we had a receivable of $2,528 and $2,156 from Sagent Agila LLC, which is expected to offset future profit-sharing payments. As of June 30, 2015 and December 31, 2014, respectively, we had a payable of $9,519 and $8,079 to Sagent Agila LLC, principally for the acquisition of inventory and amounts due under profit-sharing arrangements. |
Income Taxes_
Income Taxes: | 6 Months Ended |
Jun. 30, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes: | Note 17. Income Taxes: Our provision for income taxes for the three month ended June 30, 2015 and June 30, 2014 was $1,831 and $173, respectively. Our provision for income taxes for the six months ended June 30, 2015 and June 30, 2014 was $2,150 and $1,387, 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 | 6 Months Ended |
Jun. 30, 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 ® ® ® ® ® 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 costs_
Management transition costs: | 6 Months Ended |
Jun. 30, 2015 | |
Restructuring and Related Activities [Abstract] | |
Management transition costs: | Note 19. Management transition costs: In March 2015, we completed a management transition following the retirement of our founder and Chief Executive Officer and resignation of our President. In June 2015, we eliminated certain positions in the US as part of the ongoing review of our business. Costs associated with these matters, primarily severance related charges, were all incurred in the Sagent US operating segment, and are reflected in the management transition costs caption in the consolidated statement of operations for the three and six months ended June 30, 2015. Of the charges, $3,121 were paid during the three and six months ended June 30, 2015. Total costs accrued within the Accrued liabilities caption of the balance sheet at June 30, 2015 were $789. |
Geographic and segment informat
Geographic and segment information | 6 Months Ended |
Jun. 30, 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 June 30, 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 June 30, Six months ended June 30, 2015 2014 2015 2014 Segment revenues: United States $ 68,999 $ 69,168 $ 143,975 $ 140,036 Others 209 26 511 27 Sagent US segment 69,208 69,194 144,486 140,063 Canada (Omega segment) 8,137 — 15,504 — Total net revenue $ 77,345 $ 69,194 $ 159,990 $ 140,063 Income (loss) before income taxes Sagent US $ 811 $ 3,318 $ 1,493 $ 9,950 Canada (Omega segment) 380 — (491 ) — Total segment operating income (loss) 1,191 3,318 1,002 9,950 Interest income and other 516 157 (540 ) 71 Interest expense (132 ) (233 ) 462 (446 ) Income (loss) before taxes $ 1,575 $ 3,242 $ — $ 9,575 June 30, 2015 2014 Segment assets: United States $ 217,842 $ 244,677 China 62,411 63,766 Sagent US segment 280,253 308,443 Canada (Omega segment) 103,252 — Total assets $ 383,505 $ 308,443 |
Recent Accounting Pronounceme27
Recent Accounting Pronouncements (Policies) | 6 Months Ended |
Jun. 30, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
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. In July 2015, the FASB approved a one year deferral to the new revenue guidance. Following the deferral, we are required to adopt the new guidance on January 1, 2018. Early adoption is permitted. 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 our consolidated financial statements. |
Acquisitions (Tables)
Acquisitions (Tables) - Omega | 6 Months Ended |
Jun. 30, 2015 | |
Fair Value of Identifiable Assets Acquired and Liabilities Assumed | 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 |
Unaudited Pro Forma Financial Information | 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 Six months ended Net revenues $ 78,334 $ 156,751 Net income 2,900 5,476 Diluted income per common share $ 0.09 $ 0.17 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Our investments at June 30, 2015 were comprised of the following: Cost basis Unrealized Unrealized Carrying Cash and Short term Assets Cash $ 6,606 $ — $ — $ 6,606 $ 6,606 $ — Money market funds 44,339 — — 44,339 44,339 — Corporate bonds and notes 20,123 — (15 ) 20,108 — 20,108 $ 71,068 $ — $ (15 ) $ 71,053 $ 50,945 $ 20,108 |
