Document And Entity Information
Document And Entity Information - shares | 9 Months Ended | |
Sep. 30, 2015 | Oct. 22, 2015 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2015 | |
Document Fiscal Year Focus | 2,015 | |
Document Fiscal Period Focus | Q3 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Central Index Key | 784,199 | |
Entity Registrant Name | CRYOLIFE INC | |
Trading Symbol | cry | |
Entity Common Stock, Shares Outstanding | 28,454,868 |
Summary Consolidated Statements
Summary Consolidated Statements Of Operations And Comprehensive Income - USD ($) shares in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Revenues: | ||||
Products | $ 19,859,000 | $ 20,405,000 | $ 59,168,000 | $ 60,210,000 |
Preservation services | 16,844,000 | 16,664,000 | 46,892,000 | 47,280,000 |
Total revenues | 36,703,000 | 37,069,000 | 106,060,000 | 107,490,000 |
Cost of products and preservation services: | ||||
Products | 4,278,000 | 4,167,000 | 13,555,000 | 12,099,000 |
Preservation services | 9,443,000 | 9,103,000 | 28,302,000 | 26,735,000 |
Total cost of products and preservation services | 13,721,000 | 13,270,000 | 41,857,000 | 38,834,000 |
Gross margin | 22,982,000 | 23,799,000 | 64,203,000 | 68,656,000 |
Operating expenses: | ||||
General, administrative, and marketing | 17,494,000 | 18,882,000 | 55,790,000 | 55,116,000 |
Research and development | 2,960,000 | 1,902,000 | 7,896,000 | 6,607,000 |
Total operating expenses | 20,454,000 | 20,784,000 | 63,686,000 | 61,723,000 |
Operating income | 2,528,000 | 3,015,000 | 517,000 | 6,933,000 |
Interest expense | (78,000) | 65,000 | (18,000) | 110,000 |
Interest income | (14,000) | (1,000) | (29,000) | (49,000) |
Gain on sale of Medafor investment | 0 | (891,000) | ||
Other (income) expense, net | (238,000) | 4,000 | 204,000 | (206,000) |
Income before income taxes | 2,858,000 | 2,947,000 | 1,251,000 | 7,078,000 |
Income tax expense (benefit) | 713,000 | 621,000 | (118,000) | 1,532,000 |
Net income | $ 2,145,000 | $ 2,326,000 | $ 1,369,000 | $ 5,546,000 |
Income per common share: | ||||
Basic | $ 0.08 | $ 0.08 | $ 0.05 | $ 0.20 |
Diluted | 0.07 | 0.08 | 0.05 | 0.19 |
Dividends declared per common share | $ 0.0300 | $ 0.0300 | $ 0.0900 | $ 0.0875 |
Weighted-average common shares outstanding: | ||||
Basic | 27,823 | 27,367 | 27,687 | 27,414 |
Diluted | 28,596 | 28,268 | 28,487 | 28,345 |
Other comprehensive loss | $ (349,000) | $ (80,000) | $ (124,000) | $ (73,000) |
Comprehensive income | $ 1,796,000 | $ 2,246,000 | $ 1,245,000 | $ 5,473,000 |
Summary Consolidated Balance Sh
Summary Consolidated Balance Sheets - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 38,497 | $ 33,375 |
Restricted securities | 848 | 884 |
Receivables, net | 24,443 | 22,863 |
Inventories | 14,432 | 12,739 |
Deferred preservation costs | 23,480 | 25,196 |
Deferred income taxes | 5,729 | 6,210 |
Prepaid expenses and other | 5,399 | 4,761 |
Total current assets | 112,828 | 106,028 |
Property and equipment, net | 12,036 | 12,002 |
Restricted cash | 5,000 | 5,000 |
Goodwill | 11,365 | 11,365 |
Patents, net | 1,446 | 1,784 |
Trademarks and other intangibles, net | 17,713 | 19,496 |
Deferred income taxes | 14,141 | 15,659 |
Other | 5,452 | 4,823 |
Total assets | 179,981 | 176,157 |
Current liabilities: | ||
Accounts payable | 4,637 | 4,543 |
Accrued compensation | 7,952 | 5,406 |
Accrued procurement fees | 4,683 | 4,675 |
Accrued expenses and other | 4,596 | 5,583 |
Deferred income | 362 | 420 |
Total current liabilities | 22,230 | 20,627 |
Other | 5,858 | 6,845 |
Total liabilities | $ 28,088 | $ 27,472 |
Commitments and contingencies | ||
Shareholders' equity: | ||
Preferred stock | ||
Common stock (issued shares of 29,719 in 2015 and 29,229 in 2014) | $ 297 | $ 292 |
Additional paid-in capital | 141,480 | 135,227 |
Retained earnings | 21,584 | 22,768 |
Accumulated other comprehensive loss | (245) | (121) |
Treasury stock at cost (shares of 1,265 in 2015 and 1,101 in 2014) | (11,223) | (9,481) |
Total shareholders' equity | 151,893 | 148,685 |
Total liabilities and shareholders' equity | $ 179,981 | $ 176,157 |
Summary Consolidated Balance S4
Summary Consolidated Balance Sheets (Parenthetical) - shares shares in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Summary Consolidated Balance Sheets [Abstract] | ||
Common stock, shares issued | 29,719 | 29,229 |
Treasury stock, shares | 1,265 | 1,101 |
Summary Consolidated Statement5
Summary Consolidated Statements Of Cash Flows - USD ($) | 9 Months Ended | |
Sep. 30, 2015 | Sep. 30, 2014 | |
Net cash flows from operating activities: | ||
Net (loss) income | $ 1,369,000 | $ 5,546,000 |
Adjustments to reconcile net income to net cash from operating activities: | ||
Depreciation and amortization | 4,539,000 | 4,468,000 |
Non-cash compensation | 3,727,000 | 2,736,000 |
Gain on sale of Medafor investment | (891,000) | |
Other non-cash adjustments to income | 3,314,000 | (544,000) |
Changes in operating assets and liabilities: | ||
Receivables | (1,580,000) | (3,288,000) |
Inventories and deferred preservation costs | (692,000) | (2,123,000) |
Prepaid expenses and other assets | (1,267,000) | (3,156,000) |
Accounts payable, accrued expenses, and other liabilities | 1,508,000 | (306,000) |
Net cash flows provided by operating activities | 10,027,000 | 3,333,000 |
Net cash flows from investing activities: | ||
