Document_And_Entity_Informatio
Document And Entity Information | 3 Months Ended | |
Mar. 31, 2014 | Apr. 25, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 31-Mar-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q1 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Central Index Key | '0000784199 | ' |
Entity Registrant Name | 'CRYOLIFE INC | ' |
Trading Symbol | 'cry | ' |
Entity Common Stock, Shares Outstanding | ' | 28,084,041 |
Consolidated_Statement_Of_Oper
Consolidated Statement Of Operations And Comprehensive Income (USD $) | 3 Months Ended | |
Share data in Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Revenues: | ' | ' |
Products | $19,455,000 | $19,796,000 |
Preservation services | 16,276,000 | 15,677,000 |
Other | ' | 63,000 |
Total revenues | 35,731,000 | 35,536,000 |
Cost of products and preservation services: | ' | ' |
Products | 3,801,000 | 3,465,000 |
Preservation services | 9,457,000 | 8,795,000 |
Total cost of products and preservation services | 13,258,000 | 12,260,000 |
Gross margin | 22,473,000 | 23,276,000 |
Operating expenses: | ' | ' |
General, administrative, and marketing | 18,275,000 | 17,977,000 |
Research and development | 2,502,000 | 1,988,000 |
Total operating expenses | 20,777,000 | 19,965,000 |
Operating income | 1,696,000 | 3,311,000 |
Interest expense | 61,000 | 50,000 |
Interest income | -3,000 | -2,000 |
Other (income) expense, net | -99,000 | 219,000 |
Income before income taxes | 1,737,000 | 3,044,000 |
Income tax expense | 678,000 | 852,000 |
Net income | 1,059,000 | 2,192,000 |
Income per common share: | ' | ' |
Basic | $0.04 | $0.08 |
Diluted | $0.04 | $0.08 |
Dividends declared per common share | $0.03 | $0.03 |
Weighted-average common shares outstanding: | ' | ' |
Basic | 27,376 | 26,861 |
Diluted | 28,463 | 27,488 |
Net income | 1,059,000 | 2,192,000 |
Other comprehensive loss | -35,000 | -33,000 |
Comprehensive income | $1,024,000 | $2,159,000 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $32,763 | $37,643 |
Restricted cash and securities | 5,684 | 5,350 |
Receivables, net | 21,000 | 18,307 |
Deferred preservation costs | 26,215 | 27,297 |
Inventories | 11,489 | 9,771 |
Deferred income taxes | 5,713 | 5,162 |
Prepaid expenses and other | 2,988 | 2,797 |
Total current assets | 105,852 | 106,327 |
Property and equipment, net | 11,994 | 12,171 |
Goodwill | 11,365 | 11,365 |
Patents, net | 1,852 | 1,934 |
Trademarks and other intangibles, net | 19,829 | 19,985 |
Notes receivable | 2,000 | 2,000 |
Deferred income taxes | 16,370 | 16,885 |
Other | 4,255 | 4,016 |
Total assets | 173,517 | 174,683 |
Current liabilities: | ' | ' |
Accounts payable | 5,000 | 5,514 |
Accrued compensation | 3,087 | 4,886 |
Accrued procurement fees | 5,013 | 5,427 |
Accrued expenses and other | 4,883 | 4,579 |
Deferred income | 380 | 316 |
Total current liabilities | 18,363 | 20,722 |
Contingent consideration liability | 1,786 | 1,884 |
Other | 7,798 | 7,330 |
Total liabilities | 27,947 | 29,936 |
Commitments and contingencies | ' | ' |
Shareholders' equity: | ' | ' |
Preferred stock | ' | ' |
Common stock (issued shares of 28,567 in 2014 and 28,244 in 2013) | 286 | 282 |
Additional paid-in capital | 129,966 | 128,585 |
Retained earnings | 19,028 | 18,741 |
Accumulated other comprehensive (loss) income | -28 | 7 |
Treasury stock at cost, (shares of 495 in 2014 and 413 in 2013) | -3,682 | -2,868 |
Total shareholders' equity | 145,570 | 144,747 |
Total liabilities and shareholders' equity | $173,517 | $174,683 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Consolidated Balance Sheets [Abstract] | ' | ' |
Common stock, shares issued | 28,567 | 28,244 |
Treasury stock, shares | 495 | 413 |
Consolidated_Statement_Of_Cash
Consolidated Statement Of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Net cash flows from operating activities: | ' | ' |
Net income | $1,059 | $2,192 |
Adjustments to reconcile net income to net cash from operating activities: | ' | ' |
Depreciation and amortization | 1,462 | 1,453 |
Non-cash compensation | 845 | 782 |
Deferred income taxes | -36 | 187 |
Other non-cash adjustments to income | -323 | 398 |
Changes in operating assets and liabilities: | ' | ' |
Receivables | -2,693 | -3,321 |
Deferred preservation costs and inventories | -821 | 1,153 |
Prepaid expenses and other assets | -430 | 373 |
Accounts payable, accrued expenses, and other liabilities | -1,101 | -4,386 |
Net cash flows used in operating activities | -2,038 | -1,169 |
Net cash flows from investing activities: | ' | ' |
Capital expenditures | -1,037 | -988 |
Other | -642 | -84 |
Net cash flows used in investing activities | -1,679 | -1,072 |
Net cash flows from financing activities: | ' | ' |
Cash dividends paid | -772 | -687 |
Proceeds from exercise of stock options and issuance of common stock | 357 | 229 |
Repurchases of common stock | ' | -1,203 |
Other | -705 | -474 |
Net cash flows used in financing activities | -1,120 | -2,135 |
Effect of exchange rate changes on cash | -43 | -1 |
Decrease in cash and cash equivalents | -4,880 | -4,377 |
Cash and cash equivalents, beginning of period | 37,643 | 13,009 |
Cash and cash equivalents, end of period | $32,763 | $8,632 |
Basis_Of_Presentation
Basis Of Presentation | 3 Months Ended |
Mar. 31, 2014 | |
Basis Of Presentation [Abstract] | ' |
Basis Of Presentation | ' |
1. Basis of Presentation | |
The accompanying summary consolidated financial statements include the accounts of CryoLife, Inc. and its subsidiaries (“CryoLife,” the “Company,” “we,” or “us”). All significant intercompany accounts and transactions have been eliminated in consolidation. The accompanying Summary Consolidated Balance Sheet as of December 31, 2013 has been derived from audited financial statements. The accompanying unaudited summary consolidated financial statements as of and for the three months ended March 31, 2014 and 2013 have been prepared in accordance with (i) accounting principles generally accepted in the U.S. for interim financial information and (ii) the instructions to Form 10-Q and Rule 10-01 of Regulation S-X of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, such statements do not include all of the information and disclosures required by accounting principles generally accepted in the U.S. for a complete presentation of financial statements. In the opinion of management, all adjustments (including those of a normal, recurring nature) considered necessary for a fair presentation have been included. Operating results for the three months ended March 31, 2014 are not necessarily indicative of the results that may be expected for the year ending December 31, 2014. These summary consolidated financial statements should be read in conjunction with the consolidated financial statements and notes thereto included in CryoLife’s Annual Report on Form 10-K for the year ended December 31, 2013. | |
Financial_Instruments
Financial Instruments | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||
Financial Instruments | ' | |||||||||||
2. Financial Instruments | ||||||||||||
The following is a summary of the Company’s financial instruments measured at fair value (in thousands): | ||||||||||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||
Cash equivalents: | ||||||||||||
Money market funds | $ | 2,482 | $ | -- | $ | -- | $ | 2,482 | ||||
U.S. Treasury debt securities | 20,000 | -- | -- | 20,000 | ||||||||
Restricted securities: | ||||||||||||
Money market funds | 684 | -- | -- | 684 | ||||||||
Total assets | $ | 23,166 | $ | -- | $ | -- | $ | 23,166 | ||||
Long-term liabilities: | ||||||||||||
Contingent consideration | $ | -- | $ | -- | $ | -1,786 | $ | -1,786 | ||||
Total liabilities | $ | -- | $ | -- | $ | -1,786 | $ | -1,786 | ||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||
Cash equivalents: | ||||||||||||
Money market funds | $ | 5,349 | $ | -- | $ | -- | $ | 5,349 | ||||
Certificates of deposit | 749 | -- | -- | 749 | ||||||||
Restricted securities: | ||||||||||||
Money market funds | 350 | -- | -- | 350 | ||||||||
Total assets | $ | 6,448 | $ | -- | $ | -- | $ | 6,448 | ||||
Long-term liabilities: | ||||||||||||
Contingent consideration | $ | -- | $ | -- | $ | -1,884 | $ | -1,884 | ||||
Total liabilities | $ | -- | $ | -- | $ | -1,884 | $ | -1,884 | ||||
The Company used prices quoted from its investment management companies to determine the Level 1 valuation of its investments in money market funds, certificates of deposit, and securities. The Company recorded a contingent consideration liability, classified as Level 3, as a result of its acquisition of Hemosphere, Inc. (“Hemosphere”) in May 2012. Refer to Note 5 for further discussion of the Level 3 contingent consideration liability. | ||||||||||||
Changes in fair value of Level 3 liabilities are listed below (in thousands): | ||||||||||||
Contingent Consideration | ||||||||||||
Balance as of December 31, 2013 | $ | 1,884 | ||||||||||
Gain on remeasurement of contingent consideration | -98 | |||||||||||
Balance as of March 31, 2014 | $ | 1,786 | ||||||||||
Cash_Equivalents_And_Restricte
Cash Equivalents And Restricted Cash And Securities | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Cash Equivalents And Restricted Cash And Securities [Abstract] | ' | ||||||||
Cash Equivalents And Restricted Cash And Securities | ' | ||||||||
3. Cash Equivalents and Restricted Cash and Securities | |||||||||
The following is a summary of cash equivalents and restricted cash and securities (in thousands): | |||||||||
Unrealized | Estimated | ||||||||
Holding | Market | ||||||||
31-Mar-14 | Cost Basis | Gains | Value | ||||||
Cash equivalents: | |||||||||
Money market funds | $ | 2,482 | $ | -- | $ | 2,482 | |||