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 June 30, 2015 were as follows: Fair value Unrealized Corporate bonds and notes $ 18,103 $ (15 ) |
Cost and Estimated Current Fair Value of Fixed-Income Securities | The original cost and estimated current fair value of our fixed-income securities at June 30, 2015 are set forth below. Cost basis Estimated fair value Due in one year or less $ 15,107 $ 15,100 Due between one and five years 5,016 5,008 $ 20,123 $ 20,108 |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Inventory Disclosure [Abstract] | |
Inventory Valuation | Inventories at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Approved Pending Inventory Approved Pending Inventory Raw materials $ 9,288 $ 2,819 $ 12,107 $ 10,203 $ 2,848 $ 13,051 Work in process 2,387 — 2,387 2,012 — 2,012 Finished goods 61,546 — 61,546 49,960 — 49,960 Inventory reserve (4,308 ) — (4,308 ) (3,242 ) — (3,242 ) $ 68,913 $ 2,819 $ 71,732 $ 58,933 $ 2,848 $ 61,781 |
Property, plant and equipment (
Property, plant and equipment (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | Property, plant and equipment at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, 2015 2014 Land and land improvements $ 3,435 $ 3,519 Buildings and improvements 26,671 26,605 Machinery, equipment, furniture and fixtures 45,952 42,124 Construction in process 4,391 6,175 80,449 78,423 Less accumulated depreciation (10,176 ) (7,270 ) $ 70,273 $ 71,153 |
Goodwill and Intangible asset32
Goodwill and Intangible assets, net (Tables) | 6 Months Ended |
Jun. 30, 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 (1,399 ) June 30, 2015 $ 26,756 |
Schedule of Intangible Assets - Indefinite Lived | Intangible assets at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Gross carrying Accumulated Intangible Gross carrying Accumulated Intangible Product licensing rights $ 4,807 $ (3,075 ) $ 1,732 $ 4,707 $ (2,878 ) $ 1,829 Product development rights 4,159 — 4,159 4,191 — 4,191 Purchased product rights and other 48,181 (3,466 ) 44,715 51,245 (1,375 ) 49,870 Total definite-lived intangible assets $ 57,147 $ (6,541 ) $ 50,606 $ 60,143 $ (4,253 ) $ 55,890 In-process research and development (IPR&D) $ 9,213 $ — $ 9,213 $ 9,685 $ — $ 9,685 Total intangible assets $ 66,360 $ (6,541 ) $ 59,819 $ 69,828 $ (4,253 ) $ 65,575 |
Schedule of Intangible Assets - Finite lived | Intangible assets at June 30, 2015 and December 31, 2014 were as follows: June 30, 2015 December 31, 2014 Gross carrying Accumulated Intangible Gross carrying Accumulated Intangible Product licensing rights $ 4,807 $ (3,075 ) $ 1,732 $ 4,707 $ (2,878 ) $ 1,829 Product development rights 4,159 — 4,159 4,191 — 4,191 Purchased product rights and other 48,181 (3,466 ) 44,715 51,245 (1,375 ) 49,870 Total definite-lived intangible assets $ 57,147 $ (6,541 ) $ 50,606 $ 60,143 $ (4,253 ) $ 55,890 In-process research and development (IPR&D) $ 9,213 $ — $ 9,213 $ 9,685 $ — $ 9,685 Total intangible assets $ 66,360 $ (6,541 ) $ 59,819 $ 69,828 $ (4,253 ) $ 65,575 |
Movements in Intangible Assets | Movements in intangible assets were due to the following: Product Product Purchased IPR&D December 31, 2014 $ 1,829 $ 4,191 $ 49,870 $ 9,685 Purchase of product rights 100 668 — — Amortization of product rights (197 ) (700 ) (2,155 ) — Foreign currency movements and other — — (3,000 ) (472 ) June 30, 2015 $ 1,732 $ 4,159 $ 44,715 $ 9,213 |
Investment in Sagent Agila (Tab
Investment in Sagent Agila (Tables) - Sagent Agila LLC | 6 Months Ended |
Jun. 30, 2015 | |
Changes in Investment | Changes in our investment in Sagent Agila during the six months ended June 30, 2015 were as follows: Investment in Sagent Agila at December 31, 2014 $ 4,539 Equity in net income of Sagent Agila 1,178 Investment in Sagent Agila at June 30, 2015 $ 5,717 |
Condensed Statement of Operations Information | Condensed statement of operations information of Sagent Agila is presented below. Three months ended June 30, Six months ended June 30, Condensed statement of operations information 2015 2014 2015 2014 Net revenues $ 847 $ 3,403 $ 3,921 $ 4,733 Gross profit 585 2,919 2,355 3,519 Net income 585 2,916 2,355 3,478 |
Accrued liabilities (Tables)