Capital expenditures | (3,186,000) | (3,225,000) |
Proceeds from sale of Medafor investment | 891,000 | |
Other | (508,000) | (1,582,000) |
Net cash flows used in investing activities | (2,803,000) | (4,807,000) |
Net cash flows from financing activities: | ||
Cash dividends paid | (2,553,000) | (2,452,000) |
Proceeds from exercise of stock options and issuance of common stock | 1,408,000 | 1,409,000 |
Repurchases of common stock | (4,584,000) | |
Other | (809,000) | (677,000) |
Net cash flows used in financing activities | (1,954,000) | (6,304,000) |
Effect of exchange rate changes on cash | (148,000) | (42,000) |
Increase (decrease) in cash and cash equivalents | 5,122,000 | (7,820,000) |
Cash and cash equivalents, beginning of period | 33,375,000 | 37,643,000 |
Cash and cash equivalents, end of period | $ 38,497,000 | $ 29,823,000 |
Basis Of Presentation
Basis Of Presentation | 9 Months Ended |
Sep. 30, 2015 | |
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, 2014 has been derived from audited financial statements. The accompanying unaudited summary consolidated financial statements as of and for the three and nine months ended September 30, 2015 and 2014 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 and nine months ended September 30, 2015 are not necessarily indicative of the results that may be expected for the year ending December 31, 2015 . 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, 2014 . |
Financial Instruments
Financial Instruments | 9 Months Ended |
Sep. 30, 2015 | |
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): September 30, 2015 Level 1 Level 2 Level 3 Total Restricted securities: Money market funds $ $ -- $ -- $ Total assets $ $ -- $ -- $ December 31, 2014 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ $ -- $ -- $ Restricted securities: Money market funds -- -- Total assets $ $ -- $ -- $ The Company used prices quoted from its investment management companies to determine the Level 1 valuation of its investments in money market funds. |
Cash Equivalents And Restricted
Cash Equivalents And Restricted Cash And Securities | 9 Months Ended |
Sep. 30, 2015 | |
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 September 30, 2015 Cost Basis Gains Value Restricted cash and securities: Cash $ $ -- $ Money market funds -- Unrealized Estimated Holding Market December 31, 2014 Cost Basis Gains Value Cash equivalents: Money market funds $ $ -- $ Restricted cash and securities: Cash -- Money market funds -- As of September 30, 2015 and December 31, 2014 $ 848,000 and $ 884,000 , 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 September 30, 2015 and December 31, 2014 $ 5.0 million of the Company’s cash was designated as long-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 September 26, 2019. There were no gross realized gains or losses on cash equivalents in the three and nine months ended September 30, 2015 and 2014 . As of September 30, 2015 $240,000 of the Company’s restricted securities had a maturity date within three months and $608,000 had a maturity date between three months and one year. As of December 31, 2014 $622,000 of the Company’s restricted securities had a maturity date within three months and $262,000 had a maturity date between three months and one year. As of September 30, 2015 and December 31, 2014 $ 5.0 million of the Company’s long-term restricted cash had no maturity date. |
Distribution Agreements
Distribution Agreements | 9 Months Ended |
Sep. 30, 2015 | |
Distribution Agreement [Abstract] | |
Distribution Agreements | 4. Distribution Agreements ProCol Distribution Agreement In 2014 CryoLife acquired the exclusive worldwide distribution rights to 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 He modialysis R eliable O utflow Graft (“HeRO ® Graft”), which also serves patients with ESRD; however, ProCol provides vascular access for ESRD patients in an earlier-stage of treatment protocol than the HeRO Graft. In accordance with the terms of the HJ Agreement, CryoLife made payments to Hancock Jaffe of $1.7 million during 2014 and $576,000 in January 2015. In exchange for these payments, CryoLife obtained the right to receive a designated amount of ProCol inventory for resale, a portion of which the Company received in 2014 and 2015. Subsequent to this initial inventory purchase, CryoLife can purchase additional units from Hancock Jaffe at an agreed upon transfer price. The Company began limited distribution of ProCol in the second quarter of 2014. On September 29, 2014 Hancock Jaffe received U.S. Food and Drug Administration (“FDA”) approval of the Premarket Approval (“PMA”) Supplement associated with its new manufacturing facility, and the Company began shipping product made in this new facility in the fourth quarter of 2014. CryoLife made additional payments of $735,000 in the aggregate during the second and third quarters of 2015. As of September 30, 2015 CryoLife had made a total of $3.0 million in payments to Hancock Jaffe and had received $1.2 million in inventory. Therefore, as of September 30, 2015 CryoLife had approximately $1.8 million in remaining prepayments on its Summary Consolidated Balance Sheet for which inventory had not yet been received. During the second quarter of 2015 CryoLife notified Hancock Jaffe that it was in breach of the HJ Agreement due to , among other things, Hancock Jaffe’s failure to timely ship