U.S. Treasury debt securities | 20,000 | -- | 20,000 | ||||||
Restricted cash and securities: | |||||||||
Cash | 5,000 | -- | 5,000 | ||||||
Money market funds | 684 | -- | 684 | ||||||
31-Dec-13 | |||||||||
Cash equivalents: | |||||||||
Money market funds | $ | 5,349 | $ | -- | $ | 5,349 | |||
Certificates of deposit | 749 | -- | 749 | ||||||
Restricted cash and securities: | |||||||||
Cash | 5,000 | -- | 5,000 | ||||||
Money market funds | 350 | -- | 350 | ||||||
As of March 31, 2014 and December 31, 2013 $684,000 and $350,000, respectively, of the Company’s money market funds were designated as short-term restricted securities due to a contractual commitment to hold the securities as pledged collateral relating primarily to international tax obligations. As of March 31, 2014 and December 31, 2013 $5.0 million of the Company’s cash was designated as short-term restricted cash due to a financial covenant requirement under the Company’s credit agreement with General Electric Capital Corporation (“GE Capital”), as discussed in Note 11. This restriction will lapse upon expiration of the credit agreement with GE Capital on October 28, 2014. | |||||||||
There were no gross realized gains or losses on cash equivalents in the three months ended March 31, 2014 and 2013. As of March 31, 2014 $20,000 of the Company’s restricted securities had a maturity date within three months and $664,000 of the Company’s restricted securities had a maturity date of between three months and one year. As of December 31, 2013 $328,000 of the Company’s restricted securities had a maturity date within three months and $22,000 of the Company’s restricted securities had a maturity date between three months and one year. As of March 31, 2014 and December 31, 2013 $5.0 million of the Company’s restricted cash had no maturity date. | |||||||||
ProCol_Distribution_Agreement
ProCol Distribution Agreement | 3 Months Ended |
Mar. 31, 2014 | |
ProCol Distribution Agreement [Abstract] | ' |
ProCol Distribution Agreement | ' |
4. ProCol Distribution Agreement | |
In March 2014 CryoLife acquired the exclusive worldwide distribution rights for ProCol® Vascular Bioprosthesis (“ProCol”) from Hancock Jaffe Laboratories, Inc. (“Hancock Jaffe”). The agreement between CryoLife and Hancock Jaffe (the “HJ Agreement”) has an initial three-year term and is renewable for two one-year periods at CryoLife’s option. Per the terms of the HJ Agreement, CryoLife has the option to acquire the ProCol product line from Hancock Jaffe beginning in March 2016. | |
ProCol, which is approved for sale in the U.S., is a biological graft derived from a bovine mesenteric vein that provides vascular access for end-stage renal disease (“ESRD”) hemodialysis patients. It is intended for the creation of a bridge graft for vascular access subsequent to at least one previously failed prosthetic access graft. ProCol is complementary to the Company’s Hemodialysis Reliable Outflow Graft (“HeRO® Graft”), which also serves patients with ESRD. ProCol provides vascular access for earlier-stage ESRD patients, while HeRO Graft is designed for patients with limited access options and central venous obstruction. | |
CryoLife will make payments to Hancock Jaffe of up to $2.3 million during 2014, with no more than $650,000 payable in any quarter. The first payment of $430,000 was made in the first quarter of 2014. In exchange for these payments, CryoLife will receive a designated amount of ProCol inventory for resale, including a small amount of existing commercially salable inventory and additional inventory as it is manufactured and after Hancock Jaffe receives U.S. Food and Drug Administration (“FDA”) approval of the Premarket Approval Supplement associated with its new manufacturing facilities. Subsequent to this initial inventory purchase, CryoLife can purchase additional units from Hancock Jaffe at an agreed upon transfer price. | |
Hemosphere_Acquisition
Hemosphere Acquisition | 3 Months Ended |
Mar. 31, 2014 | |
Hemosphere Acquisition [Abstract] | ' |
Hemosphere Acquisition | ' |
5. Hemosphere Acquisition | |
On May 16, 2012 CryoLife acquired Hemosphere, which the company now operates as a wholly owned subsidiary. Hemosphere is the developer and marketer of the HeRO Graft, a proprietary graft-based solution for ESRD hemodialysis patients with limited access options and central venous obstruction. | |
As of the Hemosphere acquisition date, CryoLife recorded a contingent consideration liability of $1.8 million in long-term liabilities on its Summary Consolidated Balance Sheet, representing the estimated fair value of the contingent consideration expected to be paid to the former shareholders of Hemosphere upon the achievement of certain revenue-based milestones. The acquisition agreement provides for a maximum of $4.5 million in future consideration payments through December 2015 based on specified sales targets. | |
The fair value of the contingent consideration liability was based on unobservable inputs, including management estimates and assumptions about future revenues, and is, therefore, classified as Level 3 within the fair value hierarchy presented in Note 2. The Company will remeasure this liability at each reporting date and will record changes in the fair value of the contingent consideration liability in other (income) expense, net on the Company’s Summary Consolidated Statement of Operations and Comprehensive Income. Increases or decreases in the fair value of the contingent consideration liability can result from changes in discount periods and rates, as well as changes in the timing and amount of Company revenue estimates. | |
The Company recorded a gain of $98,000 and a loss of $39,000 in the three months ended March 31, 2014 and 2013, respectively, on the remeasurement of the contingent consideration liability. The gains and losses in the current and prior year periods are due to the effect of the passage of time on the fair value measurements and changes in the Company’s estimates. The balance of the contingent consideration liability was $1.8 million as of March 31, 2014 and $1.9 million as of December 31, 2013. | |
ValveXchange
ValveXchange | 3 Months Ended |
Mar. 31, 2014 | |
ValveXchange [Abstract] | ' |
ValveXchange | ' |
6. ValveXchange | |
Preferred Stock Investment | |
In July 2011 the Company purchased shares of series A preferred stock of ValveXchange, Inc. (“ValveXchange”) for approximately $3.5 million. ValveXchange is a private medical device company that was spun off from Cleveland Clinic to develop a lifetime heart valve replacement technology platform featuring exchangeable bioprosthetic leaflets. As ValveXchange’s stock is not actively traded on any public stock exchange, and as the Company’s investment is in preferred stock, the Company initially accounted for this investment using the cost method. The Company initially recorded its investment as a long-term asset, investment in equity securities, on the Company’s Summary Consolidated Balance Sheets. | |
During the fourth quarter of 2013 the Company reevaluated its investment in ValveXchange preferred stock for impairment. Based on this analysis, the Company believed that its investment in ValveXchange was fully impaired as of December 31, 2013, and the impairment was other than temporary. Therefore, in the fourth quarter of 2013 the Company recorded an other non-operating expense of $3.2 million to write-down the remaining value of its investment in ValveXchange preferred stock. As of March 31, 2014 and December 31, 2013 the carrying value of the Company’s investment in ValveXchange preferred stock was zero. | |
Loan Agreement | |
The Company’s agreement with ValveXchange, as amended, makes available up to $2.0 million to ValveXchange in debt financing through a revolving credit facility (the “Loan”). The Loan includes various affirmative and negative covenants, including financial covenant requirements, and expires on July 30, 2018, unless terminated earlier. Amounts outstanding under the Loan earn interest at an 8% annual rate and are secured by substantially all of the tangible and intangible assets of ValveXchange. The Company incurred loan origination costs, net of fees charged to ValveXchange, of approximately $117,000, which are being expensed on a straight-line basis over the life of the Loan. In 2012 the Company advanced $2.0 million to ValveXchange under the Loan. The $2.0 million advance is recorded as long-term notes receivable on the Company’s Summary Consolidated Balance Sheets as of March 31, 2014 and December 31, 2013. | |
During 2013 CryoLife repeatedly notified ValveXchange that ValveXchange was in default of certain loan covenants, due to various factors including ValveXchange’s failure to obtain CryoLife’s consent for certain convertible note financings that ValveXchange previously obtained. In April 2014, in conjunction with ValveXchange’s series B preferred stock fundraising (the “Series B”), CryoLife and ValveXchange entered into an amendment to the Loan agreement pursuant to which CryoLife waived ValveXchange’s previous Loan defaults in exchange for an agreement that 10% of any amounts raised in the Series B in excess of $1.25 million would be paid to CryoLife. As of April 25, 2014, ValveXchange had raised $1.4 million under the Series B. | |
Management believes that ValveXchange will continue to need additional funds to support its short-term and long-term operations, as it is currently not selling any product. However, even if ValveXchange is able to secure additional funds, if those funds are insufficient and ValveXchange cannot meet its business obligations, CryoLife may need to foreclose on the related collateral to secure repayment of the Loan. Although CryoLife currently believes that the value of the collateral is adequate to repay the Loan, there is no guarantee that the security for the notes will be sufficient to repay the Loan. | |