Accrued liabilities (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Payables and Accruals [Abstract] | |
Accrued Liabilities | Accrued liabilities at June 30, 2015 and December 31, 2014 were as follows: June 30, December 31, Payroll and employee benefits $ 5,111 $ 9,329 Sales and marketing 6,663 6,964 Taxes payable 545 1,040 Other accrued liabilities 1,175 2,013 $ 13,494 $ 19,346 |
Fair value measurements (Tables
Fair value measurements (Tables) | 6 Months Ended |
Jun. 30, 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 June 30, 2015 consisted of the following: Total fair Quoted prices in Significant Significant Assets Money market funds $ 44,339 $ 44,339 $ — $ — Corporate bonds and notes 20,108 — 20,108 — Short-term investments $ 20,108 $ — $ 20,108 $ — Total assets $ 64,447 $ 44,339 $ 20,108 $ — Liabilities Contingent purchase consideration $ 365 $ — $ — $ 365 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 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 |
Summary of Contingent Purchase Consideration Measured Using Significant Unobservable Inputs (Level 3) | The Changes in the fair value of our contingent purchase consideration measured using significant unobservable inputs (Level 3), during the six months ending June 30, 2015 were as follows: Balance at January 1, 2015 $ 605 Issuance of contingent purchase consideration — Change in fair value of contingent purchase consideration (240 ) Payment of contingent purchase consideration — Balance at June 30, 2015 $ 365 |
Accumulated other comprehensi36
Accumulated other comprehensive income (loss) (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) at June 30, 2015 and December 31, 2014 is comprised of the following: June 30, December 31, Currency translation adjustment, net of tax $ (8,106 ) $ (3,334 ) Unrealized gains (losses) on available for sale securities, net of tax (15 ) (40 ) Total accumulated other comprehensive income (loss) $ (8,121 ) $ (3,374 ) |
Earnings per share (Tables)
Earnings per share (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Earnings Per Share [Abstract] | |
Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share | Because of their anti-dilutive effect, the following common share equivalents, comprised of restricted stock and unexercised stock options, have been excluded from the calculation of diluted earnings per share for the three and six month periods ended June 30, 2015 and 2014, respectively: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Anti-dilutive shares (in thousands) 1,849 1,183 1,849 1,182 |
Schedule of Computation of Basic and Diluted Earnings Per Share | The table below presents the computation of basic and diluted earnings per share for the three and six months ended June 30, 2015 and 2014: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Basic and dilutive numerator: Net income (loss), as reported $ (256 ) $ 3,069 $ (2,150 ) $ 8,188 Denominator: Weighted-average common shares outstanding—basic (in thousands) 32,161 31,873 32,102 31,844 Net effect of dilutive securities: Stock options and restricted stock — 792 — 806 Weighted-average common shares outstanding—diluted (in thousands) 32,161 32,665 32,102 32,650 Net income (loss) per common share (basic) $ (0.01 ) $ 0.10 $ (0.07 ) $ 0.26 Net income (loss) per common share (diluted) $ (0.01 ) $ 0.09 $ (0.07 ) $ 0.25 |
Stock-based compensation (Table
Stock-based compensation (Tables) | 6 Months Ended |
Jun. 30, 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 six months ended June 30, 2015: Number of Shares Stock Restricted Outstanding at December 31, 2014 2,543,362 128,209 Granted 253,324 79,723 Exercised (677,406 ) (38,664 ) Forfeited (391,098 ) (48,476 ) Outstanding at June 30, 2015 1,728,182 120,792 |
Net revenue by product (Tables)
Net revenue by product (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Text Block [Abstract] | |
Schedule of Net Revenue by Therapeutic Class | Net revenue by therapeutic class is as follows: Three months ended June 30, Six months ended June 30, Therapeutic class: 2015 2014 2015 2014 Anti-infective $ 33,004 $ 26,378 $ 64,562 $ 53,526 Critical care 26,783 19,038 56,692 40,623 Oncology 17,558 23,778 38,736 45,914 $ 77,345 $ 69,194 $ 159,990 $ 140,063 |