inventory. CryoLife believes Hancock Jaffe remains in breach of the HJ Agreement. CryoLife is currently negotiating with Hancock Jaffe an amendment to the HJ Agreement to, among other things, help ensure a continuing supply of product. If CryoLife is unable to secure full satisfaction or repayment of the amounts owed, the prepayment may become impaired in future periods. PhotoFix Distribution Agreement In 2014 CryoLife entered into an exclusive supply and distribution agreement with Genesee Biomedical, Inc. (“GBI”) to acquire the distribution rights to PhotoFix TM , a bovine pericardial patch stabilized using a dye-mediated photo-fixation process that requires no glutaraldehyde. PhotoFix has received FDA 510(k) clearance and is indicated for use in intracardiac repair, including ventricular repair and atrial repair, great vessel repair and suture line buttressing, and pericardial closure. The agreement between CryoLife and GBI (the “GBI Agreement”) has an initial five -year term and is renewable for two one -year periods at CryoLife’s option. Under the terms of the GBI Agreement, CryoLife is purchasing PhotoFix inventory for resale at an agreed upon transfer price and has the option, which became effective in March 2015, to acquire the PhotoFix product line from GBI. In January 2015 the Company received its initial shipments and launched its distribution of PhotoFix. |
Hemosphere Acquisition
Hemosphere Acquisition | 9 Months Ended |
Sep. 30, 2015 | |
Hemosphere Acquisition [Abstract] | |
Hemosphere Acquisition | 5. Hemosphere Acquisition Overview On May 16, 2012 CryoLife acquired Hemosphere, Inc. (“Hemosphere”) and its HeRO Graft product line, which the Company operated as a wholly owned subsidiary until December 31, 2014 when it was merged into the CryoLife, Inc. parent entity. T he HeRO Graft is a proprietary graft-based solution for ESRD hemodialysis patients with limited access options and central venous obstruction. Contingent Consideration 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 the attainment of specified sales targets. The fair value of the contingent consideration liability was estimated by discounting to present value the contingent payments expected to be made based on a probability-weighted scenario approach. The Company applied a risk-based estimate of the probability of achieving each scenario and then applied a cost-of-debt-based discount rate. This fair value measurement was based on unobservable inputs, including management estimates and assumptions about future revenues, and was, therefore, classified as Level 3 within the fair value hierarchy. The Company remeasured this liability at each reporting date and recorded changes in the fair value of the contingent consideration in other (income) expense on the Company’s Consolidated Statements 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. As of December 31, 2014 the Company reviewed the full year revenue performance of the HeRO Graft for 2014 and 2013, and reviewed its 2015 annual budgets, which were updated in the fourth quarter of 2014. As a result of this review, as of December 31, 2014 the Company believed that achievement of the minimum revenue target to trigger payment was remote, and, therefore, estimated the fair value of the contingent consideration to be zero . The Company recorded a gain of zero in both the three and nine months ended September 30, 2015 and gains of $196,000 and $ 492,000 in the three and nine months ended September 30, 2014 , respectively, on the remeasurement of the contingent consideration liability. The gains recorded in the prior year periods were due to changes in the Company’s estimates, partially offset by the effect of the passage of time on the fair value measurements. The balance of the contingent consideration liability was zero as of September 30, 2015 and December 31, 2014 . |
ValveXchange
ValveXchange | 9 Months Ended |
Sep. 30, 2015 | |
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 was 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 was not actively traded on any public stock exchange, and as the Company’s investment was in preferred stock, the Company initially accounted for this investment using the cost method as a long-term asset, investment in equity securities, on the Company’s Summary Consolidated Balance Sheet. 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. As of September 30, 2015 and December 31, 2014 the carrying value of the Company’s investment in ValveXchange preferred stock was zero . Loan Agreement In July 2011 the Company entered into an agreement with ValveXchange, as amended, to make available to ValveXchange up to $2.0 million in debt financing through a revolving credit facility (the “Loan”). The Loan included various affirmative and negative covenants, including financial covenant requirements, and would have expired on July 30, 2018 , unless terminated earlier. Amounts under the Loan earned interest at an 8% annual rate and were secured by substantially all of the tangible and intangible assets of ValveXchange. The Company advanced $ 2.0 million to ValveXchange under this loan in 2012. During the quarter ended December 31, 2014 CryoLife became aware of various factors, including ValveXchange’s inability to secure additional funding, its lack of capital to continue basic operations, and the likelihood of impending default on the Loan. In