Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Mar. 04, 2015 | Jun. 30, 2014 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Entity Registrant Name | Lantheus Medical Imaging, Inc. | ||
Entity Central Index Key | 1500157 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | No | ||
Entity Voluntary Filers | Yes | ||
Entity Filer Category | Non-accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 1,000 | ||
Entity Public Float | $0 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets | ||
Cash and cash equivalents | $17,817 | $16,669 |
Accounts receivable, net | 41,540 | 38,910 |
Inventory | 15,582 | 18,310 |
Income tax receivable | 247 | 325 |
Deferred tax assets | 256 | 18 |
Other current assets | 3,739 | 3,087 |
Total current assets | 79,181 | 77,319 |
Property, plant and equipment, net | 96,014 | 97,653 |
Capitalized software development costs, net | 2,421 | 1,470 |
Intangibles, net | 27,191 | 34,998 |
Goodwill | 15,714 | 15,714 |
Deferred financing costs | 7,349 | 9,639 |
Deferred tax assets | 328 | 15 |
Other long-term assets | 19,318 | 22,577 |
Total assets | 247,516 | 259,385 |
Current liabilities | ||
Line of credit | 8,000 | 8,000 |
Accounts payable | 15,665 | 18,103 |
Accrued expenses and other liabilities | 24,579 | 25,492 |
Deferred tax liability | 152 | 57 |
Deferred revenue | 132 | 3,979 |
Total current liabilities | 48,528 | 55,631 |
Asset retirement obligations | 7,435 | 6,385 |
Long-term debt, net | 399,280 | 399,037 |
Deferred tax liability | 247 | 12 |
Other long-term liabilities | 32,995 | 35,408 |
Total liabilities | 488,485 | 496,473 |
Commitments and contingencies (see Notes 14 and 16) | ||
Stockholder's deficit | ||
Common stock ($0.001 par value, 10,000 shares authorized; 1 share issued and outstanding) | 0 | 0 |
Due from parent | -3,766 | -1,259 |
Additional paid-in capital | 3,934 | 2,903 |
Accumulated deficit | -239,507 | -238,338 |
Accumulated other comprehensive loss | -1,630 | -394 |
Total stockholder's deficit | -240,969 | -237,088 |
Total liabilities and stockholder's deficit | $247,516 | $259,385 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Statement of Financial Position [Abstract] | ||
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, share issued | 1 | 1 |
Common stock, share outstanding | 1 | 1 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Revenues | $301,600 | $283,672 | $288,105 |
Cost of goods sold | 176,081 | 206,311 | 211,049 |
Loss on firm purchase commitment | 1,859 | ||
Total cost of goods sold | 176,081 | 206,311 | 212,908 |
Gross profit | 125,519 | 77,361 | 75,197 |
Operating expenses | |||
Sales and marketing expenses | 35,116 | 35,227 | 37,437 |
General and administrative expenses | 34,921 | 33,159 | 32,520 |
Research and development expenses | 13,673 | 30,459 | 40,604 |
Proceeds from manufacturer | -8,876 | -34,614 | |
Impairment on land | 6,406 | ||
Total operating expenses | 83,710 | 96,375 | 75,947 |
Operating income (loss) | 41,809 | -19,014 | -750 |
Interest expense | -42,288 | -42,915 | -42,014 |
Interest income | 27 | 104 | 252 |
Other income (expense), net | 478 | 1,161 | -44 |
Income (loss) before income taxes | 26 | -60,664 | -42,556 |
Provision (benefit) for income taxes | 1,195 | 1,014 | -555 |
Net loss | -1,169 | -61,678 | -42,001 |
Foreign currency translation | -1,236 | -1,729 | 964 |
Total comprehensive loss | ($2,405) | ($63,407) | ($41,037) |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholder's Deficit (USD $) | Total | Common Stock [Member] | Due from Parent [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands, except Share data | ||||||
Balance at Dec. 31, 2011 | ($133,203) | $1,085 | ($134,659) | $371 | ||
Balance, (in shares) at Dec. 31, 2011 | 1 | |||||
Net loss | -42,001 | -42,001 | ||||
Due from parent (see Note 17) | -1,353 | -1,353 | ||||
Foreign currency translation | 964 | 964 | ||||
Stock-based compensation | 1,240 | 1,240 | ||||
Balance at Dec. 31, 2012 | -174,353 | -1,353 | 2,325 | -176,660 | 1,335 | |
Balance, (in shares) at Dec. 31, 2012 | 1 | |||||
Net loss | -61,678 | -61,678 | ||||
Payments from parent | 94 | 94 | ||||
Foreign currency translation | -1,729 | -1,729 | ||||
Stock-based compensation | 578 | 578 | ||||
Balance at Dec. 31, 2013 | -237,088 | 1 | -1,259 | 2,903 | -238,338 | -394 |
Balance, (in shares) at Dec. 31, 2013 | 1 | |||||
Net loss | -1,169 | -1,169 | ||||
Increase in amounts due from parent | -2,507 | -2,507 | ||||
Foreign currency translation | -1,236 | -1,236 | ||||
Stock-based compensation | 1,031 | 1,031 | ||||
Balance at Dec. 31, 2014 | ($240,969) | $1 | ($3,766) | $3,934 | ($239,507) | ($1,630) |
Balance, (in shares) at Dec. 31, 2014 | 1 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flow from operating activities | |||
Net loss | ($1,169) | ($61,678) | ($42,001) |
Adjustments to reconcile net loss to cash flow from operating activities | |||
Depreciation | 9,901 | 9,336 | 9,722 |
Amortization | 8,350 | 15,819 | 17,680 |
Impairment of land | 6,406 | ||
Impairment of intangible assets | 17,175 | ||
Amortization of debt related costs | 2,708 | 2,600 | 2,403 |
Write-off of deferred financing costs | 598 | ||
Provision for bad debt | 303 | 63 | -117 |
Provision for excess and obsolete inventory | 1,593 | 4,854 | 12,809 |
Stock-based compensation | 1,031 | 578 | 1,240 |
Accretion of asset retirement obligations | 773 | 628 | 553 |
Loss on firm purchase commitment | 1,859 | ||
Other | -215 | -237 | -143 |
Long-term income tax receivable | 2,719 | -566 | 299 |
Long-term income tax payable and other long-term liabilities | -2,560 | 187 | 139 |
Increase (decrease) in cash from operating assets and liabilities | |||
Accounts receivable, net | -3,563 | 2,627 | -1,442 |
Prepaid expenses and other current assets | -882 | 1,043 | 1,304 |
Inventory | 1,500 | -4,741 | -6,903 |
Deferred revenue | -3,881 | -4,874 | 5,349 |
Accounts payable | -4,047 | -1,147 | -2,204 |
Income tax payable | 68 | 410 | -2,217 |
Accrued expenses and other liabilities | -1,056 | -4,759 | 2,193 |
Cash provided by (used in) operating activities | 11,573 | -15,678 | 523 |
Cash flows from investing activities | |||
Capital expenditures | -8,137 | -5,010 | -7,920 |
Proceeds from sale of property, plant and equipment | 227 | 1,527 | |
Redemption (purchase) of certificate of deposit | 228 | -225 | |
Cash used in investing activities | -7,682 | -3,483 | -8,145 |
Cash flows from financing activities | |||
Payments on note payable | -71 | -1,310 | -1,530 |
Deferred financing costs | -175 | -1,249 | -442 |
Payments from / (to) parent | -2,047 | 94 | -67 |
Proceeds from line of credit | 5,500 | 8,000 | |
Payments on line of credit | -5,500 | ||
Cash (used in) provided by financing activities | -2,293 | 5,535 | -2,039 |
Effect of foreign exchange rate on cash | -450 | -1,300 | 649 |
Increase (decrease) in cash and cash equivalents | 1,148 | -14,926 | -9,012 |
Cash and cash equivalents, beginning of year | 16,669 | 31,595 | 40,607 |
Cash and cash equivalents, end of year | 17,817 | 16,669 | 31,595 |
Supplemental disclosure of cash flow information | |||
Interest paid | 39,214 | 39,150 | 39,020 |
Income taxes paid, net | 508 | 118 | 1,146 |
Noncash investing and financing activities | |||
Property, plant and equipment included in accounts payable and accrued expenses and other liabilities | 2,916 | 1,243 | 963 |
Expenses to be paid on behalf of parent included in accounts payable and accrued expenses and other liabilities | $460 |
Description_of_Business
Description of Business | 12 Months Ended | |||
Dec. 31, 2014 | ||||
Accounting Policies [Abstract] | ||||
Description of Business | 1. Description of Business | |||
Overview | ||||
The Company develops, manufactures, sells and distributes innovative diagnostic medical imaging agents and products that assist clinicians in the diagnosis of cardiovascular and other diseases. The Company’s commercial products are used by nuclear physicians, cardiologists, radiologists, internal medicine physicians, technologists and sonographers working in a variety of clinical settings. The Company sells its products to radiopharmacies, hospitals, clinics, group practices, integrated delivery networks, group purchasing organizations and, in certain circumstances, wholesalers. The Company sells its products globally and has operations in the United States, Puerto Rico, Canada and Australia and distribution relationships in Europe, Asia Pacific and Latin America. | ||||
The Company’s portfolio of 10 commercial products is diversified across a range of imaging modalities. The Company’s imaging agents include medical radiopharmaceuticals (including technetium generators) and contrast agents, including the following: | ||||
• | DEFINITY is the leading ultrasound contrast imaging agent used by cardiologists and sonographers during cardiac ultrasound, or echocardiography, exams based on revenue and usage. DEFINITY is an injectable agent that, in the United States, is indicated for use in patients with suboptimal echocardiograms to assist in the visualization of the left ventricle, the main pumping chamber of the heart. The use of DEFINITY in echocardiography allows physicians to significantly improve their assessment of the function of the left ventricle. | |||
• | TechneLite is a self-contained system, or generator, of technetium (Tc99m), a radioisotope with a six hour half-life, used by radiopharmacies to prepare various nuclear imaging agents. | |||
• | Xenon Xe 133 Gas is a radiopharmaceutical gas that is inhaled and used to assess pulmonary function and also to image blood flow. | |||
• | Cardiolite is an injectable, technetium-labeled imaging agent, also known by its generic name sestamibi, used with Single Photon Emission Computed Tomography, or SPECT, technology in myocardial perfusion imaging, or MPI, procedures that assess blood flow distribution to the heart. | |||
• | Neurolite is an injectable, technetium-labeled imaging agent used with SPECT technology to identify the area within the brain where blood flow has been blocked or reduced due to stroke. | |||
In the United States, the Company sells DEFINITY through its sales team that calls on healthcare providers in the echocardiography space, as well as group purchasing organizations and integrated delivery networks. The Company’s radiopharmaceutical products are primarily distributed through approximately 350 radiopharmacies owned or controlled by third parties. In Canada, Puerto Rico and Australia, the Company owns eight radiopharmacies and sells its own radiopharmaceuticals, as well as others, directly to end users. In Europe, Asia Pacific and Latin America, the Company utilizes distributor relationships to market, sell and distribute its products. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies | ||||||||||||||||||||
Basis of Consolidation and Presentation | |||||||||||||||||||||
The financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business. The Company incurred a net loss of $1.2 million during the year ended December 31, 2014 and had an accumulated deficit of $239.5 million at December 31, 2014. | |||||||||||||||||||||
As of December 31, 2014, the Company had $408.0 million of total principal indebtedness consisting of $400.0 million of senior notes, which mature on May 15, 2017, and $8.0 million outstanding under its revolving credit facility. The Company is obligated to make scheduled interest payments of $39.0 million per year on the senior notes. | |||||||||||||||||||||
The Company experienced operating losses, resulting from supply shortages beginning in the third quarter of 2011 through the third quarter of 2013 in connection with the manufacture of DEFINITY, Cardiolite and Neurolite at Ben Venue Laboratories, Inc. in Bedford, Ohio. As of November 2013, BVL ceased manufacturing any product for the Company. During 2012, the Company commenced a comprehensive manufacturing diversification strategy and currently relies on Jubilant HollisterStier, or JHS, as its sole source manufacturer of DEFINITY, Neurolite and evacuation vials for TechneLite. The Company has additional ongoing technology transfer activities at JHS for its Cardiolite product supply, which is currently manufactured by a single manufacturer. In addition, the Company has ongoing technology transfer activities at Pharmalucence for the manufacture and supply of DEFINITY, and the Company believes Pharmalucence will file for FDA approval to manufacture DEFINITY in 2015. | |||||||||||||||||||||
The Company has historically been dependent on key customers and group purchasing organizations for the majority of the sales of its medical imaging products. Our ability to maintain and profitably renew those contracts and relationships with those key customers and group purchasing organizations is an important aspect of the Company’s strategy. The Company’s written supply agreements with a major customer relating to TechneLite, Xenon, Neurolite, Cardiolite and certain other products expired in accordance with contract terms on December 31, 2014. Extended discussions with this customer have not yet resulted in new written supply agreements. Consequently, the Company is currently accepting and fulfilling product orders with this customer on a purchase order basis. | |||||||||||||||||||||
Until the Company successfully becomes dual sourced for its principal products, the Company is vulnerable to future supply shortages. Disruption in the financial performance of the Company could also occur if it experiences significant adverse changes in customer mix, broad economic downturns, adverse industry or Company conditions or catastrophic external events. If the Company experiences one or more of these events in the future, it may be required to implement additional expense reductions, such as a delay or elimination of discretionary spending in all functional areas, as well as scaling back select operating and strategic initiatives. | |||||||||||||||||||||
During 2013 and 2014, the Company has utilized its revolving line of credit as a source of liquidity from time to time. Borrowing capacity under the revolving credit facility, or the Facility, is calculated by reference to a borrowing base consisting of a percentage of certain eligible accounts receivable, inventory and machinery and equipment minus any reserves, or the Borrowing Base. If the Company is not successful in achieving its forecasted operating results, the Company’s accounts receivable and inventory could be negatively affected, thus reducing the Borrowing Base and limiting the Company’s borrowing capacity. As of December 31, 2014, the aggregate Borrowing Base was approximately $50.0 million, which was reduced by the $8.8 million unfunded Standby Letter of Credit and the $8.0 million outstanding loan balance, resulting in a net Borrowing Base availability of approximately $33.2 million. | |||||||||||||||||||||
Based on the Company’s current operating plans, the Company believes its existing cash and cash equivalents, results of operations and availability under the Facility will be sufficient to continue to fund the Company’s liquidity requirements for at least the next twelve months. | |||||||||||||||||||||
Use of Estimates | |||||||||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation and potential losses on purchase commitments, asset retirement obligations, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities, accrued expenses and stock-based compensation. Actual results could materially differ from those estimates or assumptions. | |||||||||||||||||||||
Revenue Recognition | |||||||||||||||||||||
The Company recognizes revenue when evidence of an arrangement exists, title has passed, the risks and rewards of ownership have transferred to the customer, the selling price is fixed and determinable, and collectability is reasonably assured. For transactions for which revenue recognition criteria have not yet been met, the respective amounts are recorded as deferred revenue until such point in time the criteria are met and revenue can be recognized. Revenue is recognized net of reserves, which consist of allowances for returns and rebates. | |||||||||||||||||||||
Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price. The best estimate of selling price reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. Supply or service transactions may involve the charge of a nonrefundable initial fee with subsequent periodic payments for future products or services. The up-front fees, even if nonrefundable, are recognized as revenue as the products and/or services are delivered and performed over the term of the arrangement. | |||||||||||||||||||||
On January 1, 2009, LMI executed an amendment to a license and supply agreement (the “Agreement”) with one of its customers, granting non-exclusive U.S. license and supply rights to the customer for the period from January 1, 2009 through December 31, 2012. Under the terms of the Agreement, the customer paid LMI $10.0 million in license fees; $8.0 million of which was received upon execution of the Agreement and $2.0 million of which was received in June 2009 upon delivery of a special license as defined in the Agreement. The Company’s product sales under the Agreement are recognized in the same manner as its normal product sales. The Company recognized the license fees as revenue on a straight-line basis over the term of the four-year Agreement. The Company recognized $2.5 million in fiscal year 2012 in license fee revenue pursuant to the Agreement. | |||||||||||||||||||||
In February 2012, the Company entered in to the first amendment to the Agreement. The amendment contained obligations for the Company to deliver a fixed minimum number of units of the same product at different specified unit prices throughout the 11-month amendment term. The fixed minimum number of units shipped at the beginning of the amendment term had a substantially higher unit selling price than the units shipped later in the amendment term. The Company determined the total arrangement consideration and allocated this to each unit of product by applying the relative selling price method; therefore, revenue under this arrangement is being recognized at an average selling price as the units are shipped. The Company recognized $5.6 million and $12.8 million in revenue pursuant to the first amendment during the years ended December 31, 2013 and 2012, respectively. There was no deferred revenue attributable to these units at December 31, 2013. | |||||||||||||||||||||
On December 27, 2012, the Company entered into the second amendment to the Agreement, which extended the term from December 31, 2012 to December 31, 2014 and established new pricing and purchase requirements over the extended term. The second amendment also provided for the supply of TechneLite generators containing molybdenum-99 sourced from LEU targets. The agreement includes a $3.0 million upfront payment by the customer to the Company and potential future milestone payments. During 2012, the Company received the $3.0 million upfront payment. During 2013, the Company received an additional $4.0 million upon achievement of the required milestones. At December 31, 2013, $3.6 million is included in deferred revenue as a current liability in the accompanying consolidated balance sheets. The Company recognized the upfront payment as revenue on a straight-line basis over the term of the two year agreement. At December 31, 2014, there was no deferred revenue related to this Agreement. | |||||||||||||||||||||
Product Returns | |||||||||||||||||||||
The Company provides a reserve for its estimate of sales recorded for which the related products are expected to be returned. The Company does not typically accept product returns unless an over shipment or non-conforming shipment was provided to the customer, or if the product was defective. The Company adjusts its estimate of product returns if it becomes aware of other factors that it believes could significantly impact its expected returns, including product recalls. These factors include its estimate of actual and historical return rates for non-conforming product and open return requests. Historically, the Company’s estimates of returns have reasonably approximated actual returns. | |||||||||||||||||||||
Distributor Relationships | |||||||||||||||||||||
Revenue for product sold to distributors is recognized at shipment, unless revenue recognition criteria have not been met. In those instances where collectability cannot be determined or the selling price cannot be reasonably estimated until the distributor has sold through the goods, the Company defers that revenue until such time as the goods have been sold through to the end-user customer, or the selling price can be reasonably estimated based on history of transactions with that distributor. | |||||||||||||||||||||
Rebates and Allowances | |||||||||||||||||||||
Estimates for rebates and allowances represent the Company’s estimated obligations under contractual arrangements with third parties. Rebate accruals and allowances are recorded in the same period the related revenue is recognized, resulting in a reduction to revenue and the establishment of a liability which is included in accrued expenses in the accompanying consolidated balance sheets. These rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes and growth, Medicaid rebate programs for certain products, administration fees of group purchasing organizations and certain distributor related commissions. The calculation of the accrual for these rebates and allowances is based on an estimate of the third party’s buying patterns and the resulting applicable contractual rebate or commission rate(s) to be earned over a contractual period. | |||||||||||||||||||||
The accrual for rebates and allowances was approximately $2.2 million and $1.7 million at December 31, 2014 and 2013, respectively. Rebate and allowance charges against gross revenues totaled $5.2 million, $4.8 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Income Taxes | |||||||||||||||||||||
The Company accounts for income taxes using an asset and liability approach. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax attributes are expected to be recovered or paid, and are adjusted for changes in tax rates and tax laws when changes are enacted. | |||||||||||||||||||||
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The assessment of whether or not a valuation allowance is required involves the weighing of both positive and negative evidence concerning both historical and prospective information with greater weight given to evidence that is objectively verifiable. A history of recent losses is negative evidence that is difficult to overcome with positive evidence. In evaluating prospective information there are four sources of taxable income: reversals of taxable temporary differences, items that can be carried back to prior tax years (such as net operating losses), pre-tax income, and tax planning strategies. Any tax planning strategies that are considered must be prudent and feasible, and would only be undertaken in order to avoid losing an operating loss carryforward. Adjustments to the deferred tax valuation allowances are made in the period when those assessments are made. | |||||||||||||||||||||
The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to other long-term assets and liabilities, or adjustments to deferred taxes, or both. The Company provides disclosure at the end of each annual reporting period on a tabular reconciliation of unrecognized tax benefits. The Company classifies interest and penalties within the provision for income taxes. | |||||||||||||||||||||
Cash and Cash Equivalents | |||||||||||||||||||||
Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased. | |||||||||||||||||||||
Accounts Receivable | |||||||||||||||||||||
Accounts receivable consist of amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts for estimated losses. In determining the allowance, consideration includes the probability of recoverability based on past experience and general economic factors. Certain accounts receivable may be fully reserved when specific collection issues are known to exist, such as pending bankruptcy. As of December 31, 2014 and 2013, the Company had allowances for doubtful accounts of approximately $0.6 million and $0.3 million, respectively. | |||||||||||||||||||||
Also included in accounts receivable are miscellaneous receivables of approximately $2.0 million and $1.9 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Concentration of Risks and Limited Suppliers | |||||||||||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to large national distributors, which in turn, may resell the Company’s products. There were two customers that represented greater than 10% of the total net accounts receivable balance and revenue during the year ended December 31, 2014, the majority of which is included in the U.S. segment. | |||||||||||||||||||||
Accounts | Revenue for the year | ||||||||||||||||||||
Receivable as | ended December 31, | ||||||||||||||||||||
of December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
Company A | 16.5 | % | 16.7 | % | 18 | % | 18.8 | % | 27.4 | % | |||||||||||
Company B | 13.4 | % | 13.2 | % | 11.1 | % | 10.2 | % | 8.4 | % | |||||||||||
Company C | 9.8 | % | 7.2 | % | 8.8 | % | 9.8 | % | 11.5 | % | |||||||||||
The Company’s cash and cash equivalents are maintained with various financial institutions. | |||||||||||||||||||||
The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and thereby adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations. From May 2009 until August 2010, Nordion, the Company’s largest supplier of Moly, a key raw material in the Company’s TechneLite product, was affected by a nuclear reactor shutdown. The Company was not fully able to replace all of the quantity of supply it previously received from Nordion, which had a negative impact on the Company’s results of operations. As part of the conditions for the relicensing of the NRU reactor, the Canadian government has asked Atomic Energy of Canada Limited, or AECL, to shut down the reactor for at least four weeks at least once a year for inspection and maintenance. The scheduled 2012 shutdown period ran from mid-April 2012 until mid-May 2012, and during such period, some of LMI’s customers diverted a small amount of business to LMI’s competitor, which correspondingly reduced our aggregate orders during the shutdown period. With this diversion, LMI was able to fulfill all customer demand for Moly from other suppliers during the shutdown period. During 2012, the Company executed amendments to agreements with Nordion and NTP, the Company’s Moly suppliers, which extended the contract terms of those agreements to December 31, 2015 and December 31, 2017, respectively. In addition, because Xenon is a by-product of the Moly production process and is currently captured only by Nordion, the Company is currently reliant on Nordion as the sole supplier of Xenon to meet customer demand. In March 2013, the Company entered into an agreement with Institute for Radioelements (“IRE”) who had previously been supplying the Company with Moly under the previous agreement with NTP and this agreement expires on December 31, 2017. | |||||||||||||||||||||
Historically, the Company has relied on BVL as its sole manufacturer of DEFINITY and Neurolite and one of two manufacturers of its Cardiolite product supply. Following extended operational and regulatory challenges at BVL’s Bedford, Ohio facility, as of November 15, 2013, BVL ceased manufacturing for the Company any DEFINITY, Cardiolite or Neurolite. | |||||||||||||||||||||
Following extensive technology transfer activities, the Company currently relies on JHS as its sole source manufacturer of DEFINITY, Neurolite and evacuation vials for TechneLite. The Company has additional ongoing technology transfer activities at JHS for its Cardiolite product supply. In the meantime, the Company has no other currently active supplier of DEFINITY, Neurolite, and its Cardiolite product supply is manufactured by a single manufacturer. | |||||||||||||||||||||
Based on current projections, the Company believes that it will have sufficient supply of DEFINITY and Neurolite from JHS to meet expected demand and sufficient Cardiolite product supply from its current supplier to meet expected demand. Currently, the regulatory authorities in certain countries prohibit the Company from marketing products previously manufactured by BVL, and JHS has not yet obtained approval of such regulatory authorities that would permit the Company to market certain products manufactured by JHS. Accordingly, until such regulatory approvals have been obtained, the Company will not be able to sell and distribute those products in the relevant markets. | |||||||||||||||||||||
The Company is also currently working to secure additional alternative suppliers for its key products as part of its ongoing supply chain diversification strategy. On November 12, 2013, the Company entered into a Manufacturing and Supply Agreement with Pharmalucence to manufacture and supply DEFINITY. However, the Company is uncertain on the timing in which the Pharmalucence arrangement or any other arrangements could provide meaningful quantities of product. The Company believes Pharmalucence will file for FDA approval to manufacture DEFINITY in 2015. | |||||||||||||||||||||
The following table sets forth revenues for the Company’s products that represented greater than 10% of total revenue for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
DEFINITY | 31.8 | % | 27.5 | % | 17.9 | % | |||||||||||||||
TechneLite | 31 | % | 32.5 | % | 39.7 | % | |||||||||||||||
Xenon | 12.1 | % | 11.3 | % | 10.4 | % | |||||||||||||||
Cardiolite | 6.2 | % | 9.2 | % | 12.1 | % | |||||||||||||||
Inventory | |||||||||||||||||||||
Inventory includes material, direct labor and related manufacturing overhead, and is stated at the lower of cost or market on a first-in, first-out basis. The Company does have consignment arrangements with certain customers where the Company retains title and the risk of ownership of the inventory, which is included in the Company’s inventory balance. | |||||||||||||||||||||
The Company assesses the recoverability of inventory to determine whether adjustments for excess and obsolete inventory are required. Inventory that is in excess of future requirements is written down to its estimated net realizable value based upon forecasted demand for its products. If actual demand is less favorable than what has been forecasted by management, additional inventory write-downs may be required. | |||||||||||||||||||||
Inventory costs associated with product that has not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefits of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. For the year ended December 31, 2014, the Company expensed $1.9 million of such product costs in cost of goods sold relating to Neurolite that was manufactured by JHS. At December 31, 2014 and 2013, the Company had no capitalized inventories associated with product that did not have regulatory approval. | |||||||||||||||||||||
Property, Plant and Equipment | |||||||||||||||||||||
Property, plant and equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. Depreciation is computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are as follows: | |||||||||||||||||||||
Buildings | 50 years | ||||||||||||||||||||
Land improvements | 15 - 40 years | ||||||||||||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||||||||||||
Furniture and fixtures | 15 years | ||||||||||||||||||||
Leasehold improvements | Lesser of lease term or 15 years | ||||||||||||||||||||
Upon retirement or other disposal of property, plant and equipment, the cost and related amount of accumulated depreciation are removed from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in comprehensive loss. | |||||||||||||||||||||
Capitalized Software Development Costs | |||||||||||||||||||||
Certain costs to obtain internal use software for significant systems projects are capitalized and amortized over the estimated useful life of the software, which ranges from 3 to 5 years. Costs to obtain software for projects that are not significant are expensed as incurred. Capitalized software development costs, net of accumulated amortization, were $2.4 million and $1.5 million at December 31, 2014 and 2013, respectively. Approximately $1.7 million and $0.7 million of software development costs were capitalized in the years ended December 31, 2014 and 2013, respectively. Amortization expense related to the capitalized software was $0.7 million, $1.5 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Goodwill, Intangibles and Long-Lived Assets | |||||||||||||||||||||
Goodwill is not amortized, but is instead tested for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that they may be impaired. The Company has elected to perform the annual test for goodwill impairment as of October 31 of each year. | |||||||||||||||||||||
In performing tests for goodwill impairment, the Company is first permitted to perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount based on the qualitative assessment, it is required to perform the two-step goodwill impairment test described below to identify the potential goodwill impairment and measure the amount of the goodwill impairment loss, if any, to be recognized for that reporting unit. However, if the Company concludes otherwise based on the qualitative assessment, the two-step goodwill impairment test is not required. The option to perform the qualitative assessment is not an accounting policy election and can be utilized at the Company’s discretion. Further, the qualitative assessment need not be applied to all reporting units in a given goodwill impairment test. For an individual reporting unit, if the Company elects not to perform the qualitative assessment, or if the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company must perform the two-step goodwill impairment test for the reporting unit. If the implied fair value of goodwill is less than the carrying value, then an impairment charge would be recorded. | |||||||||||||||||||||
In performing the annual goodwill impairment test in 2014 and 2013, the Company bypassed the option to perform a qualitative assessment and proceeded directly to performing the first step of the two-step goodwill impairment test. | |||||||||||||||||||||