Geographic and segment inform40
Geographic and segment information (Tables) | 6 Months Ended |
Jun. 30, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Geographic and Segment Data | Geographic and segment data is as follows: Three months ended June 30, Six months ended June 30, 2015 2014 2015 2014 Segment revenues: United States $ 68,999 $ 69,168 $ 143,975 $ 140,036 Others 209 26 511 27 Sagent US segment 69,208 69,194 144,486 140,063 Canada (Omega segment) 8,137 — 15,504 — Total net revenue $ 77,345 $ 69,194 $ 159,990 $ 140,063 Income (loss) before income taxes Sagent US $ 811 $ 3,318 $ 1,493 $ 9,950 Canada (Omega segment) 380 — (491 ) — Total segment operating income (loss) 1,191 3,318 1,002 9,950 Interest income and other 516 157 (540 ) 71 Interest expense (132 ) (233 ) 462 (446 ) Income (loss) before taxes $ 1,575 $ 3,242 $ — $ 9,575 June 30, 2015 2014 Segment assets: United States $ 217,842 $ 244,677 China 62,411 63,766 Sagent US segment 280,253 308,443 Canada (Omega segment) 103,252 — Total assets $ 383,505 $ 308,443 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) CAD in Thousands, $ in Thousands | Oct. 01, 2014USD ($) | Oct. 01, 2014CAD | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) |
Business Acquisition [Line Items] | ||||
Goodwill | $ 26,756 | $ 28,155 | ||
Omega | ||||
Business Acquisition [Line Items] | ||||
Business acquisition, purchase price | $ 82,693 | CAD 92,768 | ||
Post closing adjustment cost | 170 | CAD 191 | ||
Goodwill | $ 22,842 |
Allocation of Purchase Price (D
Allocation of Purchase Price (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Oct. 01, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 26,756 | $ 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 Operatio
Consolidated Pro Forma Operations Results in Acquisition (Detail) - Jun. 30, 2014 - Omega - USD ($) $ / shares in Units, $ in Thousands | Total | Total |
Business Acquisition [Line Items] | ||
Net revenues | $ 78,334 | $ 156,751 |
Net income | $ 2,900 | $ 5,476 |
Diluted income per common share | $ 0.09 | $ 0.17 |
Investments (Detail)
Investments (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 | Jun. 30, 2014 | Dec. 31, 2013 |
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | $ 71,068 | |||
Unrealized gains | 0 | |||
Unrealized losses | (15) | |||
Carrying value | 71,053 | |||
Cash and cash equivalents | 50,945 | $ 55,633 | $ 47,831 | $ 42,332 |
Short term investments | 20,108 | $ 18,473 | ||
Cash | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 6,606 | |||
Unrealized gains | 0 | |||
Carrying value | 6,606 | |||
Cash and cash equivalents | 6,606 | |||
Money market funds | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 44,339 | |||
Unrealized gains | 0 | |||
Carrying value | 44,339 | |||
Cash and cash equivalents | 44,339 | |||
Corporate bonds and notes | ||||
Schedule of Available-for-sale Securities [Line Items] | ||||
Cost basis | 20,123 | |||
Unrealized gains | 0 | |||
Unrealized losses | (15) | |||
Carrying value | 20,108 | |||
Short term investments | $ 20,108 |
Investments with Continuous Unr
Investments with Continuous Unrealized Losses for Less Than Twelve Months and Related Fair Values (Detail) - Corporate bonds and notes $ in Thousands | Jun. 30, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Fair value | $ 18,103 |
Unrealized losses | $ (15) |
Cost and Estimated Current Fair
Cost and Estimated Current Fair Value of Fixed-Income Securities (Detail) $ in Thousands | Jun. 30, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Due in one year or less, cost basis | $ 15,107 |
Due between one and five years, cost basis | 5,016 |
Total fixed income securities, cost basis | 20,123 |
Due in one year or less, Estimated fair value | 15,100 |
Due between one and five years, Estimated fair value | 5,008 |
Total fixed income securities, Estimated fair value | $ 20,108 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Inventory [Line Items] | ||
Raw materials | $ 12,107 | $ 13,051 |
Work in process | 2,387 | 2,012 |
Finished goods | 61,546 | 49,960 |
Inventory reserve | (4,308) | (3,242) |
