QuidelOrtho 10-Q 9 Aug 19 2019 Q2 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	6 Months Ended
	Jun. 30, 2019	Jul. 31, 2019
Document And Entity Information [Abstract]
Document Type	10-Q
Document Quarterly Report	true
Document Period End Date	Jun. 30, 2019
Document Transition Report	false
Entity File Number	0-10961
Entity Incorporation, State or Country Code	DE
Entity Tax Identification Number	94-2573850
Entity Address, Address Line One	12544 High Bluff Drive
Entity Address, Address Line Two	Suite 200
Entity Address, City or Town	San Diego
Entity Address, State or Province	CA
Entity Address, Postal Zip Code	92130
City Area Code	858
Local Phone Number	552-1100
Title of 12(b) Security	Common Stock, $0.001 Par Value
Entity Name	QDEL
Security Exchange Name	NASDAQ
Entity Current Reporting Status	Yes
Entity Interactive Data Current	Yes
Entity Filer Category	Large Accelerated Filer
Entity Small Business	false
Entity Emerging Growth Company	false
Entity Shell Company	false
Entity Common Stock, Shares Outstanding		41,441,467
Entity Registrant Name	QUIDEL CORP /DE/
Entity Central Index Key	0000353569
Current Fiscal Year End Date	--12-31
Document Fiscal Year Focus	2019
Document Fiscal Period Focus	Q2
Amendment Flag	false

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Current assets:
Cash and cash equivalents	$ 28,554	$ 43,695
Accounts receivable, net	44,643	58,677
Inventories	64,622	67,379
Prepaid expenses and other current assets	19,693	23,646
Total current assets	157,512	193,397
Property, plant and equipment, net	76,909	73,901
Right-of-use assets	84,368	0
Goodwill	337,021	337,021
Intangible assets, net	161,137	175,029
Deferred tax asset—non-current	22,675	22,192
Other non-current assets	6,559	4,831
Total assets	846,181	806,371
Current liabilities:
Accounts payable	24,837	25,171
Accrued payroll and related expenses	13,917	19,210
Current portion of operating lease liabilities	5,474	0
Current portion of contingent consideration	5,759	3,983
Current portion of deferred consideration	42,000	44,000
Convertible Senior Notes	12,431	54,379
Other current liabilities	7,694	12,992
Total current liabilities	112,112	159,735
Operating lease liabilities	82,386	0
Revolving Credit Facility	18,188	53,188
Deferred consideration - non-current	105,662	143,158
Contingent consideration - non-current	9,948	15,129
Other non-current liabilities	7,922	9,577
Commitments and contingencies
Stockholders’ equity:
Preferred stock, $.001 par value per share; 5,000 shares authorized; none issued or outstanding at June 30, 2019 and December 31, 2018	0	0
Common stock, $.001 par value per share; 97,500 shares authorized; 41,418 and 39,386 shares issued and outstanding at June 30, 2019 and December 31, 2018, respectively	41	39
Additional paid-in capital	421,996	363,921
Accumulated other comprehensive income (loss)	49	(139)
Retained earnings	87,877	61,763
Total stockholders’ equity	509,963	425,584
Total liabilities and stockholders’ equity	$ 846,181	$ 806,371

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - $ / shares	Jun. 30, 2019	Dec. 31, 2018
Statement of Financial Position [Abstract]
Preferred stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Preferred stock, shares authorized (in shares)	5,000,000	5,000,000
Preferred stock, shares issued (in shares)	0	0
Preferred stock, shares outstanding (in shares)	0	0
Common stock, par value per share (in dollars per share)	$ 0.001	$ 0.001
Common stock, shares authorized (in shares)	97,500,000	97,500,000
Common stock, shares issued (in shares)	41,418,000	39,386,000
Common stock, shares outstanding (in shares)	41,418,000	39,386,000

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Statement [Abstract]
Total revenues	$ 108,252	$ 103,155	$ 256,220	$ 272,298
Cost of sales	49,073	45,487	106,114	108,359
Gross profit	59,179	57,668	150,106	163,939
Research and development	11,723	13,284	25,653	25,905
Sales and marketing	26,926	27,545	56,515	56,103
General and administrative	12,876	11,500	26,307	22,032
Acquisition and integration costs	1,836	4,935	4,660	8,402
Total operating expenses	53,361	57,264	113,135	112,442
Operating income	5,818	404	36,971	51,497
Interest expense, net	(4,505)	(6,839)	(9,087)	(14,689)
Loss on extinguishment of debt	(748)	(2,398)	(748)	(6,965)
Total other expense, net	(5,253)	(9,237)	(9,835)	(21,654)
Income (loss) before income taxes	565	(8,833)	27,136	29,843
(Benefit) provision for income taxes	(705)	(5,757)	1,022	(1,039)
Net income (loss)	$ 1,270	$ (3,076)	$ 26,114	$ 30,882
Basic (loss) earnings per share (in USD per share)	$ 0.03	$ (0.08)	$ 0.65	$ 0.84
Diluted (loss) earnings per share (in USD per share)	$ 0.03	$ (0.08)	$ 0.65	$ 0.81
Shares used in basic per share calculation (in shares)	40,209	37,925	39,957	36,586
Shares used in diluted per share calculation (in shares)	41,429	37,925	42,315	42,255

Consolidated Statements of Comp

Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Statement of Comprehensive Income [Abstract]
Net income (loss)	$ 1,270	$ (3,076)	$ 26,114	$ 30,882
Other comprehensive (loss) income
Changes in cumulative translation adjustment, net of tax	94	(14)	(154)	6
Net unrealized gains on derivative instruments	164	0	454	0
Reclassification of net realized gains on derivative instruments included in net income (loss)	(112)	0	(112)	0
Total change in unrealized gains (losses) realized from cash flow hedges, net of tax	52	0	342	0
Comprehensive income (loss)	$ 1,416	$ (3,090)	$ 26,302	$ 30,888

Consolidated Statements of Stoc

Consolidated Statements of Stockholders' Equity Statement - USD ($) shares in Thousands, $ in Thousands	Total	Common Stock	Additional paid-in capital	Accumulated other comprehensive (loss) income	Retained earnings
Balance (in shares) at Dec. 31, 2017		34,540
Balance at Dec. 31, 2017	$ 227,104	$ 35	$ 239,489	$ 0	$ (12,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		516
Issuance of common stock under equity compensation and benefit plans	5,652		5,652
Stock-based compensation expense	2,936		2,936
Debt conversion, shares issued (in shares)		2,428
Issuance of shares in exchange for Convertible Senior Notes	118,075	$ 2	118,073
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments	(53,867)		(53,867)
Repurchases of common stock (in shares)		(73)
Repurchases of common stock	(3,232)		(3,232)
Changes in cumulative translation adjustment, net of tax	20			20
Net income (loss)	33,958				33,958
Balance (in shares) at Mar. 31, 2018		37,411
Balance at Mar. 31, 2018	330,646	$ 37	309,051	20	21,538
Balance (in shares) at Dec. 31, 2017		34,540
Balance at Dec. 31, 2017	227,104	$ 35	239,489	0	(12,420)
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in cumulative translation adjustment, net of tax	6
Net income (loss)	30,882
Balance (in shares) at Jun. 30, 2018		39,001
Balance at Jun. 30, 2018	368,908	$ 39	350,401	6	18,462
Balance (in shares) at Mar. 31, 2018		37,411
Balance at Mar. 31, 2018	330,646	$ 37	309,051	20	21,538
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		326
Issuance of common stock under equity compensation and benefit plans	3,898		3,898
Stock-based compensation expense	2,579		2,579
Debt conversion, shares issued (in shares)		1,270
Issuance of shares in exchange for Convertible Senior Notes	82,110	$ 2	82,108
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments	(46,860)		(46,860)
Repurchases of common stock (in shares)		(6)
Repurchases of common stock	(375)		(375)
Changes in cumulative translation adjustment, net of tax	(14)			(14)
Net income (loss)	(3,076)				(3,076)
Balance (in shares) at Jun. 30, 2018		39,001
Balance at Jun. 30, 2018	368,908	$ 39	350,401	6	18,462
Balance (in shares) at Dec. 31, 2018		39,386
Balance at Dec. 31, 2018	425,584	$ 39	363,921	(139)	61,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		444
Issuance of common stock under equity compensation and benefit plans	8,817	$ 1	8,816
Stock-based compensation expense	2,887		2,887
Repurchases of common stock (in shares)		(24)
Repurchases of common stock	(1,476)		(1,476)
Other comprehensive gain (loss), net of tax	42			42
Net income (loss)	24,844				24,844
Balance (in shares) at Mar. 31, 2019		39,806
Balance at Mar. 31, 2019	460,698	$ 40	374,148	(97)	86,607
Balance (in shares) at Dec. 31, 2018		39,386
Balance at Dec. 31, 2018	425,584	$ 39	363,921	(139)	61,763
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Changes in cumulative translation adjustment, net of tax	(154)
Net income (loss)	26,114
Balance (in shares) at Jun. 30, 2019		41,418
Balance at Jun. 30, 2019	509,963	$ 41	421,996	49	87,877
Balance (in shares) at Mar. 31, 2019		39,806
Balance at Mar. 31, 2019	460,698	$ 40	374,148	(97)	86,607
Increase (Decrease) in Stockholders' Equity [Roll Forward]
Issuance of common stock under equity compensation plans (in shares)		122
Issuance of common stock under equity compensation and benefit plans	1,433		1,433
Stock-based compensation expense	3,309		3,309
Debt conversion, shares issued (in shares)		1,497
Issuance of shares in exchange for Convertible Senior Notes	86,428	$ 1	86,427
Adjustments to Additional Paid in Capital, Equity Component of Convertible Debt, Subsequent Adjustments	(43,516)		(43,516)
Tax impact from the conversion of Convertible Senior Notes	590		590
Repurchases of common stock (in shares)		(7)
Repurchases of common stock	(395)		(395)
Other comprehensive gain (loss), net of tax	146			146
Changes in cumulative translation adjustment, net of tax	94
Net income (loss)	1,270
Balance (in shares) at Jun. 30, 2019		41,418
Balance at Jun. 30, 2019	$ 509,963	$ 41	$ 421,996	$ 49	$ 87,877