The Company calculates the fair value of its reporting units using the income approach, which utilizes discounted forecasted future cash flows, and the market approach which utilizes fair value multiples of comparable publicly traded companies. The discounted cash flows are based on our most recent long-term financial projections and are discounted using a risk adjusted rate of return, which is determined using estimates of market participant risk-adjusted weighted average costs of capital and reflects the risks associated with achieving future cash flows. The market approach is calculated using the guideline company method, where the Company uses market multiples derived from stock prices of companies engaged in the same or similar lines of business. There is not a quoted market price for the Company’s reporting units or the company as a whole, therefore, a combination of the two methods is utilized to derive the fair value of the business. The Company evaluated and weighed the results of these approaches as well as ensures it understands the basis of the results of these two methodologies. The Company believes the use of these two methodologies ensures a consistent and supportable method of determining its fair value that is consistent with the objective of measuring fair value. If the fair value were to decline, then the Company may be required to incur material charges relating to the impairment of those assets. The Company completed its required annual impairment test for goodwill in the fourth quarter of 2014, 2013 and 2012 and determined that at each of those periods, the Company’s fair value was substantially in excess of its carrying value. Goodwill is not deductible for tax purposes. | |||||||||||||||||||||
During the first quarter of 2013, the strategic shift in how the Company funds its R&D programs significantly altered the expected future costs and revenues associated with our agents in development. Accordingly, this action was deemed to be a triggering event for an evaluation of the recoverability of the Company’s goodwill as of March 31, 2013. The Company performed an interim impairment test and determined that there was no impairment of goodwill as of March 31, 2013. | |||||||||||||||||||||
The Company tests intangible and long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. The Company measures the recoverability of assets to be held and used by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If those assets are considered to be impaired, the impairment equals the amount by which the carrying amount of the assets exceeds the fair value of the assets. Any impairments are recorded as permanent reductions in the carrying amount of the assets. Long-lived assets, other than goodwill and other intangible assets, that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. | |||||||||||||||||||||
In the first quarter of 2012, the Company reviewed the estimated useful life of its Cardiolite trademark as a result of a triggering event. Utilizing the most recent forecasted revenue data, the Company revised the estimate of the remaining useful life of the Cardiolite trademark to five years. The Company monitors the recoverability of its branded Cardiolite trademark intangible asset due to the ongoing generic competition based on actual results and existing estimates of future undiscounted cash flows associated with the branded Cardiolite product. As of December 31, 2013, the Company conducted, using its revised sales forecast, an impairment analysis and concluded that the estimate of future undiscounted cash flows associated with the Cardiolite trademark intangible did not exceed the carrying amount of the asset totaling $19.2 million and therefore, the asset has been written down to its fair value. Fair value was calculated by utilizing Level 3 inputs in the relief-from-royalty method, an income-based approach. As a result of this analysis, the Company recorded an impairment charge of $15.4 million to adjust the carrying value to its fair value of $3.8 million. This expense was recorded within cost of goods sold in the accompanying consolidated statement of comprehensive loss in the fourth quarter of 2013. | |||||||||||||||||||||
In the third quarter of 2013, the Company was in negotiations with a new distributor for the sale of certain products within certain international markets. This agreement was signed in October 2013 and as a result the Company did not renew the agreements with its former distributors in these international markets. The Company determined the customer relationship intangible related to these former distributors was no longer recoverable and recorded an impairment charge of $1.0 million in the third quarter of 2013. In the fourth quarter of 2013, the Company updated its strategic plan to reflect the non-renewal of these agreements and the uncertainty in the timing of product availability in this region. As a result, the Company reviewed the recoverability of certain of its customer relationship intangible assets in the International segment that were impacted by the Company’s revised strategic plan. The Company conducted an impairment analysis and concluded that the estimate of future undiscounted cash flows associated with the customer relationship intangible asset did not exceed the carrying amount of the asset and therefore, the asset would need to be written down to its fair value. In order to calculate the fair value of the acquired customer relationship intangible assets, the Company utilized Level 3 inputs to estimate the future discounted cash flows associated with remaining customers and as a result of this analysis, recorded an impairment charge of $0.7 million in the fourth quarter of 2013. These impairment charges were recorded within cost of goods sold in the accompanying consolidated statement of comprehensive loss. | |||||||||||||||||||||
During the third quarter of 2013, the Company committed to a plan to sell certain of its excess land in the U.S. segment, which had a carrying value of $7.5 million. This event qualified for held for sale accounting and the excess land was written down to its fair value, less estimated costs to sell. The fair value was estimated utilizing Level 3 inputs and using a market approach, based on available data for transactions in the region, discussions with real estate brokers and the asking price of comparable properties in its principal market. This resulted in a loss of $6.4 million, which is included within operating loss as impairment of land in the accompanying consolidated statement of comprehensive loss. During the fourth quarter of 2013, the Company sold the excess land for net proceeds of $1.1 million. | |||||||||||||||||||||
Fixed assets dedicated to R&D activities, which were impacted by the March 2013 R&D strategic shift, have a carrying value of $4.5 million as of December 31, 2014. The Company believes these fixed assets will be utilized for either internally funded ongoing R&D activities or R&D activities funded by a strategic partner. If the Company is not successful in finding a strategic partner, and there are no alternative uses for those fixed assets, they could be subject to impairment in the future. | |||||||||||||||||||||
The Company also tested certain long-lived assets utilized in the manufacturing of certain products in the U.S. for recoverability as of December 31, 2013, due to a change in the Company’s contract to manufacture Quadramet. The analysis indicated that there was no impairment as of December 31, 2013. The Company also evaluated the remaining useful lives of these long-lived assets that were tested for recoverability at December 31, 2013 and determined no revisions were required to the remaining periods of depreciation. | |||||||||||||||||||||
In the fourth quarter of 2014, the Company tested certain long-lived and intangible assets, associated with its U.S. operations, for recoverability as a result of the expiration of an agreement with a customer. The analysis indicated that there was no impairment as of December 31, 2014. The Company also evaluated the remaining useful lives of the long-lived and intangible assets that were tested for recoverability at December 31, 2014 and determined no revisions were required to the remaining periods of depreciation and amortization. | |||||||||||||||||||||
Intangible assets, consisting of patents, trademarks and customer relationships related to the Company’s products are amortized in a method equivalent to the estimated utilization of the economic benefit of the asset. Trademarks and patents are amortized on a straight-line basis, and customer relationships are amortized on an accelerated basis. | |||||||||||||||||||||
Deferred Financing Costs | |||||||||||||||||||||
Deferred financing costs are capitalized and amortized to interest expense using the effective interest method. As of December 31, 2014 and 2013, the unamortized deferred financing costs were $7.3 million and $9.6 million, respectively. The expense associated with the amortization of deferred financing costs was $2.5 million, $2.4 million and $2.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and was included in interest expense. In connection with the Facility, the Company wrote off $0.6 million of the existing unamortized deferred financing costs related to the previous facility, which is included in interest expense in the accompanying consolidated statements of comprehensive loss during the year ended December 31, 2013. | |||||||||||||||||||||
Contingencies | |||||||||||||||||||||
In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, product and environmental liability. The Company records accruals for those loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company does not recognize gain contingencies until realized. | |||||||||||||||||||||
Fair Value of Financial Instruments | |||||||||||||||||||||
The estimated fair values of the Company’s financial instruments, including its cash and cash equivalents, receivables, accounts payable and accrued expenses approximate the carrying values of these instruments due to their short term nature. Assets measured at fair value on a nonrecurring basis include long-lived assets held for sale and certain intangible assets. The estimated fair value of the debt, at December 31, 2014, based on Level 2 inputs of recent market activity available to the Company was $384.0 million compared to the face value of $400.0 million. At December 31, 2013, the estimated fair value of the debt based on Level 2 inputs of recent market activity available to the Company was $356.0 million compared to the face value of $400.0 million. | |||||||||||||||||||||
Shipping and Handling Revenues and Costs | |||||||||||||||||||||
The Company typically does not charge customers for shipping and handling costs, but any shipping and handling costs charged to customers are included in revenues. Shipping and handling costs are included in cost of goods sold and were $19.4 million, $20.5 million and $20.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Advertising and Promotion Costs | |||||||||||||||||||||
Advertising and promotion costs are expensed as incurred and totaled $2.8 million, $2.7 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in sales and marketing expenses. | |||||||||||||||||||||
Research and Development | |||||||||||||||||||||
Research and development costs are expensed as incurred and relate primarily to the development of new products to add to the Company’s portfolio and costs related to its medical affairs and medical information functions. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and recognized as an expense as the goods are delivered or the related services are performed. | |||||||||||||||||||||
Foreign Currency | |||||||||||||||||||||
The consolidated statements of comprehensive loss of the Company’s foreign subsidiaries are translated into U.S. Dollars using average exchange rates. The net assets of the Company’s foreign subsidiaries are translated into U.S. Dollars using the end of period exchange rates. The impact from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in consolidated accumulated other comprehensive loss. | |||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, losses arising from foreign currency transactions totaled approximately $0.3 million, $0.3 million and $0.6 million, respectively. Transaction gains and losses are reported as a component of other income (expense), net. | |||||||||||||||||||||
Stock-Based Compensation | |||||||||||||||||||||
The Company’s stock-based compensation cost is measured at the grant date of the stock-based award based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. The Company uses the Black-Scholes valuation model for estimating the fair value of stock options. The fair value of stock option awards is affected by the valuation assumptions, including the estimated fair value of the Company’s common stock, the expected volatility based on comparable market participants, expected term of the option, risk-free interest rate and expected dividends. When a contingent cash settlement of vested options becomes probable, the Company reclassifies its vested awards to a liability and accounts for any incremental compensation cost in the period in which the settlement becomes probable. | |||||||||||||||||||||
Accumulated Other Comprehensive Loss | |||||||||||||||||||||
Comprehensive loss is comprised of net loss, plus all changes in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including any foreign currency translation adjustments. These changes in equity are recorded as adjustments to accumulated other comprehensive loss in the Company’s consolidated balance sheet. The components of accumulated other comprehensive loss consist of foreign currency translation adjustments. | |||||||||||||||||||||
Asset Retirement Obligations | |||||||||||||||||||||
The Company’s compliance with federal, state, local and foreign environmental laws and regulations may require it to remove or mitigate the effects of the disposal or release of chemical substances in jurisdictions where it does business or maintains properties. The Company establishes accruals when those costs are legally obligated and probable and can be reasonably estimated. Accrual amounts are estimated based on currently available information, regulatory requirements, remediation strategies, historical experience, the relative shares of the total remediation costs and a relevant discount rate, when the time periods of estimated costs can be reasonably predicted. Changes in these assumptions could impact the Company’s future reported results. The amounts recorded for asset retirement obligations in the accompanying balance sheets at December 31, 2014 and 2013 were $7.4 million and $6.4 million, respectively. | |||||||||||||||||||||
Self Insurance Reserves | |||||||||||||||||||||
The Company’s consolidated balance sheet at both December 31, 2014 and 2013 includes approximately $0.4 million of accrued liabilities associated with employee medical costs that are retained by the Company. The Company estimates the required liability of those claims on an undiscounted basis based upon various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents (frequency) and change in the ultimate cost per incident (severity). The Company also maintains a separate cash account to fund these medical claims and must maintain a minimum balance as determined by the plan administrator. The balance of this restricted cash account was approximately $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively, and is included in other current assets. | |||||||||||||||||||||
Recent Accounting Standards | |||||||||||||||||||||
In July 2013, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” or ASU 2013-11. The amendments in ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments did not have a material impact on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” or ASU 2014-08. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 for public companies with calendar year ends. Early adoption is permitted. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” or ASU 2014-09. ASU 2014-09 supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating the impact this ASU will have on the Company’s financial position, results of operations and cash flows. | |||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation—Stock Compensation (Topic 718)” or ASU 2014-12. ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The amendments in ASU 2014-12 are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-4): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” or ASU 2014-15. ASU 2014-15 to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016. Early adoption is permitted. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. |
Financial_Instruments_and_Fair
Financial Instruments and Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Financial Instruments and Fair Value Measurements | 3. Financial Instruments and Fair Value Measurements | ||||||||||||||||
Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability in fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: | |||||||||||||||||
Level 1—Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. | |||||||||||||||||
Level 2—Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). | |||||||||||||||||
Level 3—Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. | |||||||||||||||||
At December 31, 2014 and 2013, the Company’s financial assets that are measured at fair value on a recurring basis are comprised of money market securities and are classified as cash equivalents. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents on the consolidated balance sheet using quoted prices in active markets for identical assets (Level 1). | |||||||||||||||||
The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013: | |||||||||||||||||
(in thousands) | Total fair | Quoted | Significant | Significant | |||||||||||||
value at | prices in | other | unobservable | ||||||||||||||
December 31, | active | observable | inputs | ||||||||||||||
2014 | markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market | $ | 1,505 | $ | 1,505 | $ | — | $ | — | |||||||||
Certificates of deposit—restricted | 89 | — | 89 | — | |||||||||||||
$ | 1,594 | $ | 1,505 | $ | 89 | $ | — | ||||||||||
(in thousands) | Total fair | Quoted | Significant | Significant | |||||||||||||
value at | prices in | other | unobservable | ||||||||||||||
December 31, | active | observable | inputs | ||||||||||||||
2013 | markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market | $ | 1,236 | $ | 1,236 | $ | — | $ | — | |||||||||
Certificates of deposit—restricted | 322 | — | 322 | — | |||||||||||||
$ | 1,558 | $ | 1,236 | $ | 322 | $ | — | ||||||||||
At December 31, 2013, the Company had a $0.2 million certificate of deposit for which the Company’s use of such cash was restricted and is included in the line item “Certificates of deposit—restricted” above. This investment was classified in other current assets on the consolidated balance sheet and was redeemed during the quarter ended September 30, 2014. The remaining $0.1 million at both December 31, 2014 and 2013, represents a certificate of deposit that is collateral for a long-term lease and is included in other long-term assets on the consolidated balance sheet. Certificates of deposit are classified within Level 2 of the fair value hierarchy, as these are not traded on the open market. | |||||||||||||||||
At December 31, 2014, the Company had total cash and cash equivalents of $17.8 million, which included approximately $1.5 million of money market funds and $16.3 million of cash on-hand. At December 31, 2013, the Company had total cash and cash equivalents of $16.7 million, which included approximately $1.2 million of money market funds and $15.5 million of cash on-hand. | |||||||||||||||||
The table below presents information about the Company’s assets and liabilities that are measured at fair value on a nonrecurring basis during the year ended December 31, 2013, due to the remeasurement of assets resulting in impairment charges. | |||||||||||||||||
Year ended December 31, 2013 | Total fair | Quoted | Significant | Significant | |||||||||||||
value | prices in | other | unobservable | ||||||||||||||
(in thousands) | active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Cardiolite trademark | $ | 3,800 | $ | — | $ | — | $ | 3,800 | |||||||||
Customer relationships | — | — | — | — | |||||||||||||
Total | $ | 3,800 | $ | — | $ | — | $ | 3,800 | |||||||||
During the third quarter of 2013, the Company recorded an impairment charge of $6.4 million to write down the carrying value of excess land held for sale in the U.S. segment totaling $7.5 million to its fair value, less estimated costs to sell. See Note 6 for further discussion regarding the impairment charge. The fair value of land held for sale was determined using Level 3 inputs and was estimated using a market approach, based on available data for transactions in the region, discussions with real estate brokers and the asking price of comparable properties in its principal market. Unobservable inputs obtained from third parties are adjusted as necessary for the condition and attributes of the specific asset. The land sale was completed in the fourth quarter of 2013. | |||||||||||||||||
During the third and fourth quarters of 2013, the Company recorded an impairment charge of $1.0 million and $0.7 million, respectively, to write down the carrying value of a customer relationship intangible asset in the International segment totaling $1.8 million and $0.7 million, respectively, to its fair value of zero. See Note 8 for further discussion regarding the impairment charge. The determination of the customer relationship intangible assets impairment charge was based on Level 3 measurements under the fair value hierarchy. The Company utilized an income approach to calculate the discounted cash flows that would be generated by its remaining customer base. The unobservable inputs utilized by the Company included management’s assumptions regarding future revenues and profitability from the remaining customers and a discount rate of 15% as of September 30, 2013 and December 31, 2013, respectively. | |||||||||||||||||
During the fourth quarter of 2013, the Company recorded an impairment charge of $15.4 million to write down the Cardiolite trademark intangible asset in the U.S. segment totaling $19.2 million to its fair value of $3.8 million. See Note 8 for further discussion regarding the impairment charge. The fair value measurements were determined using a relief-from-royalty method, which incorporates unobservable inputs, thereby classifying the fair value measurements as a Level 3 measurement within the fair value hierarchy. The primary inputs used in the relief-from-royalty method, an income-based approach, included estimated prospective cash flows expected to be generated by Cardiolite and an estimated royalty rate that would be used by a market participant. The unobservable inputs utilized by the Company included management’s assumptions regarding future revenues and profitability from the branded Cardiolite product, a royalty rate of 6%, a discount rate of 15% and a life of 15 years. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Income Taxes | 4. Income Taxes | ||||||||||||||||||||||||
The components of income (loss) before income taxes for the years ended December 31 were: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 4,593 | $ | (58,093 | ) | $ | (43,868 | ) | |||||||||||||||||
International | (4,567 | ) | (2,571 | ) | 1,312 | ||||||||||||||||||||
$ | 26 | $ | (60,664 | ) | $ | (42,556 | ) | ||||||||||||||||||
The provision (benefit) for income taxes as of December 31 was: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Federal | $ | (208 | ) | $ | (782 | ) | $ | (3,508 | ) | ||||||||||||||||
State | 1,285 | 1,712 | 2,763 | ||||||||||||||||||||||
International | 325 | 356 | 618 | ||||||||||||||||||||||
1,402 | 1,286 | (127 | ) | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Federal | (277 | ) | — | 200 | |||||||||||||||||||||
State | — | — | — | ||||||||||||||||||||||
International | 70 | (272 | ) | (628 | ) | ||||||||||||||||||||
(207 | ) | (272 | ) | (428 | ) | ||||||||||||||||||||
$ | 1,195 | $ | 1,014 | $ | (555 | ) | |||||||||||||||||||
The Company’s provision (benefit) for income taxes in the years ended December 31, 2014, 2013 and 2012 was different from the amount computed by applying the statutory U.S. Federal income tax rate to (loss) income from operations before income taxes, as a result of the following: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
U.S. statutory rate | $ | 9 | 35 | % | $ | (21,224 | ) | 35 | % | $ | (14,895 | ) | 35 | % | |||||||||||
Permanent items and foreign tax credits | 149 | 569.4 | % | 292 | (0.5 | )% | (1,200 | ) | 2.8 | % | |||||||||||||||
Uncertain tax positions | 817 | 3,129.40 | % | 809 | (1.3 | )% | 892 | (2.1 | )% | ||||||||||||||||
Research credits | (1,204 | ) | (4,608.8 | )% | (1,346 | ) | 2.2 | % | — | — | |||||||||||||||
State and local taxes | 234 | 895 | % | (1,780 | ) | 3 | % | (1,821 | ) | 4.3 | % | ||||||||||||||
Impact of rate change on deferred taxes | 61 | 233.2 | % | 31 | (0.1 | )% | (974 | ) | 2.3 | % | |||||||||||||||
True-up of prior year tax | 1,065 | 4,083.00 | % | (1,422 | ) | 2.3 | % | (2,345 | ) | 5.5 | % | ||||||||||||||
Foreign tax rate differential | 437 | 1,673.20 | % | 92 | (0.2 | )% | (455 | ) | 1.1 | % | |||||||||||||||
Valuation allowance | 121 | 464.6 | % | 25,674 | (42.3 | )% | 20,243 | (47.6 | )% | ||||||||||||||||
Tax on repatriation | (500 | ) | (1,915.4 | )% | (18 | ) | 0 | % | — | — | |||||||||||||||
Other | 6 | 23.1 | % | (94 | ) | 0.2 | % | — | — | ||||||||||||||||
$ | 1,195 | 4,581.70 | % | $ | 1,014 | (1.7 | )% | $ | (555 | ) | 1.3 | % | |||||||||||||
The components of deferred income tax assets (liabilities) at December 31 were: | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Federal benefit of state tax liabilities | $ | 10,950 | $ | 11,541 | |||||||||||||||||||||
Reserves, accruals and other | 38,285 | 29,242 | |||||||||||||||||||||||
Capitalized research and development | 26,471 | 30,057 | |||||||||||||||||||||||
Capital loss carryforward | — | 2,309 | |||||||||||||||||||||||
Amortization of intangibles other than goodwill | 36,523 | 52,665 | |||||||||||||||||||||||
Net operating loss carryforwards | 43,202 | 31,405 | |||||||||||||||||||||||
Deferred tax assets | 155,431 | 157,219 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Reserves, accruals and other | (642 | ) | (500 | ) | |||||||||||||||||||||
Customer relationships | (6,012 | ) | (7,860 | ) | |||||||||||||||||||||
Depreciation | (95 | ) | (360 | ) | |||||||||||||||||||||
Deferred tax liability | (6,749 | ) | (8,720 | ) | |||||||||||||||||||||
Less: Valuation allowance | (148,497 | ) | (148,535 | ) | |||||||||||||||||||||
$ | 185 | $ | (36 | ) | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded in the accompanying consolidated balance sheet as: | |||||||||||||||||||||||||
Current deferred tax assets | $ | 256 | $ | 18 | |||||||||||||||||||||
Current deferred tax liabilities | (152 | ) | (57 | ) | |||||||||||||||||||||
Noncurrent deferred tax assets | 328 | 15 | |||||||||||||||||||||||
Noncurrent deferred tax liability | (247 | ) | (12 | ) | |||||||||||||||||||||
Net deferred tax liabilities | $ | 185 | $ | (36 | ) | ||||||||||||||||||||
The Company files separate federal income tax returns for Lantheus MI Intermediate, Inc. and Lantheus Medical Imaging, Inc. For state tax purposes, the Company files combined tax returns with Lantheus Holdings, Inc. For income tax provision purposes, the Company uses the separate return method in calculating its state tax provision. As of December 31, 2014 and 2013, the Company reflects an amount payable to Lantheus Holdings of $85,000 for the tax benefit of losses incurred by Lantheus Holdings, which is included in due from parent on the consolidated balance sheets. | |||||||||||||||||||||||||
A reconciliation of the Company’s changes in uncertain tax positions for 2014, 2013 and 2012 is as follows: | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance of uncertain tax positions as of January 1, 2012 | $ | 15,378 | |||||||||||||||||||||||
Additions related to current year tax positions | 301 | ||||||||||||||||||||||||
Reductions related to prior year tax positions | — | ||||||||||||||||||||||||
Settlements | (651 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (1,122 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2012 | 13,906 | ||||||||||||||||||||||||
Additions related to current year tax positions | 18 | ||||||||||||||||||||||||
Reductions related to prior year tax positions | — | ||||||||||||||||||||||||
Settlements | (34 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (763 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2013 | 13,127 | ||||||||||||||||||||||||
Additions related to current year tax positions | — | ||||||||||||||||||||||||
Reductions related to prior year tax positions | (8 | ) | |||||||||||||||||||||||
Settlements | (1,434 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (416 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2014 | $ | 11,269 | |||||||||||||||||||||||
As of December 31, 2014 and 2013, the total amount of unrecognized tax benefits was $11.3 million and $13.1 million, respectively, all of which would affect the effective tax rate, if recognized. These amounts are primarily associated with domestic state tax issues, such as the allocation of income among various state tax jurisdictions and transfer pricing. Since the Company operates in a number of countries in which it has income tax treaties, it believes that it is more-likely-than-not that the Company should be able to receive competent authority relief for potential adjustments in those countries. Included in the Company’s uncertain tax positions for transfer pricing exposures are $0.5 million, which is reflected within other long-term liabilities, and an offset of $0.2 million for expected competent authority relief, which is reflected in otherlong-term assets. The tabular rollforward reflected above is net of the $0.2 million of competent authority relief as of December 31, 2014. Within the next twelve months, unrecognized tax benefits of $0.2 million may be recognized associated with transfer pricing due to the closing of the statute of limitations. | |||||||||||||||||||||||||
As of December 31, 2014 and 2013, total liabilities for tax obligations and associated interest and penalties were $32.3 million and $34.9 million, respectively, consisting of income tax provisions for uncertain tax benefits of $11.5 million and $14.1 million, interest accruals of $18.6 million and $18.2 million and penalty accruals of $2.2 million and $2.6 million, respectively, which were included in other long-term liabilities on the consolidated balance sheets. Included in the 2014, 2013 and 2012 tax provision is $0.4 million, $1.9 million and $2.6 million, respectively, relating to interest and penalties, net of benefits for reversals of uncertain tax position interest and penalties recognized upon settlements and lapse of statute of limitations. | |||||||||||||||||||||||||
In accordance with the Company’s acquisition of the medical imaging business from Bristol Myers Squibb (“BMS”) in 2008, the Company obtained a tax indemnification agreement with BMS related to certain tax obligations arising prior to the acquisition of the Company, for which the Company has the primary legal obligation. The tax indemnification receivable is recognized within other noncurrent assets. The total noncurrent asset related to the indemnification was $17.8 million and $19.7 million as of December 31, 2014 and 2013, respectively. The changes in the tax indemnification asset are recognized within other income (expense), net in the consolidated statement of comprehensive loss. In accordance with the Company’s accounting policy, the change in the tax liability and penalties and interest associated with these obligations (net of any offsetting federal or state benefit) is recognized within the tax provision. Accordingly, as these reserves change, adjustments are included in the tax provision while the offsetting adjustment is included in other income (expense), net. Assuming that the receivable from BMS continues to be considered recoverable by the Company, there is no net effect on earnings related to these liabilities and no net cash outflows. | |||||||||||||||||||||||||
During the year ended December 31, 2014 and 2012, BMS, on behalf of the Company, made payments totaling $6.3 million and $0.7 million, respectively, to a number of states in connection with prior year state income tax filings. As a result of these payments, the amount due from BMS, included within other long-term assets, decreased by $2.9 million and $0.7 million, respectively, which represented the release of asset balances associated with pre-acquisition years. There were no payments made on behalf of the Company in 2013. | |||||||||||||||||||||||||
Included in other income (expense), net for the year ended December 31, 2014, is an expense of $1.1 million relating to the reduction in the indemnification receivable from BMS associated with the expiration of statute of limitations and income of $1.9 million relating to the increase in the indemnification receivable for current year interest and penalties. | |||||||||||||||||||||||||
The Company has generated domestic pre-tax losses in two of the past three years. This loss history demonstrates negative evidence concerning the Company’s ability to utilize its domestic gross deferred tax assets. In order to overcome the presumption of recording a valuation allowance against the deferred tax assets, the Company must have sufficient positive evidence that it can generate sufficient taxable income to utilize these deferred tax assets within the carryover or forecast period. Although the Company has no history of expiring net operating losses or other tax attributes, based on the cumulative domestic loss incurred over the three-year period ended December 31, 2014, management determined that the net U.S. deferred tax assets are not more-likely-than-not recoverable. As a result of this analysis, the Company continues to maintain a full valuation allowance primarily against its net U.S. deferred tax assets in the amount of $148.5 million at both December 31, 2014 and 2013. | |||||||||||||||||||||||||
The following is a reconciliation of the Company’s valuation allowance for the years ending December 31, 2014, 2013, and 2012. | |||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 102,692 | |||||||||||||||||||||||
Charged to provision for income taxes | 20,243 | ||||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2012 | 122,935 | ||||||||||||||||||||||||
Charged to provision for income taxes | 25,600 | ||||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2013 | 148,535 | ||||||||||||||||||||||||
Charged to provision for income taxes | 121 | ||||||||||||||||||||||||
Foreign currency | (159 | ) | |||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 148,497 | |||||||||||||||||||||||