Inventory, Net, Total | 71,732 | 61,781 |
Approved | ||
Inventory [Line Items] | ||
Raw materials | 9,288 | 10,203 |
Work in process | 2,387 | 2,012 |
Finished goods | 61,546 | 49,960 |
Inventory reserve | (4,308) | (3,242) |
Inventory, Net, Total | 68,913 | 58,933 |
Pending Regulatory Approval | ||
Inventory [Line Items] | ||
Raw materials | 2,819 | 2,848 |
Inventory, Net, Total | $ 2,819 | $ 2,848 |
Property, Plant and Equipment48
Property, Plant and Equipment (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 80,449 | $ 78,423 |
Less accumulated depreciation | (10,176) | (7,270) |
Property, plant and equipment after depreciation | 70,273 | 71,153 |
Land and land improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 3,435 | 3,519 |
Buildings and improvements | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 26,671 | 26,605 |
Machinery, equipment, furniture, and fixtures | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | 45,952 | 42,124 |
Construction in process | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment before depreciation | $ 4,391 | $ 6,175 |
Property, Plant and Equipment -
Property, Plant and Equipment - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Property, Plant and Equipment [Abstract] | ||
Depreciation expense | $ 1,400 | $ 2,730 |
Goodwill and Intangible asset50
Goodwill and Intangible assets, net - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
Jun. 30, 2015USD ($) | Jun. 30, 2014USD ($) | Jun. 30, 2015USD ($)Product_Right | Jun. 30, 2014USD ($) | Dec. 31, 2014USD ($) | |
Finite-Lived Intangible Assets [Line Items] | |||||
Goodwill acquired | $ 26,756,000 | $ 28,155,000 | |||
Goodwill impairment | $ 0 | $ 0 | $ 0 | $ 0 | |
Number of products comprising product licensing rights intangible asset | Product_Right | 22 | ||||
Product Licensing Rights | |||||
Finite-Lived Intangible Assets [Line Items] | |||||
Weighted-average period prior to next extension or renewal of intangible asset | 59 months |
Summary of Movements in Goodwil
Summary of Movements in Goodwill (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance at December 31, 2014 | $ 28,155 |
Foreign currency movements | (1,399) |
Balance at June 30, 2015 | $ 26,756 |
Schedule of Intangible Assets (
Schedule of Intangible Assets (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | $ 57,147 | $ 60,143 |
Intangible assets, Gross carrying amount | 66,360 | 69,828 |
Definite-lived intangible assets, Accumulated amortization | (6,541) | (4,253) |
Definite-lived intangible assets, net | 50,606 | 55,890 |
Intangible assets, net | 59,819 | 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 | (3,075) | (2,878) |
Definite-lived intangible assets, net | 1,732 | 1,829 |
Product Development Rights | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 4,159 | 4,191 |
Definite-lived intangible assets, net | 4,159 | 4,191 |
Purchased Product Rights And Other | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Definite-lived intangible assets, Gross carrying amount | 48,181 | 51,245 |
Definite-lived intangible assets, Accumulated amortization | (3,466) | (1,375) |
Definite-lived intangible assets, net | 44,715 | 49,870 |
IPR&D | ||
Finite-Lived and Indefinite-Lived Intangible Assets [Line Items] | ||
Indefinite-lived IPR&D, Intangible assets, net | $ 9,213 | $ 9,685 |
Movements in Intangible Assets
Movements in Intangible Assets (Detail) $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Intangible Assets Disclosure [Line Items] | |
Beginning Balance | $ 55,890 |
Ending Balance | 50,606 |
Product Licensing Rights | |
Intangible Assets Disclosure [Line Items] | |
Beginning Balance | 1,829 |
Purchase of product rights | 100 |
Amortization of product rights | (197) |
Ending Balance | 1,732 |
Product Development Rights | |
Intangible Assets Disclosure [Line Items] | |
Beginning Balance | 4,191 |
Purchase of product rights | 668 |
Amortization of product rights | (700) |
Ending Balance | 4,159 |
Purchased Product Rights And Other | |
Intangible Assets Disclosure [Line Items] | |
Beginning Balance | 49,870 |
Amortization of product rights | (2,155) |
Foreign currency movements and other | (3,000) |