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
OPERATING ACTIVITIES:
Net income	$ 26,114	$ 30,882
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation, amortization and other	24,458
Stock-based compensation expense	6,960	6,415
Amortization of debt discount and deferred issuance costs	1,151	2,714
Change in fair value of acquisition contingencies	626	745
Accretion of interest on deferred consideration	4,504	5,401
Amortization of inventory step-up to fair value	0	3,650
Loss on extinguishment of debt	748	6,965
Changes in assets and liabilities:
Accounts receivable	13,997	22,342
Inventories	2,704	3,710
Prepaid expenses and other current and non-current assets	2,139	(12,816)
Accounts payable	(808)	(5,070)
Accrued payroll and related expenses	(4,037)	(1,505)
Other current and non-current liabilities	(5,125)	(590)
Net cash provided by operating activities:	73,431	62,843
INVESTING ACTIVITIES:
Acquisitions of property and equipment	(11,784)	(13,577)
Proceeds from sale of Summers Ridge Property	0	146,644
Net cash (used for) provided by investing activities:	(11,784)	133,067
FINANCING ACTIVITIES:
Proceeds from issuance of common stock	8,233	9,549
Payments on Revolving Credit Facility	(157)	(60)
Payments on finance lease obligation	(35,000)	(10,000)
Repurchases of common stock	(1,871)	(3,607)
Payments of acquisition contingent consideration	(4,031)	(3,017)
Payments of deferred consideration	(44,000)	(46,000)
Payments of Term Loan	0	(161,813)
Transaction costs related to debt exchange	0	(2,002)
Net cash used for financing activities:	(76,826)	(216,950)
Effect of exchange rates on cash	38	10
Net (decrease) increase in cash and cash equivalents	(15,141)	(21,030)
Cash and cash equivalents, beginning of period	43,695	36,086
Cash and cash equivalents, end of period	28,554	15,056
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING TRANSACTIONS:
Purchase of property and equipment by incurring current liabilities	1,351	1,752
Reduction of other current liabilities upon issuance of restricted share units	2,018	0
Extinguishment of Convertible Senior Notes through issuance of common stock	$ 86,428	$ 200,185

Summary of Significant Accounti

Summary of Significant Accounting Policies	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Summary of Significant Accounting Policies	Summary of Significant Accounting Policies Basis of Presentation The accompanying unaudited consolidated financial statements of Quidel Corporation and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at June 30, 2019 , and for the three and six months ended June 30, 2019 and 2018 , is unaudited. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s 2018 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. For 2019 and 2018 , the Company’s fiscal year will end or has ended on December 29, 2019 and December 30, 2018 , respectively. For 2019 and 2018 , the Company’s second quarter ended on June 30, 2019 and July 1, 2018 , respectively. For ease of reference, the calendar quarter end dates are used herein. The three and six -month periods ended June 30, 2019 and 2018 each included 13 and 26 weeks, respectively. Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2016-02 and ASU 2018-11 (collectively, “ASC 842”) require a lessee to recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset representing the right to use the underlying asset for the lease term on the balance sheet. Deferred rent, previously recorded in other current liabilities and other non-current liabilities, is derecognized. The Company adopted ASC 842 as of January 1, 2019 using the alternative transition method to apply the guidance. The Company elected the package of practical expedients which, among other things, allows the Company to carry forward its historical lease classifications. The following table presents the effect of the change in accounting principle on the Company’s Consolidated Balance Sheets as of January 1, 2019: Consolidated Balance Sheet (in thousands) January 1, Effect of Change in Accounting Principle After change in Accounting Principle ASSETS Operating lease right-of-use asset $ — $ 87,086 $ 87,086 Total assets $ 806,371 $ 87,086 $ 893,457 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of operating lease liability $ — $ 5,290 $ 5,290 Other current liabilities 12,992 (448 ) 12,544 Total current liabilities 159,735 4,842 164,577 Operating lease liability — 84,866 84,866 Other non-current liabilities 9,577 (2,622 ) 6,955 Total liabilities and stockholders’ equity $ 806,371 $ 87,086 $ 893,457 In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASU 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment . Under this new guidance, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company adopted the guidance during the first quarter of 2019 with no impact to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The standard is effective for the Company beginning in the first quarter of 2020, with early adoption permitted. We are currently evaluating the expected impact of ASU 2016-13 on our consolidated financial statements. Significant Accounting Policies During the six months ended June 30, 2019 , there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 except as described below and in Note 10. Derivatives and Hedging. Leases - Lease liabilities represent the obligation to make lease payments and ROU assets represent the right to use the underlying asset during the lease term. Lease liabilities and ROU assets are recognized at the commencement date of the lease based on the present value of lease payments over the lease term at the commencement date. When the implicit rate is unknown, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of the lease payments. Options to extend or terminate the lease are included in the determination of the lease term when it is reasonably certain that the Company will exercise such options. For certain classes of assets, the Company accounts for lease and non-lease components as a single lease component. Variable lease payments, including those related to changes in the consumer price index, are recognized in the period in which the obligation for those payments are incurred and are not included in the measurement of the ROU assets or lease liabilities. Short-term leases are excluded from the calculation of the ROU assets and lease liabilities.

Computation of Earnings (Loss)

Computation of Earnings (Loss) Per Share	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Computation of Earnings (Loss) Per Share	Computation of Earnings (Loss) Per Share Basic earnings (loss) per share (“EPS”) is computed by dividing net income (loss) by the weighted-average number of common shares outstanding, including restricted stock units (“RSUs”) vested during the period. Diluted EPS is computed based on the sum of the weighted average number of common shares and potentially dilutive common shares outstanding during the period. Potentially dilutive common shares consist of shares issuable from stock options, unvested RSUs and the 3.25% Convertible Senior Notes due 2020 (“Convertible Senior Notes”). Potentially dilutive common shares from outstanding stock options and unvested RSUs are determined using the average share price for each period under the treasury stock method. Potentially dilutive shares from the Convertible Senior Notes are determined using the if-converted method. Under the provisions of the if-converted method, the Convertible Senior Notes are assumed to be converted and included in the denominator of the EPS calculation and the interest expense, net of tax, recorded in connection with the Convertible Senior Notes is added back to net income. The Convertible Senior Notes have a dilutive impact when the average market price of the Company’s common stock exceeds the applicable conversion price of the notes. The Senior Convertible Notes became convertible on March 31, 2018 and remained convertible through June 30, 2019 . The following table reconciles net income (loss) and the weighted-average shares used in computing basic and diluted earnings (loss) per share (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator: Net income (loss) used for basic earnings per share $ 1,270 $ (3,076 ) $ 26,114 $ 30,882 Interest expense on Convertible Senior Notes, net of tax (1) — — 1,489 3,361 Net income (loss) used for diluted earnings per share, if-converted method (1) $ 1,270 $ (3,076 ) $ 27,603 $ 34,243 Basic weighted-average common shares outstanding 40,209 37,925 39,957 36,586 Potentially dilutive shares issuable from Convertible Senior Notes (1) 6 — 1,062 3,881 Potentially dilutive shares issuable from stock options and unvested RSUs 1,214 — 1,296 1,788 Diluted weighted-average common shares outstanding, if-converted (1) 41,429 37,925 42,315 42,255 Potentially dilutive shares excluded from calculation due to anti-dilutive effect (2) 227 167 183 183 (1) The if-converted method was not applicable for the three months ended June 30, 2019 and 2018 due to its anti-dilutive impact. For the three months ended June 30, 2019 , the number of potentially dilutive shares issuable from Convertible Senior Notes under the if-converted method was 1.6 million shares. For the three months ended June 30, 2018 , the number of potentially dilutive shares issuable from Convertible Senior Notes under the if-converted method and stock options and unvested RSUs were 2.8 million shares and 1.8 million shares, respectively.