December 2014 CryoLife notified ValveXchange that it was in breach of the Loan, and in January 2015, after ValveXchange failed to cure this breach, CryoLife accelerated the amounts due under the Loan. In January 2015 ValveXchange informed CryoLife management of its intent to file for bankruptcy, which created substantial uncertainty regarding the disposition of CryoLife’s claim for amounts it is owed under the Loan. Given these circumstances, CryoLife believed that its Loan became fully impaired in the fourth quarter of 2014. As a result, during the three months ended December 31, 2014 the Company recorded other non-operating expense of $2.0 million to write-down its long-term note receivable from ValveXchange. ValveXchange was dissolved in June 2015. The net carrying value of the long-term note receivable was zero as of September 30, 2015 and December 31, 2014 . |
Medafor Matters
Medafor Matters | 9 Months Ended |
Sep. 30, 2015 | |
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., a developer and supplier of plant based hemostatic agents (“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., a developer, manufacturer, and marketer of medical technologies in the fields of vascular, urology, oncology, and surgical specialty products (“Bard”), and its subsidiaries completed its acquisition of all outstanding shares of Medafor common stock. The Company received an initial payment of approximately $15.4 million in the fourth quarter of 2013 for its 2.4 million shares of Medafor common stock and received additional payments of $530,000 in the fourth quarter of 2014 and $891,000 in April 2015 related to the release of transaction consideration in escrow. Based on information provided by Medafor in its September 24, 2013 Proxy Statement, Bard was required to make additional contingent milestone payments based on the achievement of certain net revenue targets measurable through June 2015. In September 2015 the Company received a letter from the representative of the former shareholders of Medafor, which stated that net sales were insufficient to trigger payment of additional contingent consideration by Bard. The final release of transaction consideration from escrow is expected to be received in October 2017 and is expected to be nominal. This subsequent payment will be recorded as an additional gain if, and when, received by the Company. The Company recorded a gain on the sale of Medafor investment of zero and $891,000 for the three and nine months ended September 30, 2015 , respectively, and zero for both the three and nine months ended September 30, 2014 . Legal Action In April 2014 CryoLife filed a declaratory judgment lawsuit against Bard, and its subsidiaries Davol, Inc. (“Davol”) and Medafor (collectively, “Defendants”), in the U.S. District Court for the District of Delaware (the “District Court”). CryoLife requested that the District Court declare that CryoLife’s manufacture, use, offer for sale, and sale of PerClot in the U.S. does not, and would not, infringe Bard’s U.S. Patent No. 6,060,461 (the “‘461 Patent”). In addition, CryoLife requested that the District Court declare that the claims of the ‘461 Patent are invalid. CryoLife also requested injunctive relief and an award of attorneys’ fees. The lawsuit against the Defendants followed the receipt by CryoLife of a letter from Medafor in September 2012 stating that PerClot, when introduced in the U.S., would infringe the ‘461 Patent when used in accordance with the method published in CryoLife’s literature and with the instructions for use. CryoLife received FDA 510(k) clearance for the sale of PerClot Topical in April 2014 and began distributing PerClot Topical in August 2014. CryoLife also received IDE approval in March 2014 to begin clinical trials for PerClot in certain surgical indications. In August 2014 Medafor filed a counterclaim against CryoLife for infringement of the ‘461 Patent. In September 2014 Medafor filed a motion for a preliminary injunction, asking the District Court to enjoin CryoLife’s marketing and sale of PerClot in the U.S. In March 2015 the District Court ruled that CryoLife’s declaratory judgment lawsuit against Medafor may proceed but dismissed Bard and Davol from the lawsuit. The District Court also granted Medafor’s motion for a preliminary injunction, which prohibits CryoLife from marketing, selling, and distributing PerClot in the U.S. while the litigation proceeds. In March 2015 CryoLife ceased all marketing, sales, and distribution of PerClot in the U.S., including PerClot Topical, in accordance with the District Court’s order. In April 2015 CryoLife appealed the District Court’s ruling on the preliminary injunction motion to the U.S. Court of Appeals for the Federal Circuit. CryoLife dismissed this appeal in June 2015. The case is proceeding through the discovery phase in the District Court. |
Inventories And Deferred Preser
Inventories And Deferred Preservation Costs | 9 Months Ended |
Sep. 30, 2015 | |
Inventories And Deferred Preservation Costs [Abstract] | |
Inventories And Deferred Preservation Costs | 8. Inventories and Deferred Preservation Costs Inventories at September 30, 2015 and December 31, 2014 are comprised of the following (in thousands): September 30, December 31, 2015 2014 Raw materials and supplies $ $ Work-in-process Finished goods Total inventories $ $ Deferred preservation costs at September 30, 2015 and December 31, 2014 are comprised of the following (in thousands): September 30, December 31, 2015 2014 Cardiac tissues $ $ Vascular tissues Total deferred preservation costs $ $ |