Ending Balance | 44,715 |
IPR&D | |
Intangible Assets Disclosure [Line Items] | |
Beginning Balance | 9,685 |
Purchase of product rights | 0 |
Amortization of product rights | 0 |
Foreign currency movements and other | (472) |
Ending Balance | $ 9,213 |
Changes in Investment of Sagent
Changes in Investment of Sagent Agila (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Investment at beginning of the period | $ 4,539 | |||
Equity in net income of joint ventures | $ (293) | $ (1,458) | (1,178) | $ (1,739) |
Investment at end of the period | 5,717 | 5,717 | ||
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 | 1,178 | |||
Investment at end of the period | $ 5,717 | $ 5,717 |
Condensed Statement of Operatio
Condensed Statement of Operations Information (Detail) - Sagent Agila LLC - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Schedule of Equity Method Investments [Line Items] | ||||
Net revenues | $ 847 | $ 3,403 | $ 3,921 | $ 4,733 |
Gross profit | 585 | 2,919 | 2,355 | 3,519 |
Net income | $ 585 | $ 2,916 | $ 2,355 | $ 3,478 |
Debt - Additional Information (
Debt - Additional Information (Detail) | Apr. 06, 2015USD ($) | Oct. 01, 2014USD ($)MortgageLoan | Oct. 01, 2014CAD | Jul. 31, 2014CAD | Jun. 30, 2015USD ($) | Dec. 31, 2014USD ($) | Dec. 31, 2014CAD | Oct. 01, 2014CADMortgageLoan |
Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount available under credit facility | $ 7,309,000 | CAD 8,200,000 | ||||||
Credit facility | $ 2,824,000 | CAD 3,272,000 | ||||||
Effective interest rate | 3.50% | 3.50% | ||||||
Number of mortgage loans | MortgageLoan | 5 | 5 | ||||||
Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 0.50% | 0.50% | ||||||
Omega | Floating Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount available under credit facility | $ 6,239,000 | CAD 7,000,000 | ||||||
Credit facility | 1,364,000 | 1,530,000 | ||||||
JPMorgan Chase Revolving Credit Loan Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | $ 0 | 0 | ||||||
Revolving Credit Facility | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Credit facility | $ 238,000 | CAD 267,000 | ||||||
Effective interest rate | 4.00% | 4.00% | ||||||
Debt collateral amount | $ 891,000 | CAD 1,000,000 | ||||||
Revolving Credit Facility | Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.00% | 1.00% | ||||||
JP Morgan Chase China Fixed Assets Committed Loan Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount available under credit facility | $ 18,000,000 | |||||||
Credit facility | $ 0 | |||||||
JP Morgan Chase China Fixed Assets Committed Loan Facility | LIBOR | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 3.25% | |||||||
Letters Of Credit | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount available under credit facility | $ 1,782,000 | 2,000,000 | ||||||
Currency Risk | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Amount available under credit facility | $ 1,070,000 | CAD 1,200,000 | ||||||
Mortgage Loans | Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Interest rate | 5.00% | 5.00% | ||||||
Minimum | JP Morgan Chase China Fixed Assets Committed Loan Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal payment term | 36 months | |||||||
Minimum | Mortgage Loans | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Monthly mortgages installments | $ 62,000 | CAD 70,000 | ||||||
Minimum | Mortgage Loans | Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 0.00% | 0.00% | ||||||
Maximum | JP Morgan Chase China Fixed Assets Committed Loan Facility | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal payment term | 60 months | |||||||
Maximum | Mortgage Loans | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Monthly mortgages installments | $ 1,114,000 | CAD 1,250,000 | ||||||
Maximum | Mortgage Loans | Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.50% | 1.50% | ||||||
Demand Loan | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Principal amount of demand loan | $ 2,674,000 | CAD 3,000,000 | ||||||
Effective interest rate | 4.75% | |||||||
Debt collateral amount | CAD | CAD 3,000,000 | |||||||
Additional security interest percentage | 20.00% | |||||||