Balance Sheet Account Details

Balance Sheet Account Details	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Balance Sheet Account Details	Balance Sheet Account Details Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): June 30, December 31, Raw materials $ 23,725 $ 24,292 Work-in-process (materials, labor and overhead) 20,413 21,280 Finished goods (materials, labor and overhead) 20,484 21,807 Total inventories $ 64,622 $ 67,379 Prepaid Expenses and Other Current Assets Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Receivables under transition service agreements $ 9,735 $ 15,507 Income taxes receivable 2,698 2,703 Prepaid expenses 4,850 4,508 Other 2,410 928 Total prepaid expenses and other current assets $ 19,693 $ 23,646 Other Current Liabilities Other current liabilities consist of the following (in thousands) June 30, December 31, Customer incentives $ 1,988 $ 7,516 Income and other taxes payable 1,284 1,962 Customer deposits 1,787 — Accrued interest 26 347 Other 2,609 3,167 Total other current liabilities $ 7,694 $ 12,992

Income Taxes

Income Taxes	6 Months Ended
	Jun. 30, 2019
Income Tax Disclosure [Abstract]
Income Taxes	Income Taxes The Company calculates its interim income tax provision in accordance with Accounting Standards Codification (“ASC”) 270, Interim Reporting , and ASC 740, Accounting for Income Taxes (together, “ASC 740”). At the end of each interim period, the Company estimates its annual effective tax rate and applies that rate to its ordinary quarterly earnings to calculate the tax related to ordinary income. The tax effects for other items that are excluded from ordinary income are discretely calculated and recognized in the period in which they occur. On December 22, 2017, the Tax Cuts and Jobs Act (the “Tax Act”) was enacted into legislation, which includes a broad range of provisions affecting businesses. The Tax Act significantly revised how companies compute their U.S. corporate tax liability by, among other provisions, reducing the corporate tax rate from 35% to 21% for tax years beginning after December 31, 2017, implementing a territorial tax system, and requiring a mandatory one-time tax on U.S.-owned undistributed foreign earnings and profits known as the transition tax. The Company recognized income tax benefit of $0.7 million and $5.8 million for the three months ended June 30, 2019 and 2018 , respectively, which represents an effective tax rate of (125)% and 65% , respectively. The Company’s (125)% effective tax rate for the three months ended June 30, 2019 differed from the federal statutory rate of 21% primarily due to the discrete impact of excess tax deductions from stock-based compensation, the benefit from research and development (“R&D”) credits and corporate deductions attributable to Foreign Derived Intangible Income (“FDII”). The Company recognized income tax expense of $1.0 million and income tax benefit of $1.0 million for the six months ended June 30, 2019 and 2018 , respectively, which represents an effective tax rate of 4% and (3)% , respectively. The Company’s 4% effective tax rate for the six months ended June 30, 2019 differed from the federal statutory rate of 21% primarily due to the tax benefit recorded for excess tax benefits of stock-based compensation, the benefit from R&D credits and corporate deductions attributable to FDII.

Debt

Debt	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Debt	Debt Convertible Senior Notes In December 2014, the Company issued $172.5 million aggregate principal amount of its 3.25% Convertible Senior Notes. Debt issuance costs of approximately $5.1 million were primarily comprised of underwriters fees, legal, accounting and other professional fees, of which $4.2 million were recorded as a reduction to long-term debt and are being amortized using the effective interest method to interest expense over the six -year term of the Convertible Senior Notes. The remaining $0.9 million of debt issuance costs were allocated as a component of equity in additional paid-in capital. The implied interest rate of the Convertible Senior Notes was 6.9% , assuming no conversion option. The Convertible Senior Notes mature on December 15, 2020. The Convertible Senior Notes are convertible into cash, shares of common stock, or a combination of cash and shares of common stock based on an initial conversion rate, subject to adjustment, of 31.1891 shares per $1,000 principal amount of the Convertible Senior Notes (which represents an initial conversion price of approximately 32.06 per share) in the following circumstances and to the following extent: (1) during any calendar quarter commencing after the calendar quarter ending on March 31, 2015, if the last reported sales price of the Company’s common stock, for at least 20 trading days (whether or not consecutive) in the period of 30 consecutive trading days ending on the last trading day of the calendar quarter immediately preceding the calendar quarter in which the conversion occurs, is more than 130% of the conversion price of the notes in effect on each applicable trading day; (2) during the 5 consecutive business day period following any 5 consecutive trading day period in which the trading price per $1,000 principal amount of the Convertible Senior Notes for each such trading day was less than 98% of the product of the last reported sale price of the Company’s common stock and the conversion rate on each such day; or (3) upon the occurrence of specified events described in the indenture for the Convertible Senior Notes. On or after September 15, 2020 until the close of business on the second scheduled trading day immediately preceding the stated maturity date, holders may surrender their notes for conversion at any time, regardless of the foregoing circumstances. If a fundamental change, as defined in the indenture for the Convertible Senior Notes, such as an acquisition, merger or liquidation of the Company, occurs prior to the maturity date, subject to certain limitations, holders of the Convertible Senior Notes may require the Company to repurchase all or a portion of their Convertible Senior Notes for cash at a repurchase price equal to 100% of the principal amount of the Convertible Senior Notes to be repurchased, plus any accrued and unpaid interest to, but excluding, the repurchase date. During the second quarter of 2019 , the last reported sales price of the Company’s common stock was greater than 130% of the Convertible Senior Notes conversion price for 20 or more of the 30 consecutive trading days preceding the quarter-end. Consequently, the Convertible Senior Notes were convertible as of June 30, 2019 . If the Convertible Senior Notes were converted as of June 30, 2019 , the if-converted amount would exceed the principal by $0.4 million . The Convertible Senior Notes may be settled at the Company’s option in cash or a combination of cash and shares of common stock. Because the settlement could be in cash, the Convertible Senior Notes have been classified as short-term debt as of June 30, 2019 . During the three months ended June 30, 2019 , the Company entered into separate, privately negotiated exchange agreements with certain holders of the Convertible Senior Notes. To measure the resulting loss as of the settlement dates, the applicable interest rates were estimated using Level 2 observable inputs and applied to the Convertible Senior Notes using the same methodology as in the issuance date valuation. The following table summarizes information about the settlement of the Convertible Senior notes (in thousands). June 30, Principal amount settled $ 45,372 Number of shares of common stock issued 1,497 Loss on extinguishment of debt $ 748 The Company pays 3.25% interest per annum on the principal amount of the Convertible Senior Notes semi-annually in arrears in cash on June 15 and December 15 of each year. During the six months ended June 30, 2019 , the Company recorded total interest expense of $1.8 million related to the Convertible Senior Notes, of which $0.9 million related to the amortization of the debt discount and issuance costs and $0.9 million related to the coupon due semi-annually. During the six months ended June 30, 2018 , the Company recorded total interest expense of $4.2 million related to the Convertible Senior Notes of which $2.2 million related to the amortization of the debt discount and issuance costs and $2.0 million related to the coupon due semi-annually. The following table summarizes information about the equity and liability components of the Convertible Senior Notes (dollars in thousands). The fair values of the respective notes outstanding were measured based on quoted market price and is a Level 2 measurement. June 30, December 31, Principal amount outstanding $ 13,131 $ 58,503 Unamortized discount of liability component (617 ) (3,637 ) Unamortized debt issuance costs (83 ) (487 ) Net carrying amount of liability component $ 12,431 $ 54,379 Carrying value of equity component, net of issuance costs $ 2,265 $ 10,092 Fair value of outstanding Convertible Senior Notes $ 25,356 $ 85,999 Remaining amortization period of discount on the liability component 1.5 years 2.0 years Credit Agreement On August 31, 2018, the Company entered into an Amended and Restated Credit Agreement (the “Credit Agreement”) which provides the Company with a $175.0 million Revolving Credit Facility. The balance outstanding under the Revolving Credit Facility as of June 30, 2019 was $18.2 million and is due upon maturity on August 31, 2023. The Credit Agreement matures on August 31, 2023. Loans will bear interest at a rate equal to (i) the London Interbank Offered Rate (“LIBOR”) plus the “applicable rate” or (ii) the “base rate” (defined as the highest of (a) the Bank of America prime rate, (b) the Federal Funds rate plus one-half of one percent and (c) LIBOR plus one percent) plus the “applicable rate.” The initial applicable rate was 1.00% per annum for base rate loans and 2.00% per annum for LIBOR rate loans, and thereafter will be determined in accordance with a pricing grid based on the Company’s Consolidated Leverage Ratio (as defined in the Credit Agreement) ranging from 1.75% to 2.50% per annum for LIBOR rate loans and from 0.75% to 1.50% per annum for base rate loans. In addition, the Company pays a commitment fee on the unused portion of the Credit Agreement based on the Company’s Consolidated Leverage Ratio ranging from 0.15% to 0.30% per annum. The Credit Agreement is guaranteed by certain material domestic subsidiaries of the Company (the “Guarantors”) and is secured by liens on substantially all of the assets of the Company and the Guarantors, excluding real property and certain other types of excluded assets, and contains affirmative and negative covenants that are customary for credit agreements of this nature. The negative covenants include, among other things, limitations on asset sales, mergers, indebtedness, liens, dividends and other distributions, investments and transactions with affiliates. The Credit Agreement contains two financial covenants: (i) maximum Consolidated Leverage Ratio (as defined in the Credit Agreement) as of the last day of each fiscal quarter of 3.50 to 1.00, which ratio may be increased to 4.50 to 1.00 in case of certain qualifying acquisitions; and (ii) a minimum Consolidated Fixed Charge Coverage Ratio (as defined in the Credit Agreement) of 1.25 to 1.00 as of the end of any fiscal quarter for the most recently completed four fiscal quarters. The Company was in compliance with all financial covenants as of June 30, 2019 . Interest expense recognized under the Credit Agreement including amortization of deferred issuance cost was $0.5 million and $1.1 million , respectively, for the three and six months ended June 30, 2019 and $1.8 million and $4.2 million , respectively, for the three and six months ended June 30, 2018 .