Goodwill And Other Intangible A
Goodwill And Other Intangible Assets | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Goodwill And Other Intangible Assets | 9. Goodwill and Other Intangible Assets Indefinite Lived Intangible Assets As of September 30, 2015 and December 31, 2014 the carrying values of the Company’s indefinite lived intangible assets are as follows (in thousands): September 30, December 31, 2015 2014 Goodwill $ $ Procurement contracts and agreements Trademarks Based on its experience with similar agreements, the Company believes that its acquired procurement contracts and agreements have indefinite useful lives, as the Company expects to continue to renew these contracts for the foreseeable future. The Company believes that its trademarks have indefinite useful lives as the Company currently anticipates that these trademarks will contribute to cash flows of the Company indefinitely. As of September 30, 2015 and December 31, 2014 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, 2014 . Definite Lived Intangible Assets As of September 30, 2015 and December 31, 2014 the gross carrying values, accumulated amortization, and approximate amortization period of the Company’s definite lived intangible assets are as follows (in thousands): Gross Carrying Accumulated Amortization September 30, 2015 Value Amortization Period Acquired technology $ $ – Years Patents Years Distribution and manufacturing rights and know-how – Years Customer lists and relationships – Years Non-compete agreement Years Other – Years Gross Carrying Accumulated Amortization December 31, 2014 Value Amortization Period Acquired technology $ $ – Years Patents Years Distribution and manufacturing rights and know-how – Years Customer lists and relationships – Years Non-compete agreement Years Other – 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amortization expense $ $ $ $ As of September 30, 2015 scheduled amortization of intangible assets for the next five years is as follows (in thousands): Remainder of 2015 2016 2017 2018 2019 2020 Amortization expense $ $ $ $ $ $ |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2015 | |
Income Taxes [Abstract] | |
Income Taxes | 10. Income Taxes Income Tax Expense The Company’s effective income tax rate was approximately 25% and -9% for the three and nine months ended September 30, 2015 , respectively, as compared to 21% and 22% for the three and nine months ended September 30, 2014 , respectively. The Company’s income tax rate for both the three and nine months ended September 30, 2015 was favorably affected by the reversal of $794,000 in uncertain tax positions , primarily related to research and development tax credits for which the statute of limitations has expired. This was partially offset by the unfavorable effect of the absence of the domestic production activities deduction, as the Company does not anticipate being eligible for this deduction in 2015. The Company expects that its effective income tax rate in the fourth quarter of 2015 will be higher than that of the third quarter of 2015, as the anticipated reversal of uncertain tax positions in the fourth quarter is expected to be significantly smaller than in the third quarter. In June 2014 the Internal Revenue Service completed a limited scope examination of certain of the Company’s federal income tax returns. At the resolution of this examination, the Company reevaluated its liabilities for uncertain tax positions, primarily related to its research and development tax credits and credit carryforwards, and, based on revised estimates and the settlement of the examination, reversed $748,000 in uncertain tax liabilities and tax expense. The Company’s income tax rate for the three and nine months ended September 30, 2014 was favorably affected by the reduction of uncertain tax positions and by favorable deductions taken on the Company’s 2013 federal tax return, which was filed in the third quarter of 2014. The Company’s income tax rates for the nine months ended September 30, 2015 and 2014 did not include an anticipated benefit from the research and development tax credit, which had not yet been enacted within the respective time periods. Deferred Income Taxes 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 Corporation 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 September 30, 2015 the Company maintained a total of $ 2.1 million in valuation allowances against deferred tax assets, related to state net operating loss carryforwards, and a net deferred tax asset of $ 19.9 million. As of December 31, 2014 the Company had a total of $ 2.1 million in valuation allowances against deferred tax assets and a net deferred tax asset of $ 21.9 million. |
Debt
Debt | 9 Months Ended |
Sep. 30, 2015 | |
Debt [Abstract] | |