Option Agreement | |
Concurrently with the Loan agreement described above, CryoLife entered into an option agreement with ValveXchange pursuant to which CryoLife obtained (i) the right of first refusal to acquire ValveXchange during a period that extends through the completion of initial commercialization milestones and (ii) the right to negotiate with ValveXchange for European distribution rights. As part of the Series B, CryoLife agreed to forego its rights to negotiate with ValveXchange for European distribution rights. The Company’s rights may be further modified or reduced in connection with a future round of financing. | |
Medafor_Matters
Medafor Matters | 3 Months Ended |
Mar. 31, 2014 | |
Medafor Matters [Abstract] | ' |
Medafor Matters | ' |
7. Medafor Matters | |
Investment in Medafor Common Stock | |
In 2009 and 2010 CryoLife purchased shares of common stock in Medafor, Inc. (“Medafor”). The Company initially recorded its investment using the cost method as a long-term asset, investment in equity securities, on the Company’s Summary Consolidated Balance Sheets. | |
On October 1, 2013 C.R. Bard, Inc. (“Bard”) completed its previously announced acquisition of the outstanding shares of Medafor common stock. The Company received an initial payment of approximately $15.4 million for its 2.4 million shares of Medafor common stock and recorded an initial gain of approximately $12.7 million on the sale in the fourth quarter of 2013. The Company could receive additional payments totaling up to $8.4 million upon the release of funds held in escrow and the satisfaction of certain contingent milestones, measurable through June 2015. The first of these additional payments, which the Company believes could be up to approximately $525,000, if released, would be received in late 2014, although this amount is subject to possible offsets. These payments will be recorded as an additional gain when, and if, received by the Company. | |
Legal Action | |
CryoLife received a letter from Medafor in September 2012 stating that PerClot®, when introduced in the U.S., will, when used in accordance with the method published in CryoLife’s literature and with the instructions for use, infringe Medafor’s (now Bard’s) U.S. patent. CryoLife has received no further communications from Medafor or Bard related to the September letter. | |
CryoLife does not believe that its sales of PerClot will infringe Bard’s patent. Accordingly, as discussed in Part II, Item 1, Legal Proceedings of this Form 10-Q, in April 2014, the Company filed a declaratory judgment action against Bard and certain of its subsidiaries, including Medafor, in federal court, requesting that the court confirm that CryoLife’s anticipated sales of PerClot, when it is approved by the FDA, and certain of its derivative products, such as PerClot Topical, which has been cleared by the FDA, will not infringe upon the patent held by Bard and/or that the Bard patent is invalid. See also Recent Events – PerClot. | |
Deferred_Preservation_Costs_An
Deferred Preservation Costs And Inventories | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Deferred Preservation Costs And Inventories [Abstract] | ' | |||||
Deferred Preservation Costs And Inventories | ' | |||||
8. Deferred Preservation Costs and Inventories | ||||||
Deferred preservation costs at March 31, 2014 and December 31, 2013 are comprised of the following (in thousands): | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Cardiac tissues | $ | 11,681 | $ | 12,239 | ||
Vascular tissues | 14,534 | 15,058 | ||||
Total deferred preservation costs | $ | 26,215 | $ | 27,297 | ||
Inventories at March 31, 2014 and December 31, 2013 are comprised of the following (in thousands): | ||||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials and supplies | $ | 6,213 | $ | 5,706 | ||
Work-in-process | 807 | 767 | ||||
Finished goods | 4,469 | 3,298 | ||||
Total inventories | $ | 11,489 | $ | 9,771 | ||
Goodwill_And_Other_Intangible_
Goodwill And Other Intangible Assets | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | |||||||||||||||||
Goodwill And Other Intangible Assets | ' | |||||||||||||||||
9. Goodwill and Other Intangible Assets | ||||||||||||||||||
Indefinite Lived Intangible Assets | ||||||||||||||||||
As of March 31, 2014 and December 31, 2013 the carrying values of the Company’s indefinite lived intangible assets are as follows (in thousands): | ||||||||||||||||||
March 31, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Goodwill | $ | 11,365 | $ | 11,365 | ||||||||||||||
Procurement contracts and agreements | 2,013 | 2,013 | ||||||||||||||||
Trademarks | 846 | 841 | ||||||||||||||||
Based on its experience with similar agreements, the Company believes that its acquired contracts and procurement agreements have an indefinite useful life, as the Company expects to continue to renew these contracts for the foreseeable future. The Company believes that its trademarks have an indefinite useful life as the Company currently anticipates that these trademarks will contribute to cash flows of the Company indefinitely. | ||||||||||||||||||
As of March 31, 2014 and December 31, 2013 the Company’s entire goodwill balance is related to its Medical Devices segment, and there has been no change from the balance recorded as of December 31, 2013. | ||||||||||||||||||
Definite Lived Intangible Assets | ||||||||||||||||||
As of March 31, 2014 and December 31, 2013 the gross carrying values, accumulated amortization, and approximate amortization periods of the Company’s definite lived intangible assets are as follows (dollars in thousands): | ||||||||||||||||||
Gross Carrying | Accumulated | Amortization | ||||||||||||||||
31-Mar-14 | Value | Amortization | Period | |||||||||||||||
Acquired technology | $ | 14,020 | $ | 2,961 | 16-Nov | Years | ||||||||||||
Patents | 4,236 | 2,384 | 17 | Years | ||||||||||||||
Distribution and manufacturing rights and know-how | 3,559 | 776 | 15 | Years | ||||||||||||||
Customer lists and relationships | 3,370 | 632 | 13-17 | Years | ||||||||||||||
Non-compete agreement | 381 | 276 | 10 | Years | ||||||||||||||
Other | 470 | 185 | 5-Jan | Years | ||||||||||||||
Gross Carrying | Accumulated | Amortization | ||||||||||||||||
31-Dec-13 | Value | Amortization | Period | |||||||||||||||
Acquired technology | $ | 14,020 | $ | 2,677 | 16-Nov | Years | ||||||||||||
Patents | 4,348 | 2,414 | 17 | Years | ||||||||||||||
Distribution and manufacturing rights and know-how | 3,559 | 714 | 15 | Years | ||||||||||||||
Customer lists and relationships | 3,370 | 572 | 13-17 | Years | ||||||||||||||
Non-compete agreement | 381 | 267 | 10 | Years | ||||||||||||||
Other | 202 | 171 | 3-Jan | Years | ||||||||||||||
Amortization Expense | ||||||||||||||||||
The following is a summary of amortization expense as recorded in general, administrative, and marketing expenses on the Company’s Summary Consolidated Statement of Operations and Comprehensive Income (in thousands): | ||||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Amortization expense | $ | 496 | $ | 514 | ||||||||||||||
As of March 31, 2014 scheduled amortization of intangible assets for the next five years is as follows (in thousands): | ||||||||||||||||||
Remainder | ||||||||||||||||||
of 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||
Amortization expense | $ | 1,499 | $ | 1,968 | $ | 1,960 | $ | 1,904 | $ | 1,895 | $ | 1,847 | ||||||
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2014 | |
Income Taxes [Abstract] | ' |
Income Taxes | ' |
10. Income Taxes | |
The Company’s effective income tax rate was approximately 39% for the three months ended March 31, 2014, as compared to 28% for the three months ended March 31, 2013. The Company’s income tax rate for the three months ended March 31, 2014 was unfavorably affected by the research and development tax credit, which has not yet been enacted for the 2014 tax year. The Company’s income tax rate in 2013 was favorably affected by the full year 2012 research and development tax credit, which was enacted in January 2013 and, therefore, reduced the Company’s tax expense during the first quarter of 2013. | |
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and tax return purposes. The Company generates deferred tax assets primarily as a result of book write-downs, reserves, or impairments which are not immediately deductible for tax return purposes. The Company acquired significant deferred tax assets, primarily net operating loss carryforwards, from its acquisitions of Hemosphere and Cardiogenesis in the second quarters of 2012 and 2011, respectively. The Company currently estimates that a portion of its state net operating loss carryforwards will not be recoverable and has, therefore, recorded a valuation allowance against these state net operating loss carryforwards. | |
As of March 31, 2014 the Company maintained a total of $1.5 million in valuation allowances against deferred tax assets, related to state net operating loss carryforwards, and a net deferred tax asset of $22.1 million. As of December 31, 2013 the Company had a total of $1.5 million in valuation allowances against deferred tax assets and a net deferred tax asset of $22.0 million. | |
Debt
Debt | 3 Months Ended |
Mar. 31, 2014 | |
Debt [Abstract] | ' |
Debt | ' |
11. Debt | |
GE Credit Agreement | |