Stockholders' Equity

Stockholders' Equity	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Stockholders' Equity	Stockholders’ Equity Issuances of Common Stock A summary of the status of stock option activity for the six months ended June 30, 2019 is as follows (in thousands, except price data): Shares Weighted-average exercise price per share Outstanding at December 31, 2018 1,877 $ 21.53 Granted 169 59.18 Exercised (427 ) 17.54 Cancelled (3 ) 42.29 Outstanding at June 30, 2019 1,616 $ 26.50 A summary of the status of restricted stock unit activity for the six months ended June 30, 2019 is as follows (in thousands, except price data): Shares Weighted-average grant date fair value Non-vested at December 31, 2018 676 $ 30.75 Granted 253 59.19 Vested (118 ) 25.28 Forfeited (4 ) 47.80 Non-vested at June 30, 2019 807 $ 40.37 During the six months ended June 30, 2019 , the Company issued 21,600 shares of common stock in connection with the Company’s employee stock purchase plan (the “ESPP”). Stock-Based Compensation The expense related to the Company’s stock-based compensation plans included in the accompanying Consolidated Statements of Income was as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Cost of sales $ 262 $ 265 $ 542 $ 496 Research and development 544 601 1,109 1,193 Sales and marketing 904 717 2,023 1,513 General and administrative 1,662 1,897 3,286 3,213 Total stock-based compensation expense $ 3,372 $ 3,480 $ 6,960 $ 6,415 As of June 30, 2019 , total unrecognized compensation expense was $28.8 million , which is expected to be recognized over a weighted-average period of approximately 2.2 years. The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants. Six Months Ended 2019 2018 Risk-free interest rate 2.51 % 2.49 % Expected option life (in years) 5.7 6.3 Volatility rate 39 % 36 % Dividend rate 0 % 0 % Weighted-average grant date fair value $ 23.67 $ 18.76 The fair value of RSUs is determined based on the closing market price of the Company’s common stock on the grant date. The weighted-average fair value of RSUs granted during the six months ended June 30, 2019 and 2018 was $59.19 and $48.45 , respectively. Compensation expense capitalized to inventory and compensation expense related to the Company’s ESPP were not material for the three and six months ended June 30, 2019 or 2018

Industry and Geographic Informa

Industry and Geographic Information	6 Months Ended
	Jun. 30, 2019
Industry And Geographic Information [Abstract]
Industry and Geographic Information	Industry and Geographic Information The Company operates in one reportable segment. Sales to customers outside the U.S. represented $87.7 million ( 34% ) and $84.6 million ( 31% ) of total revenue for the six months ended June 30, 2019 and 2018 , respectively. As of June 30, 2019 and December 31, 2018 , accounts receivable due from foreign customers were $19.7 million and $23.4 million , respectively. The Company had sales to individual customers in excess of 10% of total revenues, as follows: Six Months Ended 2019 2018 Customer: A 16 % 18 % B 14 % 13 % C 13 % 13 % Total: 43 % 44 % As of June 30, 2019 and December 31, 2018 , accounts receivable from customers with balances due in excess of 10% of total accounts receivable totaled $17.2 million and $33.3 million , respectively. Consolidated net revenues by product category for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Rapid Immunoassay $ 21,772 $ 16,689 $ 84,266 $ 97,374 Cardiac Immunoassay 67,982 69,850 133,854 138,294 Specialized Diagnostic Solutions 14,286 12,694 28,140 27,565 Molecular Diagnostic Solutions 4,212 3,922 9,960 9,065 Total revenues $ 108,252 $ 103,155 $ 256,220 $ 272,298

Commitments and Contingencies

Commitments and Contingencies	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	Commitments and Contingencies Leases We lease administrative, research and development, sales and marketing and manufacturing facilities and certain equipment under various non-cancelable lease agreements. Facility leases generally provide for periodic rent increases, and may contain clauses for rent escalation, renewal options or early termination. The components of lease expense and supplemental cash flow information related to leases were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Finance lease ROU asset amortization $ 84 $ 147 Finance lease interest expense 211 420 Total finance lease costs 295 567 Operating lease costs 2,502 5,007 Total lease costs $ 2,797 $ 5,574 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 2,304 $ 4,584 Operating cash flows from finance leases $ 211 $ 420 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ — $ 328 Finance leases $ 43 $ 1,369 Commitments for minimum rentals under non-cancelable leases as of June 30, 2019 are as follows (dollars in thousands): Years ending December 31, Operating Finance 2019 $ 4,610 $ 628 2020 9,333 1,264 2021 9,570 1,272 2022 8,562 1,283 2023 8,182 1,293 Thereafter 76,566 3,203 Total lease payments 116,823 8,943 Less: imputed interest (28,963 ) (3,879 ) Total 87,860 5,064 Less: current portion (5,474 ) (443 ) Non-current portion $ 82,386 $ 4,621 Weighted average remaining lease term 12.5 years 6.1 years Weighted average discount rate 4 % 18 % Summers Ridge Lease — The Company leases two of the four buildings that are located on the Summers Ridge Property in San Diego, California with an initial term of 15 years beginning as of January 2018. Such lease includes options to extend the lease for two additional five -year terms upon satisfaction of certain conditions, which have not been included in the determination of the lease term. The lease is subject to certain must-take provisions related to the remaining two additional buildings that may create significant rights and obligations. The lease for one such building is expected to commence in the fourth quarter of 2019 and has minimum lease payments of $18.3 million during its lease term. The lease for the remaining building is subject to the expiration of the lease with the current tenant of such building, for which the date is not yet known. McKellar Court Lease — In 1999, the Company completed a sale and leaseback transaction of its San Diego facility at McKellar Court to a partnership for which the Company is a 25% limited partner. The partnership is deemed to be a variable interest entity (VIE). The Company is not, however, the primary beneficiary of the VIE as it does not absorb the majority of the partnership’s expected losses or receive a majority of the partnership’s residual returns. The McKellar Court lease ends in December 2020 and contains options to extend the lease for three additional five -year periods, of which one five -year period is included in the determination of the lease term. Litigation and Other Legal Proceedings In Beckman Coulter Inc. v. Quidel Corporation, which was filed in the Superior Court for the County of San Diego, California, on November 27, 2017, Beckman Coulter (“Beckman”) alleges that a provision of an agreement between Quidel and Beckman violates state antitrust laws. Our acquisition of the B-type Naturietic Peptide assay business (“BNP Business”) consisted of assets and liabilities relating to a contractual arrangement with Beckman (the “Beckman Agreement”) for the supply of antibodies and other inputs related to, and distribution of, the Triage® BNP Test for the Beckman Coulter Access Family of Immunoassay Systems. The Beckman Agreement further provides that Beckman, for a specified period, cannot research, develop, manufacture or sell an assay for use in the diagnosis of cardiac diseases that measures or detects the presence or absence of BNP or NT-pro-BNP (a related biomarker) (the “Exclusivity Provision”). In the lawsuit, Beckman asserts that this provision violates certain state antitrust laws and is unenforceable. Beckman contends that it has suffered damages due to this provision and seeks a declaration that this provision is void. On December 7, 2018, the trial court granted a motion by Beckman for summary adjudication, holding that the Exclusivity Provision is void under California law (the “December 7 Order”). On December 18, 2018, the trial court stayed the effect of the December 7 Order pending a decision on a writ petition Quidel intended to file with the Court of Appeal. Quidel filed its writ petition on January 18, 2019, asking the Court of Appeal to review and reverse the December 7 Order. On February 7, 2019, the trial court stayed all the remaining litigation pending the outcome of the writ petition and vacated all deadlines in the case. On March 14, 2019, the Court of Appeal issued an order to show cause why the relief sought in Quidel’s petition should not be granted. The Court also stayed the December 7 Order pending a further order from the Court of Appeal. Oral argument has been scheduled in the matter on August 13, 2019. The Court of Appeal will likely issue a written decision on the writ petition within 90 days of oral argument. Quidel denies that the Exclusivity Provision is unlawful, denies any liability with respect to this matter, and intends to vigorously defend itself. There are multiple factors that prevent us from being able to estimate the amount of loss, if any, that may result from this matter including: (1) we are vigorously defending ourselves and believe that we have a number of meritorious legal defenses; (2) there are unresolved questions of law and fact that could be important to the ultimate resolution of this matter, some of which are before the Court of Appeal on Quidel’s writ petition; and (3) discovery is ongoing. Accordingly, at this time, we are not able to estimate a possible loss or range of loss that may result from this matter or to determine whether such loss, if any, would have a material adverse effect on our financial condition, results of operations or liquidity. From time to time, the Company is involved in other litigation and proceedings, including matters related to product liability claims, commercial disputes and intellectual property claims, as well as regulatory, employment, and other claims related to our business. The Company accrues for legal claims when, and to the extent that, amounts associated with the claims become probable and are reasonably estimable. The actual costs of resolving legal claims may be substantially higher or lower than the amounts accrued for those claims. For those matters as to which we are not able to estimate a possible loss or range of loss, we are not able to determine whether the loss will have a material adverse effect on our business, financial condition or results of operations or liquidity. No accrual has been recorded as of June 30, 2019 and December 31, 2018 related to such matters as they are not probable and/or reasonably estimable. Management believes that all such current legal actions, in the aggregate, will not have a material adverse effect on the Company. However, the resolution of, or increase in any accruals for, one or more matters may have a material adverse effect on the Company’s results of operations and cash flows. The Company also maintains insurance, including coverage for product liability claims, in amounts that management believes are appropriate given the nature of its business.