Interest rate per annum | 4.75% | |||||||
Maturity date | 2014-11 | |||||||
Debt instrument extended maturity date | 2015-01 | 2015-01 | ||||||
Demand loan outstanding balance | $ 2,674,000 | CAD 3,000,000 | ||||||
Demand Loan | Omega | Prime Rate | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Basis spread on variable rate | 1.75% | |||||||
Demand Loan | Operating Credit Facility | Omega | ||||||||
Line of Credit Facility [Line Items] | ||||||||
Debt collateral amount | $ 7,354,000 | CAD 8,250,000 |
Accrued Liabilities (Detail)
Accrued Liabilities (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accrued Liabilities, Current [Abstract] | ||
Payroll and employee benefits | $ 5,111 | $ 9,329 |
Sales and marketing | 6,663 | 6,964 |
Taxes payable | 545 | 1,040 |
Other accrued liabilities | 1,175 | 2,013 |
Accrued Liabilities, Total | $ 13,494 | $ 19,346 |
Summary of Assets and Liabiliti
Summary of Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) - Assets and liabilities measured at fair value on a recurring basis - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 64,447 | $ 31,652 |
Contingent purchase consideration | 365 | 605 |
Money market funds | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 44,339 | 13,139 |
Corporate bonds and notes | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,108 | 18,513 |
Short-term investments | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,108 | 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 | 44,339 | 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 | 44,339 | 13,139 |
Significant other observable inputs (Level 2) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 20,108 | 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 | 20,108 | 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 | 20,108 | 18,513 |
Significant unobservable inputs (Level 3) | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Contingent purchase consideration | $ 365 | $ 605 |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 6 Months Ended | 12 Months Ended |
Jun. 30, 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 | $ 365,000 | $ 605,000 |
Summary of Contingent Purchase
Summary of Contingent Purchase Consideration Measured Using Significant Unobservable Inputs (Level 3) (Detail) - Contingent Consideration Liability $ in Thousands | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at January 1, 2015 | $ 605 |
Issuance of contingent purchase consideration | 0 |
Change in fair value of contingent purchase consideration | (240) |
Payment of contingent purchase consideration | 0 |
Balance at June 30, 2015 | $ 365 |
Accumulated Other Comprehensi61
Accumulated Other Comprehensive Income (Loss) (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Currency translation adjustment, net of tax | $ (8,106) | $ (3,334) |
Unrealized gains (losses) on available for sale securities, net of tax | (15) | (40) |
Total accumulated other comprehensive income (loss) | $ (8,121) | $ (3,374) |
Accumulated Other Comprehensi62
Accumulated Other Comprehensive Income (Loss) - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015USD ($) | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Amounts reclassified from accumulated other comprehensive income | $ 0 |
Anti-Dilutive Share Excluded fr
Anti-Dilutive Share Excluded from Calculation of Diluted Earnings per Share (Detail) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Earnings Per Share [Abstract] | ||||
Anti-dilutive shares | 1,849 | 1,183 | 1,849 | 1,182 |
Schedule of Calculation of Nume
Schedule of Calculation of Numerator and Denominator in Earnings Per Share (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Basic and dilutive numerator: | ||||
Net income (loss), as reported | $ (256) | $ 3,069 | $ (2,150) | $ 8,188 |
Denominator: | ||||
Weighted-average common shares outstanding - basic (in thousands) | 32,161 | 31,873 | 32,102 | 31,844 |
Net effect of dilutive securities: Stock options and restricted stock | 792 | 806 | ||
Weighted-average common shares outstanding - diluted (in thousands) | 32,161 | 32,665 | 32,102 | 32,650 |
Net income (loss) per common share (basic) | $ (0.01) | $ 0.10 | $ (0.07) | $ 0.26 |