Debt | 11. Debt GE Credit Agreement On September 26, 2014 CryoLife amended and restated its credit agreement with GE Capital, extending the expiration date and amending other terms, which are discussed further below. CryoLife’s amended and restated credit agreement with GE Capital (the “GE Credit Agreement”) provides revolving credit for working capital, permitted acquisitions, and general corporate purposes . The GE Credit Agreement has aggregate commitments of $20.0 million for revolving loans, including swing loans subject to a sublimit, and letters of credit, and expires on September 26, 2019 . The commitments may be reduced from time to time pursuant to the terms of the GE Credit Agreement. The GE Credit Agreement also permits CryoLife to request a term loan in an aggregate amount of up to $25.0 million to finance the purchase price of a permitted acquisition. 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, based on the Company’s election, at either LIBOR or GE Capital’s base rate plus the respective applicable margins. All swing loans will, however, bear interest at the base loan rate. Commitment fees are paid based on the unused portion of the facility. If an event of default occurs, the applicable interest rate will increase by 2.0% per annum. As of September 30, 2015 and December 31, 2014 the aggregate interest rate was 4.75% . As of September 30, 2015 and December 31, 2014 the outstanding balance of the GE Credit Agreement was zero , and the remaining availability was $ 20.0 million. 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 and (ii) maintain minimum earnings subject to defined adjustments as of specified dates. The agreement also (i) limits the payment of cash dividends, up to specified maximums and subject to satisfaction of specified conditions, (ii) requires that, after giving effect to a stock repurchase, the Company maintain liquidity, as defined within the agreement, of at least $ 20.0 million, (iii) limits acquisitions or mergers except for certain permitted acquisitions, (iv) sets specified limits on the amount the Company can pay to purchase or redeem CryoLife common stock pursuant to a stock repurchase program and to fund estimated tax liabilities incurred by officers, directors, and employees as a result of awards of stock or stock equivalents, and (v) includes customary conditions on incurring new indebtedness. As of September 30, 2015 the Company was in compliance with the covenants of the GE Credit Agreement. 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 long-term restricted cash as of September 30, 2015 and December 31, 2014 on the Company’s Summary Consolidated Balance Sheets, as they are restricted for the term of the GE Credit Agreement. Interest Expense Interest expense was a favorable $ 78,000 and $18,000 for the three and nine months ended September 30, 2015 , respectively , due to the reversal of interest on uncertain tax positions as discussed in Note 10 above . Interest expense was $ 65,000 and $ 110,000 for the three and nine months ended September 30, 2014 , respectively. Interest expense in all periods included interest on debt and uncertain tax positions. |
Commitments And Contingencies
Commitments And Contingencies | 9 Months Ended |
Sep. 30, 2015 | |
Commitments And Contingencies [Abstract] | |
Commitments And Contingencies | 12. Commitments and Contingencies Liability Claims The Company’s estimated unreported loss liability was $1.5 million as of September 30, 2015 and $1.4 million as of December 31, 2014 . As of September 30, 2015 and December 31, 2014 , the related recoverable insurance amounts were $645,000 and $600,000 , 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 September 30, 2015 could have been estimated to be as high as $2.8 million, after including a reasonable margin for statistical fluctuations calculated based on actuarial simulation techniques. Employment Agreements In July 2014 the Company’s Board of Directors appointed Mr. J. Patrick Mackin as President and Chief Executive Officer (“CEO”), and t he Company and Mr. Mackin entered into an employment agreement, which became effective September 2, 2014. The employment agreement has an initial three -year term. Beginning on the second anniversary of the effective date, and subject to earlier termination pursuant to the agreement, the employment term will, on a daily basis, automatically extend by one day. In accordance with the agreement, on September 2, 2014, Mr. Mackin received a one-time signing bonus of $200,000 , a grant of an option to purchase 400,000 shares of the Company’s common stock , and a performance stock award grant of 250,000 shares. The agreement also provides for a severance payment, which would become payable upon the occurrence of certain employment termination events, including termination by the Company without cause. The employment agreement of the Company’s former President, CEO, and Executive Chairman, Mr. Steven G. Anderson, conferred certain benefits on Mr. Anderson upon his retirement or termination of employment in conjunction with certain change in control events. As of December 31, 2014 the Company had $2.2 million included in its accrued expenses and other current liabilities on the Summary Consolidated Balance Sheet, primarily related to severance payable upon Mr. Anderson’s voluntary retirement. Mr. Anderson’s employment agreement took effect on January 1, 2013 and would have terminated on December 31, 2016. On April 9, 2015 Mr. Anderson retired from service as an employee of the Company and Chair of its Board of Directors, and entered into a Separation Agreement (the “Agreement”) with the Company. In accordance with the Agreement, in addition to the severance benefit discussed above, Mr. Anderson will receive