Fair Value Measurements

Fair Value Measurements	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Fair Value Measurements	Fair Value Measurements The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets $ — $ 358 $ — $ 358 $ — $ — $ — $ — Total assets measured at fair value $ — $ 358 $ — $ 358 $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ 32 $ — $ 32 $ — $ — $ — $ — Contingent consideration — — 15,707 15,707 — — 19,112 19,112 Deferred consideration — 147,662 — 147,662 — 187,158 — 187,158 Total liabilities measured at fair value $ — $ 147,694 $ 15,707 $ 163,401 $ — $ 187,158 $ 19,112 $ 206,270 There were no transfers of assets or liabilities between Level 1, Level 2 and Level 3 categories of the fair value hierarchy during the three and six -month periods ended June 30, 2019 and the year ended December 31, 2018 . Derivative financial instruments are based on observable inputs that are corroborated by market data. Observable inputs include broker quotes and daily market foreign currency rates and forward pricing curves. In connection with the acquisition of the BNP Business, the Company pays annual installments of $40.0 million each in deferred consideration and up to $8.0 million each in contingent consideration through April 2023. The fair value of the deferred consideration is calculated based on the net present value of cash payments using an estimated borrowing rate based on a quoted price for a similar liability. The Company recorded $4.5 million for the accretion of interest on the deferred consideration during the six months ended June 30, 2019 . The fair value of contingent consideration is calculated using a discounted probability weighted valuation model. Significant assumptions used in the measurement include revenue projections and discount rates that are not observed in the market and thus represent Level 3 measurements. Changes in estimated fair value of contingent consideration liabilities from December 31, 2018 through June 30, 2019 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2018 $ 19,112 Cash payments (4,031 ) Net loss recorded for fair value adjustments 626 Balance at June 30, 2019 $ 15,707

Derivatives and Hedging

Derivatives and Hedging	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Derivatives and Hedging	Derivatives and Hedging In the normal course of business, the Company is exposed to gains and losses resulting from fluctuations in foreign currency exchange rates. As part of its strategy to manage the level of exposure to the risk of fluctuations in foreign currency exchange rates, the Company uses designated cash flow hedges in the form of foreign currency forward contracts to mitigate the impact of foreign currency translation on transactions that are denominated primarily in the Euro and the Chinese Yuan. All hedging relationships for all derivative hedges and the underlying hedged items, as well as the risk management objectives and strategies for undertaking the hedge transactions are formally documented. The Company does not use any derivative financial instruments for trading or other speculative purposes. Such forward foreign currency contracts are carried at fair value in prepaid expenses and other current assets or other current liabilities depending on the unrealized gain or loss position of the hedged contract as of the balance sheet date. Changes in the value of the derivatives are recorded to other comprehensive income (loss) until the underlying hedged item is recognized in earnings, or the derivative no longer qualifies as a highly effective hedge. The cash flows from derivatives treated as hedges are classified in the Consolidated Statements of Cash Flows in the same category as the item being hedged. The notional principal amounts for outstanding derivative instruments provide one measure of the transaction volume outstanding and do not represent the amount of our exposure to credit or market loss. Credit risk represents our gross exposure to potential accounting loss on derivative instruments that are outstanding or unsettled if all counterparties failed to perform according to the terms of the contract, based on then-current currency exchange rates at each respective date. We generally enter into master netting arrangements, which reduces credit risk by permitting net settlement of transactions with the same counterparty. We present our derivative assets and derivative liabilities at their net fair values. We did not have any derivative instruments with credit-risk related contingent features that would require us to post collateral. The following table summarizes the fair value and notional amounts of the foreign currency forward contracts as of June 30, 2019 (in thousands): June 30, 2019 Notional Amount Fair Value, Net Prepaid expenses and other current assets $ 18,162 $ 358 Other current liabilities $ 5,871 $ 32

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Basis of Presentation	Basis of Presentation The accompanying unaudited consolidated financial statements of Quidel Corporation and its subsidiaries (the “Company”) have been prepared in accordance with generally accepted accounting principles in the United States (“GAAP”) for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by GAAP for complete financial statements. In the opinion of management, all adjustments considered necessary for a fair presentation (consisting of normal recurring accruals) have been included. The information at June 30, 2019 , and for the three and six months ended June 30, 2019 and 2018 , is unaudited. For further information, refer to the Company’s consolidated financial statements and notes thereto for the year ended December 31, 2018 included in the Company’s 2018 Annual Report on Form 10-K. Operating results for any quarter are historically seasonal in nature and are not necessarily indicative of the results expected for the full year. For 2019 and 2018 , the Company’s fiscal year will end or has ended on December 29, 2019 and December 30, 2018 , respectively. For 2019 and 2018 , the Company’s second quarter ended on June 30, 2019 and July 1, 2018 , respectively. For ease of reference, the calendar quarter end dates are used herein. The three and six -month periods ended June 30, 2019 and 2018 each included 13 and 26 weeks, respectively.
Use of Estimates	Use of Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the U.S. requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.
Recent Accounting Pronouncements	Recent Accounting Pronouncements Accounting Standards Update (“ASU”) 2016-02 and ASU 2018-11 (collectively, “ASC 842”) require a lessee to recognize a lease liability for the obligation to make lease payments and a right-of-use (“ROU”) asset representing the right to use the underlying asset for the lease term on the balance sheet. Deferred rent, previously recorded in other current liabilities and other non-current liabilities, is derecognized. The Company adopted ASC 842 as of January 1, 2019 using the alternative transition method to apply the guidance. The Company elected the package of practical expedients which, among other things, allows the Company to carry forward its historical lease classifications. The following table presents the effect of the change in accounting principle on the Company’s Consolidated Balance Sheets as of January 1, 2019: Consolidated Balance Sheet (in thousands) January 1, Effect of Change in Accounting Principle After change in Accounting Principle ASSETS Operating lease right-of-use asset $ — $ 87,086 $ 87,086 Total assets $ 806,371 $ 87,086 $ 893,457 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of operating lease liability $ — $ 5,290 $ 5,290 Other current liabilities 12,992 (448 ) 12,544 Total current liabilities 159,735 4,842 164,577 Operating lease liability — 84,866 84,866 Other non-current liabilities 9,577 (2,622 ) 6,955 Total liabilities and stockholders’ equity $ 806,371 $ 87,086 $ 893,457 In January 2017, the Financial Accounting Standards Board (“FASB”) issued guidance codified in ASU 2017-04, Intangibles-Goodwill and Other (Topic 350) Simplifying the Test for Goodwill Impairment . Under this new guidance, an entity will no longer determine goodwill impairment by calculating the implied fair value of goodwill by assigning the fair value of a reporting unit to all of its assets and liabilities as if that reporting unit had been acquired in a business combination. Instead, an entity will compare the fair value of a reporting unit with its carrying amount and recognize an impairment charge for the amount by which the carrying amount exceeds the reporting unit’s fair value. The Company adopted the guidance during the first quarter of 2019 with no impact to the Company’s consolidated financial statements. In June 2016, the FASB issued ASU 2016-13, Financial Instruments - Credit Losses: Measurement of Credit Losses on Financial Instruments , which amends the impairment model by requiring entities to use a forward-looking approach based on expected losses to estimate credit losses on certain types of financial instruments, including trade receivables. The standard is effective for the Company beginning in the first quarter of 2020, with early adoption permitted. We are currently evaluating the expected impact of ASU 2016-13 on our consolidated financial statements. Significant Accounting Policies During the six months ended June 30, 2019 , there have been no changes to our significant accounting policies as described in our Annual Report on Form 10-K for the fiscal year ended December 31, 2018 except as described below and in Note 10. Derivatives and Hedging. Leases - Lease liabilities represent the obligation to make lease payments and ROU assets represent the right to use the underlying asset during the lease term. Lease liabilities and ROU assets are recognized at the commencement date of the lease based on the present value of lease payments over the lease term at the commencement date. When the implicit rate is unknown, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of the lease payments. Options to extend or terminate the lease are included in the determination of the lease term when it is reasonably certain that the Company will exercise such options. For certain classes of assets, the Company accounts for lease and non-lease components as a single lease component. Variable lease payments, including those related to changes in the consumer price index, are recognized in the period in which the obligation for those payments are incurred and are not included in the measurement of the ROU assets or lease liabilities. Short-term leases are excluded from the calculation of the ROU assets and lease liabilities.
Leases	Leases - Lease liabilities represent the obligation to make lease payments and ROU assets represent the right to use the underlying asset during the lease term. Lease liabilities and ROU assets are recognized at the commencement date of the lease based on the present value of lease payments over the lease term at the commencement date. When the implicit rate is unknown, an incremental borrowing rate based on the information available at the commencement date is used in determining the present value of the lease payments. Options to extend or terminate the lease are included in the determination of the lease term when it is reasonably certain that the Company will exercise such options. For certain classes of assets, the Company accounts for lease and non-lease components as a single lease component. Variable lease payments, including those related to changes in the consumer price index, are recognized in the period in which the obligation for those payments are incurred and are not included in the measurement of the ROU assets or lease liabilities. Short-term leases are excluded from the calculation of the ROU assets and lease liabilities. Operating leases are included in right-of-use assets, current portion of operating lease liabilities and operating lease liabilities in the Consolidated Balance Sheet. Finance leases are included in property and equipment, net, other current liabilities and other non-current liabilities.

Summary of Significant Accoun_3

Summary of Significant Accounting Policies Summary of Significant Accounting Policies (Tables)	6 Months Ended
	Jun. 30, 2019
Accounting Policies [Abstract]
Schedule of New Accounting Pronouncements and Changes in Accounting Principles	The following table presents the effect of the change in accounting principle on the Company’s Consolidated Balance Sheets as of January 1, 2019: Consolidated Balance Sheet (in thousands) January 1, Effect of Change in Accounting Principle After change in Accounting Principle ASSETS Operating lease right-of-use asset $ — $ 87,086 $ 87,086 Total assets $ 806,371 $ 87,086 $ 893,457 LIABILITIES AND STOCKHOLDERS’ EQUITY Current portion of operating lease liability $ — $ 5,290 $ 5,290 Other current liabilities 12,992 (448 ) 12,544 Total current liabilities 159,735 4,842 164,577 Operating lease liability — 84,866 84,866 Other non-current liabilities 9,577 (2,622 ) 6,955 Total liabilities and stockholders’ equity $ 806,371 $ 87,086 $ 893,457

Computation of Earnings (Loss_2

Computation of Earnings (Loss) Per Share (Tables)	6 Months Ended
	Jun. 30, 2019
Earnings Per Share [Abstract]
Schedule of Earnings Per Share, Basic and Diluted	The following table reconciles net income (loss) and the weighted-average shares used in computing basic and diluted earnings (loss) per share (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Numerator: Net income (loss) used for basic earnings per share $ 1,270 $ (3,076 ) $ 26,114 $ 30,882 Interest expense on Convertible Senior Notes, net of tax (1) — — 1,489 3,361 Net income (loss) used for diluted earnings per share, if-converted method (1) $ 1,270 $ (3,076 ) $ 27,603 $ 34,243 Basic weighted-average common shares outstanding 40,209 37,925 39,957 36,586 Potentially dilutive shares issuable from Convertible Senior Notes (1) 6 — 1,062 3,881 Potentially dilutive shares issuable from stock options and unvested RSUs 1,214 — 1,296 1,788 Diluted weighted-average common shares outstanding, if-converted (1) 41,429 37,925 42,315 42,255 Potentially dilutive shares excluded from calculation due to anti-dilutive effect (2) 227 167 183 183 (1) The if-converted method was not applicable for the three months ended June 30, 2019 and 2018 due to its anti-dilutive impact. For the three months ended June 30, 2019 , the number of potentially dilutive shares issuable from Convertible Senior Notes under the if-converted method was 1.6 million shares. For the three months ended June 30, 2018 , the number of potentially dilutive shares issuable from Convertible Senior Notes under the if-converted method and stock options and unvested RSUs were 2.8 million shares and 1.8 million shares, respectively.