The Company’s U.S. income tax returns remain subject to examination for three years. The state income tax returns remain subject to examination for three to four years depending on the state’s statute of limitations. | |||||||||||||||||||||||||
At December 31, 2014, the Company has federal net operating loss carryovers of $114.0 million, which will begin to expire in 2031. The Company has $2.4 million of federal research credits, which begin to expire in 2029. The Company has foreign tax credits of approximately $4.7 million that will begin to expire in 2020. The Company has state research credits of $2.8 million, which will expire between 2024 and 2029. The Company has Massachusetts investment tax credits of approximately $0.5 million, which have no expiration date. | |||||||||||||||||||||||||
In 2010, the Company was granted a tax holiday from the Commonwealth of Puerto Rico, which expires on January 1, 2024. This grant provides for a 4% tax rate on activities relating to the operations of the Company’s radiopharmacies. This grant is conditioned upon the Company meeting certain employment and investment thresholds. The impact of this tax holiday was to decrease foreign tax by approximately $0.1 million, $0.3 million and $0.3 million in 2014, 2013 and 2012, respectively. | |||||||||||||||||||||||||
In September 2013, the Internal Revenue Service released final Tangible Property Regulations (the “Final Regulations”). The Final Regulations provide guidance on applying Section 263(a) of the Code to amounts paid to acquire, produce or improve tangible property, as well as rules for materials and supplies (Code Section 162). These regulations contain certain changes from the temporary and proposed tangible property regulations that were issued on December 27, 2011. The Final Regulations are generally effective for taxable years beginning on or after January 1, 2014. In addition, taxpayers are permitted to early adopt the Final Regulations for taxable years beginning on or after January 1, 2012. The Final Regulations did not have a material effect on the Company’s results of operations or financial condition during the year ended December 31, 2014. |
Inventory
Inventory | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventory | 5. Inventory | ||||||||
The Company includes within current assets the amount of inventory that is estimated to be utilized within twelve months. Inventory that will be utilized after twelve months is classified within other long-term assets. | |||||||||
Inventory, classified in inventory or other long-term assets, consisted of the following: | |||||||||
(in thousands) | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,043 | $ | 7,063 | |||||
Work in process | 1,788 | 5,849 | |||||||
Finished goods | 7,751 | 5,398 | |||||||
Inventory | 15,582 | 18,310 | |||||||
Other long-term assets | 1,156 | 1,687 | |||||||
Total | $ | 16,738 | $ | 19,997 | |||||
At December 31, 2014 and 2013, inventories reported as other long-term assets included $1.2 million and $1.7 million of raw materials, respectively. | |||||||||
The Company’s Ablavar product was commercially launched in January 2010. The revenues for this product through December 31, 2014 have not been significant. At December 31, 2014 and 2013, the balances of inventory on-hand reflect approximately $0.9 million and $1.5 million, respectively, of finished products and raw materials related to Ablavar. At December 31, 2013, approximately $0.5 million of Ablavar inventory were included in long-term assets. At December 31, 2014, there was no Ablavar inventory included in long-term assets. | |||||||||
The Company entered into an agreement and subsequent amendments with a supplier to provide Active Pharmaceutical Ingredient (“API”) and finished products for Ablavar under which the Company was required to purchase future minimum quantities. At December 31, 2013, the remaining purchase commitment under the amended agreement was approximately $1.8 million, of which the Company had accrued a loss of $1.3 million associated with this future purchase commitment. At December 31, 2014, there were no remaining purchase commitments. The Company records the inventory when it takes delivery, at which time the Company assumes title and risk of loss. | |||||||||
In 2013, the Company transitioned the sales and marketing efforts for Ablavar from its direct sales force to the Company’s customer service team. During the fourth quarter of 2013, the Company updated its strategic plan, which had a significant impact on the Ablavar sales forecast. The Company performed an inventory reserve analysis using its expected future Ablavar sales and recorded an additional write-down of $1.6 million related to the API that the Company would not be able to convert or be able to sell prior to its expiry as of December 31, 2013. In the event that the Company does not meet its revised sales expectations for Ablavar or cannot sell the product prior to its expiration, the Company could incur additional inventory write-downs. |
Property_Plant_and_Equipment_n
Property, Plant and Equipment, net | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Property, Plant and Equipment, net | 6. Property, Plant and Equipment, net | ||||||||
Property, plant and equipment consisted of the following at December 31: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Land | $ | 14,950 | $ | 14,950 | |||||
Buildings | 67,571 | 65,787 | |||||||
Machinery, equipment and fixtures | 65,179 | 65,026 | |||||||
Construction in progress | 9,746 | 8,029 | |||||||
Accumulated depreciation | (61,432 | ) | (56,139 | ) | |||||
Property, plant and equipment, net | $ | 96,014 | $ | 97,653 | |||||
Depreciation expense related to property, plant and equipment was $9.9 million, $9.3 million and $9.7 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||
Included within machinery, equipment and fixtures are spare parts of approximately $2.5 million as of December 31, 2014 and 2013, respectively. Spare parts include replacement parts relating to plant and equipment and are either recognized as an expense when consumed or re- classified and capitalized as part of the related plant and equipment and depreciated over a time period not exceeding the useful life of the related asset. | |||||||||
Long-Lived Assets Held for Sale | |||||||||
During the third quarter of 2013, the Company committed to a plan to sell certain of its excess land in the U.S. segment, which had a carrying value of $7.5 million. This event qualified for held for sale accounting and the excess land was written down to its fair value, less estimated costs to sell. The fair value was estimated utilizing Level 3 inputs and using a market approach, based on available data for transactions in the region, discussions with real estate brokers and the asking price of comparable properties in its principal market. This resulted in a loss of $6.4 million, which is included within operating loss as impairment of land in the accompanying consolidated statement of comprehensive loss. During the fourth quarter of 2013, the Company sold the excess land for net proceeds of $1.1 million. | |||||||||
Long-Lived Assets to Be Disposed of Other than by Sale | |||||||||
In November 2014, the Company announced its plans to decommission certain long-lived assets associated with its R&D operations in the United States. The Company expects the decommissioning to begin in the second half of 2015. As a result, the Company revised its estimates of the remaining useful lives of the affected long-lived assets to seven months, which increased depreciation expense by $1.2 million included in R&D expenses in the consolidated statement of comprehensive loss during the quarter ended December 31, 2014. At December 31, 2014, the net book value of these assets totaled $7.4 million. |
Asset_Retirement_Obligations
Asset Retirement Obligations | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Asset Retirement Obligations | 7. Asset Retirement Obligations | ||||
The Company considers the legal obligation to remediate its facilities upon a decommissioning of its radioactive related operations as an asset retirement obligation. The operations of the Company have radioactive production facilities at its North Billerica, Massachusetts and San Juan, Puerto Rico sites. | |||||
The Company is required to provide the U.S. Nuclear Regulatory Commission and Massachusetts Department of Public Health financial assurance demonstrating the Company’s ability to fund the decommissioning of the North Billerica, Massachusetts production facility upon closure, although the Company does not intend to close the facility. The Company has provided this financial assurance in the form of a $28.2 million surety bond, which itself is currently secured by an $8.8 million unfunded Standby Letter of Credit provided to the third party issuer of the bond. | |||||
The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. As of December 31, 2014, the liability is measured at the present value of the obligation expected to be incurred, of approximately $26.0 million, and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying value of the related long-lived assets and depreciated over the asset’s useful life. | |||||
The following is a reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2014, 2013 and 2012: | |||||
(in thousands) | |||||
Balance at January 1, 2012 | $ | 4,868 | |||
Capitalization | — | ||||
Net decrease due to changes in estimated future cash flows | (5 | ) | |||
Accretion expense | 553 | ||||
Balance at December 31, 2012 | 5,416 | ||||
Capitalization | — | ||||
Net increase due to changes in estimated future cash flows | 341 | ||||
Accretion expense | 628 | ||||
Balance at December 31, 2013 | 6,385 | ||||
Capitalization | 277 | ||||
Accretion expense | 773 | ||||
Balance at December 31, 2014 | $ | 7,435 | |||
The Company revises the asset retirement obligation as information about material changes to the liability becomes known. During the year ended December 31, 2013, the Company revised the asset retirement obligation, which resulted in an additional asset capitalization, in the amount of $0.3 million. |
Intangibles_net
Intangibles, net | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Intangibles, net | 8. Intangibles, net | ||||||||||||||||
Intangibles, net consisted of the following: | |||||||||||||||||
December 31, 2014 | |||||||||||||||||
(in thousands) | Cost | Accumulated | Net | Amortization | |||||||||||||
amortization | Method | ||||||||||||||||
Trademarks | $ | 13,540 | $ | 5,116 | $ | 8,424 | Straight-line | ||||||||||
Customer relationships | 105,373 | 88,931 | 16,442 | Accelerated | |||||||||||||
Other patents | 42,780 | 40,455 | 2,325 | Straight-line | |||||||||||||
$ | 161,693 | $ | 134,502 | $ | 27,191 | ||||||||||||
December 31, 2013 | |||||||||||||||||
(in thousands) | Cost | Accumulated | Net | Amortization | |||||||||||||
amortization | Method | ||||||||||||||||
Trademarks | $ | 13,540 | $ | 3,298 | $ | 10,242 | Straight-line | ||||||||||
Customer relationships | 106,298 | 84,476 | 21,822 | Accelerated | |||||||||||||
Other patents | 42,780 | 39,846 | 2,934 | Straight-line | |||||||||||||
$ | 162,618 | $ | 127,620 | $ | 34,998 | ||||||||||||
The Company recorded amortization expense for its intangible assets of $7.6 million, $14.4 million and $16.1 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Expected future amortization expense related to the intangible assets is as follows (in thousands): | |||||||||||||||||
Years ended December 31, | |||||||||||||||||
2015 | $ | 5,997 | |||||||||||||||
2016 | 5,318 | ||||||||||||||||
2017 | 3,506 | ||||||||||||||||
2018 | 2,780 | ||||||||||||||||
2019 | 1,906 | ||||||||||||||||
2020 and thereafter | 7,684 | ||||||||||||||||
$ | 27,191 | ||||||||||||||||
Changes in the gross carrying amount of intangible assets for the year ended December 31, 2014 and 2013, were as follows (in thousands): | |||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 210,170 | |||||||||||||||
Asset impairment | (46,592 | ) | |||||||||||||||
Effect of currency translation | (960 | ) | |||||||||||||||
Balance at December 31, 2013 | 162,618 | ||||||||||||||||
Effect of currency translation | (925 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 161,693 | |||||||||||||||
Accrued_Expenses_and_Other_Lia
Accrued Expenses and Other Liabilities | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Accrued Expenses and Other Liabilities | 9. Accrued Expenses and Other Liabilities | ||||||||
Accrued expenses are comprised of the following at December 31: | |||||||||
(in thousands) | 2014 | 2013 | |||||||
Compensation and benefits | $ | 11,198 | $ | 10,209 | |||||
Accrued interest | 4,994 | 4,989 | |||||||
Accrued professional fees | 1,508 | 1,361 | |||||||
Research and development services | 248 | 338 | |||||||
Freight, distribution and operations | 3,069 | 3,432 | |||||||
Accrued loss on firm purchase commitment | — | 1,315 | |||||||
Marketing expense | 978 | 749 | |||||||
Accrued rebates, discounts and chargebacks | 2,164 | 1,739 | |||||||
Other | 420 | 1,360 | |||||||
$ | 24,579 | $ | 25,492 | ||||||
As of December 31, 2013, the Company had accrued a contract loss of $1.3 million associated with the portion of the committed purchases of Ablavar product from the Company’s supplier that the Company did not believe it would sell prior to expiry. As of December 31, 2014, the accrued contract loss has been reclassified to a reserve against the Ablavar inventory balance, because the Company satisfied the remaining purchase commitments in the first quarter of 2014. |
Financing_Arrangements
Financing Arrangements | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Financing Arrangements | 10. Financing Arrangements | ||||
On March 21, 2011, LMI issued $150.0 million of New Restricted Notes. The New Restricted Notes were issued at a price of 101.50% and were issued as additional debt securities under the Indenture pursuant to which LMI previously issued in May 2010 $250.0 million in aggregate principal amount of 9.750% Senior Notes due 2017. The New Restricted Notes were issued with the same terms and conditions as the Senior Notes, except that the New Restricted Notes were subject to a separate registration rights agreement. The New Restricted Notes and the Senior Notes, or together, the Notes, vote as one class under the Indenture. As a result of the issuance of the New Restricted Notes, LMI has $400.0 million in aggregate principal amount of Notes outstanding. The Notes bear interest at a rate of 9.750% per year, payable on May 15 and November 15 of each year, beginning May 15, 2011 with respect to the New Restricted Notes. Interest on the Senior Notes accrued from November 15, 2010. The Notes mature on May 15, 2017. The net proceeds of the Senior Notes were used to repay $77.9 million due under LMI’s then outstanding credit agreement to repay a $75.0 million demand note and to repurchase $90.0 million of the outstanding Series A Preferred Stock of Holdings at the accreted value. The net proceeds of the New Restricted Notes were used to fully redeem the balance of the then outstanding Series A Preferred Stock of Holdings at the accreted value of $44.0 million, to pay a $106.0 million dividend to the holders of common stock and to fund dividend equivalent rights granted to holders of Holdings stock options. In conjunction with the issuance of the New Restricted Notes, LMI also made a cash payment of $3.75 million to the then Holders of the Senior Notes in exchange for their consent to amend the Indenture to modify the restricted payments covenant to provide for additional restricted payment capacity in order to accommodate the dividend payment. The premium of $2.25 million and the consent fee of $3.75 million were capitalized and are being amortized over the term of the Notes as an adjustment to interest expense. All of the Notes have been registered with the Securities and Exchange Commission. | |||||
Redemption | |||||
LMI can redeem the Notes at 100% of the principal amount on May 15, 2016 or thereafter. LMI may also redeem the Notes prior to May 15, 2016 depending on the timing of the redemption during the twelve-month period beginning May 15 of each of the years indicated below: | |||||
Year | Percentage | ||||
2014 | 104.875 | % | |||
2015 | 102.438 | % | |||
2016 | 100 | % | |||
Upon a change of control (as defined in the Indenture), LMI will be required to make an offer to purchase each holder’s Note at a price of 101% of the principal amount thereof, plus accrued and unpaid interest, if any, to the date of purchase. | |||||
If LMI or its subsidiaries engage in asset sales (as defined in the Indenture), they generally must either invest the net cash proceeds from those sales in that business within a specified period of time, prepay certain indebtedness or make an offer to purchase a principal amount of the Notes equal to the excess net cash proceeds (as defined in the Indenture), subject to certain exceptions. | |||||
The Notes are unsecured and are equal in right of payment to all of the existing and future senior debt, including borrowings under its secured credit facilities, subject to the security interest thereof. LMI’s obligations under the Notes are fully and unconditionally guaranteed, jointly and severally, on an unsecured senior basis by Lantheus Intermediate and by one of LMI’s subsidiaries, and the obligations of those guarantors under their guarantees are equal in right of payment to all of their existing and future senior debt. | |||||
Revolving Line of Credit | |||||
LMI had a Facility with an original aggregate principal amount not to exceed $42.5 million. On June 24, 2014, the Company executed an amendment to the Facility, which (i) increased the committed availability for total borrowings under the Facility from $42.5 million to $50.0 million, (ii) set the interest at LIBOR plus 2.00% or the Reference Rate (as defined in the agreement) plus 1.00%, (iii) set the unused line fee at 0.375%, and (iv) further modified certain definitions. In connection with the amendment, LMI incurred approximately $0.2 million in fees and expenses during the year ended December 31, 2014, which will be amortized on a straight-line basis over the term of the Facility. | |||||
The Facility expires on the earlier of (i) July 3, 2018, or (ii) if the outstanding Notes are not refinanced in full, the date that is 91 days before the maturity thereof, at which time all outstanding borrowings are due and payable. | |||||
As of December 31, 2014 and 2013, the Company has an unfunded Standby Letter of Credit for up to $8.8 million. The unfunded Standby Letter of Credit requires an annual fee, payable quarterly, which is set at LIBOR plus a spread of 2.00% and expires on February 5, 2016, which will automatically renew for a one year period at each anniversary date, unless the Company elects not to renew in writing within 60 days prior to that expiration. | |||||
The Facility is secured by a pledge of substantially all of the assets of each of the Company, LMI and Lantheus Real Estate, including each entity’s accounts receivable, inventory and machinery and equipment, and is guaranteed by each of Lantheus Intermediate and Lantheus Real Estate. Borrowing capacity is determined by reference to a Borrowing Base, which is based on a percentage of certain eligible accounts receivable, inventory and machinery and equipment minus any reserves. As of December 31, 2014, the aggregate Borrowing Base was approximately $50.0 million, which was reduced by (i) an outstanding $8.8 million unfunded Standby Letter of Credit and (ii) an $8.0 million outstanding loan balance including interest, resulting in a net Borrowing Base availability of approximately $33.2 million. | |||||
Covenants | |||||
The Facility is secured by a pledge of substantially all of the assets of each of the Company, LMI and Lantheus Real Estate, including each entity’s accounts receivable, inventory and machinery and equipment, and is guaranteed by each of Lantheus Intermediate and Lantheus Real Estate. Borrowing capacity is determined by reference to a borrowing base, which is based on (i) a percentage of certain eligible accounts receivable, inventory and machinery and equipment minus (ii) any reserves. | |||||
The Facility contains affirmative and negative covenants, as well as restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness or issue preferred stock; (ii) repay subordinated indebtedness prior to its stated maturity; (iii) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (iv) make certain investments; (v) sell certain assets; (vi) create liens; (vii) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; and (viii) enter into certain transactions with its affiliates. The Facility also contains customary default provisions as well as cash dominion provisions which allow the lender to sweep its accounts during the period certain specified events of default are continuing under the Facility or excess availability under the New Facility falls below (i) the greater of $5.0 million or 15% of the then-current borrowing base for a period of more than five consecutive Business Days or (ii) $3.5 million. During a cash dominion period, the Company is required to comply with a consolidated fixed charge coverage ratio of not less than 1:00:1:00. The fixed charge coverage ratio is calculated on a consolidated basis for Lantheus Intermediate and its subsidiaries for a trailing four fiscal quarter period basis, as (i) EBITDA (as defined in the agreement) minus capital expenditures minus certain restricted payments divided by (ii) interest plus taxes paid or payable in cash plus certain restricted payments made in cash plus scheduled principal payments paid or payable in cash. | |||||
Financing Costs | |||||
During the year ended December 31, 2013, the Company wrote off $0.6 million of the existing unamortized deferred financing costs related to a previous facility, which is included in interest expense in the accompanying consolidated statements of comprehensive loss. | |||||
During the years ended December 31, 2014 and 2013, LMI incurred approximately $0.2 million and $1.1 million in fees and expenses, in connection with the Facility and amendments under the previous facility, which are being amortized on astraight-line basis over the term of the Facility. |
Stockholders_Equity
Stockholder's Equity | 12 Months Ended |
Dec. 31, 2014 | |
Equity [Abstract] | |
Stockholder's Equity | 11. Stockholder’s Equity |
As of December 31, 2014 and 2013, the authorized capital stock of the Company consisted of 10,000 shares of voting common stock with a par value of $0.001 per share and 1 share outstanding. |
StockBased_Compensation
Stock-Based Compensation | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Stock-Based Compensation | 12. Stock-Based Compensation | ||||||||||||||||||||||||
The Company’s employees are eligible to receive awards under the Holdings 2013 Equity Incentive Plan (the “2013 Plan”). The 2013 Plan is administered by the Holdings Board of Directors and permits the granting of nonqualified stock options, stock appreciation rights (or SARs), restricted stock and restricted stock units to employees, officers, directors and consultants of Holdings or any subsidiary of Holdings (including Lantheus Intermediate and LMI). On August 5, 2013, the Holdings Board of Directors adopted a resolution providing that no further grants be made under the Holdings 2008 Equity Incentive Plan (the “2008 Plan”). At the same time, the maximum number of shares that may be issued pursuant to awards under the 2013 Plan was increased from 1,500,000 to 2,700,000. Option awards under the 2013 Plan are granted with an exercise price equal to the fair value of Holdings’ stock at the date of grant, as determined by the Board of Directors of Holdings. Time based option awards vest based on time, either four or five years, and performance based option awards vest based on the performance criteria specified in the grant. All option awards have a ten-year contractual term. The Company recognizes compensation costs for its time based awards on a straight-line basis equal to the vesting period. The compensation cost for performance based awards is recognized on a graded vesting basis, based on the probability of achieving the performance targets over the requisite service period. The fair value of each option award is estimated on the date of grant using a Black-Scholes valuation model that uses the assumptions noted in the following table. Expected volatilities are based on the historic volatility of a selected peer group. Expected dividends represent the dividends expected to be issued at the date of grant. The expected term of options represents the period of time that options granted are expected to be outstanding. The risk-free interest rate assumption is the U.S. Treasury rate at the date of the grant which most closely resembles the expected life of the options. The Company uses the following Black-Scholes inputs to determine the fair value of new stock option grants. | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected volatility | 27 – 35% | 30 – 37% | 36 – 41% | ||||||||||||||||||||||
Expected dividends | — | — | — | ||||||||||||||||||||||
Expected life (in years) | 3.1 – 7.0 | 3.6 – 6.3 | 5.5 – 6.5 | ||||||||||||||||||||||
Risk-free interest rate | 1.1 – 2.0% | 0.5 – 1.7% | 0.7 – 1.4% | ||||||||||||||||||||||
A summary of option activity for 2014 is presented below: | |||||||||||||||||||||||||
Time | Performance | Total | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Based | Based | Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term | |||||||||||||||||||||||||
Outstanding at January 1, 2014 | 2,761,037 | 1,097,425 | 3,858,462 | $ | 4.89 | 6.9 | $ | 6,777,000 | |||||||||||||||||
Options granted | 527,153 | 3,696 | 530,849 | 4.64 | |||||||||||||||||||||
Options cancelled | (26,150 | ) | (8,174 | ) | (34,324 | ) | 5.68 | ||||||||||||||||||
Options exercised | (4,500 | ) | (1,737 | ) | (6,237 | ) | 2 | ||||||||||||||||||
Options forfeited and expired | (35,850 | ) | (10,480 | ) | (46,330 | ) | 7.56 | ||||||||||||||||||
Outstanding at December 31, 2014 | 3,221,690 | 1,080,730 | 4,302,420 | $ | 4.83 | 6.4 | $ | 3,979,000 | |||||||||||||||||
Vested and expected to vest at December 31, 2014 | 3,106,583 | 713,091 | 3,819,674 | $ | 4.61 | 6.1 | $ | 3,979,000 | |||||||||||||||||
Exercisable at December 31, 2014 | 1,867,059 | 562,432 | 2,429,491 | $ | 3.66 | 4.6 | $ | 3,979,000 | |||||||||||||||||
The weighted average grant-date fair value of options granted during the years ended December 31, 2014, 2013 and 2012 was $1.70, $2.45 and $3.29, respectively. | |||||||||||||||||||||||||
During the year ended December 31, 2013, 631,518 stock options were exercised on a cashless basis for which 459,171 shares of Holdings’ common stock were issued. No stock options were exercised on a cashless basis for the year ended December 31, 2014, but 6,237 options were exercised on a cash basis. The intrinsic value for the options exercised during the years ended December 31, 2014 and 2013, was approximately $25,000 and $3.4 million, respectively. | |||||||||||||||||||||||||
Stock-based compensation expense for both time based and performance based awards was recognized in the consolidated statements of comprehensive loss as follows: | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of goods sold | $ | 135 | $ | 41 | $ | 79 | |||||||||||||||||||
Sales and marketing | 154 | 93 | 111 | ||||||||||||||||||||||
General and administrative | 621 | 429 | 982 | ||||||||||||||||||||||
Research and development | 121 | 15 | 68 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 1,031 | $ | 578 | $ | 1,240 | |||||||||||||||||||
Stock-based compensation expense recognized in the consolidated statement of comprehensive loss for the years ended December 31, 2014, 2013, and 2012 are based on awards ultimately expected to vest as well as any changes in the probability of achieving certain performance features as required. Upon termination of employment, Holdings has the right to call shares held by employees that were purchased or acquired through option exercise. As a result of this right, upon termination of service, vested stock-based awards are reclassified to liability-based awards when it is probable the employee will exercise the option and Holdings will exercise its call right. The Company did not reclassify any equity awards to liability-based awards as of December 31, 2014 and 2013, since the Company concluded it was not probable that Holdings would exercise its call right. There were no liability awards paid out during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||
The Company did not recognize an income tax benefit for the years ended December 31, 2014, 2013 and 2012. As of December 31, 2014, there was approximately $2.6 million of total unrecognized compensation costs related to non-vested stock options granted under the 2013 and 2008 Plans. These costs are expected to be recognized over a weighted-average remaining period of 1.4 years. In addition, performance based awards contain certain contingent features, such as change in control provisions, which allow for the vesting of previously forfeited and unvested awards. As of December 31, 2014, there was approximately $1.0 million of unrecognized compensation expense relating to these features, which could be recognized through 2018 or longer. |
Other_Income_Expense_Net
Other Income (Expense), Net | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Other Income (Expense), Net | 13. Other Income (Expense), net | ||||||||||||
Other income, net consisted of the following: | |||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Foreign currency losses | $ | (279 | ) | $ | (349 | ) | $ | (579 | ) | ||||
Tax indemnification income | 754 | 1,141 | 346 | ||||||||||
Other income | 3 | 369 | 189 | ||||||||||
Total other income (expense), net | $ | 478 | $ | 1,161 | $ | (44 | ) | ||||||
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments | 14. Commitments | ||||
The Company leases certain buildings, hardware and office space under operating leases. In addition, the Company has entered into purchasing arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. | |||||
Minimum lease and purchase commitments under noncancelable arrangements are as follows (in thousands): | |||||
Years ended December 31, | Operating | ||||
Leases | |||||
2015 | $ | 854 | |||
2016 | 568 | ||||
2017 | 455 | ||||
2018 | 400 | ||||
2019 | 397 | ||||
2020 and thereafter | 1,190 | ||||
$ | 3,864 | ||||
Lease expense was $1.0 million, $0.9 million and $1.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||
The Company has entered into agreements which contain certain percentage volume purchase requirements. The Company has excluded these future purchase commitments from the table above since there are no minimum purchase commitments or payments under these agreements. |
401k_Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2014 | |
Compensation and Retirement Disclosure [Abstract] | |
401(k) Plan | 15. 401(k) Plan |
The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. The 401(k) Plan covers U.S. employees who meet certain eligibility requirements. Under the terms of the 401(k) Plan, the employees may elect to make tax-deferred contributions through payroll deductions within statutory and plan limits, and the Company may elect to make non-elective discretionary contributions. Effective April 2012, the employer match was suspended and was subsequently reinstated in January 2013. The Company did not contribute any additionalnon-elective discretionary match during the years ended December 31, 2014, 2013 and 2012. The Company may also make optional contributions to the 401(k) Plan for any plan year at its discretion. Expense recognized by the Company for matching contributions related to the 401(k) Plan was $1.5 million, $1.2 million and $0.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. |
Legal_Proceedings
Legal Proceedings | 12 Months Ended |
Dec. 31, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | |
Legal Proceedings | 16. Legal Proceedings |
From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. As of December 31, 2014, the Company had no material ongoing litigation in which the Company was a defendant or any material ongoing regulatory or other proceedings and had no knowledge of any investigations by government or regulatory authorities in which the Company is a target that could have a material adverse effect on its current business. | |
On December 16, 2010, LMI filed suit against one of its insurance carriers seeking to recover business interruption losses associated with the NRU reactor shutdown and the ensuing global Moly supply shortage. The claim is the result of the shutdown of the NRU reactor in Chalk River, Ontario. The NRU reactor was off-line from May 2009 until August 2010. The defendant answered the complaint on January 21, 2011, denying substantially all of the allegations, presenting certain defenses and requesting dismissal of the case with costs and disbursements. Discovery, including international discovery and related motion practice, has been on-going for more than three years. The defendant filed a motion for summary judgment on July 14, 2014. The Company filed a memorandum of law in opposition to defendant’s motion for summary judgment on August 25, 2014. The defendant filed a reply memorandum of law in further support of its motion for summary judgment on September 15, 2014. Expert witness discovery was completed on October 31, 2014. The Company cannot be certain what amount, if any, or when, if ever, it will be able to recover for business interruption losses related to this matter. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 17. Related Party Transactions |
In the third quarter of 2012, LMI reclassified the then outstanding receivable from Holdings of $1.2 million to stockholder’s deficit since Holdings did not and continues to not have assets sufficient to repay amounts due to LMI. At December 31, 2014 and 2013, LMI had outstanding receivables from Holdings in the amount of $3.8 million and $1.3 million, respectively, which was included in due from parent within stockholder’s deficit. | |
Avista, the majority shareholder of Holdings, provides certain advisory services to the Company pursuant to an advisory services and monitoring agreement. The Company is required to pay an annual fee of $1.0 million and other reasonable and customary advisory fees, as applicable, paid on a quarterly basis. The initial term of the agreement is seven years. Upon termination, all remaining amounts owed under the agreement shall become due immediately. The Company incurred costs associated with this agreement totaling $1.0 million for each of the years ended December 31, 2014, 2013 and 2012. At December 31, 2014 and 2013, $10,000 and $30,000, respectively, was included in accrued expenses. | |