CryoLife’s amended and restated credit agreement with GE Capital (the “GE Credit Agreement”) provides revolving credit for working capital, acquisitions, and other corporate purposes. The GE Credit Agreement provides for a borrowing capacity of $20.0 million (including a letter of credit subfacility) and expires on October 28, 2014. The commitment may be reduced or increased from time to time pursuant to the terms of the GE Credit Agreement. | |
The GE Credit Agreement places limitations on the amount that the Company may borrow and includes various affirmative and negative covenants, including financial covenants such as a requirement that CryoLife (i) not exceed a defined leverage ratio, (ii) maintain a minimum adjusted earnings subject to defined adjustments as of specified dates, and (iii) not make or commit capital expenditures in excess of a defined limitation. As required under the terms of the GE Credit Agreement, the Company is maintaining cash and cash equivalents of at least $5.0 million in accounts in which GE Capital has a first priority perfected lien. These amounts are recorded as restricted cash as of March 31, 2014 and December 31, 2013 on the Company’s Summary Consolidated Balance Sheets, as they are restricted for the term of the GE Credit Agreement. The GE Credit Agreement allows the payment of cash dividends up to a maximum of $3.5 million per year, subject to satisfaction of specified conditions. Also, the GE Credit Agreement requires that, after giving effect to a stock repurchase, the Company maintain liquidity, as defined within the agreement, of at least $20.0 million. The GE Credit Agreement includes customary conditions on incurring new indebtedness. Commitment fees are paid based on the unused portion of the facility. As of March 31, 2014 the Company was in compliance with the covenants of the GE Credit Agreement. | |
Amounts borrowed under the GE Credit Agreement are secured by substantially all of the tangible and intangible assets of CryoLife and its subsidiaries and bear interest as determined by GE Capital at either LIBOR, with a minimum rate of 4.25%, or GE Capital’s base rate, with a minimum rate of 3.25%, plus the applicable margin. As of March 31, 2014 and December 31, 2013 the outstanding balance of the GE Credit Agreement was zero, the aggregate interest rate was 6.50%, and the remaining availability was $20.0 million. | |
In April 2014 the Company and GE Capital amended the GE Credit Agreement to increase to $14.0 million the maximum amount that the Company may spend, from the date of the amendment through the end of the term of the GE Credit Agreement, to purchase or redeem common stock of the Company pursuant to a stock repurchase program. The $14.0 million maximum is sufficient to cover the remaining amount under the stock repurchase program approved by the Company’s Board of Directors in February 2013, of approximately $13.5 million, as discussed further in Note 13. | |
Interest Expense | |
Interest expense was $61,000 and $50,000 for the three months ended March 31, 2014 and 2013, respectively, which included interest on debt and uncertain tax positions. | |
Commitments_And_Contingencies
Commitments And Contingencies | 3 Months Ended |
Mar. 31, 2014 | |
Commitments And Contingencies [Abstract] | ' |
Commitments And Contingencies | ' |
12. Commitments and Contingencies | |
Liability Claims | |
At March 31, 2014 and December 31, 2013 the Company’s estimated unreported loss liability was $1.5 million. The related recoverable insurance amounts were $595,000 and $580,000 as of March 31, 2014 and December 31, 2013, respectively. The Company accrues its estimate of unreported product and tissue processing liability claims as a component of other long‑term liabilities and records the related recoverable insurance amount as a component of other long‑term assets, as appropriate. Further analysis indicated that the liability as of March 31, 2014 could have been estimated to be as high as $2.7 million, after including a reasonable margin for statistical fluctuations calculated based on actuarial simulation techniques. | |
Employment Agreement | |
The Company has an employment agreement with its Chief Executive Officer (“CEO”) that confers benefits which become payable upon the occurrence of certain events, including his voluntary retirement or termination of his employment in conjunction with certain change in control events. As of both March 31, 2014 and December 31, 2013 the Company had $2.1 million in accrued expenses and other current liabilities on the Summary Consolidated Balance Sheets representing benefits payable upon the CEO’s voluntary retirement, for which he is currently eligible. The CEO’s current employment agreement took effect on January 1, 2013 and terminates on December 31, 2015. | |
Shareholders_Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2014 | |
Shareholders' Equity [Abstract] | ' |
Shareholders' Equity | ' |
13. Shareholders’ Equity | |
Common Stock Repurchase | |
In February 2013 the Company’s Board of Directors authorized the purchase of up to $15.0 million of its common stock through October 31, 2014. | |
In the three months ended March 31, 2014 the Company did not purchase common stock under the repurchase program. For the year ended December 31, 2013 the Company purchased approximately 253,000 shares for an aggregate purchase price of $1.5 million. These shares were recorded, at cost, as part of treasury stock on the Company’s Summary Consolidated Balance Sheet. As of March 31, 2014 and December 31, 2013 the Company had $13.5 million in remaining authorizations under the repurchase program. | |
Cash Dividends | |
The Company initiated a quarterly cash dividend of $0.025 per share of common stock outstanding in the third quarter of 2012, and increased this dividend by 10% to $0.0275 per share of common stock outstanding in the second quarter of 2013. The Company paid dividend payments of $772,000 and $687,000 from cash on hand for the three months ended March 31, 2014 and 2013, respectively. The dividend payments were recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheets. | |
Stock_Compensation
Stock Compensation | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock Compensation [Abstract] | ' | |||||||||||
Stock Compensation | ' | |||||||||||
14. Stock Compensation | ||||||||||||
Overview | ||||||||||||
The Company has stock option and stock incentive plans for employees and non-employee Directors that provide for grants of restricted stock awards (“RSAs”), restricted stock units (“RSUs”), performance stock units (“PSUs”), and options to purchase shares of Company common stock at exercise prices generally equal to the fair values of such stock at the dates of grant. The Company also maintains a shareholder approved Employee Stock Purchase Plan (the “ESPP”) for the benefit of its employees. The ESPP allows eligible employees to purchase common stock on a regular basis at the lower of 85% of the market price at the beginning or end of each offering period. | ||||||||||||
Equity Grants | ||||||||||||
During the three months ended March 31, 2014 the Compensation Committee of the Company’s Board of Directors authorized awards from approved stock incentive plans of RSUs to certain employees and RSAs and PSUs to certain Company officers, which assuming that performance under the PSUs were to be achieved at target levels, together totaled 326,000 shares and had an aggregate market value of $3.3 million. The PSUs granted in 2014 represent the right to receive from 50% to 150% of the target number of shares of common stock. The performance component of PSU awards granted in 2014 is based on attaining specified levels of adjusted EBITDA, as defined in the PSU grant documents, for the 2014 calendar year. The Company currently believes that achievement of the performance component is probable, and will reevaluate this likelihood on a quarterly basis. | ||||||||||||
During the three months ended March 31, 2013 the Compensation Committee of the Company’s Board of Directors authorized awards from approved stock incentive plans of RSAs and PSUs to certain Company officers which, assuming that performance under the PSUs were to be achieved at target levels, together totaled 324,000 shares of common stock and had an aggregate market value of $1.9 million. Shares issued under the 2013 PSU awards were earned at approximately 115% of the target number of shares. | ||||||||||||
The Compensation Committee of the Company’s Board of Directors authorized from approved stock incentive plans, grants of stock options to purchase a total of 162,000 shares to certain Company officers during both the three months ended March 31, 2014 and 2013. The exercise prices of the options were equal to the closing stock prices on their respective grant dates. | ||||||||||||
Employees purchased common stock totaling 59,000 and 49,000 shares in the three months ended March 31, 2014 and 2013, respectively, through the Company’s ESPP. | ||||||||||||
Stock Compensation Expense | ||||||||||||
The following weighted‑average assumptions were used to determine the fair value of options: | ||||||||||||
Three Months Ended | Three Months Ended | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
Stock Options | ESPP Options | Stock Options | ESPP Options | |||||||||
Expected life of options | 4.25 Years | .50 Years | 4.25 Years | .50 Years | ||||||||
Expected stock price volatility | 0.55 | 0.34 | 0.60 | 0.43 | ||||||||
Dividends | 1.10% | 0.99% | 1.91% | 1.61% | ||||||||
Risk-free interest rate | 1.19% | 0.10% | 0.70% | 0.16% | ||||||||
The following table summarizes total stock compensation expenses prior to the capitalization of amounts into deferred preservation and inventory costs (in thousands): | ||||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
RSA, RSU, and PSU expense | $ | 712 | $ | 635 | ||||||||