Balance Sheet Account Details (

Balance Sheet Account Details (Tables)	6 Months Ended
	Jun. 30, 2019
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Inventory	Inventories are stated at the lower of cost (first-in, first-out) or net realizable value. Inventories consisted of the following (in thousands): June 30, December 31, Raw materials $ 23,725 $ 24,292 Work-in-process (materials, labor and overhead) 20,413 21,280 Finished goods (materials, labor and overhead) 20,484 21,807 Total inventories $ 64,622 $ 67,379
Other Current Assets	Prepaid expenses and other current assets consist of the following (in thousands): June 30, December 31, Receivables under transition service agreements $ 9,735 $ 15,507 Income taxes receivable 2,698 2,703 Prepaid expenses 4,850 4,508 Other 2,410 928 Total prepaid expenses and other current assets $ 19,693 $ 23,646
Other Current Liabilities	Other current liabilities consist of the following (in thousands) June 30, December 31, Customer incentives $ 1,988 $ 7,516 Income and other taxes payable 1,284 1,962 Customer deposits 1,787 — Accrued interest 26 347 Other 2,609 3,167 Total other current liabilities $ 7,694 $ 12,992

Debt (Tables)

Debt (Tables)	6 Months Ended
	Jun. 30, 2019
Debt Disclosure [Abstract]
Schedule of Extinguishment of Debt	The following table summarizes information about the settlement of the Convertible Senior notes (in thousands). June 30, Principal amount settled $ 45,372 Number of shares of common stock issued 1,497 Loss on extinguishment of debt $ 748
Schedule of Debt	The following table summarizes information about the equity and liability components of the Convertible Senior Notes (dollars in thousands). The fair values of the respective notes outstanding were measured based on quoted market price and is a Level 2 measurement. June 30, December 31, Principal amount outstanding $ 13,131 $ 58,503 Unamortized discount of liability component (617 ) (3,637 ) Unamortized debt issuance costs (83 ) (487 ) Net carrying amount of liability component $ 12,431 $ 54,379 Carrying value of equity component, net of issuance costs $ 2,265 $ 10,092 Fair value of outstanding Convertible Senior Notes $ 25,356 $ 85,999 Remaining amortization period of discount on the liability component 1.5 years 2.0 years

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)	6 Months Ended
	Jun. 30, 2019
Equity [Abstract]
Share-based Payment Arrangement, Option, Activity	A summary of the status of stock option activity for the six months ended June 30, 2019 is as follows (in thousands, except price data): Shares Weighted-average exercise price per share Outstanding at December 31, 2018 1,877 $ 21.53 Granted 169 59.18 Exercised (427 ) 17.54 Cancelled (3 ) 42.29 Outstanding at June 30, 2019 1,616 $ 26.50
Schedule of Nonvested Share Activity	A summary of the status of restricted stock unit activity for the six months ended June 30, 2019 is as follows (in thousands, except price data): Shares Weighted-average grant date fair value Non-vested at December 31, 2018 676 $ 30.75 Granted 253 59.19 Vested (118 ) 25.28 Forfeited (4 ) 47.80 Non-vested at June 30, 2019 807 $ 40.37
Compensation Expense Related to Stock-Based Compensation Plans	The expense related to the Company’s stock-based compensation plans included in the accompanying Consolidated Statements of Income was as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Cost of sales $ 262 $ 265 $ 542 $ 496 Research and development 544 601 1,109 1,193 Sales and marketing 904 717 2,023 1,513 General and administrative 1,662 1,897 3,286 3,213 Total stock-based compensation expense $ 3,372 $ 3,480 $ 6,960 $ 6,415
Estimated Fair Value of Each Stock Option Award	The estimated fair value of each stock option was determined on the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions for the option grants. Six Months Ended 2019 2018 Risk-free interest rate 2.51 % 2.49 % Expected option life (in years) 5.7 6.3 Volatility rate 39 % 36 % Dividend rate 0 % 0 % Weighted-average grant date fair value $ 23.67 $ 18.76

Industry and Geographic Infor_2

Industry and Geographic Information (Tables)	6 Months Ended
	Jun. 30, 2019
Industry And Geographic Information [Abstract]
Sales to Individual Customers in Excess of 10% of Total Revenues	The Company had sales to individual customers in excess of 10% of total revenues, as follows: Six Months Ended 2019 2018 Customer: A 16 % 18 % B 14 % 13 % C 13 % 13 % Total: 43 % 44 %
Net Revenues by Product Category	Consolidated net revenues by product category for the three and six months ended June 30, 2019 and 2018 were as follows (in thousands): Three Months Ended Six Months Ended 2019 2018 2019 2018 Rapid Immunoassay $ 21,772 $ 16,689 $ 84,266 $ 97,374 Cardiac Immunoassay 67,982 69,850 133,854 138,294 Specialized Diagnostic Solutions 14,286 12,694 28,140 27,565 Molecular Diagnostic Solutions 4,212 3,922 9,960 9,065 Total revenues $ 108,252 $ 103,155 $ 256,220 $ 272,298

Commitments and Contingencies C

Commitments and Contingencies Commitments and Contingencies (Tables)	6 Months Ended
	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Lease, Cost	The components of lease expense and supplemental cash flow information related to leases were as follows (in thousands): Three Months Ended Six Months Ended June 30, 2019 June 30, 2019 Finance lease ROU asset amortization $ 84 $ 147 Finance lease interest expense 211 420 Total finance lease costs 295 567 Operating lease costs 2,502 5,007 Total lease costs $ 2,797 $ 5,574 Cash paid for amounts included in the measurement of operating lease liabilities: Operating cash flows from operating leases $ 2,304 $ 4,584 Operating cash flows from finance leases $ 211 $ 420 Right-of-use assets obtained in exchange for new lease liabilities: Operating leases $ — $ 328 Finance leases $ 43 $ 1,369
Finance Lease	Commitments for minimum rentals under non-cancelable leases as of June 30, 2019 are as follows (dollars in thousands): Years ending December 31, Operating Finance 2019 $ 4,610 $ 628 2020 9,333 1,264 2021 9,570 1,272 2022 8,562 1,283 2023 8,182 1,293 Thereafter 76,566 3,203 Total lease payments 116,823 8,943 Less: imputed interest (28,963 ) (3,879 ) Total 87,860 5,064 Less: current portion (5,474 ) (443 ) Non-current portion $ 82,386 $ 4,621 Weighted average remaining lease term 12.5 years 6.1 years Weighted average discount rate 4 % 18 %
Operating Lease	Commitments for minimum rentals under non-cancelable leases as of June 30, 2019 are as follows (dollars in thousands): Years ending December 31, Operating Finance 2019 $ 4,610 $ 628 2020 9,333 1,264 2021 9,570 1,272 2022 8,562 1,283 2023 8,182 1,293 Thereafter 76,566 3,203 Total lease payments 116,823 8,943 Less: imputed interest (28,963 ) (3,879 ) Total 87,860 5,064 Less: current portion (5,474 ) (443 ) Non-current portion $ 82,386 $ 4,621 Weighted average remaining lease term 12.5 years 6.1 years Weighted average discount rate 4 % 18 %

Fair Value Measurements (Tables

Fair Value Measurements (Tables)	6 Months Ended
	Jun. 30, 2019
Fair Value Disclosures [Abstract]
Liabilities Measured at Fair Value on Recurring Basis	The following table presents the Company’s hierarchy for its assets and liabilities measured at fair value on a recurring basis as of the following periods (in thousands): June 30, 2019 December 31, 2018 Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 Total Assets: Derivative assets $ — $ 358 $ — $ 358 $ — $ — $ — $ — Total assets measured at fair value $ — $ 358 $ — $ 358 $ — $ — $ — $ — Liabilities: Derivative liabilities $ — $ 32 $ — $ 32 $ — $ — $ — $ — Contingent consideration — — 15,707 15,707 — — 19,112 19,112 Deferred consideration — 147,662 — 147,662 — 187,158 — 187,158 Total liabilities measured at fair value $ — $ 147,694 $ 15,707 $ 163,401 $ — $ 187,158 $ 19,112 $ 206,270
Changes in Estimated Fair Value of Contingent Consideration Liabilities	Changes in estimated fair value of contingent consideration liabilities from December 31, 2018 through June 30, 2019 were as follows (in thousands): Contingent consideration liabilities Balance at December 31, 2018 $ 19,112 Cash payments (4,031 ) Net loss recorded for fair value adjustments 626 Balance at June 30, 2019 $ 15,707