The Company had a Master Contract Research Organization Services Agreement with INC Research, LLC, or INC, to provide clinical development services in connection with the flurpiridaz F 18 Phase III program. Avista and certain of its affiliates are principal owners of both INC and the Company. The agreement was cancelled during May 2014. The agreement had a term of five years and the Company did not incur any costs associated with this agreement in the year ended December 31, 2014. The Company incurred costs associated with this agreement of approximately $0.5 million and $0.9 million during the years ended December 31, 2013 and 2012, respectively At December 31, 2014 and 2013, there was no balance outstanding. | |
The Company purchases inventory supplies from VWR Scientific, or VWR. Avista and certain of its affiliates are principal owners of both VWR and the Company. The Company made purchases of approximately $0.5 million, $0.3 million and $0.3 million during each of the years ended December 31, 2014, 2013 and 2012, respectively. At December 31, 2014 and 2013, $21,000 and $1,000, respectively, was included in accounts payable and accrued expenses. | |
The Company retains Marsh for insurance brokering and risk management. In November 2013, Donald Bailey, brother of the Company’s President and Chief Executive Officer, Jeffrey Bailey, was appointed head of sales for Marsh’s U.S. and Canada division. In 2014, the Company paid Marsh approximately $0.3 million. At both December 31, 2014 and 2013, there was a prepaid of $43,000 included in other current assets. | |
At December 31, 2013, the Company had $0.1 million due from an officer of the Company included in accounts receivable, net. This amount represented federal and state tax withholdings paid by the Company on behalf of the officer. During the second quarter of 2014, this amount was fully repaid by the officer. |
Segment_Information
Segment Information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Information | 18. Segment Information | ||||||||||||
The Company reports two operating segments, U.S. and International, based on geographic customer base. The results of these operating segments are regularly reviewed by our chief operating decision maker, the President and Chief Executive Officer. The Company’s segments derive revenues through the manufacturing, marketing, selling and distribution of medical imaging products, focused primarily on cardiovascular diagnostic imaging. The U.S. segment comprises 78.4%, 75.3% and 72.9% of consolidated revenues in 2014, 2013 and 2012, respectively, and 90.3% and 89.8% of consolidated assets at December 31, 2014 and 2013, respectively. All goodwill has been allocated to the U.S. operating segment. | |||||||||||||
Selected information for each business segment are as follows (in thousands): | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
U.S. | $ | 258,148 | $ | 234,567 | $ | 229,926 | |||||||
International | 65,080 | 70,033 | 78,094 | ||||||||||
Total revenue, including inter-segment | 323,228 | 304,600 | 308,020 | ||||||||||
Inter-segment revenue | (21,628 | ) | (20,928 | ) | (19,915 | ) | |||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Revenues from external customers | |||||||||||||
U.S. | $ | 236,520 | $ | 213,639 | $ | 210,011 | |||||||
International | 65,080 | 70,033 | 78,094 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Revenues by product | |||||||||||||
DEFINITY | $ | 95,760 | $ | 78,094 | $ | 51,431 | |||||||
TechneLite | 93,588 | 92,195 | 114,249 | ||||||||||
Xenon | 36,549 | 32,125 | 30,075 | ||||||||||
Cardiolite | 18,823 | 26,137 | 34,995 | ||||||||||
Other | 56,880 | 55,121 | 57,355 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Geographical revenue | |||||||||||||
U.S. | $ | 236,520 | $ | 213,639 | $ | 210,011 | |||||||
Canada | 31,363 | 35,502 | 37,017 | ||||||||||
All other | 33,717 | 34,531 | 41,077 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Operating income/(loss) | |||||||||||||
U.S. | $ | 40,802 | $ | (18,904 | ) | $ | (11,104 | ) | |||||
International | 353 | 703 | 9,820 | ||||||||||
Total operating income (loss), including inter-segment | 41,155 | (18,201 | ) | (1,284 | ) | ||||||||
Inter-segment operating income (loss) | 654 | (813 | ) | 534 | |||||||||
Operating income (loss) | 41,809 | (19,014 | ) | (750 | ) | ||||||||
Interest expense | (42,288 | ) | (42,915 | ) | (42,014 | ) | |||||||
Interest income | 27 | 104 | 252 | ||||||||||
Other income (expense), net | 478 | 1,161 | (44 | ) | |||||||||
Income (loss) before income taxes | $ | 26 | $ | (60,664 | ) | $ | (42,556 | ) | |||||
Depreciation and amortization | |||||||||||||
U.S. | $ | 16,055 | $ | 22,146 | $ | 23,918 | |||||||
International | 2,196 | 3,009 | 3,484 | ||||||||||
$ | 18,251 | $ | 25,155 | $ | 27,402 | ||||||||
Capital expenditures | |||||||||||||
U.S. | $ | 7,811 | $ | 4,903 | $ | 7,353 | |||||||
International | 326 | 107 | 567 | ||||||||||
$ | 8,137 | $ | 5,010 | $ | 7,920 | ||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
U.S. | $ | 223,492 | $ | 232,973 | |||||||||
International | 24,024 | 26,412 | |||||||||||
$ | 247,516 | $ | 259,385 | ||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets | |||||||||||||
U.S. | $ | 91,346 | $ | 91,683 | |||||||||
International | 4,668 | 5,970 | |||||||||||
$ | 96,014 | $ | 97,653 | ||||||||||
Valuation_and_Qualifying_Accou
Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Valuation and Qualifying Accounts | 19. Valuation and Qualifying Accounts | ||||||||||||||||
(in thousands) | Balance at | Charge to Costs | Deductions | Balance at End | |||||||||||||
Beginning of | and | From | of Fiscal Year | ||||||||||||||
Fiscal Year | Expenses | Reserves | |||||||||||||||
(Recovery of | |||||||||||||||||
write-offs) | |||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||
Allowance for doubtful accounts | $ | 290 | $ | 303 | $ | (8 | ) | $ | 585 | ||||||||
Year ended December 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | 301 | $ | 63 | $ | (74 | ) | $ | 290 | ||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | 462 | $ | (117 | ) | $ | (44 | ) | $ | 301 | |||||||
Amounts charged to deductions from reserves represent the write-off of uncollectible balances. |
Guarantor_Financial_Informatio
Guarantor Financial Information | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Guarantor Financial Information | 20. Guarantor Financial Information | ||||||||||||||||||||||||
The Notes, issued by LMI, are guaranteed by Lantheus Intermediate (the “Parent Guarantor”) and Lantheus Real Estate, one of Lantheus Intermediate’s wholly- owned consolidated subsidiaries (the “Guarantor Subsidiary”). The guarantees are full and unconditional and joint and several. The following supplemental financial information sets forth, on a condensed consolidating basis, balance sheet information as of December 31, 2014 and 2013, and comprehensive (loss) income and cash flow information for the years ended December 31, 2014, 2013 and 2012 for Lantheus Intermediate, LMI, the Guarantor Subsidiary and Lantheus Intermediate’s other wholly-owned subsidiaries (the “Non-Guarantor Subsidiaries”). The supplemental financial information have been prepared on the same basis as the consolidated financial statements of Lantheus Intermediate. The equity method of accounting is followed within this financial information. | |||||||||||||||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,586 | $ | — | $ | 5,231 | $ | — | $ | 17,817 | |||||||||||||
Accounts receivable, net | — | 32,280 | — | 9,260 | — | 41,540 | |||||||||||||||||||
Intercompany accounts receivable | — | 7,444 | — | — | (7,444 | ) | — | ||||||||||||||||||
Inventory | — | 12,638 | — | 2,944 | — | 15,582 | |||||||||||||||||||
Income tax receivable | — | 178 | — | 69 | — | 247 | |||||||||||||||||||
Deferred tax assets | — | 239 | — | 17 | — | 256 | |||||||||||||||||||
Other current assets | — | 3,544 | — | 195 | — | 3,739 | |||||||||||||||||||
Total current assets | — | 68,909 | — | 17,716 | (7,444 | ) | 79,181 | ||||||||||||||||||
Property, plant and equipment, net | — | 75,811 | 15,535 | 4,668 | — | 96,014 | |||||||||||||||||||
Capitalized software development costs, net | — | 2,421 | — | — | — | 2,421 | |||||||||||||||||||
Intangibles, net | — | 24,891 | — | 2,300 | — | 27,191 | |||||||||||||||||||
Goodwill | — | 15,714 | — | — | — | 15,714 | |||||||||||||||||||
Deferred financing costs | — | 7,349 | — | — | — | 7,349 | |||||||||||||||||||
Deferred tax assets | — | 277 | — | 51 | — | 328 | |||||||||||||||||||
Investment in subsidiaries | (240,969 | ) | 32,511 | — | — | 208,458 | — | ||||||||||||||||||
Intercompany note receivable | — | — | — | 5,626 | (5,626 | ) | — | ||||||||||||||||||
Other long-term assets | — | 19,132 | — | 186 | — | 19,318 | |||||||||||||||||||
Total assets | $ | (240,969 | ) | $ | 247,015 | $ | 15,535 | $ | 30,547 | $ | 195,388 | $ | 247,516 | ||||||||||||
Liabilities and (deficit) equity: | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Line of credit | $ | — | $ | 8,000 | $ | — | $ | — | $ | — | $ | 8,000 | |||||||||||||
Accounts payable | — | 14,027 | — | 1,638 | — | 15,665 | |||||||||||||||||||
Intercompany accounts payable | — | — | — | 7,444 | (7,444 | ) | — | ||||||||||||||||||
Accrued expenses and other liabilities | — | 21,022 | — | 3,557 | — | 24,579 | |||||||||||||||||||
Deferred tax liability | — | — | — | 152 | — | 152 | |||||||||||||||||||
Deferred revenue | — | 132 | — | — | — | 132 | |||||||||||||||||||
Total current liabilities | — | 43,181 | — | 12,791 | (7,444 | ) | 48,528 | ||||||||||||||||||
Asset retirement obligations | — | 7,232 | — | 203 | — | 7,435 | |||||||||||||||||||
Long-term debt, net | — | 399,280 | — | — | — | 399,280 | |||||||||||||||||||
Intercompany note payable | — | 5,626 | — | — | (5,626 | ) | — | ||||||||||||||||||
Deferred tax liability | — | 239 | — | 8 | — | 247 | |||||||||||||||||||
Other long-term liabilities | — | 32,426 | — | 569 | — | 32,995 | |||||||||||||||||||
Total liabilities | — | 487,984 | — | 13,571 | (13,070 | ) | 488,485 | ||||||||||||||||||
(Deficit) equity | (240,969 | ) | (240,969 | ) | 15,535 | 16,976 | 208,458 | (240,969 | ) | ||||||||||||||||
Total liabilities and (deficit) equity | $ | (240,969 | ) | $ | 247,015 | $ | 15,535 | $ | 30,547 | $ | 195,388 | $ | 247,516 | ||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 11,995 | $ | — | $ | 4,674 | $ | — | $ | 16,669 | |||||||||||||
Accounts receivable, net | — | 28,099 | — | 10,811 | — | 38,910 | |||||||||||||||||||
Intercompany accounts receivable | — | 2,671 | — | — | (2,671 | ) | — | ||||||||||||||||||
Inventory | — | 15,414 | — | 2,896 | — | 18,310 | |||||||||||||||||||
Income tax receivable | — | 297 | — | 28 | — | 325 | |||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | |||||||||||||||||||
Other current assets | — | 2,906 | — | 181 | — | 3,087 | |||||||||||||||||||
Total current assets | — | 61,382 | — | 18,608 | (2,671 | ) | 77,319 | ||||||||||||||||||
Property, plant and equipment, net | — | 76,068 | 15,615 | 5,970 | — | 97,653 | |||||||||||||||||||
Capitalized software development costs, net | — | 1,468 | — | 2 | — | 1,470 | |||||||||||||||||||
Intangibles, net | — | 31,838 | — | 3,160 | — | 34,998 | |||||||||||||||||||
Goodwill | — | 15,714 | — | — | — | 15,714 | |||||||||||||||||||
Deferred financing costs | — | 9,639 | — | — | — | 9,639 | |||||||||||||||||||
Deferred tax assets | — | — | — | 15 | — | 15 | |||||||||||||||||||
Investment in subsidiaries | (237,088 | ) | 40,289 | — | — | 196,799 | — | ||||||||||||||||||
Intercompany note receivable | — | — | — | 5,396 | (5,396 | ) | — | ||||||||||||||||||
Other long-term assets | — | 22,370 | — | 207 | — | 22,577 | |||||||||||||||||||
Total assets | $ | (237,088 | ) | $ | 258,768 | $ | 15,615 | $ | 33,358 | $ | 188,732 | $ | 259,385 | ||||||||||||
Liabilities and (deficit) equity: | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Line of Credit | $ | — | $ | 8,000 | $ | — | $ | — | $ | — | $ | 8,000 | |||||||||||||
Accounts payable | — | 16,672 | — | 1,431 | — | 18,103 | |||||||||||||||||||
Intercompany accounts payable | — | — | — | 2,671 | (2,671 | ) | — | ||||||||||||||||||
Accrued expenses and other liabilities | — | 21,409 | — | 4,083 | — | 25,492 | |||||||||||||||||||
Deferred tax liability | — | — | — | 57 | — | 57 | |||||||||||||||||||
Deferred revenue | — | 3,979 | — | — | — | 3,979 | |||||||||||||||||||
Total current liabilities | — | 50,060 | — | 8,242 | (2,671 | ) | 55,631 | ||||||||||||||||||
Asset retirement obligations | — | 6,212 | — | 173 | — | 6,385 | |||||||||||||||||||
Long-term debt, net | — | 399,037 | — | — | — | 399,037 | |||||||||||||||||||
Intercompany note payable | — | 5,396 | — | — | (5,396 | ) | — | ||||||||||||||||||
Deferred tax liability | — | — | — | 12 | — | 12 | |||||||||||||||||||
Other long-term liabilities | — | 35,151 | — | 257 | — | 35,408 | |||||||||||||||||||
Total liabilities | — | 495,856 | — | 8,684 | (8,067 | ) | 496,473 | ||||||||||||||||||
(Deficit) equity | (237,088 | ) | (237,088 | ) | 15,615 | 24,674 | 196,799 | (237,088 | ) | ||||||||||||||||
Total liabilities and (deficit) equity | $ | (237,088 | ) | $ | 258,768 | $ | 15,615 | $ | 33,358 | $ | 188,732 | $ | 259,385 | ||||||||||||
Consolidating Comprehensive Loss Information | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 268,204 | $ | — | $ | 55,024 | $ | (21,628 | ) | $ | 301,600 | ||||||||||||
Cost of goods sold | — | 144,286 | — | 53,423 | (21,628 | ) | 176,081 | ||||||||||||||||||
Gross profit | — | 123,918 | — | 1,601 | — | 125,519 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 31,505 | — | 3,611 | — | 35,116 | |||||||||||||||||||
General and administrative expenses | — | 32,529 | 80 | 2,312 | — | 34,921 | |||||||||||||||||||
Research and development expenses | — | 13,252 | — | 421 | — | 13,673 | |||||||||||||||||||
Operating income (loss) | — | 46,632 | (80 | ) | (4,743 | ) | — | 41,809 | |||||||||||||||||
Interest expense | — | (42,518 | ) | — | — | 230 | (42,288 | ) | |||||||||||||||||
Interest income | — | 1 | — | 256 | (230 | ) | 27 | ||||||||||||||||||
Other income (expense) | — | 558 | — | (80 | ) | — | 478 | ||||||||||||||||||
Equity in earnings (losses) of affiliates | (1,169 | ) | (5,042 | ) | — | — | 6,211 | — | |||||||||||||||||
(Loss) income before income taxes | (1,169 | ) | (369 | ) | (80 | ) | (4,567 | ) | 6,211 | 26 | |||||||||||||||
Provision (benefit) for income taxes | — | 800 | — | 395 | — | 1,195 | |||||||||||||||||||
Net (loss) income | (1,169 | ) | (1,169 | ) | (80 | ) | (4,962 | ) | 6,211 | (1,169 | ) | ||||||||||||||
Foreign currency translation | — | — | — | (1,236 | ) | — | (1,236 | ) | |||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | (1,236 | ) | (1,236 | ) | — | — | 2,472 | — | |||||||||||||||||
Total other comprehensive (loss) income | $ | (2,405 | ) | $ | (2,405 | ) | $ | (80 | ) | $ | (6,198 | ) | $ | 8,683 | $ | (2,405 | ) | ||||||||
Consolidating Comprehensive Loss Information | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 243,079 | $ | — | $ | 61,521 | $ | (20,928 | ) | $ | 283,672 | ||||||||||||
Cost of goods sold | — | 169,334 | — | 57,905 | (20,928 | ) | 206,311 | ||||||||||||||||||
Gross profit | — | 73,745 | — | 3,616 | — | 77,361 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 31,668 | — | 3,559 | — | 35,227 | |||||||||||||||||||
General and administrative expenses | — | 30,785 | 80 | 2,294 | — | 33,159 | |||||||||||||||||||
Research and development expenses | — | 30,138 | — | 321 | — | 30,459 | |||||||||||||||||||
Proceeds from manufacturer | — | (8,876 | ) | — | — | — | (8,876 | ) | |||||||||||||||||
Impairment on land | — | — | 6,406 | — | — | 6,406 | |||||||||||||||||||
Operating loss | — | (9,970 | ) | (6,486 | ) | (2,558 | ) | — | (19,014 | ) | |||||||||||||||
Interest expense | — | (43,011 | ) | — | — | 96 | (42,915 | ) | |||||||||||||||||
Interest income | — | 1 | — | 199 | (96 | ) | 104 | ||||||||||||||||||
Other income (expense) | — | 1,373 | — | (212 | ) | — | 1,161 | ||||||||||||||||||
Equity in earnings (losses) of affiliates | (61,678 | ) | (9,142 | ) | — | — | 70,820 | — | |||||||||||||||||
(Loss) income before income taxes | (61,678 | ) | (60,749 | ) | (6,486 | ) | (2,571 | ) | 70,820 | (60,664 | ) | ||||||||||||||
Provision (benefit) for income taxes | — | 929 | — | 85 | — | 1,014 | |||||||||||||||||||
Net (loss) income | (61,678 | ) | (61,678 | ) | (6,486 | ) | (2,656 | ) | 70,820 | (61,678 | ) | ||||||||||||||
Foreign currency translation | — | — | — | (1,729 | ) | — | (1,729 | ) | |||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | (1,729 | ) | (1,729 | ) | — | — | 3,458 | — | |||||||||||||||||
Total other comprehensive (loss) income | $ | (63,407 | ) | $ | (63,407 | ) | $ | (6,486 | ) | $ | (4,385 | ) | $ | 74,278 | $ | (63,407 | ) | ||||||||
Consolidating Comprehensive Loss Information | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 241,406 | $ | — | $ | 66,614 | $ | (19,915 | ) | $ | 288,105 | ||||||||||||
Cost of goods sold | — | 171,257 | — | 59,707 | (19,915 | ) | 211,049 | ||||||||||||||||||
Loss on firm purchase commitment | — | 1,859 | — | — | — | 1,859 | |||||||||||||||||||
Total cost of goods sold | — | 173,116 | — | 59,707 | (19,915 | ) | 212,908 | ||||||||||||||||||
Gross profit | — | 68,290 | — | 6,907 | — | 75,197 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 34,220 | — | 3,217 | — | 37,437 | |||||||||||||||||||
General and administrative expenses | — | 30,112 | 80 | 2,328 | — | 32,520 | |||||||||||||||||||
Research and development expenses | — | 40,457 | — | 147 | — | 40,604 | |||||||||||||||||||
Proceeds from manufacturer | — | (34,614 | ) | — | — | — | (34,614 | ) | |||||||||||||||||
Operating income (loss) | — | (1,885 | ) | (80 | ) | 1,215 | — | (750 | ) | ||||||||||||||||
Interest expense | — | (42,014 | ) | — | — | — | (42,014 | ) | |||||||||||||||||
Interest income | — | 1 | — | 251 | — | 252 | |||||||||||||||||||
Other income (expense) | — | 110 | — | (154 | ) | — | (44 | ) | |||||||||||||||||
Equity in earnings (losses) of affiliates | (42,001 | ) | 1,242 | — | — | 40,759 | — | ||||||||||||||||||
(Loss) income before income taxes | (42,001 | ) | (42,546 | ) | (80 | ) | 1,312 | 40,759 | (42,556 | ) | |||||||||||||||
Provision (benefit) for income taxes | — | (545 | ) | — | (10 | ) | — | (555 | ) | ||||||||||||||||
Net (loss) income | (42,001 | ) | (42,001 | ) | (80 | ) | 1,322 | 40,759 | (42,001 | ) | |||||||||||||||
Foreign currency translation | — | 200 | — | 764 | — | 964 | |||||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 964 | 764 | — | — | (1,728 | ) | — | ||||||||||||||||||
Total other comprehensive (loss) income | $ | (41,037 | ) | $ | (41,037 | ) | $ | (80 | ) | $ | 2,086 | $ | 39,031 | $ | (41,037 | ) | |||||||||
Condensed Consolidating Cash Flow Information | |||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | 10,240 | $ | — | $ | 2,833 | $ | (1,500 | ) | $ | 11,573 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (7,811 | ) | — | (326 | ) | — | (8,137 | ) | ||||||||||||||||
Payments from subsidiary | 2,047 | — | — | — | (2,047 | ) | — | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 227 | — | — | — | 227 | |||||||||||||||||||
Redemption of certificate of deposit | — | 228 | — | — | — | 228 | |||||||||||||||||||
Cash used in investing activities | 2,047 | (7,356 | ) | — | (326 | ) | (2,047 | ) | (7,682 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Payments on note payable | — | (71 | ) | — | — | — | (71 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (175 | ) | — | — | — | (175 | ) | |||||||||||||||||
Due from parent | (2,047 | ) | (2,047 | ) | — | — | 2,047 | (2,047 | ) | ||||||||||||||||
Proceeds from line of credit | — | 5,500 | — | — | — | 5,500 | |||||||||||||||||||
Payments on line of credit | — | (5,500 | ) | — | — | — | (5,500 | ) | |||||||||||||||||
Payment of dividend | — | — | — | (1,500 | ) | 1,500 | — | ||||||||||||||||||
Cash provided by (used in) financing activities | (2,047 | ) | (2,293 | ) | — | (1,500 | ) | 3,547 | (2,293 | ) | |||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | (450 | ) | — | (450 | ) | |||||||||||||||||
Increase in cash and cash equivalents | — | 591 | — | 557 | — | 1,148 | |||||||||||||||||||
Cash and cash equivalents, beginning of year | — | 11,995 | — | 4,674 | — | 16,669 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 12,586 | $ | — | $ | 5,231 | $ | — | $ | 17,817 | |||||||||||||
Condensed Consolidating Cash Flow Information | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | (17,273 | ) | $ | — | $ | 3,333 | $ | (1,738 | ) | $ | (15,678 | ) | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (4,903 | ) | — | (107 | ) | — | (5,010 | ) | ||||||||||||||||
Proceeds from dividend | — | 5,268 | — | — | (5,268 | ) | — | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 433 | 1,094 | — | — | 1,527 | |||||||||||||||||||
Cash provided by (used in) investing activities | — | 798 | 1,094 | (107 | ) | (5,268 | ) | (3,483 | ) | ||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Proceeds on line of credit | — | 8,000 | — | — | — | 8,000 | |||||||||||||||||||
Payments on note payable | — | (1,310 | ) | — | — | — | (1,310 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (1,249 | ) | — | — | — | (1,249 | ) | |||||||||||||||||
Due from parent | — | 94 | — | — | — | 94 | |||||||||||||||||||
Intercompany note | — | 5,300 | — | (5,300 | ) | — | — | ||||||||||||||||||
Payment of dividend | — | — | (1,094 | ) | (5,912 | ) | 7,006 | — | |||||||||||||||||
Cash provided by (used in) financing activities | — | 10,835 | (1,094 | ) | (11,212 | ) | 7,006 | 5,535 | |||||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | (1,300 | ) | — | (1,300 | ) | |||||||||||||||||
Decrease in cash and cash equivalents | — | (5,640 | ) | — | (9,286 | ) | — | (14,926 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 17,635 | — | 13,960 | — | 31,595 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 11,995 | $ | — | $ | 4,674 | $ | — | $ | 16,669 | |||||||||||||
Condensed Consolidating Cash Flow Information | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | 3,829 | $ | — | $ | 4,568 | $ | (7,874 | ) | $ | 523 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (7,353 | ) | — | (567 | ) | — | (7,920 | ) | ||||||||||||||||
Purchase of certificate of deposit | — | (225 | ) | — | — | — | (225 | ) | |||||||||||||||||
Proceeds from dividend | — | 2,949 | — | — | (2,949 | ) | — | ||||||||||||||||||
Cash provided by (used in) investing activities | — | (4,629 | ) | — | (567 | ) | (2,949 | ) | (8,145 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Payments on note payable | — | (1,530 | ) | — | — | — | (1,530 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (442 | ) | — | — | — | (442 | ) | |||||||||||||||||
Due from parent | — | (67 | ) | — | — | — | (67 | ) | |||||||||||||||||
Payment of dividend | — | — | — | (10,823 | ) | 10,823 | — | ||||||||||||||||||
Cash used in financing activities | — | (2,039 | ) | — | (10,823 | ) | 10,823 | (2,039 | ) | ||||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | 649 | — | 649 | |||||||||||||||||||
Decrease in cash and cash equivalents | — | (2,839 | ) | — | (6,173 | ) | — | (9,012 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 20,474 | — | 20,133 | — | 40,607 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 17,635 | $ | — | $ | 13,960 | $ | — | $ | 31,595 | |||||||||||||
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Accounting Policies [Abstract] | |||||||||||||||||||||
Basis of Consolidation and Presentation | Basis of Consolidation and Presentation | ||||||||||||||||||||
The financial statements have been prepared in United States dollars, in accordance with accounting principles generally accepted in the United States of America, or U.S. GAAP. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||||||
The accompanying financial statements have been prepared on a going concern basis, which contemplates the realization of assets and the discharge of liabilities in the normal course of business. The Company incurred a net loss of $1.2 million during the year ended December 31, 2014 and had an accumulated deficit of $239.5 million at December 31, 2014. | |||||||||||||||||||||
As of December 31, 2014, the Company had $408.0 million of total principal indebtedness consisting of $400.0 million of senior notes, which mature on May 15, 2017, and $8.0 million outstanding under its revolving credit facility. The Company is obligated to make scheduled interest payments of $39.0 million per year on the senior notes. | |||||||||||||||||||||
The Company experienced operating losses, resulting from supply shortages beginning in the third quarter of 2011 through the third quarter of 2013 in connection with the manufacture of DEFINITY, Cardiolite and Neurolite at Ben Venue Laboratories, Inc. in Bedford, Ohio. As of November 2013, BVL ceased manufacturing any product for the Company. During 2012, the Company commenced a comprehensive manufacturing diversification strategy and currently relies on Jubilant HollisterStier, or JHS, as its sole source manufacturer of DEFINITY, Neurolite and evacuation vials for TechneLite. The Company has additional ongoing technology transfer activities at JHS for its Cardiolite product supply, which is currently manufactured by a single manufacturer. In addition, the Company has ongoing technology transfer activities at Pharmalucence for the manufacture and supply of DEFINITY, and the Company believes Pharmalucence will file for FDA approval to manufacture DEFINITY in 2015. | |||||||||||||||||||||
The Company has historically been dependent on key customers and group purchasing organizations for the majority of the sales of its medical imaging products. Our ability to maintain and profitably renew those contracts and relationships with those key customers and group purchasing organizations is an important aspect of the Company’s strategy. The Company’s written supply agreements with a major customer relating to TechneLite, Xenon, Neurolite, Cardiolite and certain other products expired in accordance with contract terms on December 31, 2014. Extended discussions with this customer have not yet resulted in new written supply agreements. Consequently, the Company is currently accepting and fulfilling product orders with this customer on a purchase order basis. | |||||||||||||||||||||
Until the Company successfully becomes dual sourced for its principal products, the Company is vulnerable to future supply shortages. Disruption in the financial performance of the Company could also occur if it experiences significant adverse changes in customer mix, broad economic downturns, adverse industry or Company conditions or catastrophic external events. If the Company experiences one or more of these events in the future, it may be required to implement additional expense reductions, such as a delay or elimination of discretionary spending in all functional areas, as well as scaling back select operating and strategic initiatives. | |||||||||||||||||||||
During 2013 and 2014, the Company has utilized its revolving line of credit as a source of liquidity from time to time. Borrowing capacity under the revolving credit facility, or the Facility, is calculated by reference to a borrowing base consisting of a percentage of certain eligible accounts receivable, inventory and machinery and equipment minus any reserves, or the Borrowing Base. If the Company is not successful in achieving its forecasted operating results, the Company’s accounts receivable and inventory could be negatively affected, thus reducing the Borrowing Base and limiting the Company’s borrowing capacity. As of December 31, 2014, the aggregate Borrowing Base was approximately $50.0 million, which was reduced by the $8.8 million unfunded Standby Letter of Credit and the $8.0 million outstanding loan balance, resulting in a net Borrowing Base availability of approximately $33.2 million. | |||||||||||||||||||||
Based on the Company’s current operating plans, the Company believes its existing cash and cash equivalents, results of operations and availability under the Facility will be sufficient to continue to fund the Company’s liquidity requirements for at least the next twelve months. | |||||||||||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||||||||||
The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation and potential losses on purchase commitments, asset retirement obligations, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities, accrued expenses and stock-based compensation. Actual results could materially differ from those estimates or assumptions. | |||||||||||||||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||||||||||
The Company recognizes revenue when evidence of an arrangement exists, title has passed, the risks and rewards of ownership have transferred to the customer, the selling price is fixed and determinable, and collectability is reasonably assured. For transactions for which revenue recognition criteria have not yet been met, the respective amounts are recorded as deferred revenue until such point in time the criteria are met and revenue can be recognized. Revenue is recognized net of reserves, which consist of allowances for returns and rebates. | |||||||||||||||||||||
Revenue arrangements with multiple elements are divided into separate units of accounting if certain criteria are met, including whether the delivered element has stand-alone value to the customer. The arrangement’s consideration is then allocated to each separate unit of accounting based on the relative selling price of each deliverable. The estimated selling price of each deliverable is determined using the following hierarchy of values: (i) vendor-specific objective evidence of fair value; (ii) third-party evidence of selling price; and (iii) best estimate of selling price. The best estimate of selling price reflects the Company’s best estimate of what the selling price would be if the deliverable was regularly sold by the Company on a stand-alone basis. The consideration allocated to each unit of accounting is then recognized as the related goods or services are delivered, limited to the consideration that is not contingent upon future deliverables. Supply or service transactions may involve the charge of a nonrefundable initial fee with subsequent periodic payments for future products or services. The up-front fees, even if nonrefundable, are recognized as revenue as the products and/or services are delivered and performed over the term of the arrangement. | |||||||||||||||||||||
On January 1, 2009, LMI executed an amendment to a license and supply agreement (the “Agreement”) with one of its customers, granting non-exclusive U.S. license and supply rights to the customer for the period from January 1, 2009 through December 31, 2012. Under the terms of the Agreement, the customer paid LMI $10.0 million in license fees; $8.0 million of which was received upon execution of the Agreement and $2.0 million of which was received in June 2009 upon delivery of a special license as defined in the Agreement. The Company’s product sales under the Agreement are recognized in the same manner as its normal product sales. The Company recognized the license fees as revenue on a straight-line basis over the term of the four-yearAgreement. The Company recognized $2.5 million in fiscal year 2012 in license fee revenue pursuant to the Agreement. | |||||||||||||||||||||
In February 2012, the Company entered in to the first amendment to the Agreement. The amendment contained obligations for the Company to deliver a fixed minimum number of units of the same product at different specified unit prices throughout the 11-month amendment term. The fixed minimum number of units shipped at the beginning of the amendment term had a substantially higher unit selling price than the units shipped later in the amendment term. The Company determined the total arrangement consideration and allocated this to each unit of product by applying the relative selling price method; therefore, revenue under this arrangement is being recognized at an average selling price as the units are shipped. The Company recognized $5.6 million and $12.8 million in revenue pursuant to the first amendment during the years ended December 31, 2013 and 2012, respectively. There was no deferred revenue attributable to these units at December 31, 2013. | |||||||||||||||||||||
On December 27, 2012, the Company entered into the second amendment to the Agreement, which extended the term from December 31, 2012 to December 31, 2014 and established new pricing and purchase requirements over the extended term. The second amendment also provided for the supply of TechneLite generators containing molybdenum-99 sourced from LEU targets. The agreement includes a $3.0 million upfront payment by the customer to the Company and potential future milestone payments. During 2012, the Company received the $3.0 million upfront payment. During 2013, the Company received an additional $4.0 million upon achievement of the required milestones. At December 31, 2013, $3.6 million is included in deferred revenue as a current liability in the accompanying consolidated balance sheets. The Company recognized the upfront payment as revenue on a straight-line basis over the term of the two year agreement. At December 31, 2014, there was no deferred revenue related to this Agreement. | |||||||||||||||||||||
Product Returns | Product Returns | ||||||||||||||||||||
The Company provides a reserve for its estimate of sales recorded for which the related products are expected to be returned. The Company does not typically accept product returns unless an over shipment or non-conforming shipment was provided to the customer, or if the product was defective. The Company adjusts its estimate of product returns if it becomes aware of other factors that it believes could significantly impact its expected returns, including product recalls. These factors include its estimate of actual and historical return rates for non-conforming product and open return requests. Historically, the Company’s estimates of returns have reasonably approximated actual returns. | |||||||||||||||||||||
Distributor Relationships | Distributor Relationships | ||||||||||||||||||||
Revenue for product sold to distributors is recognized at shipment, unless revenue recognition criteria have not been met. In those instances where collectability cannot be determined or the selling price cannot be reasonably estimated until the distributor has sold through the goods, the Company defers that revenue until such time as the goods have been sold through to the end-user customer, or the selling price can be reasonably estimated based on history of transactions with that distributor. | |||||||||||||||||||||