Stock option and ESPP option expense | 207 | 211 | ||||||||||
Total stock compensation expense | $ | 919 | $ | 846 | ||||||||
Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continued to vest during the period, and compensation related to the Company’s ESPP. These amounts were recorded as stock compensation expense and were subject to the Company’s normal allocation of expenses to deferred preservation costs and inventory costs. The Company capitalized $74,000 and $64,000 in the three months ended March 31, 2014 and 2013, respectively, of the stock compensation expense into its deferred preservation costs and inventory costs. | ||||||||||||
As of March 31, 2014 the Company had total unrecognized compensation costs of $5.3 million related to RSAs, RSUs, and PSUs, and $1.0 million related to unvested stock options before considering the effect of expected forfeitures. As of March 31, 2014 this expense is expected to be recognized over a weighted-average period of 1.69 years for RSAs, 1.65 years for RSUs, 1.48 years for PSUs, and 2.25 years for stock options. | ||||||||||||
Income_Per_Common_Share
Income Per Common Share | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Income Per Common Share [Abstract] | ' | |||||
Income Per Common Share | ' | |||||
15. Income Per Common Share | ||||||
The following table sets forth the computation of basic and diluted income per common share (in thousands, except per share data): | ||||||
Three Months Ended | ||||||
March 31, | ||||||
Basic income per common share | 2014 | 2013 | ||||
Net income | $ | 1,059 | $ | 2,192 | ||
Net income allocated to participating securities | -21 | -50 | ||||
Net income allocated to common shareholders | $ | 1,038 | $ | 2,142 | ||
Basic weighted-average common shares outstanding | 27,376 | 26,861 | ||||
Basic income per common share | $ | 0.04 | $ | 0.08 | ||
Three Months Ended | ||||||
March 31, | ||||||
Diluted income per common share | 2014 | 2013 | ||||
Net income | $ | 1,059 | $ | 2,192 | ||
Net income allocated to participating securities | -21 | -50 | ||||
Net income allocated to common shareholders | $ | 1,038 | $ | 2,142 | ||
Basic weighted-average common shares outstanding | 27,376 | 26,861 | ||||
Effect of dilutive stock options and awardsa | 1,087 | 627 | ||||
Diluted weighted-average common shares outstanding | 28,463 | 27,488 | ||||
Diluted income per common share | $ | 0.04 | $ | 0.08 | ||
___________________ | ||||||
aThe Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income per common share. Accordingly, stock options to purchase a weighted-average 131,000 shares and 1.2 million shares for the three months ended March 31, 2014 and 2013, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. | ||||||
Segment_Information
Segment Information | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Segment Information [Abstract] | ' | |||||
Segment Information | ' | |||||
16. Segment Information | ||||||
The Company has two reportable segments organized according to its products and services: Medical Devices and Preservation Services. The Medical Devices segment includes external revenues from product sales of BioGlue® Surgical Adhesive (“BioGlue”), BioFoam® Surgical Matrix (“BioFoam”), PerClot, revascularization technologies, and HeRO Graft. The Preservation Services segment includes external services revenues from the preservation of cardiac and vascular tissues. There are no intersegment revenues. | ||||||
The primary measure of segment performance, as viewed by the Company’s management, is segment gross margin, or net external revenues less cost of products and preservation services. The Company does not segregate assets by segment; therefore, asset information is excluded from the segment disclosures below. | ||||||
The following table summarizes revenues, cost of products and preservation services, and gross margins for the Company’s operating segments (in thousands): | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Revenues: | ||||||
Medical devices | $ | 19,455 | $ | 19,796 | ||
Preservation services | 16,276 | 15,677 | ||||
Othera | -- | 63 | ||||
Total revenues | 35,731 | 35,536 | ||||
Cost of products and preservation services: | ||||||
Medical devices | 3,801 | 3,465 | ||||
Preservation services | 9,457 | 8,795 | ||||
Total cost of products and preservation services | 13,258 | 12,260 | ||||
Gross margin: | ||||||
Medical devices | 15,654 | 16,331 | ||||
Preservation services | 6,819 | 6,882 | ||||
Othera | -- | 63 | ||||
Total gross margin | $ | 22,473 | $ | 23,276 | ||
The following table summarizes net revenues by product and preservation services (in thousands): | ||||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Products: | ||||||
BioGlue and BioFoam | $ | 15,240 | $ | 15,464 | ||
PerClot | 916 | 864 | ||||
Revascularization technologies | 1,684 | 2,191 | ||||
HeRO Graft | 1,615 | 1,277 | ||||
Total products | 19,455 | 19,796 | ||||
Preservation services: | ||||||
Cardiac tissue | 7,190 | 6,645 | ||||
Vascular tissue | 9,086 | 9,032 | ||||
Total preservation services | 16,276 | 15,677 | ||||
Othera | -- | 63 | ||||
Total revenues | $ | 35,731 | $ | 35,536 | ||
___________________ | ||||||
aThe “Other” designation includes grant revenue. | ||||||
Financial_Instruments_Tables
Financial Instruments (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Financial Instruments [Abstract] | ' | |||||||||||
Summary Of Financial Instruments Measured At Fair Value | ' | |||||||||||
31-Mar-14 | Level 1 | Level 2 | Level 3 | Total | ||||||||
Cash equivalents: | ||||||||||||
Money market funds | $ | 2,482 | $ | -- | $ | -- | $ | 2,482 | ||||
U.S. Treasury debt securities | 20,000 | -- | -- | 20,000 | ||||||||
Restricted securities: | ||||||||||||
Money market funds | 684 | -- | -- | 684 | ||||||||
Total assets | $ | 23,166 | $ | -- | $ | -- | $ | 23,166 | ||||
Long-term liabilities: | ||||||||||||
Contingent consideration | $ | -- | $ | -- | $ | -1,786 | $ | -1,786 | ||||
Total liabilities | $ | -- | $ | -- | $ | -1,786 | $ | -1,786 | ||||
31-Dec-13 | Level 1 | Level 2 | Level 3 | Total | ||||||||
Cash equivalents: | ||||||||||||
Money market funds | $ | 5,349 | $ | -- | $ | -- | $ | 5,349 | ||||
Certificates of deposit | 749 | -- | -- | 749 | ||||||||
Restricted securities: | ||||||||||||
Money market funds | 350 | -- | -- | 350 | ||||||||
Total assets | $ | 6,448 | $ | -- | $ | -- | $ | 6,448 | ||||
Long-term liabilities: | ||||||||||||
Contingent consideration | $ | -- | $ | -- | $ | -1,884 | $ | -1,884 | ||||
Total liabilities | $ | -- | $ | -- | $ | -1,884 | $ | -1,884 | ||||
Reconciliation Of Changes In Fair Value Of Level 3 Liabilities | ' | |||||||||||
Contingent Consideration | ||||||||||||
Balance as of December 31, 2013 | $ | 1,884 | ||||||||||
Gain on remeasurement of contingent consideration | -98 | |||||||||||
Balance as of March 31, 2014 | $ | 1,786 | ||||||||||
Cash_Equivalents_And_Restricte1
Cash Equivalents And Restricted Cash And Securities (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2014 | |||||||||
Cash Equivalents And Restricted Cash And Securities [Abstract] | ' | ||||||||
Summary Of Cash Equivalents And Marketable Securities | ' | ||||||||
Unrealized | Estimated | ||||||||
Holding | Market | ||||||||
31-Mar-14 | Cost Basis | Gains | Value | ||||||
Cash equivalents: | |||||||||
Money market funds | $ | 2,482 | $ | -- | $ | 2,482 | |||
U.S. Treasury debt securities | 20,000 | -- | 20,000 | ||||||
Restricted cash and securities: | |||||||||
Cash | 5,000 | -- | 5,000 | ||||||
Money market funds | 684 | -- | 684 | ||||||
31-Dec-13 | |||||||||
Cash equivalents: | |||||||||
Money market funds | $ | 5,349 | $ | -- | $ | 5,349 | |||
Certificates of deposit | 749 | -- | 749 | ||||||
Restricted cash and securities: | |||||||||
Cash | 5,000 | -- | 5,000 | ||||||
Money market funds | 350 | -- | 350 | ||||||
Deferred_Preservation_Costs_An1
Deferred Preservation Costs And Inventories (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Deferred Preservation Costs And Inventories [Abstract] | ' | |||||
Schedule Of Deferred Preservation Costs | ' | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Cardiac tissues | $ | 11,681 | $ | 12,239 | ||
Vascular tissues | 14,534 | 15,058 | ||||
Total deferred preservation costs | $ | 26,215 | $ | 27,297 | ||
Schedule Of Inventories | ' | |||||
March 31, | December 31, | |||||
2014 | 2013 | |||||
Raw materials and supplies | $ | 6,213 | $ | 5,706 | ||
Work-in-process | 807 | 767 | ||||
Finished goods | 4,469 | 3,298 | ||||
Total inventories | $ | 11,489 | $ | 9,771 | ||
Goodwill_And_Other_Intangible_1
Goodwill And Other Intangible Assets (Tables) | 3 Months Ended | |||||||||||||||||
Mar. 31, 2014 | ||||||||||||||||||
Goodwill And Other Intangible Assets [Abstract] | ' | |||||||||||||||||
Schedule Of Carrying Values Of Indefinite Lived Intangible Assets | ' | |||||||||||||||||
March 31, | December 31, | |||||||||||||||||
2014 | 2013 | |||||||||||||||||
Goodwill | $ | 11,365 | $ | 11,365 | ||||||||||||||
Procurement contracts and agreements | 2,013 | 2,013 | ||||||||||||||||
Trademarks | 846 | 841 | ||||||||||||||||
Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Periods Of Definite Lived Intangible Assets | ' | |||||||||||||||||
Gross Carrying | Accumulated | Amortization | ||||||||||||||||
31-Mar-14 | Value | Amortization | Period | |||||||||||||||
Acquired technology | $ | 14,020 | $ | 2,961 | 16-Nov | Years | ||||||||||||
Patents | 4,236 | 2,384 | 17 | Years | ||||||||||||||
Distribution and manufacturing rights and know-how | 3,559 | 776 | 15 | Years | ||||||||||||||
Customer lists and relationships | 3,370 | 632 | 13-17 | Years | ||||||||||||||
Non-compete agreement | 381 | 276 | 10 | Years | ||||||||||||||