an additional $400,000 in cash ; 25% of the annual bonus he would have been entitled to under his employment agreement, estimated at target payout rates to be approximately $100,000 ; reimbursement of a Medicare supplement policy for Mr. Anderson and his spouse for the duration of their lives; accelerated vesting of all outstanding and unvested stock options and awards; and reimbursement of attorneys’ fees not to exceed $20,000 . The Company recorded expense of approximately $1.4 million related to the Agreement in the second quarter of 2015. The acceleration of Mr. Anderson’s stock options and awards was effective as of the date of his retirement. As of September 30, 2015 the Company had $2.7 million, primarily in accrued compensation, on the Summary Consolidated Balance Sheet, representing severance and cash payments of which $2.4 million was paid in October 2015, six months after Mr. Anderson’s retirement. The annual bonus payment is expected to be made in February 2016 at the same time as annual bonus payments, if any, are made to the Company’s officers. PerClot Technology On September 28, 2010 the Company entered into a worldwide distribution agreement (the “Distribution Agreement”) and a license and manufacturing agreement (the “License Agreement”) with Starch Medical, Inc. (“ SMI”) , for PerClot, a polysaccharide hemostatic agent used in surgery. The Distribution Agreement contains certain minimum purchase requirements and has a term of 15 years. Following U.S. regulatory approval and the start of U.S. manufacturing, CryoLife may terminate the Distribution Agreement and the related requirements to purchase minimum amounts of PerClot manufactured by SMI. Upon termination of the Distribution Agreement, CryoLife would manufacture and sell PerClot pursuant to the License Agreement. The Company would pay royalties to SMI at stated rates on net revenues of products manufactured under the License Agreement. In April 2014 CryoLife received 510(k) clearance from the FDA to market PerClot Topical in the U.S. PerClot Topical is a version of the Company’s PerClot product, which was manufactured by the Company at its headquarters and labeled for use in certain topical indications. CryoLife launched PerClot Topical in August 2014 . In March 2015 CryoLife ceased all marketing, sales, and distribution of PerClot, including PerClot Topical, in the U.S. in accordance with the District Court’s order discussed in Note 7. The Company is conducting its pivotal clinical trial to gain approval to commercialize PerClot for surgical indications in the U.S. Management believes that the costs of this clinical trial will be significant in 2015 and 2016. The Company began enrollment in the second quarter of 2015 and currently expects to receive PMA from the FDA in 2018. However, if the Company does not prevail or reach a settlement with respect to the patent litigation discussed in Note 7, the timing of the launch of PerClot in the U.S. may be delayed until early 2019, when the ‘461 Patent expires. CryoLife paid $500,000 to SMI in January 2015 related to the achievement of a contingent milestone. The Company expects to make additional contingent payments to SMI of up to $1.0 million if certain FDA regulatory and other commercial milestones are achieved. |
Shareholders' Equity
Shareholders' Equity | 9 Months Ended |
Sep. 30, 2015 | |
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. During the year ended December 31, 2014 the Company purchased approximately 585,000 shares for an aggregate purchase price of $ 5.6 million. These shares were recorded, at cost, as treasury stock on the Company’s Summary Consolidated Balance Sheets. In the nine months ended September 30, 2015 the Company did not repurchase any common stock under a repurchase program, and no formal repurchase program was in effect during that period. 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 to $0.0275 per share in the second quarter of 2013 and $0.03 per share in the second quarter 2014. The Company paid dividend payments of $ 853,000 and $ 2.6 million from cash on hand for the three and nine months ended September 30, 2015 , respectively, and $842,000 and $2.5 million for the three and nine months ended September 30, 2014 , respectively. The dividend payments were recorded as a reduction to retained earnings on the Company’s Summary Consolidated Balance Sheets. |
Stock Compensation
Stock Compensation | 9 Months Ended |
Sep. 30, 2015 | |
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”), performance stock awards (“PSAs”), 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 nine months ended September 30, 2015 the Compensation Committee of the Company’s Board of Directors (the “Committee”) 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 405,000 shares and had an aggregate grant date market value of $ 4.3 million. The PSUs granted in 2015 represent the right to receive from 60 % to 150 % of the target number of shares of common stock. The performance component of PSU awards granted in 2015 was based on attaining specified levels of adjusted EBITDA, adjusted inventory levels, and trade accounts receivable days sales outstanding, each as defined in the PSU grant documents, for the 2015 calendar year. The Company currently believes that achievement of the performance component is probable, and it will reevaluate this likelihood on a