Rebates and Allowances | Rebates and Allowances | ||||||||||||||||||||
Estimates for rebates and allowances represent the Company’s estimated obligations under contractual arrangements with third parties. Rebate accruals and allowances are recorded in the same period the related revenue is recognized, resulting in a reduction to revenue and the establishment of a liability which is included in accrued expenses in the accompanying consolidated balance sheets. These rebates result from performance-based offers that are primarily based on attaining contractually specified sales volumes and growth, Medicaid rebate programs for certain products, administration fees of group purchasing organizations and certain distributor related commissions. The calculation of the accrual for these rebates and allowances is based on an estimate of the third party’s buying patterns and the resulting applicable contractual rebate or commission rate(s) to be earned over a contractual period. | |||||||||||||||||||||
The accrual for rebates and allowances was approximately $2.2 million and $1.7 million at December 31, 2014 and 2013, respectively. Rebate and allowance charges against gross revenues totaled $5.2 million, $4.8 million and $2.8 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Income Taxes | Income Taxes | ||||||||||||||||||||
The Company accounts for income taxes using an asset and liability approach. The provision for income taxes represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax attributes are expected to be recovered or paid, and are adjusted for changes in tax rates and tax laws when changes are enacted. | |||||||||||||||||||||
Valuation allowances are recorded to reduce deferred tax assets when it is more likely than not that a tax benefit will not be realized. The assessment of whether or not a valuation allowance is required involves the weighing of both positive and negative evidence concerning both historical and prospective information with greater weight given to evidence that is objectively verifiable. A history of recent losses is negative evidence that is difficult to overcome with positive evidence. In evaluating prospective information there are four sources of taxable income: reversals of taxable temporary differences, items that can be carried back to prior tax years (such as net operating losses), pre-tax income, and tax planning strategies. Any tax planning strategies that are considered must be prudent and feasible, and would only be undertaken in order to avoid losing an operating loss carryforward. Adjustments to the deferred tax valuation allowances are made in the period when those assessments are made. | |||||||||||||||||||||
The Company accounts for uncertain tax positions using a recognition threshold and measurement attribute for the financial statement recognition and measurement of a tax position taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to other long-term assets and liabilities, or adjustments to deferred taxes, or both. The Company provides disclosure at the end of each annual reporting period on a tabular reconciliation of unrecognized tax benefits. The Company classifies interest and penalties within the provision for income taxes. | |||||||||||||||||||||
Cash and Cash Equivalents | Cash and Cash Equivalents | ||||||||||||||||||||
Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased. | |||||||||||||||||||||
Accounts Receivable | Accounts Receivable | ||||||||||||||||||||
Accounts receivable consist of amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts for estimated losses. In determining the allowance, consideration includes the probability of recoverability based on past experience and general economic factors. Certain accounts receivable may be fully reserved when specific collection issues are known to exist, such as pending bankruptcy. As of December 31, 2014 and 2013, the Company had allowances for doubtful accounts of approximately $0.6 million and $0.3 million, respectively. | |||||||||||||||||||||
Also included in accounts receivable are miscellaneous receivables of approximately $2.0 million and $1.9 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||
Concentration of Risks and Limited Suppliers | Concentration of Risks and Limited Suppliers | ||||||||||||||||||||
Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to large national distributors, which in turn, may resell the Company’s products. There were two customers that represented greater than 10% of the total net accounts receivable balance and revenue during the year ended December 31, 2014, the majority of which is included in the U.S. segment. | |||||||||||||||||||||
Accounts | Revenue for the year | ||||||||||||||||||||
Receivable as | ended December 31, | ||||||||||||||||||||
of December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
Company A | 16.5 | % | 16.7 | % | 18 | % | 18.8 | % | 27.4 | % | |||||||||||
Company B | 13.4 | % | 13.2 | % | 11.1 | % | 10.2 | % | 8.4 | % | |||||||||||
Company C | 9.8 | % | 7.2 | % | 8.8 | % | 9.8 | % | 11.5 | % | |||||||||||
The Company’s cash and cash equivalents are maintained with various financial institutions. | |||||||||||||||||||||
The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and thereby adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations. From May 2009 until August 2010, Nordion, the Company’s largest supplier of Moly, a key raw material in the Company’s TechneLite product, was affected by a nuclear reactor shutdown. The Company was not fully able to replace all of the quantity of supply it previously received from Nordion, which had a negative impact on the Company’s results of operations. As part of the conditions for the relicensing of the NRU reactor, the Canadian government has asked Atomic Energy of Canada Limited, or AECL, to shut down the reactor for at least four weeks at least once a year for inspection and maintenance. The scheduled 2012 shutdown period ran from mid-April 2012 until mid-May 2012, and during such period, some of LMI’s customers diverted a small amount of business to LMI’s competitor, which correspondingly reduced our aggregate orders during the shutdown period. With this diversion, LMI was able to fulfill all customer demand for Moly from other suppliers during the shutdown period. During 2012, the Company executed amendments to agreements with Nordion and NTP, the Company’s Moly suppliers, which extended the contract terms of those agreements to December 31, 2015 and December 31, 2017, respectively. In addition, because Xenon is a by-product of the Moly production process and is currently captured only by Nordion, the Company is currently reliant on Nordion as the sole supplier of Xenon to meet customer demand. In March 2013, the Company entered into an agreement with Institute for Radioelements (“IRE”) who had previously been supplying the Company with Moly under the previous agreement with NTP and this agreement expires on December 31, 2017. | |||||||||||||||||||||
Historically, the Company has relied on BVL as its sole manufacturer of DEFINITY and Neurolite and one of two manufacturers of its Cardiolite product supply. Following extended operational and regulatory challenges at BVL’s Bedford, Ohio facility, as of November 15, 2013, BVL ceased manufacturing for the Company any DEFINITY, Cardiolite or Neurolite. | |||||||||||||||||||||
Following extensive technology transfer activities, the Company currently relies on JHS as its sole source manufacturer of DEFINITY, Neurolite and evacuation vials for TechneLite. The Company has additional ongoing technology transfer activities at JHS for its Cardiolite product supply. In the meantime, the Company has no other currently active supplier of DEFINITY, Neurolite, and its Cardiolite product supply is manufactured by a single manufacturer. | |||||||||||||||||||||
Based on current projections, the Company believes that it will have sufficient supply of DEFINITY and Neurolite from JHS to meet expected demand and sufficient Cardiolite product supply from its current supplier to meet expected demand. Currently, the regulatory authorities in certain countries prohibit the Company from marketing products previously manufactured by BVL, and JHS has not yet obtained approval of such regulatory authorities that would permit the Company to market certain products manufactured by JHS. Accordingly, until such regulatory approvals have been obtained, the Company will not be able to sell and distribute those products in the relevant markets. | |||||||||||||||||||||
The Company is also currently working to secure additional alternative suppliers for its key products as part of its ongoing supply chain diversification strategy. On November 12, 2013, the Company entered into a Manufacturing and Supply Agreement with Pharmalucence to manufacture and supply DEFINITY. However, the Company is uncertain on the timing in which the Pharmalucence arrangement or any other arrangements could provide meaningful quantities of product. The Company believes Pharmalucence will file for FDA approval to manufacture DEFINITY in 2015. | |||||||||||||||||||||
The following table sets forth revenues for the Company’s products that represented greater than 10% of total revenue for the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
DEFINITY | 31.8 | % | 27.5 | % | 17.9 | % | |||||||||||||||
TechneLite | 31 | % | 32.5 | % | 39.7 | % | |||||||||||||||
Xenon | 12.1 | % | 11.3 | % | 10.4 | % | |||||||||||||||
Cardiolite | 6.2 | % | 9.2 | % | 12.1 | % | |||||||||||||||
Inventory | Inventory | ||||||||||||||||||||
Inventory includes material, direct labor and related manufacturing overhead, and is stated at the lower of cost or market on a first-in, first-out basis. The Company does have consignment arrangements with certain customers where the Company retains title and the risk of ownership of the inventory, which is included in the Company’s inventory balance. | |||||||||||||||||||||
The Company assesses the recoverability of inventory to determine whether adjustments for excess and obsolete inventory are required. Inventory that is in excess of future requirements is written down to its estimated net realizable value based upon forecasted demand for its products. If actual demand is less favorable than what has been forecasted by management, additional inventory write-downs may be required. | |||||||||||||||||||||
Inventory costs associated with product that has not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefits of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed during the period the costs are incurred. For the year ended December 31, 2014, the Company expensed $1.9 million of such product costs in cost of goods sold relating to Neurolite that was manufactured by JHS. At December 31, 2014 and 2013, the Company had no capitalized inventories associated with product that did not have regulatory approval. | |||||||||||||||||||||
Property, Plant and Equipment | Property, Plant and Equipment | ||||||||||||||||||||
Property, plant and equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. Depreciation is computed on a straight-line method based on the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are as follows: | |||||||||||||||||||||
Buildings | 50 years | ||||||||||||||||||||
Land improvements | 15 - 40 years | ||||||||||||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||||||||||||
Furniture and fixtures | 15 years | ||||||||||||||||||||
Leasehold improvements | Lesser of lease term or 15 years | ||||||||||||||||||||
Upon retirement or other disposal of property, plant and equipment, the cost and related amount of accumulated depreciation are removed from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in comprehensive loss. | |||||||||||||||||||||
Capitalized Software Development Costs | Capitalized Software Development Costs | ||||||||||||||||||||
Certain costs to obtain internal use software for significant systems projects are capitalized and amortized over the estimated useful life of the software, which ranges from 3 to 5 years. Costs to obtain software for projects that are not significant are expensed as incurred. Capitalized software development costs, net of accumulated amortization, were $2.4 million and $1.5 million at December 31, 2014 and 2013, respectively. Approximately $1.7 million and $0.7 million of software development costs were capitalized in the years ended December 31, 2014 and 2013, respectively. Amortization expense related to the capitalized software was $0.7 million, $1.5 million and $1.5 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Goodwill, Intangibles and Long-Lived Assets | Goodwill, Intangibles and Long-Lived Assets | ||||||||||||||||||||
Goodwill is not amortized, but is instead tested for impairment at least annually and whenever events or circumstances indicate that it is more likely than not that they may be impaired. The Company has elected to perform the annual test for goodwill impairment as of October 31 of each year. | |||||||||||||||||||||
In performing tests for goodwill impairment, the Company is first permitted to perform a qualitative assessment about the likelihood of the carrying value of a reporting unit exceeding its fair value. If the Company determines that it is more likely than not that the fair value of a reporting unit is less than its carrying amount based on the qualitative assessment, it is required to perform the two-step goodwill impairment test described below to identify the potential goodwill impairment and measure the amount of the goodwill impairment loss, if any, to be recognized for that reporting unit. However, if the Company concludes otherwise based on the qualitative assessment, the two-step goodwill impairment test is not required. The option to perform the qualitative assessment is not an accounting policy election and can be utilized at the Company’s discretion. Further, the qualitative assessment need not be applied to all reporting units in a given goodwill impairment test. For an individual reporting unit, if the Company elects not to perform the qualitative assessment, or if the qualitative assessment indicates that it is more likely than not that the fair value of a reporting unit is less than its carrying amount, then the Company must perform the two-step goodwill impairment test for the reporting unit. If the implied fair value of goodwill is less than the carrying value, then an impairment charge would be recorded. | |||||||||||||||||||||
In performing the annual goodwill impairment test in 2014 and 2013, the Company bypassed the option to perform a qualitative assessment and proceeded directly to performing the first step of the two-step goodwill impairment test. | |||||||||||||||||||||
The Company calculates the fair value of its reporting units using the income approach, which utilizes discounted forecasted future cash flows, and the market approach which utilizes fair value multiples of comparable publicly traded companies. The discounted cash flows are based on our most recent long-term financial projections and are discounted using a risk adjusted rate of return, which is determined using estimates of market participant risk-adjusted weighted average costs of capital and reflects the risks associated with achieving future cash flows. The market approach is calculated using the guideline company method, where the Company uses market multiples derived from stock prices of companies engaged in the same or similar lines of business. There is not a quoted market price for the Company’s reporting units or the company as a whole, therefore, a combination of the two methods is utilized to derive the fair value of the business. The Company evaluated and weighed the results of these approaches as well as ensures it understands the basis of the results of these two methodologies. The Company believes the use of these two methodologies ensures a consistent and supportable method of determining its fair value that is consistent with the objective of measuring fair value. If the fair value were to decline, then the Company may be required to incur material charges relating to the impairment of those assets. The Company completed its required annual impairment test for goodwill in the fourth quarter of 2014, 2013 and 2012 and determined that at each of those periods, the Company’s fair value was substantially in excess of its carrying value. Goodwill is not deductible for tax purposes. | |||||||||||||||||||||
During the first quarter of 2013, the strategic shift in how the Company funds its R&D programs significantly altered the expected future costs and revenues associated with our agents in development. Accordingly, this action was deemed to be a triggering event for an evaluation of the recoverability of the Company’s goodwill as of March 31, 2013. The Company performed an interim impairment test and determined that there was no impairment of goodwill as of March 31, 2013. | |||||||||||||||||||||
The Company tests intangible and long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. The Company measures the recoverability of assets to be held and used by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If those assets are considered to be impaired, the impairment equals the amount by which the carrying amount of the assets exceeds the fair value of the assets. Any impairments are recorded as permanent reductions in the carrying amount of the assets. Long-lived assets, other than goodwill and other intangible assets, that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. | |||||||||||||||||||||
In the first quarter of 2012, the Company reviewed the estimated useful life of its Cardiolite trademark as a result of a triggering event. Utilizing the most recent forecasted revenue data, the Company revised the estimate of the remaining useful life of the Cardiolite trademark to five years. The Company monitors the recoverability of its branded Cardiolite trademark intangible asset due to the ongoing generic competition based on actual results and existing estimates of future undiscounted cash flows associated with the branded Cardiolite product. As of December 31, 2013, the Company conducted, using its revised sales forecast, an impairment analysis and concluded that the estimate of future undiscounted cash flows associated with the Cardiolite trademark intangible did not exceed the carrying amount of the asset totaling $19.2 million and therefore, the asset has been written down to its fair value. Fair value was calculated by utilizing Level 3 inputs in the relief-from-royalty method, an income-based approach. As a result of this analysis, the Company recorded an impairment charge of $15.4 million to adjust the carrying value to its fair value of $3.8 million. This expense was recorded within cost of goods sold in the accompanying consolidated statement of comprehensive loss in the fourth quarter of 2013. | |||||||||||||||||||||
In the third quarter of 2013, the Company was in negotiations with a new distributor for the sale of certain products within certain international markets. This agreement was signed in October 2013 and as a result the Company did not renew the agreements with its former distributors in these international markets. The Company determined the customer relationship intangible related to these former distributors was no longer recoverable and recorded an impairment charge of $1.0 million in the third quarter of 2013. In the fourth quarter of 2013, the Company updated its strategic plan to reflect the non-renewal of these agreements and the uncertainty in the timing of product availability in this region. As a result, the Company reviewed the recoverability of certain of its customer relationship intangible assets in the International segment that were impacted by the Company’s revised strategic plan. The Company conducted an impairment analysis and concluded that the estimate of future undiscounted cash flows associated with the customer relationship intangible asset did not exceed the carrying amount of the asset and therefore, the asset would need to be written down to its fair value. In order to calculate the fair value of the acquired customer relationship intangible assets, the Company utilized Level 3 inputs to estimate the future discounted cash flows associated with remaining customers and as a result of this analysis, recorded an impairment charge of $0.7 million in the fourth quarter of 2013. These impairment charges were recorded within cost of goods sold in the accompanying consolidated statement of comprehensive loss. | |||||||||||||||||||||
During the third quarter of 2013, the Company committed to a plan to sell certain of its excess land in the U.S. segment, which had a carrying value of $7.5 million. This event qualified for held for sale accounting and the excess land was written down to its fair value, less estimated costs to sell. The fair value was estimated utilizing Level 3 inputs and using a market approach, based on available data for transactions in the region, discussions with real estate brokers and the asking price of comparable properties in its principal market. This resulted in a loss of $6.4 million, which is included within operating loss as impairment of land in the accompanying consolidated statement of comprehensive loss. During the fourth quarter of 2013, the Company sold the excess land for net proceeds of $1.1 million. | |||||||||||||||||||||
Fixed assets dedicated to R&D activities, which were impacted by the March 2013 R&D strategic shift, have a carrying value of $4.5 million as of December 31, 2014. The Company believes these fixed assets will be utilized for either internally funded ongoing R&D activities or R&D activities funded by a strategic partner. If the Company is not successful in finding a strategic partner, and there are no alternative uses for those fixed assets, they could be subject to impairment in the future. | |||||||||||||||||||||
The Company also tested certain long-lived assets utilized in the manufacturing of certain products in the U.S. for recoverability as of December 31, 2013, due to a change in the Company’s contract to manufacture Quadramet. The analysis indicated that there was no impairment as of December 31, 2013. The Company also evaluated the remaining useful lives of these long-lived assets that were tested for recoverability at December 31, 2013 and determined no revisions were required to the remaining periods of depreciation. | |||||||||||||||||||||
In the fourth quarter of 2014, the Company tested certain long-lived and intangible assets, associated with its U.S. operations, for recoverability as a result of the expiration of an agreement with a customer. The analysis indicated that there was no impairment as of December 31, 2014. The Company also evaluated the remaining useful lives of the long-lived and intangible assets that were tested for recoverability at December 31, 2014 and determined no revisions were required to the remaining periods of depreciation and amortization. | |||||||||||||||||||||
Intangible assets, consisting of patents, trademarks and customer relationships related to the Company’s products are amortized in a method equivalent to the estimated utilization of the economic benefit of the asset. Trademarks and patents are amortized on a straight-line basis, and customer relationships are amortized on an accelerated basis. | |||||||||||||||||||||
Deferred Financing Costs | Deferred Financing Costs | ||||||||||||||||||||
Deferred financing costs are capitalized and amortized to interest expense using the effective interest method. As of December 31, 2014 and 2013, the unamortized deferred financing costs were $7.3 million and $9.6 million, respectively. The expense associated with the amortization of deferred financing costs was $2.5 million, $2.4 million and $2.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and was included in interest expense. In connection with the Facility, the Company wrote off $0.6 million of the existing unamortized deferred financing costs related to the previous facility, which is included in interest expense in the accompanying consolidated statements of comprehensive loss during the year ended December 31, 2013. | |||||||||||||||||||||
Contingencies | Contingencies | ||||||||||||||||||||
In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, product and environmental liability. The Company records accruals for those loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company does not recognize gain contingencies until realized. | |||||||||||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||||||||||
The estimated fair values of the Company’s financial instruments, including its cash and cash equivalents, receivables, accounts payable and accrued expenses approximate the carrying values of these instruments due to their short term nature. Assets measured at fair value on a nonrecurring basis include long-lived assets held for sale and certain intangible assets. The estimated fair value of the debt, at December 31, 2014, based on Level 2 inputs of recent market activity available to the Company was $384.0 million compared to the face value of $400.0 million. At December 31, 2013, the estimated fair value of the debt based on Level 2 inputs of recent market activity available to the Company was $356.0 million compared to the face value of $400.0 million. | |||||||||||||||||||||
Shipping and Handling Revenues and Costs | Shipping and Handling Revenues and Costs | ||||||||||||||||||||
The Company typically does not charge customers for shipping and handling costs, but any shipping and handling costs charged to customers are included in revenues. Shipping and handling costs are included in cost of goods sold and were $19.4 million, $20.5 million and $20.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||||||
Advertising and Promotion Costs | Advertising and Promotion Costs | ||||||||||||||||||||
Advertising and promotion costs are expensed as incurred and totaled $2.8 million, $2.7 million and $3.2 million for the years ended December 31, 2014, 2013 and 2012, respectively, and are included in sales and marketing expenses. | |||||||||||||||||||||
Research and Development | Research and Development | ||||||||||||||||||||
Research and development costs are expensed as incurred and relate primarily to the development of new products to add to the Company’s portfolio and costs related to its medical affairs and medical information functions. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and recognized as an expense as the goods are delivered or the related services are performed. | |||||||||||||||||||||
Foreign Currency | Foreign Currency | ||||||||||||||||||||
The consolidated statements of comprehensive loss of the Company’s foreign subsidiaries are translated into U.S. Dollars using average exchange rates. The net assets of the Company’s foreign subsidiaries are translated into U.S. Dollars using the end of period exchange rates. The impact from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in consolidated accumulated other comprehensive loss. | |||||||||||||||||||||
For the years ended December 31, 2014, 2013 and 2012, losses arising from foreign currency transactions totaled approximately $0.3 million, $0.3 million and $0.6 million, respectively. Transaction gains and losses are reported as a component of other income (expense), net. | |||||||||||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||||||||||
The Company’s stock-based compensation cost is measured at the grant date of the stock-based award based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. The Company uses the Black-Scholes valuation model for estimating the fair value of stock options. The fair value of stock option awards is affected by the valuation assumptions, including the estimated fair value of the Company’s common stock, the expected volatility based on comparable market participants, expected term of the option, risk-free interest rate and expected dividends. When a contingent cash settlement of vested options becomes probable, the Company reclassifies its vested awards to a liability and accounts for any incremental compensation cost in the period in which the settlement becomes probable. | |||||||||||||||||||||
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss | ||||||||||||||||||||
Comprehensive loss is comprised of net loss, plus all changes in equity of a business enterprise during a period from transactions and other events and circumstances from non-owner sources, including any foreign currency translation adjustments. These changes in equity are recorded as adjustments to accumulated other comprehensive loss in the Company’s consolidated balance sheet. The components of accumulated other comprehensive loss consist of foreign currency translation adjustments. | |||||||||||||||||||||
Asset Retirement Obligations | Asset Retirement Obligations | ||||||||||||||||||||
The Company’s compliance with federal, state, local and foreign environmental laws and regulations may require it to remove or mitigate the effects of the disposal or release of chemical substances in jurisdictions where it does business or maintains properties. The Company establishes accruals when those costs are legally obligated and probable and can be reasonably estimated. Accrual amounts are estimated based on currently available information, regulatory requirements, remediation strategies, historical experience, the relative shares of the total remediation costs and a relevant discount rate, when the time periods of estimated costs can be reasonably predicted. Changes in these assumptions could impact the Company’s future reported results. The amounts recorded for asset retirement obligations in the accompanying balance sheets at December 31, 2014 and 2013 were $7.4 million and $6.4 million, respectively. | |||||||||||||||||||||
Self Insurance Reserves | Self Insurance Reserves | ||||||||||||||||||||
The Company’s consolidated balance sheet at both December 31, 2014 and 2013 includes approximately $0.4 million of accrued liabilities associated with employee medical costs that are retained by the Company. The Company estimates the required liability of those claims on an undiscounted basis based upon various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents (frequency) and change in the ultimate cost per incident (severity). The Company also maintains a separate cash account to fund these medical claims and must maintain a minimum balance as determined by the plan administrator. The balance of this restricted cash account was approximately $0.1 million and $0.2 million at December 31, 2014 and 2013, respectively, and is included in other current assets. | |||||||||||||||||||||
Recent Accounting Standards | Recent Accounting Standards | ||||||||||||||||||||
In July 2013, the Financial Accounting Standards Board, or the FASB, issued Accounting Standards Update, or ASU, No. 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists,” or ASU 2013-11. The amendments in ASU 2013-11 provide guidance on the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss, or a tax credit carryforward exists. ASU 2013-11 is effective for fiscal years, and interim periods within those years, beginning after December 15, 2013. The amendments did not have a material impact on the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In April 2014, the FASB issued ASU No. 2014-08, “Presentation of Financial Statements (Topic 205) and Property, Plant, and Equipment (Topic 360): Reporting Discontinued Operations and Disclosures of Disposals of Components of an Entity,” or ASU 2014-08. The amendments in ASU 2014-08 change the criteria for reporting discontinued operations while enhancing disclosures in this area. The new guidance requires expanded disclosures about discontinued operations that will provide financial statement users with more information about the assets, liabilities, income, and expenses of discontinued operations. The new guidance also requires disclosure of the pre-tax income attributable to a disposal of a significant part of an organization that does not qualify for discontinued operations reporting. The amendments in the ASU are effective in the first quarter of 2015 for public companies with calendar year ends. Early adoption is permitted. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, “Revenue from Contracts with Customers (Topic 606)” or ASU 2014-09. ASU 2014-09 supersedes nearly all existing revenue recognition guidance under U.S. GAAP. The core principle of ASU 2014-09 is to recognize revenues when promised goods or services are transferred to customers in an amount that reflects the consideration that is expected to be received for those goods or services. ASU 2014-09 defines a five step process to achieve this core principle and, in doing so, it is possible more judgment and estimates may be required within the revenue recognition process than required under existing U.S. GAAP including identifying performance obligations in the contract, estimating the amount of variable consideration to include in the transaction price and allocating the transaction price to each separate performance obligation. The amendments in ASU No. 2014-09 are effective for annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. Early application is not permitted. The Company is currently evaluating the impact this ASU will have on the Company’s financial position, results of operations and cash flows. | |||||||||||||||||||||
In June 2014, the FASB issued ASU No. 2014-12, “Compensation—Stock Compensation (Topic 718)” or ASU 2014-12. ASU 2014-12 requires that a performance target that affects vesting and could be achieved after the requisite service period be treated as a performance condition. The amendments in ASU 2014-12 are effective for annual reporting periods beginning after December 15, 2015, including interim periods within that reporting period. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. | |||||||||||||||||||||
In August 2014, the FASB issued ASU No. 2014-15, “Presentation of Financial Statements-Going Concern (Subtopic 205-4): Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern” or ASU 2014-15. ASU 2014-15 to provide guidance on management’s responsibility in evaluating whether there is substantial doubt about a company’s ability to continue as a going concern and to provide related footnote disclosures. The amendments in ASU 2014-15 are effective for annual reporting periods ending after December 15, 2016. Early adoption is permitted. The Company does not anticipate this ASU will have a material impact to the Company’s financial position, results of operations or cash flows. |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Estimated Useful Lives of Major Classes of Depreciable Assets | The estimated useful lives of the major classes of depreciable assets are as follows: | ||||||||||||||||||||