Other | 470 | 185 | 5-Jan | Years | ||||||||||||||
Gross Carrying | Accumulated | Amortization | ||||||||||||||||
31-Dec-13 | Value | Amortization | Period | |||||||||||||||
Acquired technology | $ | 14,020 | $ | 2,677 | 16-Nov | Years | ||||||||||||
Patents | 4,348 | 2,414 | 17 | Years | ||||||||||||||
Distribution and manufacturing rights and know-how | 3,559 | 714 | 15 | Years | ||||||||||||||
Customer lists and relationships | 3,370 | 572 | 13-17 | Years | ||||||||||||||
Non-compete agreement | 381 | 267 | 10 | Years | ||||||||||||||
Other | 202 | 171 | 3-Jan | Years | ||||||||||||||
Summary Of Amortization Expense | ' | |||||||||||||||||
Three Months Ended | ||||||||||||||||||
March 31, | ||||||||||||||||||
2014 | 2013 | |||||||||||||||||
Amortization expense | $ | 496 | $ | 514 | ||||||||||||||
Scheduled Amortization Of Intangible Assets For Next Five Years | ' | |||||||||||||||||
Remainder | ||||||||||||||||||
of 2014 | 2015 | 2016 | 2017 | 2018 | 2019 | |||||||||||||
Amortization expense | $ | 1,499 | $ | 1,968 | $ | 1,960 | $ | 1,904 | $ | 1,895 | $ | 1,847 | ||||||
Stock_Compensation_Tables
Stock Compensation (Tables) | 3 Months Ended | |||||||||||
Mar. 31, 2014 | ||||||||||||
Stock Compensation [Abstract] | ' | |||||||||||
Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options | ' | |||||||||||
Three Months Ended | Three Months Ended | |||||||||||
31-Mar-14 | 31-Mar-13 | |||||||||||
Stock Options | ESPP Options | Stock Options | ESPP Options | |||||||||
Expected life of options | 4.25 Years | .50 Years | 4.25 Years | .50 Years | ||||||||
Expected stock price volatility | 0.55 | 0.34 | 0.60 | 0.43 | ||||||||
Dividends | 1.10% | 0.99% | 1.91% | 1.61% | ||||||||
Risk-free interest rate | 1.19% | 0.10% | 0.70% | 0.16% | ||||||||
Summary Of Stock Compensation Expenses | ' | |||||||||||
Three Months Ended | ||||||||||||
March 31, | ||||||||||||
2014 | 2013 | |||||||||||
RSA, RSU, and PSU expense | $ | 712 | $ | 635 | ||||||||
Stock option and ESPP option expense | 207 | 211 | ||||||||||
Total stock compensation expense | $ | 919 | $ | 846 | ||||||||
Income_Per_Common_Share_Tables
Income Per Common Share (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Income Per Common Share [Abstract] | ' | |||||
Computation Of Basic And Diluted Income (Loss) Per Common Share | ' | |||||
Three Months Ended | ||||||
March 31, | ||||||
Basic income per common share | 2014 | 2013 | ||||
Net income | $ | 1,059 | $ | 2,192 | ||
Net income allocated to participating securities | -21 | -50 | ||||
Net income allocated to common shareholders | $ | 1,038 | $ | 2,142 | ||
Basic weighted-average common shares outstanding | 27,376 | 26,861 | ||||
Basic income per common share | $ | 0.04 | $ | 0.08 | ||
Three Months Ended | ||||||
March 31, | ||||||
Diluted income per common share | 2014 | 2013 | ||||
Net income | $ | 1,059 | $ | 2,192 | ||
Net income allocated to participating securities | -21 | -50 | ||||
Net income allocated to common shareholders | $ | 1,038 | $ | 2,142 | ||
Basic weighted-average common shares outstanding | 27,376 | 26,861 | ||||
Effect of dilutive stock options and awardsa | 1,087 | 627 | ||||
Diluted weighted-average common shares outstanding | 28,463 | 27,488 | ||||
Diluted income per common share | $ | 0.04 | $ | 0.08 | ||
___________________ | ||||||
aThe Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income per common share. Accordingly, stock options to purchase a weighted-average 131,000 shares and 1.2 million shares for the three months ended March 31, 2014 and 2013, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. | ||||||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | |||||
Mar. 31, 2014 | ||||||
Segment Information [Abstract] | ' | |||||
Revenues, Cost Of Services And Products, And Gross Margins For Operating Segments | ' | |||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Revenues: | ||||||
Medical devices | $ | 19,455 | $ | 19,796 | ||
Preservation services | 16,276 | 15,677 | ||||
Othera | -- | 63 | ||||
Total revenues | 35,731 | 35,536 | ||||
Cost of products and preservation services: | ||||||
Medical devices | 3,801 | 3,465 | ||||
Preservation services | 9,457 | 8,795 | ||||
Total cost of products and preservation services | 13,258 | 12,260 | ||||
Gross margin: | ||||||
Medical devices | 15,654 | 16,331 | ||||
Preservation services | 6,819 | 6,882 | ||||
Othera | -- | 63 | ||||
Total gross margin | $ | 22,473 | $ | 23,276 | ||
Summary Of Net Revenues By Product | ' | |||||
Three Months Ended | ||||||
March 31, | ||||||
2014 | 2013 | |||||
Products: | ||||||
BioGlue and BioFoam | $ | 15,240 | $ | 15,464 | ||
PerClot | 916 | 864 | ||||
Revascularization technologies | 1,684 | 2,191 | ||||
HeRO Graft | 1,615 | 1,277 | ||||
Total products | 19,455 | 19,796 | ||||
Preservation services: | ||||||
Cardiac tissue | 7,190 | 6,645 | ||||
Vascular tissue | 9,086 | 9,032 | ||||
Total preservation services | 16,276 | 15,677 | ||||
Othera | -- | 63 | ||||
Total revenues | $ | 35,731 | $ | 35,536 | ||
___________________ | ||||||
aThe “Other” designation includes grant revenue. | ||||||
Financial_Instruments_Summary_
Financial Instruments (Summary Of Financial Instruments Measured At Fair Value) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | $23,166 | $6,448 |
Contingent consideration | -1,786 | -1,884 |
Total liabilities | -1,786 | -1,884 |
Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,482 | 5,349 |
Restricted securities | 684 | 350 |
Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 749 |
U.S. Treasury Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 20,000 | ' |
Level 1 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | 23,166 | 6,448 |
Level 1 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 2,482 | 5,349 |
Restricted securities | 684 | 350 |
Level 1 [Member] | Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | 749 |
Level 1 [Member] | U.S. Treasury Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | 20,000 | ' |
Level 2 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Total assets | ' | ' |
Contingent consideration | ' | ' |
Total liabilities | ' | ' |
Level 2 [Member] | Money Market Funds [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Restricted securities | ' | ' |
Level 2 [Member] | Certificates Of Deposit [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Level 2 [Member] | U.S. Treasury Debt Securities [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Cash equivalents | ' | ' |
Level 3 [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Contingent consideration | -1,786 | -1,884 |
Total liabilities | ($1,786) | ($1,884) |
Financial_Instruments_Reconcil
Financial Instruments (Reconciliation Of Changes In Fair Value Of Level 3 Liabilities) (Details) (USD $) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Financial Instruments [Abstract] | ' | ' |
Contingent consideration, balance as of December 31, 2013 | $1,884,000 | ' |
Gain on remeasurement of contingent consideration | -98,000 | 39,000 |
Contingent consideration, balance as of March 31, 2014 | $1,786,000 | ' |
Cash_Equivalents_And_Restricte2
Cash Equivalents And Restricted Cash And Securities (Narrative) (Details) (USD $) | 3 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||||||||||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | |
Money Market Funds [Member] | Money Market Funds [Member] | No Maturity Date [Member] | No Maturity Date [Member] | Maturity Date Within Three Months [Member] | Maturity Date Within Three Months [Member] | Maturity Date Between Three Months And One Year [Member] | Maturity Date Between Three Months And One Year [Member] | GE Credit Agreement [Member] | GE Credit Agreement [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | ||||
Maturity Date Between Three Months And One Year [Member] | Maturity Date Between Three Months And One Year [Member] | Maturity Date Within Three Months [Member] | Maturity Date Within Three Months [Member] | Maturity Date Between Three Months And One Year [Member] | Maturity Date Between Three Months And One Year [Member] | ||||||||||||||
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term restricted securities | ' | ' | ' | $684,000 | $350,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Short-term restricted cash and securities | 5,684,000 | ' | 5,350,000 | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | 5,000,000 | 5,000,000 | ' | ' | ' | ' | ' | ' |
Gains or losses realized on cash equivalents | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted securities | ' | ' | ' | ' | ' | ' | ' | $20,000 | $328,000 | $664,000 | $22,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted securities, period for maturity date | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '3 months | '3 months | '3 months | '3 months | '1 year | '1 year |
Cash_Equivalents_And_Restricte3
Cash Equivalents And Restricted Cash And Securities (Summary Of Cash Equivalents And Marketable Securities) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Cash [Member] | Restricted Cash And Securities [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Cost Basis | $5,000 | $5,000 |
Unrealized Holding Gains (Losses) | ' | ' |
Estimated Market Value | 5,000 | 5,000 |
Money Market Funds [Member] | Cash Equivalents [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Cost Basis | 2,482 | 5,349 |
Unrealized Holding Gains (Losses) | ' | ' |
Estimated Market Value | 2,482 | 5,349 |
Money Market Funds [Member] | Restricted Cash And Securities [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Cost Basis | 684 | 350 |
Unrealized Holding Gains (Losses) | ' | ' |
Estimated Market Value | 684 | 350 |
Certificates Of Deposit [Member] | Cash Equivalents [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Cost Basis | ' | 749 |