Derivatives and Hedging (Tables

Derivatives and Hedging (Tables)	6 Months Ended
	Jun. 30, 2019
Derivative Instruments and Hedging Activities Disclosure [Abstract]
Schedule of Derivative Assets at Fair Value	The following table summarizes the fair value and notional amounts of the foreign currency forward contracts as of June 30, 2019 (in thousands): June 30, 2019 Notional Amount Fair Value, Net Prepaid expenses and other current assets $ 18,162 $ 358 Other current liabilities $ 5,871 $ 32

Summary of Significant Accoun_4

Summary of Significant Accounting Policies Summary of Significant Accounting Policies Leases (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset	$ 84,368	$ 0	$ 0
Total assets	846,181	806,371	806,371
Current portion of operating lease liability	5,474	0	0
Other current liabilities	7,694	12,992	12,992
Total current liabilities	112,112	159,735	159,735
Operating lease liability	82,386	0	0
Other non-current liabilities	7,922	9,577	9,577
Total liabilities and stockholders’ equity	$ 846,181	806,371	$ 806,371
Accounting Standards Update 2016-02
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		87,086
Total assets		893,457
Current portion of operating lease liability		5,290
Other current liabilities		12,544
Total current liabilities		164,577
Operating lease liability		84,866
Other non-current liabilities		6,955
Total liabilities and stockholders’ equity		893,457
Accounting Standards Update 2016-02 | Effect of Change in Accounting Principle
New Accounting Pronouncements or Change in Accounting Principle [Line Items]
Operating lease right-of-use asset		87,086
Total assets		87,086
Current portion of operating lease liability		5,290
Other current liabilities		(448)
Total current liabilities		4,842
Operating lease liability		84,866
Other non-current liabilities		(2,622)
Total liabilities and stockholders’ equity		$ 87,086

Computation of Earnings (Loss_3

Computation of Earnings (Loss) Per Share - Calculation of Basic and Diluted Earnings Per Share (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended				6 Months Ended
	Jun. 30, 2019	Mar. 31, 2019	Jun. 30, 2018	Mar. 31, 2018	Jun. 30, 2019	Jun. 30, 2018
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Net income (loss)	$ 1,270	$ 24,844	$ (3,076)	$ 33,958	$ 26,114	$ 30,882
Interest expense on Convertible Senior Notes, net of tax (1)	0		0		1,489	3,361
Net income (loss) used for diluted earnings per share, if-converted method (1)	$ 1,270		$ (3,076)		$ 27,603	$ 34,243
Basic weighted-average common shares outstanding (in shares)	40,209		37,925		39,957	36,586
Potentially dilutive shares issuable from Convertible Senior Notes, if-converted (in shares)	6		0		1,062	3,881
Potentially dilutive shares issuable from stock options and unvested RSUs (in shares)	1,214		0		1,296	1,788
Diluted weighted-average common shares outstanding, if-converted (in shares)	41,429		37,925		42,315	42,255
Stock options
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (in shares)	227		167		183	183
Convertible Senior Notes
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (in shares)	1,600		2,800
Stock Options and RSUs
Dilutive Securities Included And Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Potentially dilutive shares excluded from calculation due to anti-dilutive effect (in shares)			1,800

Computation of Earnings (Loss_4

Computation of Earnings (Loss) Per Share - Additional information (Details)	Jun. 30, 2019
Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020 | Convertible Senior Notes
Debt Instrument [Line Items]
Stated interest rate	3.25%

Balance Sheet Account Details I

Balance Sheet Account Details Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Inventory, Net [Abstract]
Raw materials	$ 23,725	$ 24,292
Work-in-process (materials, labor and overhead)	20,413	21,280
Finished goods (materials, labor and overhead)	20,484	21,807
Total inventories	$ 64,622	$ 67,379

Balance Sheet Account Details P

Balance Sheet Account Details Prepaid expenses and other current assets (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Prepaid Expense and Other Assets, Current [Abstract]
Receivables under transition service agreements	$ 9,735	$ 15,507
Income taxes receivable	2,698	2,703
Prepaid expenses	4,850	4,508
Other	2,410	928
Total prepaid expenses and other current assets	$ 19,693	$ 23,646

Balance Sheet Account Details O

Balance Sheet Account Details Other Current Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Other Liabilities Disclosure [Abstract]
Customer incentives	$ 1,988		$ 7,516
Income and other taxes payable	1,284		1,962
Customer deposits	1,787		0
Accrued interest	26		347
Other	2,609		3,167
Total other current liabilities	$ 7,694	$ 12,992	$ 12,992

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Income Tax Disclosure [Abstract]
(Benefit) provision for income taxes	$ (705)	$ (5,757)	$ 1,022	$ (1,039)
Effective income tax rate	(125.00%)	65.00%	4.00%	(3.00%)

Debt - Convertible Senior Notes

Debt - Convertible Senior Notes, Additional Information (Details)	3 Months Ended	6 Months Ended		12 Months Ended
	Jun. 30, 2019USD ($)d$ / shares	Jun. 30, 2019USD ($)d$ / shares	Jun. 30, 2018USD ($)	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
If-converted amount exceed principal	$ 400,000
Interest expense, debt		$ 1,800,000	$ 4,200,000
Convertible Senior Notes
Debt Instrument [Line Items]
Face amount				$ 172,500,000
Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Debt issuance cost				5,100,000
Deferred financing costs				$ 4,200,000
Debt instrument, term				6 years
Adjustments to additional paid in capital				$ 900,000
Effective interest rate				6.90%
Conversion ratio		31.1891
Conversion price (in usd per share) | $ / shares	$ 32.06	$ 32.06
Number of threshold trading days | d	20
Number of threshold consecutive trading days | d	30
Threshold percentage of stock price trigger	130.00%
Threshold consecutive trading days | d		5
Threshold percentage of stock price trigger		98.00%
Amortization of debt discount (premium)		$ 900,000	2,200,000
Interest expense		$ 900,000	$ 2,000,000
Convertible Senior Notes | Convertible Senior Notes | 3.25% Convertible Senior Notes due 2020
Debt Instrument [Line Items]
Stated interest rate	3.25%	3.25%

Debt - Extinguishment of Debt (

Debt - Extinguishment of Debt (Details) - USD ($) shares in Thousands, $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Extinguishment of Debt [Line Items]
Loss on extinguishment of debt	$ 748	$ 2,398	$ 748	$ 6,965
Convertible Senior Notes
Extinguishment of Debt [Line Items]
Number of shares of common stock issued (in shares)	1,497
Loss on extinguishment of debt	$ 748
Convertible Senior Notes | Convertible Senior Notes
Extinguishment of Debt [Line Items]
Principal amount settled	$ 45,372

Debt - Components of Convertibl

Debt - Components of Convertible Senior Notes (Details) - Convertible Senior Notes - Convertible Senior Notes - USD ($) $ in Thousands	6 Months Ended	12 Months Ended
	Jun. 30, 2019	Dec. 31, 2018
Debt Instrument [Line Items]
Principal amount outstanding	$ 13,131	$ 58,503
Unamortized discount of liability component	(617)	(3,637)
Unamortized debt issuance costs	(83)	(487)
Net carrying amount of liability component	12,431	54,379
Carrying value of equity component, net of issuance costs	2,265	10,092
Carrying value of equity component, net of issuance costs	$ 25,356	$ 85,999
Fair value of outstanding Convertible Senior Notes	1 year 6 months	2 years

Debt - Credit Agreement, Additi

Debt - Credit Agreement, Additional Information (Details)	Aug. 31, 2018USD ($)covenant	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Jun. 30, 2019USD ($)	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Debt Instrument [Line Items]
Line of credit, maximum borrowing capacity	$ 175,000,000
Revolving Credit Facility		$ 18,188,000		$ 18,188,000		$ 53,188,000
Commitment fee percentage	0.15%
Commitment fee percentage on unused capacity	0.30%
Number of financial covenants | covenant	2
Ratio of indebtedness to net capital	3.50
Consolidated fixed charge coverage ratio	1.25
Interest expense, debt				$ 1,800,000	$ 4,200,000
Maximum
Debt Instrument [Line Items]
Ratio of indebtedness to net capital	4.50
Fed Funds Effective Rate Overnight Index Swap Rate
Debt Instrument [Line Items]
Basis spread on variable rate				0.005%
Base Rate
Debt Instrument [Line Items]
Stated interest rate	1.00%
Base Rate | Minimum
Debt Instrument [Line Items]
Stated interest rate	0.75%
Base Rate | Maximum
Debt Instrument [Line Items]
Stated interest rate	1.50%
London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Basis spread on variable rate				1.00%
Stated interest rate	2.00%
London Interbank Offered Rate (LIBOR) | Minimum
Debt Instrument [Line Items]
Stated interest rate	1.75%
London Interbank Offered Rate (LIBOR) | Maximum
Debt Instrument [Line Items]
Stated interest rate	2.50%
Revolving Credit Facility
Debt Instrument [Line Items]
Interest expense, debt		$ 500,000	$ 1,800,000	$ 1,100,000	$ 4,200,000

Stockholders' Equity Stock-Base

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Option Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Shares
Stock options outstanding, beginning (in shares) | shares	1,877
Stock options granted (in shares) | shares	169
Stock options exercised (in shares) | shares	(427)
Stock options cancelled (in shares) | shares	(3)
Weighted-average exercise price per share
Stock options outstanding beginning, weighted average exercise price (in USD per share) | $ / shares	$ 21.53
Stock options granted, weighted average exercise price (in USD per share) | $ / shares	59.18
Stock options exercised, weighted average exercise price (in USD per share) | $ / shares	17.54
Stock options cancelled, weighted averager exercise price (in USD per share) | $ / shares	42.29
Stock options outstanding ending, weighted average exercise price (in USD per share) | $ / shares	$ 26.50
Stock options outstanding, ending (in shares) | shares	1,616