Buildings | 50 years | ||||||||||||||||||||
Land improvements | 15 - 40 years | ||||||||||||||||||||
Machinery and equipment | 3 - 20 years | ||||||||||||||||||||
Furniture and fixtures | 15 years | ||||||||||||||||||||
Leasehold improvements | Lesser of lease term or 15 years | ||||||||||||||||||||
Customer Concentration Risk [Member] | |||||||||||||||||||||
Schedule of Customer and Product Concentration Risk | There were two customers that represented greater than 10% of the total net accounts receivable balance and revenue during the year ended December 31, 2014, the majority of which is included in the U.S. segment. | ||||||||||||||||||||
Accounts | Revenue for the year | ||||||||||||||||||||
Receivable as | ended December 31, | ||||||||||||||||||||
of December 31, | |||||||||||||||||||||
2014 | 2013 | 2014 | 2013 | 2012 | |||||||||||||||||
Company A | 16.5 | % | 16.7 | % | 18 | % | 18.8 | % | 27.4 | % | |||||||||||
Company B | 13.4 | % | 13.2 | % | 11.1 | % | 10.2 | % | 8.4 | % | |||||||||||
Company C | 9.8 | % | 7.2 | % | 8.8 | % | 9.8 | % | 11.5 | % | |||||||||||
Product Concentration Risk [Member] | |||||||||||||||||||||
Schedule of Customer and Product Concentration Risk | The following table sets forth revenues for the Company’s products that represented greater than 10% of total revenue for the years ended December 31, 2014, 2013 and 2012. | ||||||||||||||||||||
Year Ended | |||||||||||||||||||||
December 31, | |||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||
DEFINITY | 31.8 | % | 27.5 | % | 17.9 | % | |||||||||||||||
TechneLite | 31 | % | 32.5 | % | 39.7 | % | |||||||||||||||
Xenon | 12.1 | % | 11.3 | % | 10.4 | % | |||||||||||||||
Cardiolite | 6.2 | % | 9.2 | % | 12.1 | % |
Financial_Instruments_and_Fair1
Financial Instruments and Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Schedule of the Information about the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis | The tables below present information about the Company’s assets and liabilities that are measured at fair value on a recurring basis as of December 31, 2014 and 2013: | ||||||||||||||||
(in thousands) | Total fair | Quoted | Significant | Significant | |||||||||||||
value at | prices in | other | unobservable | ||||||||||||||
December 31, | active | observable | inputs | ||||||||||||||
2014 | markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market | $ | 1,505 | $ | 1,505 | $ | — | $ | — | |||||||||
Certificates of deposit—restricted | 89 | — | 89 | — | |||||||||||||
$ | 1,594 | $ | 1,505 | $ | 89 | $ | — | ||||||||||
(in thousands) | Total fair | Quoted | Significant | Significant | |||||||||||||
value at | prices in | other | unobservable | ||||||||||||||
December 31, | active | observable | inputs | ||||||||||||||
2013 | markets | inputs | (Level 3) | ||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Money market | $ | 1,236 | $ | 1,236 | $ | — | $ | — | |||||||||
Certificates of deposit—restricted | 322 | — | 322 | — | |||||||||||||
$ | 1,558 | $ | 1,236 | $ | 322 | $ | — | ||||||||||
Schedule of the Information about the Company's Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis | The table below presents information about the Company’s assets and liabilities that are measured at fair value on a nonrecurring basis during the year ended December 31, 2013, due to the remeasurement of assets resulting in impairment charges. | ||||||||||||||||
Year ended December 31, 2013 | Total fair | Quoted | Significant | Significant | |||||||||||||
value | prices in | other | unobservable | ||||||||||||||
(in thousands) | active | observable | inputs | ||||||||||||||
markets | inputs | (Level 3) | |||||||||||||||
(Level 1) | (Level 2) | ||||||||||||||||
Cardiolite trademark | $ | 3,800 | $ | — | $ | — | $ | 3,800 | |||||||||
Customer relationships | — | — | — | — | |||||||||||||
Total | $ | 3,800 | $ | — | $ | — | $ | 3,800 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Components of Income (Loss) Before Income Taxes | The components of income (loss) before income taxes for the years ended December 31 were: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
United States | $ | 4,593 | $ | (58,093 | ) | $ | (43,868 | ) | |||||||||||||||||
International | (4,567 | ) | (2,571 | ) | 1,312 | ||||||||||||||||||||
$ | 26 | $ | (60,664 | ) | $ | (42,556 | ) | ||||||||||||||||||
Schedule of Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes as of December 31 was: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Current | |||||||||||||||||||||||||
Federal | $ | (208 | ) | $ | (782 | ) | $ | (3,508 | ) | ||||||||||||||||
State | 1,285 | 1,712 | 2,763 | ||||||||||||||||||||||
International | 325 | 356 | 618 | ||||||||||||||||||||||
1,402 | 1,286 | (127 | ) | ||||||||||||||||||||||
Deferred | |||||||||||||||||||||||||
Federal | (277 | ) | — | 200 | |||||||||||||||||||||
State | — | — | — | ||||||||||||||||||||||
International | 70 | (272 | ) | (628 | ) | ||||||||||||||||||||
(207 | ) | (272 | ) | (428 | ) | ||||||||||||||||||||
$ | 1,195 | $ | 1,014 | $ | (555 | ) | |||||||||||||||||||
Differences in Provision (Benefit) for Income Taxes from Amount Computed by Applying Statutory U.S. Federal Income Tax Rate to (Loss) Income from Operations Before Income Taxes | The Company’s provision (benefit) for income taxes in the years ended December 31, 2014, 2013 and 2012 was different from the amount computed by applying the statutory U.S. Federal income tax rate to (loss) income from operations before income taxes, as a result of the following: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
U.S. statutory rate | $ | 9 | 35 | % | $ | (21,224 | ) | 35 | % | $ | (14,895 | ) | 35 | % | |||||||||||
Permanent items and foreign tax credits | 149 | 569.4 | % | 292 | (0.5 | )% | (1,200 | ) | 2.8 | % | |||||||||||||||
Uncertain tax positions | 817 | 3,129.40 | % | 809 | (1.3 | )% | 892 | (2.1 | )% | ||||||||||||||||
Research credits | (1,204 | ) | (4,608.8 | )% | (1,346 | ) | 2.2 | % | — | — | |||||||||||||||
State and local taxes | 234 | 895 | % | (1,780 | ) | 3 | % | (1,821 | ) | 4.3 | % | ||||||||||||||
Impact of rate change on deferred taxes | 61 | 233.2 | % | 31 | (0.1 | )% | (974 | ) | 2.3 | % | |||||||||||||||
True-up of prior year tax | 1,065 | 4,083.00 | % | (1,422 | ) | 2.3 | % | (2,345 | ) | 5.5 | % | ||||||||||||||
Foreign tax rate differential | 437 | 1,673.20 | % | 92 | (0.2 | )% | (455 | ) | 1.1 | % | |||||||||||||||
Valuation allowance | 121 | 464.6 | % | 25,674 | (42.3 | )% | 20,243 | (47.6 | )% | ||||||||||||||||
Tax on repatriation | (500 | ) | (1,915.4 | )% | (18 | ) | 0 | % | — | — | |||||||||||||||
Other | 6 | 23.1 | % | (94 | ) | 0.2 | % | — | — | ||||||||||||||||
$ | 1,195 | 4,581.70 | % | $ | 1,014 | (1.7 | )% | $ | (555 | ) | 1.3 | % | |||||||||||||
Components of Deferred Income Tax Assets (Liabilities) | The components of deferred income tax assets (liabilities) at December 31 were: | ||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | |||||||||||||||||||||||
Deferred Tax Assets | |||||||||||||||||||||||||
Federal benefit of state tax liabilities | $ | 10,950 | $ | 11,541 | |||||||||||||||||||||
Reserves, accruals and other | 38,285 | 29,242 | |||||||||||||||||||||||
Capitalized research and development | 26,471 | 30,057 | |||||||||||||||||||||||
Capital loss carryforward | — | 2,309 | |||||||||||||||||||||||
Amortization of intangibles other than goodwill | 36,523 | 52,665 | |||||||||||||||||||||||
Net operating loss carryforwards | 43,202 | 31,405 | |||||||||||||||||||||||
Deferred tax assets | 155,431 | 157,219 | |||||||||||||||||||||||
Deferred Tax Liabilities | |||||||||||||||||||||||||
Reserves, accruals and other | (642 | ) | (500 | ) | |||||||||||||||||||||
Customer relationships | (6,012 | ) | (7,860 | ) | |||||||||||||||||||||
Depreciation | (95 | ) | (360 | ) | |||||||||||||||||||||
Deferred tax liability | (6,749 | ) | (8,720 | ) | |||||||||||||||||||||
Less: Valuation allowance | (148,497 | ) | (148,535 | ) | |||||||||||||||||||||
$ | 185 | $ | (36 | ) | |||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Recorded in the accompanying consolidated balance sheet as: | |||||||||||||||||||||||||
Current deferred tax assets | $ | 256 | $ | 18 | |||||||||||||||||||||
Current deferred tax liabilities | (152 | ) | (57 | ) | |||||||||||||||||||||
Noncurrent deferred tax assets | 328 | 15 | |||||||||||||||||||||||
Noncurrent deferred tax liability | (247 | ) | (12 | ) | |||||||||||||||||||||
Net deferred tax liabilities | $ | 185 | $ | (36 | ) | ||||||||||||||||||||
Schedule of Reconciliation of Uncertain Tax Positions | A reconciliation of the Company’s changes in uncertain tax positions for 2014, 2013 and 2012 is as follows: | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Beginning balance of uncertain tax positions as of January 1, 2012 | $ | 15,378 | |||||||||||||||||||||||
Additions related to current year tax positions | 301 | ||||||||||||||||||||||||
Reductions related to prior year tax positions | — | ||||||||||||||||||||||||
Settlements | (651 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (1,122 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2012 | 13,906 | ||||||||||||||||||||||||
Additions related to current year tax positions | 18 | ||||||||||||||||||||||||
Reductions related to prior year tax positions | — | ||||||||||||||||||||||||
Settlements | (34 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (763 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2013 | 13,127 | ||||||||||||||||||||||||
Additions related to current year tax positions | — | ||||||||||||||||||||||||
Reductions related to prior year tax positions | (8 | ) | |||||||||||||||||||||||
Settlements | (1,434 | ) | |||||||||||||||||||||||
Lapse of statute of limitations | (416 | ) | |||||||||||||||||||||||
Balance of uncertain tax positions as of December 31, 2014 | $ | 11,269 | |||||||||||||||||||||||
Schedule of Reconciliation of Company's Valuation Allowance | The following is a reconciliation of the Company’s valuation allowance for the years ending December 31, 2014, 2013, and 2012. | ||||||||||||||||||||||||
(in thousands) | |||||||||||||||||||||||||
Balance at January 1, 2012 | $ | 102,692 | |||||||||||||||||||||||
Charged to provision for income taxes | 20,243 | ||||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2012 | 122,935 | ||||||||||||||||||||||||
Charged to provision for income taxes | 25,600 | ||||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2013 | 148,535 | ||||||||||||||||||||||||
Charged to provision for income taxes | 121 | ||||||||||||||||||||||||
Foreign currency | (159 | ) | |||||||||||||||||||||||
Deductions | — | ||||||||||||||||||||||||
Balance at December 31, 2014 | $ | 148,497 | |||||||||||||||||||||||
Inventory_Tables
Inventory (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Schedule of Inventory, Classified in Inventory or Other Long-Term Assets | Inventory, classified in inventory or other long-term assets, consisted of the following: | ||||||||
(in thousands) | December 31, | December 31, | |||||||
2014 | 2013 | ||||||||
Raw materials | $ | 6,043 | $ | 7,063 | |||||
Work in process | 1,788 | 5,849 | |||||||
Finished goods | 7,751 | 5,398 | |||||||
Inventory | 15,582 | 18,310 | |||||||
Other long-term assets | 1,156 | 1,687 | |||||||
Total | $ | 16,738 | $ | 19,997 | |||||
Property_Plant_and_Equipment_n1
Property, Plant and Equipment, net (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Property, Plant and Equipment [Abstract] | |||||||||
Schedule of Property, Plant and Equipment, Net | Property, plant and equipment consisted of the following at December 31: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Land | $ | 14,950 | $ | 14,950 | |||||
Buildings | 67,571 | 65,787 | |||||||
Machinery, equipment and fixtures | 65,179 | 65,026 | |||||||
Construction in progress | 9,746 | 8,029 | |||||||
Accumulated depreciation | (61,432 | ) | (56,139 | ) | |||||
Property, plant and equipment, net | $ | 96,014 | $ | 97,653 | |||||
Asset_Retirement_Obligations_T
Asset Retirement Obligations (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Asset Retirement Obligation Disclosure [Abstract] | |||||
Schedule of Reconciliation of Company's Asset Retirement Obligations | The following is a reconciliation of the Company’s asset retirement obligations for the years ended December 31, 2014, 2013 and 2012: | ||||
(in thousands) | |||||
Balance at January 1, 2012 | $ | 4,868 | |||
Capitalization | — | ||||
Net decrease due to changes in estimated future cash flows | (5 | ) | |||
Accretion expense | 553 | ||||
Balance at December 31, 2012 | 5,416 | ||||
Capitalization | — | ||||
Net increase due to changes in estimated future cash flows | 341 | ||||
Accretion expense | 628 | ||||
Balance at December 31, 2013 | 6,385 | ||||
Capitalization | 277 | ||||
Accretion expense | 773 | ||||
Balance at December 31, 2014 | $ | 7,435 | |||
Intangibles_net_Tables
Intangibles, net (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||
Schedule of Intangibles, Net | Intangibles, net consisted of the following: | ||||||||||||||||
December 31, 2014 | |||||||||||||||||
(in thousands) | Cost | Accumulated | Net | Amortization | |||||||||||||
amortization | Method | ||||||||||||||||
Trademarks | $ | 13,540 | $ | 5,116 | $ | 8,424 | Straight-line | ||||||||||
Customer relationships | 105,373 | 88,931 | 16,442 | Accelerated | |||||||||||||
Other patents | 42,780 | 40,455 | 2,325 | Straight-line | |||||||||||||
$ | 161,693 | $ | 134,502 | $ | 27,191 | ||||||||||||
December 31, 2013 | |||||||||||||||||
(in thousands) | Cost | Accumulated | Net | Amortization | |||||||||||||
amortization | Method | ||||||||||||||||
Trademarks | $ | 13,540 | $ | 3,298 | $ | 10,242 | Straight-line | ||||||||||
Customer relationships | 106,298 | 84,476 | 21,822 | Accelerated | |||||||||||||
Other patents | 42,780 | 39,846 | 2,934 | Straight-line | |||||||||||||
$ | 162,618 | $ | 127,620 | $ | 34,998 | ||||||||||||
Schedule of Expected Future Amortization Expense Related to Intangible Assets | Expected future amortization expense related to the intangible assets is as follows (in thousands): | ||||||||||||||||
Years ended December 31, | |||||||||||||||||
2015 | $ | 5,997 | |||||||||||||||
2016 | 5,318 | ||||||||||||||||
2017 | 3,506 | ||||||||||||||||
2018 | 2,780 | ||||||||||||||||
2019 | 1,906 | ||||||||||||||||
2020 and thereafter | 7,684 | ||||||||||||||||
$ | 27,191 | ||||||||||||||||
Schedule of Changes in Gross Carrying Amount of Intangible Assets | Changes in the gross carrying amount of intangible assets for the year ended December 31, 2014 and 2013, were as follows (in thousands): | ||||||||||||||||
(in thousands) | |||||||||||||||||
Balance at December 31, 2012 | $ | 210,170 | |||||||||||||||
Asset impairment | (46,592 | ) | |||||||||||||||
Effect of currency translation | (960 | ) | |||||||||||||||
Balance at December 31, 2013 | 162,618 | ||||||||||||||||
Effect of currency translation | (925 | ) | |||||||||||||||
Balance at December 31, 2014 | $ | 161,693 | |||||||||||||||
Accrued_Expenses_and_Other_Lia1
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Text Block [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses are comprised of the following at December 31: | ||||||||
(in thousands) | 2014 | 2013 | |||||||
Compensation and benefits | $ | 11,198 | $ | 10,209 | |||||
Accrued interest | 4,994 | 4,989 | |||||||
Accrued professional fees | 1,508 | 1,361 | |||||||
Research and development services | 248 | 338 | |||||||
Freight, distribution and operations | 3,069 | 3,432 | |||||||
Accrued loss on firm purchase commitment | — | 1,315 | |||||||
Marketing expense | 978 | 749 | |||||||
Accrued rebates, discounts and chargebacks | 2,164 | 1,739 | |||||||
Other | 420 | 1,360 | |||||||
$ | 24,579 | $ | 25,492 | ||||||
Financing_Arrangements_Tables
Financing Arrangements (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Redemption Prices of Notes Based on Premium Percentage on Principal | |||||
Year | Percentage | ||||
2014 | 104.875 | % | |||
2015 | 102.438 | % | |||
2016 | 100 | % |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||||||||||
Schedule of Assumptions used for Estimating Fair Value of Each Option Award on Date of Grant using Black-Scholes Valuation Model | The Company uses the following Black-Scholes inputs to determine the fair value of new stock option grants. | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||||||||||
Expected volatility | 27 – 35% | 30 – 37% | 36 – 41% | ||||||||||||||||||||||
Expected dividends | — | — | — | ||||||||||||||||||||||
Expected life (in years) | 3.1 – 7.0 | 3.6 – 6.3 | 5.5 – 6.5 | ||||||||||||||||||||||
Risk-free interest rate | 1.1 – 2.0% | 0.5 – 1.7% | 0.7 – 1.4% | ||||||||||||||||||||||
Schedule of Option Activity | A summary of option activity for 2014 is presented below: | ||||||||||||||||||||||||
Time | Performance | Total | Weighted | Weighted | Aggregate | ||||||||||||||||||||
Based | Based | Average | Average | Intrinsic | |||||||||||||||||||||
Exercise | Remaining | Value | |||||||||||||||||||||||
Price | Contractual | ||||||||||||||||||||||||
Term | |||||||||||||||||||||||||
Outstanding at January 1, 2014 | 2,761,037 | 1,097,425 | 3,858,462 | $ | 4.89 | 6.9 | $ | 6,777,000 | |||||||||||||||||
Options granted | 527,153 | 3,696 | 530,849 | 4.64 | |||||||||||||||||||||
Options cancelled | (26,150 | ) | (8,174 | ) | (34,324 | ) | 5.68 | ||||||||||||||||||
Options exercised | (4,500 | ) | (1,737 | ) | (6,237 | ) | 2 | ||||||||||||||||||
Options forfeited and expired | (35,850 | ) | (10,480 | ) | (46,330 | ) | 7.56 | ||||||||||||||||||
Outstanding at December 31, 2014 | 3,221,690 | 1,080,730 | 4,302,420 | $ | 4.83 | 6.4 | $ | 3,979,000 | |||||||||||||||||
Vested and expected to vest at December 31, 2014 | 3,106,583 | 713,091 | 3,819,674 | $ | 4.61 | 6.1 | $ | 3,979,000 | |||||||||||||||||
Exercisable at December 31, 2014 | 1,867,059 | 562,432 | 2,429,491 | $ | 3.66 | 4.6 | $ | 3,979,000 | |||||||||||||||||
Schedule of Stock-Based Compensation Expense Recognized | Stock-based compensation expense for both time based and performance based awards was recognized in the consolidated statements of comprehensive loss as follows: | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||||||||||||||
Cost of goods sold | $ | 135 | $ | 41 | $ | 79 | |||||||||||||||||||
Sales and marketing | 154 | 93 | 111 | ||||||||||||||||||||||
General and administrative | 621 | 429 | 982 | ||||||||||||||||||||||
Research and development | 121 | 15 | 68 | ||||||||||||||||||||||
Total stock-based compensation expense | $ | 1,031 | $ | 578 | $ | 1,240 | |||||||||||||||||||
Other_Income_Expense_Net_Table
Other Income (Expense), Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Other Income and Expenses [Abstract] | |||||||||||||
Schedule of Other Income (Expense), Net | Other income, net consisted of the following: | ||||||||||||
Years Ended December 31, | |||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Foreign currency losses | $ | (279 | ) | $ | (349 | ) | $ | (579 | ) | ||||
Tax indemnification income | 754 | 1,141 | 346 | ||||||||||
Other income | 3 | 369 | 189 | ||||||||||
Total other income (expense), net | $ | 478 | $ | 1,161 | $ | (44 | ) | ||||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Minimum Lease and Purchase Commitments Under Noncancelable Arrangements | Minimum lease and purchase commitments under noncancelable arrangements are as follows (in thousands): | ||||
Years ended December 31, | Operating | ||||
Leases | |||||
2015 | $ | 854 | |||
2016 | 568 | ||||
2017 | 455 | ||||
2018 | 400 | ||||
2019 | 397 | ||||
2020 and thereafter | 1,190 | ||||
$ | 3,864 | ||||
Segment_Information_Tables
Segment Information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Selected Information for Each Business Segment | Selected information for each business segment are as follows (in thousands): | ||||||||||||
(in thousands) | 2014 | 2013 | 2012 | ||||||||||
Revenues | |||||||||||||
U.S. | $ | 258,148 | $ | 234,567 | $ | 229,926 | |||||||
International | 65,080 | 70,033 | 78,094 | ||||||||||
Total revenue, including inter-segment | 323,228 | 304,600 | 308,020 | ||||||||||
Inter-segment revenue | (21,628 | ) | (20,928 | ) | (19,915 | ) | |||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Revenues from external customers | |||||||||||||
U.S. | $ | 236,520 | $ | 213,639 | $ | 210,011 | |||||||
International | 65,080 | 70,033 | 78,094 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Revenues by product | |||||||||||||
DEFINITY | $ | 95,760 | $ | 78,094 | $ | 51,431 | |||||||
TechneLite | 93,588 | 92,195 | 114,249 | ||||||||||
Xenon | 36,549 | 32,125 | 30,075 | ||||||||||
Cardiolite | 18,823 | 26,137 | 34,995 | ||||||||||
Other | 56,880 | 55,121 | 57,355 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Geographical revenue | |||||||||||||
U.S. | $ | 236,520 | $ | 213,639 | $ | 210,011 | |||||||
Canada | 31,363 | 35,502 | 37,017 | ||||||||||
All other | 33,717 | 34,531 | 41,077 | ||||||||||
$ | 301,600 | $ | 283,672 | $ | 288,105 | ||||||||
Operating income/(loss) | |||||||||||||
U.S. | $ | 40,802 | $ | (18,904 | ) | $ | (11,104 | ) | |||||
International | 353 | 703 | 9,820 | ||||||||||
Total operating income (loss), including inter-segment | 41,155 | (18,201 | ) | (1,284 | ) | ||||||||
Inter-segment operating income (loss) | 654 | (813 | ) | 534 | |||||||||
Operating income (loss) | 41,809 | (19,014 | ) | (750 | ) | ||||||||
Interest expense | (42,288 | ) | (42,915 | ) | (42,014 | ) | |||||||
Interest income | 27 | 104 | 252 | ||||||||||
Other income (expense), net | 478 | 1,161 | (44 | ) | |||||||||
Income (loss) before income taxes | $ | 26 | $ | (60,664 | ) | $ | (42,556 | ) | |||||
Depreciation and amortization | |||||||||||||
U.S. | $ | 16,055 | $ | 22,146 | $ | 23,918 | |||||||
International | 2,196 | 3,009 | 3,484 | ||||||||||
$ | 18,251 | $ | 25,155 | $ | 27,402 | ||||||||
Capital expenditures | |||||||||||||
U.S. | $ | 7,811 | $ | 4,903 | $ | 7,353 | |||||||
International | 326 | 107 | 567 | ||||||||||
$ | 8,137 | $ | 5,010 | $ | 7,920 | ||||||||
2014 | 2013 | ||||||||||||
Assets | |||||||||||||
U.S. | $ | 223,492 | $ | 232,973 | |||||||||
International | 24,024 | 26,412 | |||||||||||
$ | 247,516 | $ | 259,385 | ||||||||||
2014 | 2013 | ||||||||||||
Long-lived assets | |||||||||||||
U.S. | $ | 91,346 | $ | 91,683 | |||||||||
International | 4,668 | 5,970 | |||||||||||
$ | 96,014 | $ | 97,653 | ||||||||||
Valuation_and_Qualifying_Accou1
Valuation and Qualifying Accounts (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule of Valuation and Qualifying Accounts | (in thousands) | Balance at | Charge to Costs | Deductions | Balance at End | ||||||||||||
Beginning of | and | From | of Fiscal Year | ||||||||||||||
Fiscal Year | Expenses | Reserves | |||||||||||||||
(Recovery of | |||||||||||||||||
write-offs) | |||||||||||||||||
Year ended December 31, 2014: | |||||||||||||||||
Allowance for doubtful accounts | $ | 290 | $ | 303 | $ | (8 | ) | $ | 585 | ||||||||
Year ended December 31, 2013: | |||||||||||||||||
Allowance for doubtful accounts | $ | 301 | $ | 63 | $ | (74 | ) | $ | 290 | ||||||||
Year ended December 31, 2012: | |||||||||||||||||
Allowance for doubtful accounts | $ | 462 | $ | (117 | ) | $ | (44 | ) | $ | 301 |
Guarantor_Financial_Informatio1
Guarantor Financial Information (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |||||||||||||||||||||||||
Schedule of Consolidating Balance Sheet Information | Consolidating Balance Sheet Information | ||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 12,586 | $ | — | $ | 5,231 | $ | — | $ | 17,817 | |||||||||||||
Accounts receivable, net | — | 32,280 | — | 9,260 | — | 41,540 | |||||||||||||||||||
Intercompany accounts receivable | — | 7,444 | — | — | (7,444 | ) | — | ||||||||||||||||||
Inventory | — | 12,638 | — | 2,944 | — | 15,582 | |||||||||||||||||||
Income tax receivable | — | 178 | — | 69 | — | 247 | |||||||||||||||||||
Deferred tax assets | — | 239 | — | 17 | — | 256 | |||||||||||||||||||
Other current assets | — | 3,544 | — | 195 | — | 3,739 | |||||||||||||||||||
Total current assets | — | 68,909 | — | 17,716 | (7,444 | ) | 79,181 | ||||||||||||||||||
Property, plant and equipment, net | — | 75,811 | 15,535 | 4,668 | — | 96,014 | |||||||||||||||||||
Capitalized software development costs, net | — | 2,421 | — | — | — | 2,421 | |||||||||||||||||||
Intangibles, net | — | 24,891 | — | 2,300 | — | 27,191 | |||||||||||||||||||
Goodwill | — | 15,714 | — | — | — | 15,714 | |||||||||||||||||||
Deferred financing costs | — | 7,349 | — | — | — | 7,349 | |||||||||||||||||||
Deferred tax assets | — | 277 | — | 51 | — | 328 | |||||||||||||||||||
Investment in subsidiaries | (240,969 | ) | 32,511 | — | — | 208,458 | — | ||||||||||||||||||
Intercompany note receivable | — | — | — | 5,626 | (5,626 | ) | — | ||||||||||||||||||
Other long-term assets | — | 19,132 | — | 186 | — | 19,318 | |||||||||||||||||||
Total assets | $ | (240,969 | ) | $ | 247,015 | $ | 15,535 | $ | 30,547 | $ | 195,388 | $ | 247,516 | ||||||||||||
Liabilities and (deficit) equity: | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Line of credit | $ | — | $ | 8,000 | $ | — | $ | — | $ | — | $ | 8,000 | |||||||||||||
Accounts payable | — | 14,027 | — | 1,638 | — | 15,665 | |||||||||||||||||||
Intercompany accounts payable | — | — | — | 7,444 | (7,444 | ) | — | ||||||||||||||||||
Accrued expenses and other liabilities | — | 21,022 | — | 3,557 | — | 24,579 | |||||||||||||||||||
Deferred tax liability | — | — | — | 152 | — | 152 | |||||||||||||||||||
Deferred revenue | — | 132 | — | — | — | 132 | |||||||||||||||||||
Total current liabilities | — | 43,181 | — | 12,791 | (7,444 | ) | 48,528 | ||||||||||||||||||
Asset retirement obligations | — | 7,232 | — | 203 | — | 7,435 | |||||||||||||||||||
Long-term debt, net | — | 399,280 | — | — | — | 399,280 | |||||||||||||||||||
Intercompany note payable | — | 5,626 | — | — | (5,626 | ) | — | ||||||||||||||||||
Deferred tax liability | — | 239 | — | 8 | — | 247 | |||||||||||||||||||
Other long-term liabilities | — | 32,426 | — | 569 | — | 32,995 | |||||||||||||||||||
Total liabilities | — | 487,984 | — | 13,571 | (13,070 | ) | 488,485 | ||||||||||||||||||
(Deficit) equity | (240,969 | ) | (240,969 | ) | 15,535 | 16,976 | 208,458 | (240,969 | ) | ||||||||||||||||
Total liabilities and (deficit) equity | $ | (240,969 | ) | $ | 247,015 | $ | 15,535 | $ | 30,547 | $ | 195,388 | $ | 247,516 | ||||||||||||
Consolidating Balance Sheet Information | |||||||||||||||||||||||||
December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Assets: | |||||||||||||||||||||||||
Current assets | |||||||||||||||||||||||||
Cash and cash equivalents | $ | — | $ | 11,995 | $ | — | $ | 4,674 | $ | — | $ | 16,669 | |||||||||||||
Accounts receivable, net | — | 28,099 | — | 10,811 | — | 38,910 | |||||||||||||||||||
Intercompany accounts receivable | — | 2,671 | — | — | (2,671 | ) | — | ||||||||||||||||||
Inventory | — | 15,414 | — | 2,896 | — | 18,310 | |||||||||||||||||||
Income tax receivable | — | 297 | — | 28 | — | 325 | |||||||||||||||||||
Deferred tax assets | — | — | — | 18 | — | 18 | |||||||||||||||||||
Other current assets | — | 2,906 | — | 181 | — | 3,087 | |||||||||||||||||||
Total current assets | — | 61,382 | — | 18,608 | (2,671 | ) | 77,319 | ||||||||||||||||||
Property, plant and equipment, net | — | 76,068 | 15,615 | 5,970 | — | 97,653 | |||||||||||||||||||
Capitalized software development costs, net | — | 1,468 | — | 2 | — | 1,470 | |||||||||||||||||||
Intangibles, net | — | 31,838 | — | 3,160 | — | 34,998 | |||||||||||||||||||
Goodwill | — | 15,714 | — | — | — | 15,714 | |||||||||||||||||||
Deferred financing costs | — | 9,639 | — | — | — | 9,639 | |||||||||||||||||||
Deferred tax assets | — | — | — | 15 | — | 15 | |||||||||||||||||||
Investment in subsidiaries | (237,088 | ) | 40,289 | — | — | 196,799 | — | ||||||||||||||||||
Intercompany note receivable | — | — | — | 5,396 | (5,396 | ) | — | ||||||||||||||||||
Other long-term assets | — | 22,370 | — | 207 | — | 22,577 | |||||||||||||||||||
Total assets | $ | (237,088 | ) | $ | 258,768 | $ | 15,615 | $ | 33,358 | $ | 188,732 | $ | 259,385 | ||||||||||||
Liabilities and (deficit) equity: | |||||||||||||||||||||||||
Current liabilities | |||||||||||||||||||||||||
Line of Credit | $ | — | $ | 8,000 | $ | — | $ | — | $ | — | $ | 8,000 | |||||||||||||
Accounts payable | — | 16,672 | — | 1,431 | — | 18,103 | |||||||||||||||||||
Intercompany accounts payable | — | — | — | 2,671 | (2,671 | ) | — | ||||||||||||||||||
Accrued expenses and other liabilities | — | 21,409 | — | 4,083 | — | 25,492 | |||||||||||||||||||
Deferred tax liability | — | — | — | 57 | — | 57 | |||||||||||||||||||
Deferred revenue | — | 3,979 | — | — | — | 3,979 | |||||||||||||||||||
Total current liabilities | — | 50,060 | — | 8,242 | (2,671 | ) | 55,631 | ||||||||||||||||||
Asset retirement obligations | — | 6,212 | — | 173 | — | 6,385 | |||||||||||||||||||
Long-term debt, net | — | 399,037 | — | — | — | 399,037 | |||||||||||||||||||
Intercompany note payable | — | 5,396 | — | — | (5,396 | ) | — | ||||||||||||||||||
Deferred tax liability | — | — | — | 12 | — | 12 | |||||||||||||||||||
Other long-term liabilities | — | 35,151 | — | 257 | — | 35,408 | |||||||||||||||||||
Total liabilities | — | 495,856 | — | 8,684 | (8,067 | ) | 496,473 | ||||||||||||||||||
(Deficit) equity | (237,088 | ) | (237,088 | ) | 15,615 | 24,674 | 196,799 | (237,088 | ) | ||||||||||||||||
Total liabilities and (deficit) equity | $ | (237,088 | ) | $ | 258,768 | $ | 15,615 | $ | 33,358 | $ | 188,732 | $ | 259,385 | ||||||||||||
Schedule of Consolidating Comprehensive Loss Information | Consolidating Comprehensive Loss Information | ||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 268,204 | $ | — | $ | 55,024 | $ | (21,628 | ) | $ | 301,600 | ||||||||||||
Cost of goods sold | — | 144,286 | — | 53,423 | (21,628 | ) | 176,081 | ||||||||||||||||||
Gross profit | — | 123,918 | — | 1,601 | — | 125,519 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 31,505 | — | 3,611 | — | 35,116 | |||||||||||||||||||
General and administrative expenses | — | 32,529 | 80 | 2,312 | — | 34,921 | |||||||||||||||||||
Research and development expenses | — | 13,252 | — | 421 | — | 13,673 | |||||||||||||||||||
Operating income (loss) | — | 46,632 | (80 | ) | (4,743 | ) | — | 41,809 | |||||||||||||||||
Interest expense | — | (42,518 | ) | — | — | 230 | (42,288 | ) | |||||||||||||||||
Interest income | — | 1 | — | 256 | (230 | ) | 27 | ||||||||||||||||||
Other income (expense) | — | 558 | — | (80 | ) | — | 478 | ||||||||||||||||||
Equity in earnings (losses) of affiliates | (1,169 | ) | (5,042 | ) | — | — | 6,211 | — | |||||||||||||||||
(Loss) income before income taxes | (1,169 | ) | (369 | ) | (80 | ) | (4,567 | ) | 6,211 | 26 | |||||||||||||||
Provision (benefit) for income taxes | — | 800 | — | 395 | — | 1,195 | |||||||||||||||||||
Net (loss) income | (1,169 | ) | (1,169 | ) | (80 | ) | (4,962 | ) | 6,211 | (1,169 | ) | ||||||||||||||
Foreign currency translation | — | — | — | (1,236 | ) | — | (1,236 | ) | |||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | (1,236 | ) | (1,236 | ) | — | — | 2,472 | — | |||||||||||||||||
Total other comprehensive (loss) income | $ | (2,405 | ) | $ | (2,405 | ) | $ | (80 | ) | $ | (6,198 | ) | $ | 8,683 | $ | (2,405 | ) | ||||||||
Consolidating Comprehensive Loss Information | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 243,079 | $ | — | $ | 61,521 | $ | (20,928 | ) | $ | 283,672 | ||||||||||||
Cost of goods sold | — | 169,334 | — | 57,905 | (20,928 | ) | 206,311 | ||||||||||||||||||
Gross profit | — | 73,745 | — | 3,616 | — | 77,361 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 31,668 | — | 3,559 | — | 35,227 | |||||||||||||||||||
General and administrative expenses | — | 30,785 | 80 | 2,294 | — | 33,159 | |||||||||||||||||||
Research and development expenses | — | 30,138 | — | 321 | — | 30,459 | |||||||||||||||||||
Proceeds from manufacturer | — | (8,876 | ) | — | — | — | (8,876 | ) | |||||||||||||||||
Impairment on land | — | — | 6,406 | — | — | 6,406 | |||||||||||||||||||
Operating loss | — | (9,970 | ) | (6,486 | ) | (2,558 | ) | — | (19,014 | ) | |||||||||||||||
Interest expense | — | (43,011 | ) | — | — | 96 | (42,915 | ) | |||||||||||||||||
Interest income | — | 1 | — | 199 | (96 | ) | 104 | ||||||||||||||||||
Other income (expense) | — | 1,373 | — | (212 | ) | — | 1,161 | ||||||||||||||||||
Equity in earnings (losses) of affiliates | (61,678 | ) | (9,142 | ) | — | — | 70,820 | — | |||||||||||||||||
(Loss) income before income taxes | (61,678 | ) | (60,749 | ) | (6,486 | ) | (2,571 | ) | 70,820 | (60,664 | ) | ||||||||||||||
Provision (benefit) for income taxes | — | 929 | — | 85 | — | 1,014 | |||||||||||||||||||
Net (loss) income | (61,678 | ) | (61,678 | ) | (6,486 | ) | (2,656 | ) | 70,820 | (61,678 | ) | ||||||||||||||
Foreign currency translation | — | — | — | (1,729 | ) | — | (1,729 | ) | |||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | (1,729 | ) | (1,729 | ) | — | — | 3,458 | — | |||||||||||||||||
Total other comprehensive (loss) income | $ | (63,407 | ) | $ | (63,407 | ) | $ | (6,486 | ) | $ | (4,385 | ) | $ | 74,278 | $ | (63,407 | ) | ||||||||
Consolidating Comprehensive Loss Information | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
(in thousands) | Lantheus | LMI | Guarantor | Non- | Eliminations | Total | |||||||||||||||||||
Intermediate | Subsidiary | Guarantor | |||||||||||||||||||||||
Subsidiaries | |||||||||||||||||||||||||
Revenues | $ | — | $ | 241,406 | $ | — | $ | 66,614 | $ | (19,915 | ) | $ | 288,105 | ||||||||||||
Cost of goods sold | — | 171,257 | — | 59,707 | (19,915 | ) | 211,049 | ||||||||||||||||||
Loss on firm purchase commitment | — | 1,859 | — | — | — | 1,859 | |||||||||||||||||||
Total cost of goods sold | — | 173,116 | — | 59,707 | (19,915 | ) | 212,908 | ||||||||||||||||||
Gross profit | — | 68,290 | — | 6,907 | — | 75,197 | |||||||||||||||||||
Operating expenses | |||||||||||||||||||||||||
Sales and marketing expenses | — | 34,220 | — | 3,217 | — | 37,437 | |||||||||||||||||||
General and administrative expenses | — | 30,112 | 80 | 2,328 | — | 32,520 | |||||||||||||||||||
Research and development expenses | — | 40,457 | — | 147 | — | 40,604 | |||||||||||||||||||
Proceeds from manufacturer | — | (34,614 | ) | — | — | — | (34,614 | ) | |||||||||||||||||
Operating income (loss) | — | (1,885 | ) | (80 | ) | 1,215 | — | (750 | ) | ||||||||||||||||
Interest expense | — | (42,014 | ) | — | — | — | (42,014 | ) | |||||||||||||||||
Interest income | — | 1 | — | 251 | — | 252 | |||||||||||||||||||
Other income (expense) | — | 110 | — | (154 | ) | — | (44 | ) | |||||||||||||||||