Unrealized Holding Gains (Losses) | ' | ' |
Estimated Market Value | ' | 749 |
U.S. Treasury Debt Securities [Member] | Cash Equivalents [Member] | ' | ' |
Restricted Cash and Cash Equivalents Items [Line Items] | ' | ' |
Cost Basis | 20,000 | ' |
Unrealized Holding Gains (Losses) | ' | ' |
Estimated Market Value | $20,000 | ' |
ProCol_Distribution_Agreement_
ProCol Distribution Agreement (Details) (Hancock Jaffe Laboratories, Inc. [Member], USD $) | 1 Months Ended | 3 Months Ended | 12 Months Ended |
Mar. 31, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | |
item | Maximum [Member] | ||
Scenario, Forecast [Member] | |||
Distribution Agreement [Line Items] | ' | ' | ' |
Initial term of contract for distribution rights for ProCol | '3 years | ' | ' |
Number of contract renewals | 2 | ' | ' |
Term of contract renewals | '1 year | ' | ' |
Total payments for inventory | ' | ' | $2,300,000 |
Amount payable per quarter for inventory | ' | ' | 650,000 |
Amount of payment | ' | $430,000 | ' |
Hemosphere_Acquisition_Details
Hemosphere Acquisition (Details) (USD $) | 3 Months Ended | |||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | 16-May-12 | |
Hemosphere [Member] | ||||
Class of Stock [Line Items] | ' | ' | ' | ' |
Fair value of contingent consideration | ' | ' | ' | $1,800,000 |
Maximum amount of future consideration payment | ' | ' | ' | 4,500,000 |
Gain (loss) on revaluation of contingent consideration | 98,000 | -39,000 | ' | ' |
Contingent consideration liability | $1,786,000 | ' | $1,884,000 | ' |
ValveXchange_Details
ValveXchange (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 | Jul. 31, 2011 | Mar. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Mar. 31, 2014 | Jul. 31, 2011 | Apr. 30, 2014 | Apr. 25, 2014 |
ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Series A Preferred Stock [Member] | Subsequent Event [Member] | Subsequent Event [Member] | |||
ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | Series B Preferred Stock [Member] | Series B Preferred Stock [Member] | |||||||
ValveXchange, Inc. [Member] | ValveXchange, Inc. [Member] | ||||||||||
Schedule of Cost-method Investments [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Preferred stock purchased, value | ' | ' | ' | ' | ' | ' | ' | ' | $3,500,000 | ' | ' |
Preferred stock, written down investment | ' | ' | ' | ' | ' | ' | 3,200,000 | ' | ' | ' | ' |
Preferred stock carrying value | ' | ' | ' | ' | ' | ' | 0 | 0 | ' | ' | ' |
Loans receivable, revolving credit line, maximum capacity | ' | ' | 2,000,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable, revolving credit line, expiration date | ' | ' | 30-Jul-18 | ' | ' | ' | ' | ' | ' | ' | ' |
Loans receivable, revolving credit line, interest rate | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Loan origination costs net of fees | ' | ' | 117,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Amount of loan advanced | 2,000,000 | 2,000,000 | ' | 2,000,000 | 2,000,000 | 2,000,000 | ' | ' | ' | ' | ' |
Percentage of any amounts in excess of agreed upon amount from fundraising to be paid to Cryolife | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10.00% | ' |
Minimum amount raised before 10% of amounts raised in excess are paid to Cryolife | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,250,000 | ' |
Amount raised | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1,400,000 |
Medafor_Matters_Details
Medafor Matters (Details) (USD $) | 3 Months Ended | 0 Months Ended | 6 Months Ended | 42 Months Ended |
Share data in Millions, unless otherwise specified | Dec. 31, 2013 | Oct. 21, 2013 | Dec. 31, 2014 | Dec. 31, 2017 |
Scenario, Forecast [Member] | Medafor Inc. [Member] | C.R. Bard, Inc. [Member] | C.R. Bard, Inc. [Member] | |
Scenario, Forecast [Member] | Scenario, Forecast [Member] | |||
Subsidiary or Equity Method Investee [Line Items] | ' | ' | ' | ' |
Initial payment received from C.R. Bard for acquisition of outstanding shares of common stock | ' | $15,400,000 | ' | ' |
Outstanding shares of common stock acquired by C.R. Bard | ' | 2.4 | ' | ' |
Initial gain on sale of outstanding shares of common stock | 12,700,000 | ' | ' | ' |
Additional payments that could be received | ' | ' | ' | 8,400,000 |
Approximate amount that could be received from first possible additional payment | ' | ' | $525,000 | ' |
Deferred_Preservation_Costs_An2
Deferred Preservation Costs And Inventories (Schedule Of Deferred Preservation Costs) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Preservation Costs [Line Items] | ' | ' |
Total deferred preservation costs | $26,215 | $27,297 |
Cardiac Tissues [Member] | ' | ' |
Deferred Preservation Costs [Line Items] | ' | ' |
Total deferred preservation costs | 11,681 | 12,239 |
Vascular Tissues [Member] | ' | ' |
Deferred Preservation Costs [Line Items] | ' | ' |
Total deferred preservation costs | $14,534 | $15,058 |
Deferred_Preservation_Costs_An3
Deferred Preservation Costs And Inventories (Schedule Of Inventories) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred Preservation Costs And Inventories [Abstract] | ' | ' |
Raw materials and supplies | $6,213 | $5,706 |
Work-in-process | 807 | 767 |
Finished goods | 4,469 | 3,298 |
Total inventories | $11,489 | $9,771 |
Goodwill_And_Other_Intangible_2
Goodwill And Other Intangible Assets (Schedule Of Carrying Values Of Indefinite Lived Intangible Assets)(Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Mar. 31, 2014 | |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Goodwill | $11,365,000 | $11,365,000 |
Change in goodwill | 0 | ' |
Procurement Contracts And Agreements [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite lived intangible assets | 2,013,000 | 2,013,000 |
Trademarks [Member] | ' | ' |
Indefinite-lived Intangible Assets [Line Items] | ' | ' |
Indefinite lived intangible assets | $841,000 | $846,000 |
Goodwill_And_Other_Intangible_3
Goodwill And Other Intangible Assets (Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Periods Of Definite Lived Intangible Assets) (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Dec. 31, 2013 |
Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | $14,020 | $14,020 |
Accumulated amortization | 2,961 | 2,677 |
Patents [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 4,236 | 4,348 |
Accumulated amortization | 2,384 | 2,414 |
Amortization Period | '17 years | '17 years |
Distribution And Manufacturing Rights And Know-How [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 3,559 | 3,559 |
Accumulated amortization | 776 | 714 |
Amortization Period | '15 years | '15 years |
Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 3,370 | 3,370 |
Accumulated amortization | 632 | 572 |
Non-Compete Agreement [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 381 | 381 |
Accumulated amortization | 276 | 267 |
Amortization Period | '10 years | '10 years |
Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Gross Carrying Value | 470 | 202 |
Accumulated amortization | $185 | $171 |
Minimum [Member] | Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '11 years | '11 years |
Minimum [Member] | Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '13 years | '13 years |
Minimum [Member] | Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '1 year | '1 year |
Maximum [Member] | Acquired Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '16 years | '16 years |
Maximum [Member] | Customer Lists And Relationships [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '17 years | '17 years |
Maximum [Member] | Other [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Amortization Period | '5 years | '3 years |
Goodwill_And_Other_Intangible_4
Goodwill And Other Intangible Assets (Summary Of Amortization Expense) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Goodwill And Other Intangible Assets [Abstract] | ' | ' |
Amortization expense | $496 | $514 |
Goodwill_And_Other_Intangible_5
Goodwill And Other Intangible Assets (Scheduled Amortization Of Intangible Assets For Next Five Years) (Details) (USD $) | Mar. 31, 2014 |
In Thousands, unless otherwise specified | |
Goodwill And Other Intangible Assets [Abstract] | ' |
Amortization expense, Remainder of 2014 | $1,499 |
Amortization expense, 2015 | 1,968 |
Amortization expense, 2016 | 1,960 |
Amortization expense, 2017 | 1,904 |
Amortization expense, 2018 | 1,895 |
Amortization expense, 2019 | $1,847 |
Income_Taxes_Narrative_Details
Income Taxes (Narrative) (Details) (USD $) | 3 Months Ended | ||
In Millions, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 |
Income Taxes [Abstract] | ' | ' | ' |
Effective income tax rate | 39.00% | 28.00% | ' |
Valuation allowances against deferred tax assets | $1.50 | ' | $1.50 |
Net deferred tax asset | $22.10 | ' | $22 |
Debt_Details
Debt (Details) (USD $) | 3 Months Ended | 12 Months Ended | 3 Months Ended | 3 Months Ended | 0 Months Ended | ||||
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 31, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Apr. 02, 2014 | |
GE Credit Agreement [Member] | GE Credit Agreement [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Amended [Member] | ||||
GE Credit Agreement [Member] | LIBOR Rate [Member] | Base Rate [Member] | Maximum [Member] | ||||||
GE Credit Agreement [Member] | GE Credit Agreement [Member] | GE Credit Agreement [Member] | |||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revolving credit facility, aggregate amount | ' | ' | ' | $20,000,000 | ' | ' | ' | ' | ' |
Revolving credit facility, restriction on cash and cash equivalents | ' | ' | ' | ' | ' | 5,000,000 | ' | ' | ' |
Payment of cash dividends allowed per year, maximum | ' | ' | ' | 3,500,000 | ' | ' | ' | ' | ' |