Stockholders' Equity Stock-Ba_2

Stockholders' Equity Stock-Based Compensation - Summary of Status of Stock Awards Activity (Details) shares in Thousands	6 Months Ended
	Jun. 30, 2019$ / sharesshares
Shares
Restricted stock outstanding, non-vested, beginning (in shares) | shares	676
Restricted stock granted (in shares) | shares	253
Restricted stock vested (in shares) | shares	(118)
Restricted stock forfeited (in shares) | shares	(4)
Restricted stock outstanding, non-vested, ending (in shares) | shares	807
Weighted-average grant date fair value
Restricted stock outstanding, non-vested, beginning, weighted average fair value (in USD per share) | $ / shares	$ 30.75
Restricted stock granted, weighted average fair value (in USD per share) | $ / shares	59.19
Restricted stock vested, weighted average fair value (in USD per share) | $ / shares	25.28
Restricted stock forfeited, weighted average far value (in USD per share) | $ / shares	47.80
Restricted stock outstanding, non-vested, ending, weighted average fair value (in USD per share) | $ / shares	$ 40.37

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Details) - USD ($) $ / shares in Units, $ in Millions	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Common stock issued in connection with employee stock purchase plan (in shares)	21,600,000
Restricted stock granted, weighted average fair value (in USD per share)	$ 59.19
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Unrecognized compensation expense	$ 28.8
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Expected weighted-average period of recognition for unrecognized compensation expense	2 years 2 months 12 days
RSUs
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Restricted stock granted, weighted average fair value (in USD per share)	$ 59.19	$ 48.45

Stockholders' Equity - Compensa

Stockholders' Equity - Compensation Expense Related to Stock-Based Compensation Plans (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 3,372	$ 3,480	$ 6,960	$ 6,415
Cost of sales
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	262	265	542	496
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	544	601	1,109	1,193
Sales and marketing
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	904	717	2,023	1,513
General and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Total stock-based compensation expense	$ 1,662	$ 1,897	$ 3,286	$ 3,213

Stockholders' Equity - Estimate

Stockholders' Equity - Estimated Fair Value of Each Stock Option Award (Details) - $ / shares	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Equity [Abstract]
Risk-free interest rate	2.51%	2.49%
Expected option life (in years)	5 years 8 months 12 days	6 years 3 months 18 days
Volatility rate	39.00%	36.00%
Dividend rate	0.00%	0.00%
Weighted-average grant date fair value of stock options granted (in USD per share)	$ 23.67	$ 18.76

Industry and Geographic Infor_3

Industry and Geographic Information - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)segment	Jun. 30, 2018USD ($)	Dec. 31, 2018USD ($)
Revenue, Major Customer [Line Items]
Number of reportable segments | segment	1
Customer Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Sales to customers outside the U.S.	$ 87.7	$ 84.6
Customer Concentration Risk | Sales
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	43.00%	44.00%
Customer Concentration Risk | Sales | Non-US
Revenue, Major Customer [Line Items]
Percentage of risk concentration by major customer	34.00%	31.00%
Geographic Concentration Risk | Non-US
Revenue, Major Customer [Line Items]
Accounts receivable	$ 19.7		$ 23.4
Credit Concentration Risk
Revenue, Major Customer [Line Items]
Accounts receivable	$ 17.2		$ 33.3

Industry and Geographic Infor_4

Industry and Geographic Information - Sales to Individual Customers in Excess of 10% of Total Revenues (Details) - Sales - Customer Concentration Risk	6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018
Revenue, Major Customer [Line Items]
Sales percentage	43.00%	44.00%
Customer A
Revenue, Major Customer [Line Items]
Sales percentage	16.00%	18.00%
Customer B
Revenue, Major Customer [Line Items]
Sales percentage	14.00%	13.00%
Customer C
Revenue, Major Customer [Line Items]
Sales percentage	13.00%	13.00%

Industry and Geographic Infor_5

Industry and Geographic Information Industry and Geographic Information - Revenue by Category (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2019	Jun. 30, 2018	Jun. 30, 2019	Jun. 30, 2018
Disaggregation of Revenue [Line Items]
Total revenues	$ 108,252	$ 103,155	$ 256,220	$ 272,298
Rapid Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	21,772	16,689	84,266	97,374
Cardiac Immunoassay
Disaggregation of Revenue [Line Items]
Total revenues	67,982	69,850	133,854	138,294
Specialized Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	14,286	12,694	28,140	27,565
Molecular Diagnostic Solutions
Disaggregation of Revenue [Line Items]
Total revenues	$ 4,212	$ 3,922	$ 9,960	$ 9,065

Commitments and Contingencies L

Commitments and Contingencies Lease Expense (Details) - USD ($) $ in Thousands	Jan. 05, 2018	Jun. 30, 2019	Jun. 30, 2019
Commitments and Contingencies Disclosure [Abstract]
Lessor, operating lease, option to extend			P5Y
Finance lease ROU asset amortization		$ 84	$ 147
Finance lease interest expense		211	420
Total finance lease costs		295	567
Operating lease costs		2,502	5,007
Total lease costs		2,797	5,574
Operating cash flows from operating leases		2,304	4,584
Operating cash flows from finance leases		211	420
Operating leases		0	328
Finance leases		$ 43	$ 1,369
Lessee, sale leaseback, renewal term	5 years

Commitments and Contingencies M

Commitments and Contingencies Minimum Rentals (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Jan. 01, 2019	Dec. 31, 2018
Operating
2019	$ 4,610
2020	9,333
2021	9,570
2022	8,562
2023	8,182
Thereafter	76,566
Total lease payments	116,823
Less: imputed interest	(28,963)
Total	87,860
Current portion of operating lease liability	(5,474)	$ 0	$ 0
Non-current portion	$ 82,386	$ 0	$ 0
Weighted average remaining lease term	12 years 6 months
Weighted average discount rate	4.00%
Finance
Finance Lease, Liability, Payments, Due Next Twelve Months	$ 628
2020	1,264
2021	1,272
2022	1,283
2023	1,293
Thereafter	3,203
Total lease payments	8,943
Less: imputed interest	(3,879)
Total	5,064
Less: current portion	(443)
Non-current portion	$ 4,621
Weighted average remaining lease term	6 years 1 month 6 days
Weighted average discount rate	18.00%

Commitments and Contingencies (

Commitments and Contingencies (Details) $ in Millions	Jan. 05, 2018optionbuilding	Jun. 30, 2019USD ($)option
Commitments and Contingencies Disclosure [Abstract]
Sale leaseback transaction, number of buildings | building	2
Number of buildings | building	4
Lessee, operating lease, term of contract	15 years
Lessee, sale leaseback, option to extend | option	2
Lessee, sale leaseback, renewal term	5 years
Operating leases, future minimum payments due | $		$ 18.3
Limited partner		25.00%
Number of extension | option		3
Lessor, operating lease, option to extend		P5Y

Fair Value Measurements - Asset

Fair Value Measurements - Assets and Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2019	Dec. 31, 2018
Assets:
Total assets measured at fair value	$ 358	$ 0
Liabilities:
Total liabilities measured at fair value	163,401	206,270
Derivative
Assets:
Derivative assets	358	0
Liabilities:
Derivative liabilities	32	0
Contingent consideration
Liabilities:
Total liabilities measured at fair value	15,707	19,112
Deferred consideration
Liabilities:
Total liabilities measured at fair value	147,662	187,158
Level 1
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	0	0
Level 1 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Level 1 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 1 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 2
Assets:
Total assets measured at fair value	358	0
Liabilities:
Total liabilities measured at fair value	147,694	187,158
Level 2 | Derivative
Assets:
Derivative assets	358	0
Liabilities:
Derivative liabilities	32	0
Level 2 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	0	0
Level 2 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	147,662	187,158
Level 3
Assets:
Total assets measured at fair value	0	0
Liabilities:
Total liabilities measured at fair value	15,707	19,112
Level 3 | Derivative
Assets:
Derivative assets	0	0
Liabilities:
Derivative liabilities	0	0
Level 3 | Contingent consideration
Liabilities:
Total liabilities measured at fair value	15,707	19,112
Level 3 | Deferred consideration
Liabilities:
Total liabilities measured at fair value	$ 0	$ 0

Fair Value Measurements - Addit

Fair Value Measurements - Additional Information (Details) $ in Millions	6 Months Ended
	Jun. 30, 2019USD ($)
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Accretion of interest on deferred consideration	$ 4.5
Consideration B | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of installment payment	40
Consideration A | BNP Business
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items]
Amount of installment payment	$ 8

Fair Value Measurements - Chang

Fair Value Measurements - Changes in Estimated Fair Value of Contingent Consideration Liabilities (Details) - Level 3 $ in Thousands	6 Months Ended
	Jun. 30, 2019USD ($)
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at December 31, 2018	$ 19,112
Cash payments	(4,031)
Net loss recorded for fair value adjustments	626
Contingent consideration
Fair Value, Assets Measured on Recurring Basis, Unobservable Input Reconciliation, Calculation [Roll Forward]
Balance at June 30, 2019	$ 15,707

Derivatives and Hedging - Forei

Derivatives and Hedging - Foreign Currency (Details) $ in Thousands	Jun. 30, 2019USD ($)
Prepaid expenses and other current assets
Derivatives, Fair Value [Line Items]
Notional Amount	$ 18,162
Fair Value, Net	358
Other current liabilities
Derivatives, Fair Value [Line Items]
Notional Amount	5,871
Fair Value, Net	$ 32