Equity in earnings (losses) of affiliates | (42,001 | ) | 1,242 | — | — | 40,759 | — | ||||||||||||||||||
(Loss) income before income taxes | (42,001 | ) | (42,546 | ) | (80 | ) | 1,312 | 40,759 | (42,556 | ) | |||||||||||||||
Provision (benefit) for income taxes | — | (545 | ) | — | (10 | ) | — | (555 | ) | ||||||||||||||||
Net (loss) income | (42,001 | ) | (42,001 | ) | (80 | ) | 1,322 | 40,759 | (42,001 | ) | |||||||||||||||
Foreign currency translation | — | 200 | — | 764 | — | 964 | |||||||||||||||||||
Equity in other comprehensive income (loss) of subsidiaries | 964 | 764 | — | — | (1,728 | ) | — | ||||||||||||||||||
Total other comprehensive (loss) income | $ | (41,037 | ) | $ | (41,037 | ) | $ | (80 | ) | $ | 2,086 | $ | 39,031 | $ | (41,037 | ) | |||||||||
Schedule of Condensed Consolidating Cash Flow Information | Condensed Consolidating Cash Flow Information | ||||||||||||||||||||||||
Year Ended December 31, 2014 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | 10,240 | $ | — | $ | 2,833 | $ | (1,500 | ) | $ | 11,573 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (7,811 | ) | — | (326 | ) | — | (8,137 | ) | ||||||||||||||||
Payments from subsidiary | 2,047 | — | — | — | (2,047 | ) | — | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 227 | — | — | — | 227 | |||||||||||||||||||
Redemption of certificate of deposit | — | 228 | — | — | — | 228 | |||||||||||||||||||
Cash used in investing activities | 2,047 | (7,356 | ) | — | (326 | ) | (2,047 | ) | (7,682 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Payments on note payable | — | (71 | ) | — | — | — | (71 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (175 | ) | — | — | — | (175 | ) | |||||||||||||||||
Due from parent | (2,047 | ) | (2,047 | ) | — | — | 2,047 | (2,047 | ) | ||||||||||||||||
Proceeds from line of credit | — | 5,500 | — | — | — | 5,500 | |||||||||||||||||||
Payments on line of credit | — | (5,500 | ) | — | — | — | (5,500 | ) | |||||||||||||||||
Payment of dividend | — | — | — | (1,500 | ) | 1,500 | — | ||||||||||||||||||
Cash provided by (used in) financing activities | (2,047 | ) | (2,293 | ) | — | (1,500 | ) | 3,547 | (2,293 | ) | |||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | (450 | ) | — | (450 | ) | |||||||||||||||||
Increase in cash and cash equivalents | — | 591 | — | 557 | — | 1,148 | |||||||||||||||||||
Cash and cash equivalents, beginning of year | — | 11,995 | — | 4,674 | — | 16,669 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 12,586 | $ | — | $ | 5,231 | $ | — | $ | 17,817 | |||||||||||||
Condensed Consolidating Cash Flow Information | |||||||||||||||||||||||||
Year Ended December 31, 2013 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | (17,273 | ) | $ | — | $ | 3,333 | $ | (1,738 | ) | $ | (15,678 | ) | ||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (4,903 | ) | — | (107 | ) | — | (5,010 | ) | ||||||||||||||||
Proceeds from dividend | — | 5,268 | — | — | (5,268 | ) | — | ||||||||||||||||||
Proceeds from sale of property, plant and equipment | — | 433 | 1,094 | — | — | 1,527 | |||||||||||||||||||
Cash provided by (used in) investing activities | — | 798 | 1,094 | (107 | ) | (5,268 | ) | (3,483 | ) | ||||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Proceeds on line of credit | — | 8,000 | — | — | — | 8,000 | |||||||||||||||||||
Payments on note payable | — | (1,310 | ) | — | — | — | (1,310 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (1,249 | ) | — | — | — | (1,249 | ) | |||||||||||||||||
Due from parent | — | 94 | — | — | — | 94 | |||||||||||||||||||
Intercompany note | — | 5,300 | — | (5,300 | ) | — | — | ||||||||||||||||||
Payment of dividend | — | — | (1,094 | ) | (5,912 | ) | 7,006 | — | |||||||||||||||||
Cash provided by (used in) financing activities | — | 10,835 | (1,094 | ) | (11,212 | ) | 7,006 | 5,535 | |||||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | (1,300 | ) | — | (1,300 | ) | |||||||||||||||||
Decrease in cash and cash equivalents | — | (5,640 | ) | — | (9,286 | ) | — | (14,926 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 17,635 | — | 13,960 | — | 31,595 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 11,995 | $ | — | $ | 4,674 | $ | — | $ | 16,669 | |||||||||||||
Condensed Consolidating Cash Flow Information | |||||||||||||||||||||||||
Year Ended December 31, 2012 | |||||||||||||||||||||||||
Lantheus | LMI | Guarantor | Non-Guarantor | Eliminations | Total | ||||||||||||||||||||
Intermediate | Subsidiary | Subsidiaries | |||||||||||||||||||||||
Cash provided by operating activities | $ | — | $ | 3,829 | $ | — | $ | 4,568 | $ | (7,874 | ) | $ | 523 | ||||||||||||
Cash flows from investing activities | |||||||||||||||||||||||||
Capital expenditures | — | (7,353 | ) | — | (567 | ) | — | (7,920 | ) | ||||||||||||||||
Purchase of certificate of deposit | — | (225 | ) | — | — | — | (225 | ) | |||||||||||||||||
Proceeds from dividend | — | 2,949 | — | — | (2,949 | ) | — | ||||||||||||||||||
Cash provided by (used in) investing activities | — | (4,629 | ) | — | (567 | ) | (2,949 | ) | (8,145 | ) | |||||||||||||||
Cash flows from financing activities | |||||||||||||||||||||||||
Payments on note payable | — | (1,530 | ) | — | — | — | (1,530 | ) | |||||||||||||||||
Payments of deferred financing costs | — | (442 | ) | — | — | — | (442 | ) | |||||||||||||||||
Due from parent | — | (67 | ) | — | — | — | (67 | ) | |||||||||||||||||
Payment of dividend | — | — | — | (10,823 | ) | 10,823 | — | ||||||||||||||||||
Cash used in financing activities | — | (2,039 | ) | — | (10,823 | ) | 10,823 | (2,039 | ) | ||||||||||||||||
Effect of foreign exchange rate on cash | — | — | — | 649 | — | 649 | |||||||||||||||||||
Decrease in cash and cash equivalents | — | (2,839 | ) | — | (6,173 | ) | — | (9,012 | ) | ||||||||||||||||
Cash and cash equivalents, beginning of year | — | 20,474 | — | 20,133 | — | 40,607 | |||||||||||||||||||
Cash and cash equivalents, end of year | $ | — | $ | 17,635 | $ | — | $ | 13,960 | $ | — | $ | 31,595 | |||||||||||||
Description_of_Business_Additi
Description of Business - Additional Information (Detail) | Dec. 31, 2014 |
Item | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of commercial products | 10 |
Number of radiopharmacies distributions | 350 |
Number of radiopharmacies owned | 8 |
Summary_of_Significant_Account3
Summary of Significant Accounting Policies - Basis of Consolidation and Presentation - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Schedule Of Accounting Policies [Line Items] | |||
Net loss | ($1,169,000) | ($61,678,000) | ($42,001,000) |
Accumulated deficit | -239,507,000 | -238,338,000 | |
Principal amount outstanding | 408,000,000 | ||
Senior Notes [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Principal amount outstanding | 400,000,000 | ||
Senior note maturity date | 15-May-17 | ||
Interest payments on senior notes | 39,000,000 | ||
Revolving Line of Credit [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Senior note maturity date | 3-Jul-18 | ||
Amount outstanding | 8,000,000 | ||
Borrowing Base | 50,000,000 | ||
Unfunded standby letter of credit | 8,800,000 | 8,800,000 | |
Available borrowing capacity | $33,200,000 | ||
Cardiolite [Member] | |||
Schedule Of Accounting Policies [Line Items] | |||
Number of manufacturers | 1 |
Summary_of_Significant_Account4
Summary of Significant Accounting Policies - Revenue Recognition - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 1 Months Ended | ||
Dec. 27, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Jun. 30, 2009 | |
Schedule Of Accounting Policies [Line Items] | |||||
Revenue recognized under product unit shipments | $5,600,000 | $12,800,000 | |||
Deferred revenue under product unit shipments | 0 | ||||
Upfront payment | 3,000,000 | ||||
Upfront payment received | 3,000,000 | ||||
Additional payment received | 4,000,000 | ||||
Estimated period to recognize upfront payment as revenue | 2 years | ||||
Deferred Revenue [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Additional payment received | 3,600,000 | 0 | |||
License and Supply Agreement [Member] | |||||
Schedule Of Accounting Policies [Line Items] | |||||
Number of customers with whom entity has entered into agreement | 1 | ||||
License fees received | 10,000,000 | ||||
License fees received upon execution of agreement | 8,000,000 | ||||
License fees received upon delivery of special license | 2,000,000 | ||||
Term of agreement | 4 years | ||||
License fee revenue | $2,500,000 | ||||
Amendment term of agreement | 11 months |
Summary_of_Significant_Account5
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Customer | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Accrual for rebates and allowances | $2,200,000 | $1,700,000 | ||
Rebate and allowance charges against gross revenues | 5,200,000 | 4,800,000 | 2,800,000 | |
Cash and cash equivalents, maturity period | three months or less | |||
Allowances for doubtful accounts | 300,000 | 600,000 | ||
Miscellaneous receivables | 2,000,000 | 1,900,000 | ||
Number of clients accounting for 10% or more of net accounts receivable | 2 | |||
Percentage of total net accounts receivable | 10.00% | |||
Cost of goods sold | 176,081,000 | 206,311,000 | 211,049,000 | |
Capitalized inventories | 0 | 0 | ||
Capitalized software development costs, net of accumulated amortization | 2,421,000 | 1,470,000 | ||
Software development costs capitalized | 1,700,000 | 700,000 | ||
Amortization expense | 700,000 | 1,500,000 | 1,500,000 | |
Unamortized Deferred financing costs | 7,349,000 | 9,639,000 | ||
Expense associated with the amortization of deferred financing costs | 2,500,000 | 2,400,000 | 2,200,000 | |
Write-off of deferred financing costs | 598,000 | |||
Estimated fair value of debt | 384,000,000 | 356,000,000 | ||
Face value of debt | 400,000,000 | 400,000,000 | ||
Shipping and handling costs | 19,400,000 | 20,500,000 | 20,400,000 | |
Advertising and promotion costs | 2,800,000 | 2,700,000 | 3,200,000 | |
Total losses arising from foreign currency transactions | -279,000 | -349,000 | -579,000 | |
Asset retirement obligations | 7,435,000 | 6,385,000 | 5,416,000 | 4,868,000 |
Accrued liabilities associated with employee medical costs | 400,000 | 400,000 | ||
Balance in restricted cash account to fund medical claims | 100,000 | 200,000 | ||
Minimum [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful life | 3 years | |||
Maximum [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Estimated useful life | 5 years | |||
Definity and Cardiolite [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Number of manufacturers | 2 | |||
Neurolite [Member] | ||||
Schedule Of Accounting Policies [Line Items] | ||||
Cost of goods sold | $1,900,000 |
Summary_of_Significant_Account6
Summary of Significant Accounting Policies - Schedule of Customer and Product Concentration Risk (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Company A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 16.50% | 16.70% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Company B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 13.40% | 13.20% | |
Accounts Receivable [Member] | Customer Concentration Risk [Member] | Company C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 9.80% | 7.20% | |
Revenues [Member] | Customer Concentration Risk [Member] | Company A [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 18.00% | 18.80% | 27.40% |
Revenues [Member] | Customer Concentration Risk [Member] | Company B [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 11.10% | 10.20% | 8.40% |
Revenues [Member] | Customer Concentration Risk [Member] | Company C [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 8.80% | 9.80% | 11.50% |
Net Product Revenue [Member] | Product Concentration Risk [Member] | Definity [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 31.80% | 27.50% | 17.90% |
Net Product Revenue [Member] | Product Concentration Risk [Member] | Technelite [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 31.00% | 32.50% | 39.70% |
Net Product Revenue [Member] | Product Concentration Risk [Member] | Xenon [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 12.10% | 11.30% | 10.40% |
Net Product Revenue [Member] | Product Concentration Risk [Member] | Cardiolite [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk (as a percent) | 6.20% | 9.20% | 12.10% |
Summary_of_Significant_Account7
Summary of Significant Accounting Policies - Estimated Useful Lives of Major Classes of Depreciable (Detail) | 12 Months Ended |
Dec. 31, 2014 | |
Buildings [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 50 years |
Furniture and Fixtures [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 15 years |
Minimum [Member] | Land Improvements [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 15 years |
Minimum [Member] | Machinery and Equipment [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 3 years |
Maximum [Member] | Land Improvements [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 40 years |
Maximum [Member] | Machinery and Equipment [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 20 years |
Maximum [Member] | Leasehold Improvements [Member] | |
Depreciation Amortization Impairment [Line Items] | |
Estimated useful lives | 15 years |
Summary_of_Significant_Account8
Summary of Significant Accounting Policies - Goodwill, Intangibles and Long-Lived Assets - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | 3 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | |
Event | ||||||
Method | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Number of methods utilized to derive the fair value of the business | 2 | |||||
Number of events that triggered an interim impairment test | 0 | |||||
Carrying amount | $27,191,000 | |||||
Impairment of intangible assets | 17,175,000 | |||||
Carrying value | 7,400,000 | |||||
Impairment charge on assets held for sale | 6,406,000 | |||||
Property, plant and equipment, net | 96,014,000 | 97,653,000 | 97,653,000 | |||
Impairment of goodwill | 0 | |||||
Land [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Carrying value | 7,500,000 | 7,500,000 | ||||
Net proceeds from sale of land | 1,100,000 | |||||
Land [Member] | U.S. [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Property, plant and equipment, net | 7,500,000 | 7,500,000 | ||||
Land [Member] | Significant Unobservable Inputs (Level 3) [Member] | U.S. [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Carrying value | 7,500,000 | 7,500,000 | ||||
Impairment charge on assets held for sale | 6,400,000 | 6,400,000 | ||||
Fixed Assets Dedicated to R&D Activities [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Property, plant and equipment, net | 4,500,000 | |||||
Cardiolite Trademark [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Estimated useful life | 5 years | |||||
Carrying amount | 19,200,000 | 19,200,000 | ||||
Impairment of intangible assets | 15,400,000 | |||||
Fair value | 3,800,000 | 3,800,000 | ||||
Customer Relationships [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Impairment of intangible assets | 700,000 | 1,000,000 | ||||
Customer Relationships [Member] | Significant Unobservable Inputs (Level 3) [Member] | ||||||
Schedule Of Accounting Policies [Line Items] | ||||||
Impairment of intangible assets | $1,000,000 | $700,000 |
Financial_Instruments_and_Fair2
Financial Instruments and Fair Value Measurements - Schedule of the Information about the Company's Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (Recurring Basis [Member], USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $1,594 | $1,558 |
Money Market [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 1,505 | 1,236 |
Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | 89 | 322 |
Quoted Prices in Active Markets (Level 1) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 1,505 | 1,236 |
Quoted Prices in Active Markets (Level 1) [Member] | Money Market [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents, fair value | 1,505 | 1,236 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 89 | 322 |
Significant Other Observable Inputs (Level 2) [Member] | Certificates of Deposit [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Restricted investments | $89 | $322 |
Financial_Instruments_and_Fair3
Financial Instruments and Fair Value Measurements - Additional Information (Detail) (USD $) | 12 Months Ended | 9 Months Ended | 3 Months Ended | |||||
Dec. 31, 2013 | Sep. 30, 2013 | Mar. 31, 2012 | Dec. 31, 2013 | Sep. 30, 2013 | Dec. 31, 2014 | Dec. 31, 2012 | Dec. 31, 2011 | |
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Restricted investments, current | $200,000 | $200,000 | $100,000 | |||||
Cash and cash equivalents, carrying value | 16,669,000 | 16,669,000 | 17,817,000 | 31,595,000 | 40,607,000 | |||
Impairment charge on assets held for sale | 6,406,000 | |||||||
Fair Value | 7,400,000 | |||||||
Fair value | 27,191,000 | |||||||
Impairment Charge | 17,175,000 | |||||||
Income Based Approach [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Discount rate | 15.00% | 15.00% | ||||||
Customer Relationships [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Impairment Charge | 700,000 | 1,000,000 | ||||||
Cardiolite Trademark [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Fair value | 19,200,000 | 19,200,000 | ||||||
Impairment Charge | 15,400,000 | |||||||
Fair value of intangible assets | 3,800,000 | 3,800,000 | ||||||
Useful life | 5 years | |||||||
Land [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Fair Value | 7,500,000 | 7,500,000 | ||||||
Significant Unobservable Inputs (Level 3) [Member] | Customer Relationships [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Impairment Charge | 700,000 | 1,000,000 | ||||||
Significant Unobservable Inputs (Level 3) [Member] | Customer Relationships [Member] | International [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Fair value | 700,000 | 1,800,000 | 700,000 | 1,800,000 | ||||
Significant Unobservable Inputs (Level 3) [Member] | Cardiolite Trademark [Member] | U.S. [Member] | Income Based Approach [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Fair value | 19,200,000 | 19,200,000 | ||||||
Impairment Charge | 15,400,000 | |||||||
Discount rate | 15.00% | |||||||
Fair value of intangible assets | 3,800,000 | 3,800,000 | ||||||
Royalty rate | 6.00% | |||||||
Useful life | 15 years | |||||||
Significant Unobservable Inputs (Level 3) [Member] | Land [Member] | U.S. [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Impairment charge on assets held for sale | 6,400,000 | 6,400,000 | ||||||
Fair Value | 7,500,000 | 7,500,000 | ||||||
Significant Unobservable Inputs (Level 3) [Member] | Land [Member] | International [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Impairment charge on assets held for sale | 6,400,000 | |||||||
Money Market [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Cash and cash equivalents, carrying value | 1,200,000 | 1,200,000 | 1,500,000 | |||||
Cash-On-Hand [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Cash and cash equivalents, carrying value | 15,500,000 | 15,500,000 | 16,300,000 | |||||
Certificates of Deposit [Member] | ||||||||
Fair Value Asset Measured On Recurring Basis [Line Items] | ||||||||
Restricted investments, current | 200,000 | 200,000 | ||||||
Restricted investments, noncurrent | $100,000 | $100,000 | $100,000 |
Financial_Instruments_and_Fair4
Financial Instruments and Fair Value Measurements - Schedule of the Information about the Company's Assets and Liabilities Measured at Fair Value on a Nonrecurring Basis (Detail) (Fair Value, Measurements, Nonrecurring [Member], USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Intangible Assets, Fair Value | $3,800 |
Cardiolite [Member] | Trademarks [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Intangible Assets, Fair Value | 3,800 |
Significant Unobservable Inputs (Level 3) [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Intangible Assets, Fair Value | 3,800 |
Significant Unobservable Inputs (Level 3) [Member] | Cardiolite [Member] | Trademarks [Member] | |
Fair Value Of Assets And Liabilities Measured On Non Recurring Basis [Line Items] | |
Intangible Assets, Fair Value | $3,800 |
Income_Taxes_Schedule_of_Compo
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
United States | $4,593 | ($58,093) | ($43,868) |
International | -4,567 | -2,571 | 1,312 |
Income (loss) before income taxes | $26 | ($60,664) | ($42,556) |
Income_Taxes_Schedule_of_Provi
Income Taxes - Schedule of Provision (Benefit) for Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||
Federal | ($208) | ($782) | ($3,508) |
State | 1,285 | 1,712 | 2,763 |
International | 325 | 356 | 618 |
Current provision (benefit) for income taxes | 1,402 | 1,286 | -127 |
Deferred | |||
Federal | -277 | 200 | |
State | 0 | 0 | 0 |
International | 70 | -272 | -628 |
Deferred provision (benefit) for income taxes | -207 | -272 | -428 |
Provision (benefit) for income taxes | $1,195 | $1,014 | ($555) |
Income_Taxes_Differences_in_Pr
Income Taxes - Differences in Provision (Benefit) for Income Taxes from Amount Computed by Applying Statutory U.S. Federal Income Tax Rate to (Loss) Income from Operations Before Income Taxes (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
U.S. statutory rate | $9 | ($21,224) | ($14,895) |
Permanent items and foreign tax credits | 149 | 292 | -1,200 |
Uncertain tax positions | 817 | 809 | 892 |
Research credits | -1,204 | -1,346 | |
State and local taxes | 234 | -1,780 | -1,821 |
Impact of rate change on deferred taxes | 61 | 31 | -974 |
True-up of prior year tax | 1,065 | -1,422 | -2,345 |
Foreign tax rate differential | 437 | 92 | -455 |
Valuation allowance | 121 | 25,674 | 20,243 |
Tax on repatriation | -500 | -18 | |
Other | 6 | -94 | |
Provision (benefit) for income taxes | $1,195 | $1,014 | ($555) |
U.S. statutory rate (as a percent) | 35.00% | 35.00% | 35.00% |
Permanent items and foreign tax credits (as a percent) | 569.40% | -0.50% | 2.80% |
Uncertain tax positions (as a percent) | 3129.40% | -1.30% | -2.10% |
Research credits (as a percent) | -4608.80% | 2.20% | |
State and local taxes (as a percent) | 895.00% | 3.00% | 4.30% |
Impact of rate change on deferred taxes (as a percent) | 233.20% | -0.10% | 2.30% |
True-up of prior year tax (as a percent) | 4083.00% | 2.30% | 5.50% |
Foreign tax rate differential (as a percent) | 1673.20% | -0.20% | 1.10% |
Valuation allowance (as a percent) | 464.60% | -42.30% | -47.60% |
Tax on repatriation (as a percent) | -1915.40% | 0.00% | |
Other (as a percent) | 23.10% | 0.20% | |
Provision (benefit) for income taxes (as a percent) | 4581.70% | -1.70% | 1.30% |
Income_Taxes_Components_of_Def
Income Taxes - Components of Deferred Income Tax Assets (Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | ||||
Deferred Tax Assets | ||||
Federal benefit of state tax liabilities | $10,950 | $11,541 | ||
Reserves, accruals and other | 38,285 | 29,242 | ||
Capitalized research and development | 26,471 | 30,057 | ||
Capital loss carryforward | 2,309 | |||
Amortization of intangibles other than goodwill | 36,523 | 52,665 | ||
Net operating loss carryforwards | 43,202 | 31,405 | ||
Deferred tax assets | 155,431 | 157,219 | ||
Deferred Tax Liabilities | ||||
Reserves, accruals and other | -642 | -500 | ||
Customer relationships | -6,012 | -7,860 | ||
Depreciation | -95 | -360 | ||
Deferred tax liability | -6,749 | -8,720 | ||
Less: Valuation allowance | -148,497 | -148,535 | -122,935 | -102,692 |
Net deferred tax liabilities | 185 | -36 | ||
Recorded in the accompanying consolidated balance sheet as: | ||||
Current deferred tax assets | 256 | 18 | ||
Current deferred tax liabilities | -152 | -57 | ||
Noncurrent deferred tax assets | 328 | 15 | ||
Noncurrent deferred tax liability | -247 | -12 | ||
Net deferred tax liabilities | $185 | ($36) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax [Line Items] | ||||
Amount payable for the tax benefit of losses | $85,000 | $85,000 | ||
Total liabilities for tax obligation and associated interest and penalties | 32,300,000 | 34,900,000 | ||
Income tax provisions for uncertain tax benefits | 11,500,000 | 14,100,000 | ||
Interest accruals | 18,600,000 | 18,200,000 | ||
Penalty accruals | 2,200,000 | 2,600,000 | ||
Total noncurrent assets related to indemnification | 17,800,000 | 19,700,000 | ||
Tax provision due to indemnification | 400,000 | 1,900,000 | 2,600,000 | |
Unrecognized Tax Benefits | 11,269,000 | 13,127,000 | 13,906,000 | 15,378,000 |
Uncertain tax position for transfer pricing exposure reflected within other long-term liabilities | 500,000 | |||
Uncertain tax position for transfer pricing exposure reflected within other long-term assets | 200,000 | |||
Unrecognized Tax Benefits, Increase Resulting from Settlements with Taxing Authorities | 200,000 | |||
Income tax returns subject to examination period | 3 years | |||
Amount of unrecognized tax benefits associated with potential state settlements and transfer pricing which may be recognized within the next twelve months due to the closing of the statute of limitation | 200,000 | |||
Period for which domestic pre-tax losses were generated | 2 years | |||
Period over which cumulative loss was incurred | 3 years | |||
Valuation allowance, deferred tax assets | 148,497,000 | 148,535,000 | 122,935,000 | 102,692,000 |
Federal net operating loss carryovers | 114,000,000 | |||
Capital loss | 6,000,000 | |||
Capital loss carryforward term | 5 years | |||
Federal Research Credit [Member] | ||||
Income Tax [Line Items] | ||||
Tax credits | 2,400,000 | |||
Foreign Tax Credits [Member] | ||||
Income Tax [Line Items] | ||||
Tax credits | 4,700,000 | |||
State Research Credit [Member] | ||||
Income Tax [Line Items] | ||||
Tax credits | 2,800,000 | |||
MASSACHUSETTS | Investment Tax Credits [Member] | ||||
Income Tax [Line Items] | ||||
Tax credits | 500,000 | |||
Puerto Rico [Member] | ||||
Income Tax [Line Items] | ||||
Tax rate during tax holiday period (as a percent) | 4.00% | 4.00% | 4.00% | |
Decrease in foreign tax as a result of tax holiday | 100,000 | 300,000 | 300,000 | |
BMS [Member] | ||||
Income Tax [Line Items] | ||||
Tax provision due to indemnification | 1,900,000 | |||
Reduction in tax receivable included in other expense | 1,100,000 | |||
Payments made on behalf of the company to a number of states in connection with prior year state income tax filings | 6,300,000 | 0 | 700,000 | |
Decrease in amount due from BMS included within other long-term assets | $2,900,000 | $700,000 | ||
Minimum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax returns subject to examination period | 3 years | |||
Minimum [Member] | State Research Credit [Member] | ||||
Income Tax [Line Items] | ||||
Tax Credit Carryforward, Expiration Date | 2024 | |||
Maximum [Member] | State and Local Jurisdiction [Member] | ||||
Income Tax [Line Items] | ||||
Income tax returns subject to examination period | 4 years | |||
Maximum [Member] | State Research Credit [Member] | ||||
Income Tax [Line Items] | ||||
Tax Credit Carryforward, Expiration Date | 2029 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Uncertain Tax Positions (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Beginning balance of uncertain tax positions | $13,127 | $13,906 | $15,378 |
Additions related to current year tax positions | 18 | 301 | |
Reductions related to prior year tax positions | -8 | ||
Settlements | -1,434 | -34 | -651 |
Lapse of statute of limitations | -416 | -763 | -1,122 |
Ending balance of uncertain tax positions | $11,269 | $13,127 | $13,906 |
Income_Taxes_Schedule_of_Recon1
Income Taxes - Schedule of Reconciliation of Company's Valuation Allowance (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Reconciliation Deferred Tax Assets Valuation Allowance [Abstract] | |||
Balance at the beginning of the period | $148,535 | $122,935 | $102,692 |
Charged to provision for income taxes | 121 | 25,600 | 20,243 |
Foreign currency | -159 | ||
Deductions | 0 | 0 | 0 |
Balance at the end of the period | $148,497 | $148,535 | $122,935 |
Inventory_Schedule_of_Inventor
Inventory - Schedule of Inventory, Classified in Inventory or Other Long-term Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $6,043 | $7,063 |
Work in process | 1,788 | 5,849 |
Finished goods | 7,751 | 5,398 |
Inventory | 15,582 | 18,310 |
Other long-term assets | 1,156 | 1,687 |
Total | $16,738 | $19,997 |
Inventory_Additional_Informati
Inventory - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2014 | |
Inventory | |||
Non-current raw materials | $1,700,000 | $1,200,000 | |
Inventory on-hand | 18,310,000 | 15,582,000 | |
Inventory included in other long-term assets | 1,687,000 | 1,156,000 | |
Reserve recorded for loss | 1,859,000 | ||
API Agreement [Member] | |||
Inventory | |||
Remaining purchase commitments | 1,800,000 | 0 | |
Reserve recorded for loss | 1,300,000 | ||
Ablavar [Member] | |||
Inventory | |||
Inventory on-hand | 1,500,000 | 900,000 | |
Inventory included in other long-term assets | 500,000 | 0 | |
Inventory write-downs due to product expiration | $1,600,000 |
Property_Plant_and_Equipment_n2
Property, Plant and Equipment, net - Schedule of Property, Plant and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Abstract] | ||
Accumulated depreciation | ($61,432) | ($56,139) |
Property, plant and equipment, net | 96,014 | 97,653 |
Land [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, gross | 14,950 | 14,950 |
Buildings [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, gross | 67,571 | 65,787 |
Machinery, Equipment and Fixtures [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, gross | 65,179 | 65,026 |
Construction in Progress [Member] | ||
Property, Plant and Equipment [Abstract] | ||
Property, plant and equipment, gross | $9,746 | $8,029 |
Property_Plant_and_Equipment_n3
Property, Plant and Equipment, net - Additional Information (Detail) (USD $) | 12 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Sep. 30, 2013 | |
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense | $9,901,000 | $9,336,000 | $9,722,000 | ||||
Property, plant and equipment, net | 96,014,000 | 97,653,000 | 96,014,000 | 97,653,000 | |||
Impairment charge on assets held for sale | 6,406,000 | ||||||
Net book value of assets | 7,400,000 | 7,400,000 | |||||
Research and Development [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Depreciation expense, increase due to decommissioning | 1,200,000 | ||||||
Spare Parts [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, gross | 2,500,000 | 2,500,000 | 2,500,000 | 2,500,000 | |||
Land [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, gross | 14,950,000 | 14,950,000 | 14,950,000 | 14,950,000 | |||
Net proceeds from sale of excess land | 1,100,000 | ||||||
Net book value of assets | 7,500,000 | 7,500,000 | |||||
Land [Member] | U.S. [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Property, plant and equipment, net | 7,500,000 | 7,500,000 | |||||
Land [Member] | U.S. [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment charge on assets held for sale | 6,400,000 | 6,400,000 | |||||
Net book value of assets | 7,500,000 | 7,500,000 | |||||
Land [Member] | International [Member] | Significant Unobservable Inputs (Level 3) [Member] | |||||||
Property, Plant and Equipment [Line Items] | |||||||
Impairment charge on assets held for sale | $6,400,000 |
Asset_Retirement_Obligations_A
Asset Retirement Obligations - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Asset Retirement Obligation Disclosure [Abstract] | ||
Financial assurance in form of surety bond | $28,200,000 | |
Unfunded Standby Letter of Credit | 8,800,000 | |
Asset retirement obligation liabilities expected, present value | 26,000,000 | |
Capitalization | $277,000 | $300,000 |
Asset_Retirement_Obligations_S
Asset Retirement Obligations - Schedule of Reconciliation of Company's Asset Retirement Obligations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Asset Retirement Obligation Disclosure [Abstract] | |||
Balance at the beginning of the period | $6,385 | $5,416 | $4,868 |
Capitalization | 277 | 300 | |
Net increase (decrease) due to changes in estimated future cash flows | 341 | -5 | |
Accretion expense | 773 | 628 | 553 |
Balance at the end of the period | $7,435 | $6,385 | $5,416 |
Intangibles_Net_Schedule_of_In
Intangibles, Net - Schedule of Intangibles, Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | |||
Cost | $161,693 | $162,618 | $210,170 |
Accumulated amortization | 134,502 | 127,620 | |
Net | 27,191 | 34,998 | |
Trademarks [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 13,540 | 13,540 | |
Accumulated amortization | 5,116 | 3,298 | |
Net | 8,424 | 10,242 | |
Amortization Method | Straight-line | Straight-line | |
Customer Relationships [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 105,373 | 106,298 | |
Accumulated amortization | 88,931 | 84,476 | |
Net | 16,442 | 21,822 | |
Amortization Method | Accelerated | Accelerated | |
Other Patents [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Cost | 42,780 | 42,780 | |
Accumulated amortization | 40,455 | 39,846 | |
Net | $2,325 | $2,934 | |
Amortization Method | Straight-line | Straight-line |
Intangibles_Net_Additional_Inf
Intangibles, Net - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Intangible Assets, Net (Excluding Goodwill) [Abstract] | |||
Amortization expense | $7.60 | $14.40 | $16.10 |
Intangibles_Net_Schedule_of_Ex
Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Finite-Lived Intangible Assets, Net, Amortization Expense, Fiscal Year Maturity [Abstract] | |
2015 | $5,997 |
2016 | 5,318 |
2017 | 3,506 |
2018 | 2,780 |
2019 | 1,906 |
2020 and thereafter | 7,684 |
Total | $27,191 |
Intangibles_net_Schedule_of_Ch
Intangibles, net - Schedule of Changes in Gross Carrying Amount of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Intangible Liability Disclosure [Abstract] | ||
Balance at the beginning of the period | $162,618 | $210,170 |
Asset impairment | -46,592 | |
Effect of currency translation | -925 | -960 |
Balance at the end of the period | $161,693 | $162,618 |
Accrued_Expenses_and_Other_Lia2
Accrued Expenses and Other Liabilities - Schedule of Accrued Expenses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Compensation and benefits | $11,198 | $10,209 |
Accrued interest | 4,994 | 4,989 |
Accrued professional fees | 1,508 | 1,361 |
Research and development services | 248 | 338 |
Freight, distribution and operations | 3,069 | 3,432 |
Accrued loss on firm purchase commitment | 1,315 | |
Marketing expense | 978 | 749 |
Accrued rebates, discounts and chargebacks | 2,164 | 1,739 |
Other | 420 | 1,360 |
Accrued expenses | $24,579 | $25,492 |
Accrued_Expenses_and_Other_Lia3
Accrued Expenses and Other Liabilities - Additional Information (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Accrued Expenses and other liabilities | |