Revolving credit facility, liquidity requirement after effect to stock repurchase | ' | ' | ' | ' | ' | 20,000,000 | ' | ' | ' |
Interest rate on amounts borrowed | ' | ' | ' | ' | ' | ' | 4.25% | 3.25% | ' |
Revolving credit facility, outstanding balance | ' | ' | ' | 0 | 0 | ' | ' | ' | ' |
Revolving credit facility, aggregate interest rate | ' | ' | ' | 6.50% | 6.50% | ' | ' | ' | ' |
Revolving credit facility, remaining availability | ' | ' | ' | 20,000,000 | 20,000,000 | ' | ' | ' | ' |
Common stock repurchase, authorized amount | ' | ' | ' | ' | ' | ' | ' | ' | 14,000,000 |
Common stock repurchase, remaining authorized amount | 13,500,000 | ' | 13,500,000 | ' | ' | ' | ' | ' | ' |
Total interest expense | $61,000 | $50,000 | ' | ' | ' | ' | ' | ' | ' |
Commitments_And_Contingencies_
Commitments And Contingencies (Narrative) (Details) (USD $) | Mar. 31, 2014 | Dec. 31, 2013 |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Unreported loss liability | $1,500,000 | $1,500,000 |
Recoverable insurance amounts | 595,000 | 580,000 |
Liability estimated after a reasonable margin for statistical fluctuations | 2,700,000 | ' |
CEO Post Employment Benefits [Member] | ' | ' |
Defined Benefit Plans and Other Postretirement Benefit Plans Table Text Block [Line Items] | ' | ' |
Accrued expenses and other current liabilities payable upon the CEO's voluntary retirement | $2,100,000 | $2,100,000 |
Shareholders_Equity_Details
Shareholders' Equity (Details) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | |||
28-May-13 | Feb. 01, 2013 | Aug. 21, 2012 | Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Shareholders' Equity [Abstract] | ' | ' | ' | ' | ' | ' |
Common stock repurchase, authorized amount | ' | $15,000,000 | ' | ' | ' | ' |
Stock repurchased during period, shares | ' | ' | ' | ' | ' | 253,000 |
Stock repurchased during period, aggregate purchase price | ' | ' | ' | ' | ' | 1,500,000 |
Common stock repurchase, remaining authorized amount | ' | ' | ' | 13,500,000 | ' | 13,500,000 |
Increase in quarterly cash dividend, percentage | 10.00% | ' | ' | ' | ' | ' |
Quarterly cash dividend per share of common stock outstanding approved | $0.03 | ' | $0.03 | $0.03 | $0.03 | ' |
Dividend payment from cash on hand | ' | ' | ' | $772,000 | $687,000 | ' |
Stock_Compensation_Narrative_D
Stock Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
ESPP, percentage of discounted price from market price | 85.00% | ' | ' |
Actual percentage of target number of shares of common stock granted as Performance Stock Units | ' | ' | 115.00% |
Granted, Shares | 162,000 | 162,000 | ' |
Employees purchased common stock, shares | 59,000 | 49,000 | ' |
Capitalized stock compensation expense | $74,000 | $64,000 | ' |
RSAs, RSUs, And PSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Authorized stock incentive plans to non-employee Directors and certain Company officers, shares | 326,000 | ' | ' |
Aggregate market value of issued stock incentive plans | 3,300,000 | ' | ' |
Unrecognized compensation costs | 5,300,000 | ' | ' |
RSAs And PSUs [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Authorized stock incentive plans to non-employee Directors and certain Company officers, shares | ' | 324,000 | ' |
Aggregate market value of issued stock incentive plans | ' | 1,900,000 | ' |
Restricted Stock Awards (RSAs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected weighted-average period for recognizing the unrecognized compensation costs, in years | '1 year 8 months 9 days | ' | ' |
Stock Options [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Unrecognized compensation costs | $1,000,000 | ' | ' |
Expected weighted-average period for recognizing the unrecognized compensation costs, in years | '2 years 3 months | ' | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected weighted-average period for recognizing the unrecognized compensation costs, in years | '1 year 7 months 24 days | ' | ' |
Performance Stock Units (PSUs) [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected weighted-average period for recognizing the unrecognized compensation costs, in years | '1 year 5 months 23 days | ' | ' |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of target number of shares of common stock granted as Performance Stock Units | 50.00% | ' | ' |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Percentage of target number of shares of common stock granted as Performance Stock Units | 150.00% | ' | ' |
Stock_Compensation_Schedule_Of
Stock Compensation (Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options) (Details) | 3 Months Ended | |
Mar. 31, 2014 | Mar. 31, 2013 | |
Stock Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life of options | '4 years 3 months | '4 years 3 months |
Expected stock price volatility | 55.00% | 60.00% |
Dividends | 1.10% | 1.91% |
Risk-free interest rate | 1.19% | 0.70% |
ESPP Options [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Expected life of options | '6 months | '6 months |
Expected stock price volatility | 34.00% | 43.00% |
Dividends | 0.99% | 1.61% |
Risk-free interest rate | 0.10% | 0.16% |
Stock_Compensation_Summary_Of_
Stock Compensation (Summary Of Stock Compensation Expenses) (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock compensation expense | $919 | $846 |
RSAs, RSUs, And PSUs Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock compensation expense | 712 | 635 |
Stock Option And ESPP Option Expense [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Stock compensation expense | $207 | $211 |
Income_Per_Common_Share_Comput
Income Per Common Share (Computation Of Basic And Diluted Income (Loss) Per Common Share) (Details) (USD $) | 3 Months Ended | |||
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | ||
Income (Loss) Per Common Share [Line Items] | ' | ' | ||
Net income | $1,059 | $2,192 | ||
Net income allocated to common shareholders, basic | 1,038 | 2,142 | ||
Basic weighted-average common shares outstanding | 27,376,000 | 26,861,000 | ||
Basic income per common share | $0.04 | $0.08 | ||
Net income allocated to common shareholders, diluted | 1,038 | 2,142 | ||
Effect of dilutive stock options and awards | 1,087,000 | [1] | 627,000 | [1] |
Diluted weighted-average common shares outstanding | 28,463,000 | 27,488,000 | ||
Diluted income per common share | $0.04 | $0.08 | ||
Antidilutive securities excluded from computation of earnings per share | 131,000 | 1,200,000 | ||
Basic [Member] | ' | ' | ||
Income (Loss) Per Common Share [Line Items] | ' | ' | ||
Net income allocated to participating securities | -21 | -50 | ||
Diluted [Member] | ' | ' | ||
Income (Loss) Per Common Share [Line Items] | ' | ' | ||
Net income allocated to participating securities | ($21) | ($50) | ||
[1] | The Company excluded stock options from the calculation of diluted weighted-average common shares outstanding if the per share value, including the sum of (i) the exercise price of the options and (ii) the amount of the compensation cost attributed to future services and not yet recognized, was greater than the average market price of the shares because the inclusion of these stock options would be antidilutive to income per common share. Accordingly, stock options to purchase a weighted-average 131,000 shares and 1.2 million shares for the three months ended March 31, 2014 and 2013, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. |
Segment_Information_Revenues_C
Segment Information (Revenues, Cost Of Services And Products, And Gross Margins For Operating Segments) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
segment | |||
Segment Reporting Information [Line Items] | ' | ' | |
Number of reportable segments | 2 | ' | |
Total revenues | $35,731 | $35,536 | |
Total cost of preservation services and products | 13,258 | 12,260 | |
Total gross margin | 22,473 | 23,276 | |
Medical Devices [Member] | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Total revenues | 19,455 | 19,796 | |
Total cost of preservation services and products | 3,801 | 3,465 | |
Total gross margin | 15,654 | 16,331 | |
Preservation Services [Member] | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Total revenues | 16,276 | 15,677 | |
Total cost of preservation services and products | 9,457 | 8,795 | |
Total gross margin | 6,819 | 6,882 | |
Other Segments [Member] | ' | ' | |
Segment Reporting Information [Line Items] | ' | ' | |
Total revenues | ' | 63 | [1] |
Total gross margin | ' | $63 | [1] |
[1] | The bOtherb designation includes grant revenue. |
Segment_Information_Summary_Of
Segment Information (Summary Of Net Revenues By Product) (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2014 | Mar. 31, 2013 | |
Product Information [Line Items] | ' | ' | |
Total revenues | $35,731 | $35,536 | |
BioGlue And BioFoam [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 15,240 | 15,464 | |
PerClot [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 916 | 864 | |
Revascularization Technologies [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 1,684 | 2,191 | |
HeRO Graft [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 1,615 | 1,277 | |
Total Products [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 19,455 | 19,796 | |
Cardiac Tissue [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 7,190 | 6,645 | |
Vascular Tissue [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 9,086 | 9,032 | |
Total Preservation Services [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | 16,276 | 15,677 | |
Other Segments [Member] | ' | ' | |
Product Information [Line Items] | ' | ' | |
Total revenues | ' | $63 | [1] |
[1] | The bOtherb designation includes grant revenue. |