Net income (loss) per common share (diluted) | $ (0.01) | $ 0.09 | $ (0.07) | $ 0.25 |
Stock Option and Restricted Sto
Stock Option and Restricted Stock Activity (Detail) | 6 Months Ended |
Jun. 30, 2015shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Options Outstanding | 2,543,362 |
Granted | 253,324 |
Exercised | (677,406) |
Forfeited | (391,098) |
Ending Balance, Options Outstanding | 1,728,182 |
Restricted Stock | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Beginning Balance, Outstanding | 128,209 |
Granted | 79,723 |
Exercised | (38,664) |
Forfeited | (48,476) |
Ending Balance, Outstanding | 120,792 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||||
Intrinsic value of stock options exercised | $ 5,964 | $ 246 | $ 7,514 | $ 1,203 |
Schedule of Net Revenue by Ther
Schedule of Net Revenue by Therapeutic Class (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Product Information [Line Items] | ||||
Net revenue by product Line | $ 77,345 | $ 69,194 | $ 159,990 | $ 140,063 |
Anti-infective | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | 33,004 | 26,378 | 64,562 | 53,526 |
Critical care | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | 26,783 | 19,038 | 56,692 | 40,623 |
Oncology | ||||
Product Information [Line Items] | ||||
Net revenue by product Line | $ 17,558 | $ 23,778 | $ 38,736 | $ 45,914 |
Related Party Transactions - Ad
Related Party Transactions - Additional Information (Detail) - USD ($) $ in Thousands | Jun. 30, 2015 | Dec. 31, 2014 |
Related Party Transaction [Line Items] | ||
Due from related party | $ 2,528 | $ 2,156 |
Due to related party | 9,519 | 8,079 |
Sagent Agila LLC | ||
Related Party Transaction [Line Items] | ||
Due from related party | 2,528 | 2,156 |
Due to related party | $ 9,519 | $ 8,079 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | |
Income Tax Disclosure [Line Items] | ||||
Provision for income taxes | $ 1,831,000 | $ 173,000 | $ 2,150,000 | $ 1,387,000 |
SCP | ||||
Income Tax Disclosure [Line Items] | ||||
Tax benefit recorded for losses | $ 0 |
Management Transition Costs - A
Management Transition Costs - Additional Information (Detail) - Jun. 30, 2015 - USD ($) $ in Thousands | Total | Total |
Restructuring Cost and Reserve [Line Items] | ||
Payment of management transition cost | $ 3,121 | $ 3,121 |
Accrued Liabilities | ||
Restructuring Cost and Reserve [Line Items] | ||
Management transition costs | $ 789 | $ 789 |
Geographic and Segment Inform71
Geographic and Segment Information - Additional Information (Detail) | 6 Months Ended |
Jun. 30, 2015Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 2 |
Schedule of Geographic and Segm
Schedule of Geographic and Segment Data (Detail) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2015 | Jun. 30, 2014 | Jun. 30, 2015 | Jun. 30, 2014 | Dec. 31, 2014 | |
Segment revenues | |||||
Net revenue | $ 77,345 | $ 69,194 | $ 159,990 | $ 140,063 | |
Income (loss) before income taxes: | |||||
Operating income (loss) | 1,191 | 3,318 | 1,002 | 9,950 | |
Interest income and other | 516 | 157 | (540) | 71 | |
Interest expense | (132) | (233) | (462) | (446) | |
Income (loss) before taxes | 1,575 | 3,242 | 9,575 | ||
Segment assets: | |||||
Assets | 383,505 | 308,443 | 383,505 | 308,443 | $ 381,488 |
Sagent US | |||||
Segment revenues | |||||
Net revenue | 69,208 | 69,194 | 144,486 | 140,063 | |
Income (loss) before income taxes: | |||||
Operating income (loss) | 811 | 3,318 | 1,493 | 9,950 | |
Segment assets: | |||||
Assets | 280,253 | 308,443 | 280,253 | 308,443 | |
Sagent US | Other | |||||
Segment revenues | |||||
Net revenue | 209 | 26 | 511 | 27 | |
Sagent US | United States | |||||
Segment revenues | |||||
Net revenue | 68,999 | 69,168 | 143,975 | 140,036 | |
Segment assets: | |||||
Assets | 217,842 | 244,677 | 217,842 | 244,677 | |
Sagent US | China | |||||
Segment assets: | |||||
Assets | 62,411 | $ 63,766 | 62,411 | $ 63,766 | |
Canada (Omega segment) | Canada | |||||
Segment revenues | |||||
Net revenue | 8,137 | 15,504 | |||
Income (loss) before income taxes: | |||||
Operating income (loss) | 380 | (491) | |||
Segment assets: | |||||
Assets | $ 103,252 | $ 103,252 |