Contract loss associated with the portion of the committed purchases | $1,315 |
Ablavar [Member] | |
Accrued Expenses and other liabilities | |
Contract loss associated with the portion of the committed purchases | $1,300 |
Financing_Arrangements_Additio
Financing Arrangements - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended |
Dec. 31, 2013 | Mar. 21, 2011 | Dec. 31, 2014 | Jun. 24, 2014 | |
Debt Instrument [Line Items] | ||||
Notes issued | $400,000,000 | $400,000,000 | ||
Aggregate principal amount outstanding | 408,000,000 | |||
Write-off of existing unamortized deferred financing costs | 598,000 | |||
Restricted Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes issued | 150,000,000 | |||
Issue price of debt instrument as a percentage of principal amount | 101.50% | |||
Notes interest rate (as a percent) | 9.75% | |||
Aggregate principal amount outstanding | 400,000,000 | |||
Notes payment term, description | The Notes bear interest at a rate of 9.750% per year, payable on May 15 and November 15 of each year | |||
Maturity of notes | 17-May-17 | |||
Redemption price of debt instrument as a percentage of principal amount upon change of control | 101.00% | |||
Restricted Senior Notes [Member] | On or After May 15, 2016 [Member] | ||||
Debt Instrument [Line Items] | ||||
Redemption price of debt instrument as a percentage of principal amount | 100.00% | |||
Additional Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Dividend paid | 106,000,000 | |||
Capitalized premium | 2,250,000 | |||
Capitalized consent fee | 3,750,000 | |||
Old Facility [Member] | ||||
Debt Instrument [Line Items] | ||||
Write-off of existing unamortized deferred financing costs | 600,000 | |||
Revolving Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Maturity of notes | 3-Jul-18 | |||
Maximum borrowing capacity | 42,500,000 | |||
Amended maximum borrowing capacity | 50,000,000 | |||
Description of variable rate basis | On June 24, 2014, the Company executed an amendment to the Facility, which (i) increased the committed availability for total borrowings under the Facility from $42.5 million to $50.0 million, (ii) set the interest at LIBOR plus 2.00% or the Reference Rate (as defined in the agreement) plus 1.00%, (iii) set the unused line fee at 0.375%, and (iv) further modified certain definitions. | |||
Unused line of credit fee (as a percent) | 0.38% | |||
Fees and expenses incurred in connection with amendment | 200,000 | |||
Period prior to maturity of senior notes in which credit facility expires | 91 days | |||
Debt instrument maturity description | The Facility expires on the earlier of (i) July 3, 2018, or (ii) if the outstanding Notes are not refinanced in full, the date that is 91 days before the maturity thereof, at which time all outstanding borrowings are due and payable. | |||
Unfunded Standby Letter of Credit outstanding | 8,800,000 | 8,800,000 | ||
Letter of credit, expiration date | 5-Feb-16 | |||
Renewal period of unfunded standby letter of credit | 1 year | |||
Period required to notify in writing the cancellation of automatic renewal of debt instrument | 60 days | |||
Unfunded standby letter of credit payment term | The unfunded Standby Letter of Credit requires an annual fee, payable quarterly, which is set at LIBOR plus a spread of 2.00% | |||
Borrowing Base | 50,000,000 | |||
Amount outstanding | 8,000,000 | |||
Available borrowing capacity | 33,200,000 | |||
Debt instrument covenant, excess availability threshold for more than specified period of time | 5,000,000 | |||
Percentage threshold of borrowing base to be maintained | 15.00% | |||
Amount of excess availability | 3,500,000 | |||
Consolidated fixed charge coverage ratio to be maintained | 1 | |||
Number of consecutive business days considered for determining excess availability | 5 years | |||
Fees and expenses associated with each amendment | 1,100,000 | 200,000 | ||
LIBOR [Member] | Revolving Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.00% | 2.00% | ||
Reference Rate [Member] | Revolving Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.00% | |||
Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Notes issued | 250,000,000 | |||
Notes interest rate (as a percent) | 9.75% | |||
Repayment of debt | 77,900,000 | |||
Number of voting classes under the Indenture | 1 | |||
Holdings [Member] | Restricted Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of subsidiaries that have jointly and severally guaranteed obligation of payments of unsecured notes by the parent entity | 1 | |||
Holdings [Member] | Additional Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repurchase of Series A Preferred Stock | 44,000,000 | |||
Amount of cash payment made to amend the Indenture to modify the restricted payments covenant | 3,750,000 | |||
Holdings [Member] | Senior Notes [Member] | ||||
Debt Instrument [Line Items] | ||||
Repurchase of Series A Preferred Stock | 90,000,000 | |||
Holdings [Member] | Demand Note [Member] | ||||
Debt Instrument [Line Items] | ||||
Repayment of demand note | $75,000,000 |
Financing_Arrangements_Schedul
Financing Arrangements - Schedule of Redemption Prices of Notes Based on Premium Percentage on Principal (Detail) (Restricted Senior Notes [Member]) | 12 Months Ended |
Dec. 31, 2014 | |
Twelve Month Period Beginning May, 15 2014 [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price of debt instrument as a percentage of principal amount | 104.88% |
Twelve Month Period Beginning May 15, 2015 [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price of debt instrument as a percentage of principal amount | 102.44% |
On or After May 15, 2016 [Member] | |
Debt Instrument, Redemption [Line Items] | |
Redemption price of debt instrument as a percentage of principal amount | 100.00% |
Stockholders_Equity_Additional
Stockholder's Equity - Additional Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
Equity [Abstract] | ||
Common stock, shares authorized | 10,000 | 10,000 |
Common stock, par value (in dollars per share) | $0.00 | $0.00 |
Common stock, share outstanding | 1 | 1 |
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 12 Months Ended | 0 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 04, 2013 | Aug. 05, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $1,031,000 | $578,000 | $1,240,000 | ||
Parent Company [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Contractual term | 10 years | ||||
Income tax benefit | 0 | 0 | 0 | ||
Total unrecognized compensation costs | 2,600,000 | ||||
Weighted-average remaining period for recognition of unrecognized compensation costs | 1 year 4 months 24 days | ||||
Parent Company [Member] | Time Based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercised (in shares) | 4,500 | ||||
Parent Company [Member] | Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted average grant-date fair value of options granted | $1.70 | $2.45 | $3.29 | ||
Options exercised (in shares) | 6,237 | 631,518 | |||
Options exercised for cash (in shares) | 6,237 | ||||
Number of shares of common stock issued | 0 | 459,171 | |||
Intrinsic value of option exercised | 25,000 | 3,400,000 | |||
Parent Company [Member] | Performance Based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Options exercised (in shares) | 1,737 | ||||
Total unrecognized compensation costs | 1,000,000 | ||||
Parent Company [Member] | Liability-Based Awards [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $0 | $0 | $0 | ||
Parent Company [Member] | 2008 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Number of further grants to be issued (in shares) | 0 | ||||
Parent Company [Member] | 2013 Plan [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Maximum number of shares that may be issued pursuant to awards | 1,500,000 | 2,700,000 | |||
Minimum [Member] | Parent Company [Member] | Time Based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 4 years | ||||
Maximum [Member] | Parent Company [Member] | Time Based Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Vesting period | 5 years |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of Assumptions used for Estimating Fair Value of Each Option Award on Date of Grant using Black-Scholes Valuation Model (Detail) (Stock Options [Member]) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility, minimum | 27.00% | 30.00% | 36.00% |
Expected volatility, maximum | 35.00% | 37.00% | 41.00% |
Expected dividends | 0.00% | 0.00% | 0.00% |
Risk-free interest rate, minimum | 1.10% | 0.50% | 0.70% |
Risk-free interest rate, maximum | 2.00% | 1.70% | 1.40% |
Minimum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 3 years 1 month 6 days | 3 years 7 months 6 days | 5 years 6 months |
Maximum [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life (in years) | 7 years | 6 years 3 months 18 days | 6 years 6 months |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Option Activity (Detail) (Parent Company [Member], USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, beginning balance | 3,858,462 | |
Options granted | 530,849 | |
Options cancelled | -34,324 | |
Options exercised | -6,237 | -631,518 |
Options forfeited or expired | -46,330 | |
Options Outstanding, ending balance | 4,302,420 | 3,858,462 |
Vested and expected to vest | 3,819,674 | |
Exercisable | 2,429,491 | |
Options Outstanding, beginning balance, Weighted Average Exercise Price | $4.89 | |
Options granted, Weighted Average Exercise Price | $4.64 | |
Options cancelled, Weighted Average Exercise Price | $5.68 | |
Options exercised, Weighted Average Exercise Price | $2 | |
Options forfeited or expired, Weighted Average Exercise Price | $7.56 | |
Options Outstanding, ending balance, Weighted Average Exercise Price | $4.83 | $4.89 |
Vested and expected to vest, Weighted Average Exercise Price | $4.61 | |
Exercisable, Weighted Average Exercise Price | $3.66 | |
Options granted, Weighted Average Remaining Contractual Term | 0 years | |
Options cancelled, Weighted Average Remaining Contractual Term | 0 years | |
Options exercised, Weighted Average Remaining Contractual Term | 0 years | |
Options forfeited or expired, Weighted Average Remaining Contractual Term | 0 years | |
Options Outstanding, Weighted Average Remaining Contractual Term | 6 years 4 months 24 days | 6 years 10 months 24 days |
Vested and expected to vest, Weighted Average Remaining Contractual Term | 6 years 1 month 6 days | |
Exercisable, Weighted Average Remaining Contractual Term | 4 years 7 months 6 days | |
Options granted, Aggregate Intrinsic Value | $0 | |
Options cancelled, Aggregate Intrinsic Value | 0 | |
Options exercised, Aggregate Intrinsic Value | 0 | |
Options forfeited or expired, Aggregate Intrinsic Value | 0 | |
Options Outstanding, Aggregate Intrinsic Value | 3,979,000 | 6,777,000 |
Vested and expected to vest, Aggregate Intrinsic Value | 3,979,000 | |
Exercisable, Aggregate Intrinsic Value | $3,979,000 | |
Time Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, beginning balance | 2,761,037 | |
Options granted | 527,153 | |
Options cancelled | -26,150 | |
Options exercised | -4,500 | |
Options forfeited or expired | -35,850 | |
Options Outstanding, ending balance | 3,221,690 | |
Vested and expected to vest | 3,106,583 | |
Exercisable | 1,867,059 | |
Performance Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Options Outstanding, beginning balance | 1,097,425 | |
Options granted | 3,696 | |
Options cancelled | -8,174 | |
Options exercised | -1,737 | |
Options forfeited or expired | -10,480 | |
Options Outstanding, ending balance | 1,080,730 | |
Vested and expected to vest | 713,091 | |
Exercisable | 562,432 |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $1,031,000 | $578,000 | $1,240,000 |
Cost of Goods Sold [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 135,000 | 41,000 | 79,000 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 154,000 | 93,000 | 111,000 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 621,000 | 429,000 | 982,000 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $121,000 | $15,000 | $68,000 |
Other_Income_Expense_Net_Sched
Other Income (Expense) , Net - Schedule of Other Income (Expense), Net (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Foreign currency losses | ($279) | ($349) | ($579) |
Tax indemnification income | 754 | 1,141 | 346 |
Other income | 3 | 369 | 189 |
Total other income (expense), net | $478 | $1,161 | ($44) |
Commitments_Schedule_of_Minimu
Commitments - Schedule of Minimum Lease and Purchase Commitments Under Noncancelable Arrangements (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Operating Leases, Future Minimum Payments Due, Fiscal Year Maturity [Abstract] | |
2015 | $854 |
2016 | 568 |
2017 | 455 |
2018 | 400 |
2019 | 397 |
2020 and thereafter | 1,190 |
Operating Leases | $3,864 |
Commitments_Additional_Informa
Commitments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Commitments and Contingencies Disclosure [Abstract] | |||
Lease expense | $1,000,000 | $900,000 | $1,000,000 |
Minimum purchase commitments or payments under agreements | $0 |
401k_Plan_Additional_Informati
401(k) Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Compensation and Retirement Disclosure [Abstract] | |||
Expenses recognized for matching contributions | $1.50 | $1.20 | $0.40 |
Legal_Proceedings_Additional_I
Legal Proceedings - Additional Information (Detail) (Claim Against Insurance Carriers to Recover Business Interruption Losses [Member]) | 0 Months Ended |
Dec. 16, 2010 | |
Lawsuits | |
Claim Against Insurance Carriers to Recover Business Interruption Losses [Member] | |
Gain Contingencies [Line Items] | |
Number of suits filed | 1 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | |
Related Party Transaction [Line Items] | ||||
Purchases included in accounts payable and accrued expenses | $15,665,000 | $18,103,000 | ||
INC [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from parent | 0 | 0 | ||
Costs incurred associated with agreement | 0 | 500,000 | 900,000 | |
Agreement term | 5 years | |||
Holdings [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from parent | 3,800,000 | 1,300,000 | 1,200,000 | |
Avista [Member] | Advisory Services and Monitoring Agreement [Member] | ||||
Related Party Transaction [Line Items] | ||||
Annual fee | 1,000,000 | |||
Costs incurred associated with agreement | 1,000,000 | 1,000,000 | 1,000,000 | |
Purchases included in accrued expenses | 10,000 | 30,000 | ||
Agreement term | 7 years | |||
VWR [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expected payment to related party | 500,000 | 300,000 | 300,000 | |
Purchases included in accounts payable and accrued expenses | 21,000 | 1,000 | ||
Marsh [Member] | ||||
Related Party Transaction [Line Items] | ||||
Expected payment to related party | 300,000 | |||
Prepaid expense due to related party | 43,000 | 43,000 | ||
Officer [Member] | ||||
Related Party Transaction [Line Items] | ||||
Due from related party, accounts receivable, net | $100,000 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||
Number of operating segments | 2 | ||
Geographic Concentration Risk [Member] | U.S. [Member] | Revenues [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 78.40% | 75.30% | 72.90% |
Geographic Concentration Risk [Member] | U.S. [Member] | Consolidated Assets [Member] | |||
Segment Reporting Information [Line Items] | |||
Concentration risk percentage | 90.30% | 89.80% |
Segment_Information_Schedule_o
Segment Information - Schedule of Selected Information for Each Business Segment (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues | |||
Revenues | $301,600 | $283,672 | $288,105 |
Revenues | 301,600 | 283,672 | 288,105 |
Revenues | 301,600 | 283,672 | 288,105 |
Revenues | 301,600 | 283,672 | 288,105 |
Operating income/(loss) | |||
Operating income/(loss) | 41,809 | -19,014 | -750 |
Interest expense | -42,288 | -42,915 | -42,014 |
Interest income | 27 | 104 | 252 |
Other income (expense), net | 478 | 1,161 | -44 |
Income (loss) before income taxes | 26 | -60,664 | -42,556 |
Depreciation and amortization | 18,251 | 25,155 | 27,402 |
Capital expenditures | 8,137 | 5,010 | 7,920 |
Assets | |||
Assets | 247,516 | 259,385 | |
Long-lived assets | |||
Long-lived assets | 96,014 | 97,653 | |
U.S. [Member] | |||
Revenues | |||
Revenues | 236,520 | 213,639 | 210,011 |
Revenues | 236,520 | 213,639 | 210,011 |
Revenues | 236,520 | 213,639 | 210,011 |
Revenues | 236,520 | 213,639 | 210,011 |
Operating income/(loss) | |||
Depreciation and amortization | 16,055 | 22,146 | 23,918 |
Capital expenditures | 7,811 | 4,903 | 7,353 |
Assets | |||
Assets | 223,492 | 232,973 | |
Long-lived assets | |||
Long-lived assets | 91,346 | 91,683 | |
International [Member] | |||
Revenues | |||
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Operating income/(loss) | |||
Depreciation and amortization | 2,196 | 3,009 | 3,484 |
Capital expenditures | 326 | 107 | 567 |
Assets | |||
Assets | 24,024 | 26,412 | |
Long-lived assets | |||
Long-lived assets | 4,668 | 5,970 | |
Canada [Member] | |||
Revenues | |||
Revenues | 31,363 | 35,502 | 37,017 |
Revenues | 31,363 | 35,502 | 37,017 |
Revenues | 31,363 | 35,502 | 37,017 |
Revenues | 31,363 | 35,502 | 37,017 |
All Other [Member] | |||
Revenues | |||
Revenues | 33,717 | 34,531 | 41,077 |
Revenues | 33,717 | 34,531 | 41,077 |
Revenues | 33,717 | 34,531 | 41,077 |
Revenues | 33,717 | 34,531 | 41,077 |
Definity [Member] | |||
Revenues | |||
Revenues | 95,760 | 78,094 | 51,431 |
Revenues | 95,760 | 78,094 | 51,431 |
Revenues | 95,760 | 78,094 | 51,431 |
Revenues | 95,760 | 78,094 | 51,431 |
Technelite [Member] | |||
Revenues | |||
Revenues | 93,588 | 92,195 | 114,249 |
Revenues | 93,588 | 92,195 | 114,249 |
Revenues | 93,588 | 92,195 | 114,249 |
Revenues | 93,588 | 92,195 | 114,249 |
Cardiolite [Member] | |||
Revenues | |||
Revenues | 18,823 | 26,137 | 34,995 |
Revenues | 18,823 | 26,137 | 34,995 |
Revenues | 18,823 | 26,137 | 34,995 |
Revenues | 18,823 | 26,137 | 34,995 |
Xenon [Member] | |||
Revenues | |||
Revenues | 36,549 | 32,125 | 30,075 |
Revenues | 36,549 | 32,125 | 30,075 |
Revenues | 36,549 | 32,125 | 30,075 |
Revenues | 36,549 | 32,125 | 30,075 |
Other [Member] | |||
Revenues | |||
Revenues | 56,880 | 55,121 | 57,355 |
Revenues | 56,880 | 55,121 | 57,355 |
Revenues | 56,880 | 55,121 | 57,355 |
Revenues | 56,880 | 55,121 | 57,355 |
Operating Segments [Member] | |||
Revenues | |||
Revenues | 323,228 | 304,600 | 308,020 |
Revenues | 323,228 | 304,600 | 308,020 |
Revenues | 323,228 | 304,600 | 308,020 |
Revenues | 323,228 | 304,600 | 308,020 |
Operating income/(loss) | |||
Operating income/(loss) | 41,155 | -18,201 | -1,284 |
Operating Segments [Member] | U.S. [Member] | |||
Revenues | |||
Revenues | 258,148 | 234,567 | 229,926 |
Revenues | 258,148 | 234,567 | 229,926 |
Revenues | 258,148 | 234,567 | 229,926 |
Revenues | 258,148 | 234,567 | 229,926 |
Operating income/(loss) | |||
Operating income/(loss) | 40,802 | -18,904 | -11,104 |
Operating Segments [Member] | International [Member] | |||
Revenues | |||
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Revenues | 65,080 | 70,033 | 78,094 |
Operating income/(loss) | |||
Operating income/(loss) | 353 | 703 | 9,820 |
Inter-Segment [Member] | |||
Revenues | |||
Revenues | -21,628 | -20,928 | -19,915 |
Revenues | -21,628 | -20,928 | -19,915 |
Revenues | -21,628 | -20,928 | -19,915 |
Revenues | -21,628 | -20,928 | -19,915 |
Operating income/(loss) | |||
Operating income/(loss) | $654 | ($813) | $534 |
Valuation_and_Qualifying_Accou2
Valuation and Qualifying Accounts - Schedule of Valuation and Qualifying Accounts (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Deductions From Reserves | $0 | $0 | $0 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Fiscal Year | 290 | 301 | 462 |
Charge to Costs and Expenses (Recovery of write-offs) | 303 | 63 | -117 |
Deductions From Reserves | -8 | -74 | -44 |
Balance at End of Fiscal Year | $585 | $290 | $301 |
Guarantor_Financial_Informatio2
Guarantor Financial Information - Schedule of Consolidating Balance Sheet Information (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current assets | ||||
Cash and cash equivalents | $17,817,000 | $16,669,000 | $31,595,000 | $40,607,000 |
Accounts receivable, net | 41,540,000 | 38,910,000 | ||
Inventory | 15,582,000 | 18,310,000 | ||
Income tax receivable | 247,000 | 325,000 | ||
Deferred tax assets | 256,000 | 18,000 | ||
Other current assets | 3,739,000 | 3,087,000 | ||
Total current assets | 79,181,000 | 77,319,000 | ||
Property, plant and equipment, net | 96,014,000 | 97,653,000 | ||
Capitalized software development costs, net | 2,421,000 | 1,470,000 | ||
Intangibles, net | 27,191,000 | 34,998,000 | ||
Goodwill | 15,714,000 | 15,714,000 | ||
Deferred financing costs | 7,349,000 | 9,639,000 | ||
Deferred tax assets | 328,000 | 15,000 | ||
Other long-term assets | 19,318,000 | 22,577,000 | ||
Total assets | 247,516,000 | 259,385,000 | ||
Current liabilities | ||||
Line of credit | 8,000,000 | 8,000,000 | ||
Accounts payable | 15,665,000 | 18,103,000 | ||
Accrued expenses and other liabilities | 24,579,000 | 25,492,000 | ||
Deferred tax liability | 152,000 | 57,000 | ||
Deferred revenue | 132,000 | 3,979,000 | ||
Total current liabilities | 48,528,000 | 55,631,000 | ||
Asset retirement obligations | 7,435,000 | 6,385,000 | 5,416,000 | 4,868,000 |
Long-term debt, net | 399,280,000 | 399,037,000 | ||
Deferred tax liability | 247,000 | 12,000 | ||
Other long-term liabilities | 32,995,000 | 35,408,000 | ||
Total liabilities | 488,485,000 | 496,473,000 | ||
(Deficit) equity | -240,969,000 | -237,088,000 | -174,353,000 | -133,203,000 |
Total liabilities and (deficit) equity | 247,516,000 | 259,385,000 | ||
Reportable Entities [Member] | Parent Company [Member] | ||||
Current assets | ||||
Investment in subsidiaries | -240,969,000 | -237,088,000 | ||
Total assets | -240,969,000 | -237,088,000 | ||
Current liabilities | ||||
(Deficit) equity | -240,969,000 | -237,088,000 | ||
Total liabilities and (deficit) equity | -240,969,000 | -237,088,000 | ||
Reportable Entities [Member] | LMI [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 12,586,000 | 11,995,000 | 17,635,000 | 20,474,000 |
Accounts receivable, net | 32,280,000 | 28,099,000 | ||
Intercompany accounts receivable | 7,444,000 | 2,671,000 | ||
Inventory | 12,638,000 | 15,414,000 | ||
Income tax receivable | 178,000 | 297,000 | ||
Deferred tax assets | 239,000 | |||
Other current assets | 3,544,000 | 2,906,000 | ||
Total current assets | 68,909,000 | 61,382,000 | ||
Property, plant and equipment, net | 75,811,000 | 76,068,000 | ||
Capitalized software development costs, net | 2,421,000 | 1,468,000 | ||
Intangibles, net | 24,891,000 | 31,838,000 | ||
Goodwill | 15,714,000 | 15,714,000 | ||
Deferred financing costs | 7,349,000 | 9,639,000 | ||
Deferred tax assets | 277,000 | |||
Investment in subsidiaries | 32,511,000 | 40,289,000 | ||
Other long-term assets | 19,132,000 | 22,370,000 | ||
Total assets | 247,015,000 | 258,768,000 | ||
Current liabilities | ||||
Line of credit | 8,000,000 | 8,000,000 | ||
Accounts payable | 14,027,000 | 16,672,000 | ||
Accrued expenses and other liabilities | 21,022,000 | 21,409,000 | ||
Deferred revenue | 132,000 | 3,979,000 | ||
Total current liabilities | 43,181,000 | 50,060,000 | ||
Asset retirement obligations | 7,232,000 | 6,212,000 | ||
Long-term debt, net | 399,280,000 | 399,037,000 | ||
Intercompany note payable | 5,626,000 | 5,396,000 | ||
Deferred tax liability | 239,000 | |||
Other long-term liabilities | 32,426,000 | 35,151,000 | ||
Total liabilities | 487,984,000 | 495,856,000 | ||
(Deficit) equity | -240,969,000 | -237,088,000 | ||
Total liabilities and (deficit) equity | 247,015,000 | 258,768,000 | ||
Reportable Entities [Member] | Guarantor Subsidiary [Member] | ||||
Current assets | ||||
Property, plant and equipment, net | 15,535,000 | 15,615,000 | ||
Total assets | 15,535,000 | 15,615,000 | ||
Current liabilities | ||||
(Deficit) equity | 15,535,000 | 15,615,000 | ||
Total liabilities and (deficit) equity | 15,535,000 | 15,615,000 | ||
Reportable Entities [Member] | Non-Guarantor Subsidiaries [Member] | ||||
Current assets | ||||
Cash and cash equivalents | 5,231,000 | 4,674,000 | 13,960,000 | 20,133,000 |
Accounts receivable, net | 9,260,000 | 10,811,000 | ||
Inventory | 2,944,000 | 2,896,000 | ||
Income tax receivable | 69,000 | 28,000 | ||
Deferred tax assets | 17,000 | 18,000 | ||
Other current assets | 195,000 | 181,000 | ||
Total current assets | 17,716,000 | 18,608,000 | ||
Property, plant and equipment, net | 4,668,000 | 5,970,000 | ||
Capitalized software development costs, net | 2,000 | |||
Intangibles, net | 2,300,000 | 3,160,000 | ||
Deferred tax assets | 51,000 | 15,000 | ||
Intercompany note receivable | 5,626,000 | 5,396,000 | ||
Other long-term assets | 186,000 | 207,000 | ||
Total assets | 30,547,000 | 33,358,000 | ||
Current liabilities | ||||
Accounts payable | 1,638,000 | 1,431,000 | ||
Intercompany accounts payable | 7,444,000 | 2,671,000 | ||
Accrued expenses and other liabilities | 3,557,000 | 4,083,000 | ||
Deferred tax liability | 152,000 | 57,000 | ||
Total current liabilities | 12,791,000 | 8,242,000 | ||
Asset retirement obligations | 203,000 | 173,000 | ||
Deferred tax liability | 8,000 | 12,000 | ||
Other long-term liabilities | 569,000 | 257,000 | ||
Total liabilities | 13,571,000 | 8,684,000 | ||
(Deficit) equity | 16,976,000 | 24,674,000 | ||
Total liabilities and (deficit) equity | 30,547,000 | 33,358,000 | ||
Eliminations [Member] | ||||
Current assets | ||||
Intercompany accounts receivable | -7,444,000 | -2,671,000 | ||
Total current assets | -7,444,000 | -2,671,000 | ||
Investment in subsidiaries | 208,458,000 | 196,799,000 | ||
Intercompany note receivable | -5,626,000 | -5,396,000 | ||
Total assets | 195,388,000 | 188,732,000 | ||
Current liabilities | ||||
Intercompany accounts payable | -7,444,000 | -2,671,000 | ||
Total current liabilities | -7,444,000 | -2,671,000 | ||
Intercompany note payable | -5,626,000 | -5,396,000 | ||
Total liabilities | -13,070,000 | -8,067,000 | ||
(Deficit) equity | 208,458,000 | 196,799,000 | ||
Total liabilities and (deficit) equity | $195,388,000 | $188,732,000 |
Guarantor_Financial_Informatio3
Guarantor Financial Information - Schedule of Consolidating Comprehensive Loss Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Income Statements, Captions [Line Items] | |||
Revenues | $301,600 | $283,672 | $288,105 |
Cost of goods sold | 176,081 | 206,311 | 211,049 |
Loss on firm purchase commitment | 1,859 | ||
Total cost of goods sold | 176,081 | 206,311 | 212,908 |
Gross profit | 125,519 | 77,361 | 75,197 |
Operating expenses | |||
Sales and marketing expenses | 35,116 | 35,227 | 37,437 |
General and administrative expenses | 34,921 | 33,159 | 32,520 |
Research and development expenses | 13,673 | 30,459 | 40,604 |
Proceeds from manufacturer | -8,876 | -34,614 | |
Impairment of land | 6,406 | ||
Operating income (loss) | 41,809 | -19,014 | -750 |
Interest expense | -42,288 | -42,915 | -42,014 |
Interest income | 27 | 104 | 252 |
Other income (expense) | 478 | 1,161 | -44 |
Income (loss) before income taxes | 26 | -60,664 | -42,556 |
Provision (benefit) for income taxes | 1,195 | 1,014 | -555 |
Net (loss) income | -1,169 | -61,678 | -42,001 |
Foreign currency translation | -1,236 | -1,729 | 964 |
Total comprehensive loss | -2,405 | -63,407 | -41,037 |
Reportable Entities [Member] | Parent Company [Member] | |||
Operating expenses | |||
Equity in earnings (losses) of affiliates | -1,169 | -61,678 | -42,001 |
Income (loss) before income taxes | -1,169 | -61,678 | -42,001 |
Net (loss) income | -1,169 | -61,678 | -42,001 |
Equity in other comprehensive income (loss) of subsidiaries | -1,236 | -1,729 | 964 |
Total comprehensive loss | -2,405 | -63,407 | -41,037 |
Reportable Entities [Member] | LMI [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 268,204 | 243,079 | 241,406 |
Cost of goods sold | 144,286 | 169,334 | 171,257 |
Loss on firm purchase commitment | 1,859 | ||
Total cost of goods sold | 173,116 | ||
Gross profit | 123,918 | 73,745 | 68,290 |
Operating expenses | |||
Sales and marketing expenses | 31,505 | 31,668 | 34,220 |
General and administrative expenses | 32,529 | 30,785 | 30,112 |
Research and development expenses | 13,252 | 30,138 | 40,457 |
Proceeds from manufacturer | -8,876 | -34,614 | |
Operating income (loss) | 46,632 | -9,970 | -1,885 |
Interest expense | -42,518 | -43,011 | -42,014 |
Interest income | 1 | 1 | 1 |
Other income (expense) | 558 | 1,373 | 110 |
Equity in earnings (losses) of affiliates | -5,042 | -9,142 | 1,242 |
Income (loss) before income taxes | -369 | -60,749 | -42,546 |
Provision (benefit) for income taxes | 800 | 929 | -545 |
Net (loss) income | -1,169 | -61,678 | -42,001 |
Foreign currency translation | 200 | ||
Equity in other comprehensive income (loss) of subsidiaries | -1,236 | -1,729 | 764 |
Total comprehensive loss | -2,405 | -63,407 | -41,037 |
Reportable Entities [Member] | Guarantor Subsidiary [Member] | |||
Operating expenses | |||
General and administrative expenses | 80 | 80 | 80 |
Impairment of land | 6,406 | ||
Operating income (loss) | -80 | -6,486 | -80 |
Income (loss) before income taxes | -80 | -6,486 | -80 |
Net (loss) income | -80 | -6,486 | -80 |
Total comprehensive loss | -80 | -6,486 | -80 |
Reportable Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | 55,024 | 61,521 | 66,614 |
Cost of goods sold | 53,423 | 57,905 | 59,707 |
Total cost of goods sold | 59,707 | ||
Gross profit | 1,601 | 3,616 | 6,907 |
Operating expenses | |||
Sales and marketing expenses | 3,611 | 3,559 | 3,217 |
General and administrative expenses | 2,312 | 2,294 | 2,328 |
Research and development expenses | 421 | 321 | 147 |
Operating income (loss) | -4,743 | -2,558 | 1,215 |
Interest income | 256 | 199 | 251 |
Other income (expense) | -80 | -212 | -154 |
Income (loss) before income taxes | -4,567 | -2,571 | 1,312 |
Provision (benefit) for income taxes | 395 | 85 | -10 |
Net (loss) income | -4,962 | -2,656 | 1,322 |
Foreign currency translation | -1,236 | -1,729 | 764 |
Total comprehensive loss | -6,198 | -4,385 | 2,086 |
Eliminations [Member] | |||
Condensed Income Statements, Captions [Line Items] | |||
Revenues | -21,628 | -20,928 | -19,915 |
Cost of goods sold | -21,628 | -20,928 | -19,915 |
Total cost of goods sold | -19,915 | ||
Operating expenses | |||
Interest expense | 230 | 96 | |
Interest income | -230 | -96 | |
Equity in earnings (losses) of affiliates | 6,211 | 70,820 | 40,759 |
Income (loss) before income taxes | 6,211 | 70,820 | 40,759 |
Net (loss) income | 6,211 | 70,820 | 40,759 |
Equity in other comprehensive income (loss) of subsidiaries | 2,472 | 3,458 | -1,728 |
Total comprehensive loss | $8,683 | $74,278 | $39,031 |
Guarantor_Financial_Informatio4
Guarantor Financial Information - Schedule of Condensed Consolidating Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operating activities | $11,573 | ($15,678) | $523 |
Cash flows from investing activities | |||
Capital expenditures | -8,137 | -5,010 | -7,920 |
Redemption (purchase) of certificate of deposit | 228 | -225 | |
Proceeds from sale of property, plant and equipment | 227 | 1,527 | |
Cash used in investing activities | -7,682 | -3,483 | -8,145 |
Cash flows from financing activities | |||
Payments on note payable | -71 | -1,310 | -1,530 |
Payments of deferred financing costs | -175 | -1,249 | -442 |
Due from parent | -2,047 | 94 | -67 |
Proceeds from line of credit | 5,500 | 8,000 | |
Payments on line of credit | -5,500 | ||
Cash (used in) provided by financing activities | -2,293 | 5,535 | -2,039 |
Effect of foreign exchange rate on cash | -450 | -1,300 | 649 |
Decrease in cash and cash equivalents | 1,148 | -14,926 | -9,012 |
Cash and cash equivalents, beginning of year | 16,669 | 31,595 | 40,607 |
Cash and cash equivalents, end of year | 17,817 | 16,669 | 31,595 |
Reportable Entities [Member] | Parent Company [Member] | |||
Cash flows from investing activities | |||
Payments from subsidiary | 2,047 | ||
Cash used in investing activities | 2,047 | ||
Cash flows from financing activities | |||
Due from parent | -2,047 | ||
Cash (used in) provided by financing activities | -2,047 | ||
Reportable Entities [Member] | LMI [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operating activities | 10,240 | -17,273 | 3,829 |
Cash flows from investing activities | |||
Capital expenditures | -7,811 | -4,903 | -7,353 |
Redemption (purchase) of certificate of deposit | 228 | -225 | |
Proceeds from sale of property, plant and equipment | 227 | 433 | |
Proceeds from dividend | 5,268 | 2,949 | |
Cash used in investing activities | -7,356 | 798 | -4,629 |
Cash flows from financing activities | |||
Payments on note payable | -71 | -1,310 | -1,530 |
Payments of deferred financing costs | -175 | -1,249 | -442 |
Due from parent | -2,047 | 94 | -67 |
Proceeds from line of credit | 5,500 | 8,000 | |
Payments on line of credit | -5,500 | ||
Intercompany note | 5,300 | ||
Cash (used in) provided by financing activities | -2,293 | 10,835 | -2,039 |
Decrease in cash and cash equivalents | 591 | -5,640 | -2,839 |
Cash and cash equivalents, beginning of year | 11,995 | 17,635 | 20,474 |
Cash and cash equivalents, end of year | 12,586 | 11,995 | 17,635 |
Reportable Entities [Member] | Guarantor Subsidiary [Member] | |||
Cash flows from investing activities | |||
Proceeds from sale of property, plant and equipment | 1,094 | ||
Cash used in investing activities | 1,094 | ||
Cash flows from financing activities | |||
Payment of dividend | -1,094 | ||
Cash (used in) provided by financing activities | -1,094 | ||
Reportable Entities [Member] | Non-Guarantor Subsidiaries [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operating activities | 2,833 | 3,333 | 4,568 |
Cash flows from investing activities | |||
Capital expenditures | -326 | -107 | -567 |
Cash used in investing activities | -326 | -107 | -567 |
Cash flows from financing activities | |||
Intercompany note | -5,300 | ||
Payment of dividend | -1,500 | -5,912 | -10,823 |
Cash (used in) provided by financing activities | -1,500 | -11,212 | -10,823 |
Effect of foreign exchange rate on cash | -450 | -1,300 | 649 |
Decrease in cash and cash equivalents | 557 | -9,286 | -6,173 |
Cash and cash equivalents, beginning of year | 4,674 | 13,960 | 20,133 |
Cash and cash equivalents, end of year | 5,231 | 4,674 | 13,960 |
Eliminations [Member] | |||
Condensed Cash Flow Statements, Captions [Line Items] | |||
Cash provided by operating activities | -1,500 | -1,738 | -7,874 |
Cash flows from investing activities | |||
Payments from subsidiary | -2,047 | ||
Proceeds from dividend | -5,268 | -2,949 | |
Cash used in investing activities | -2,047 | -5,268 | -2,949 |
Cash flows from financing activities | |||
Due from parent | 2,047 | ||
Payment of dividend | 1,500 | 7,006 | 10,823 |
Cash (used in) provided by financing activities | $3,547 | $7,006 | $10,823 |