quarterly basis. During the nine months ended September 30, 2014 the Committee authorized awards from approved stock incentive plans of RSUs to certain employees and RSAs and PSUs to certain Company officers, which, counting PSUs at target levels, together totaled 655,000 shares of common stock and had an aggregate grant date market value of $ 6.6 million . The PSUs granted in 2014 represented 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 was based on attaining specified levels of adjusted EBITDA, as defined in the PSU grant documents, for the 2014 calendar year. The PSUs granted in 2014 earned 50% of the target number of shares. The Committee authorized, from approved stock incentive plans, grants of stock options to purchase a total of 328,000 and 562,000 shares to certain Company officers during the nine months ended September 30, 2015 and 2014 , respectively. The exercise prices of the options were equal to the closing stock prices on their respective grant dates. Employees purchased common stock totaling 78,000 and 111,000 shares in the nine months ended September 30, 2015 and 2014 , respectively, through the ESPP. Stock Compensation Expense The following weighted ‑average assumptions were used to determine the fair value of options: Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Stock Options ESPP Options Stock Options ESPP Options Expected life of options 4.75 Years .50 Years 4.50 Years .50 Years Expected stock price volatility Dividends Risk-free interest rate Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Stock Options ESPP Options Stock Options ESPP Options Expected life of options 4.20 Years .50 Years 4.21 Years .50 Years Expected stock price volatility Dividends Risk-free interest rate 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 Nine Months Ended September 30, September 30, 2015 2014 2015 2014 RSA, PSA, RSU, and PSU expense $ $ $ $ Stock option and ESPP option expense Total stock compensation expense $ $ $ $ Included in the total stock compensation expense, as applicable in each period, were expenses related to RSAs, PSAs, RSUs, PSUs, and stock options issued in each respective year, as well as those issued in prior periods that continue to vest during the period, and compensation related to the ESPP. These amounts were recorded as stock compensation expense and were subject to the Company’s normal allocation of expenses to inventory costs and deferred preservation costs. The Company capitalized $ 79,000 and $71,000 in the three months ended September 30, 2015 and 2014 , respectively, and $ 190,000 and $ 211,000 in the nine months ended September 30, 2015 and 2014 , respectively, of the stock compensation expense into its inventory costs and deferred preservation costs. As of September 30, 2015 the Company had total unrecognized compensation costs of $ 5.2 million related to RSAs, PSAs, RSUs, and PSUs and $2.1 million related to unvested stock options, before considering the effect of expected forfeitures. As of September 30, 2015 this expense is expected to be recognized over a weighted-average period of 2.1 years for stock options, 1.9 years for PSAs, 1.9 years for RSUs, 1.4 years for RSAs, and 1.0 years for PSUs. |
Income Per Common Share
Income Per Common Share | 9 Months Ended |
Sep. 30, 2015 | |
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 Nine Months Ended September 30, September 30, Basic income per common share 2015 2014 2015 2014 Net income $ $ $ $ Net income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Basic weighted-average common shares outstanding Basic income per common share $ $ $ $ Three Months Ended Nine Months Ended September 30, September 30, Diluted income per common share 2015 2014 2015 2014 Net income $ $ $ $ Net income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Basic weighted-average common shares outstanding Effect of dilutive stock options and awards a Diluted weighted-average common shares outstanding Diluted income per common share $ $ $ $ ___________________ a 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 (loss) per common share. Accordingly, stock options to purchase a weighted-average 714,000 and 787,000 shares for the three and nine months ended September 30, 2015 , respectively, and 352,000 and 239,000 shares for the three and nine months ended September 30, 2014 , respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. |
Segment Information
Segment Information | 9 Months Ended |
Sep. 30, 2015 | |
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, BioFoam ® Surgical Matrix, PerClot, CardioGenesis cardiac laser therapy, HeRO Graft, ProCol, and PhotoFix. 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 services, and gross margins for the Company’s operating segments (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues: Medical devices $ $ $ $ Preservation services Total revenues Cost of products and preservation services: Medical devices Preservation services Total cost of products and preservation services Gross margin: Medical devices Preservation services Total gross margin $ $ $ $ The following table summarizes net revenues by product and service (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Products: BioGlue and BioFoam $ $ $ $ PerClot CardioGenesis cardiac laser therapy HeRO Graft ProCol PhotoFix -- -- Total products Preservation services: Cardiac tissue Vascular tissue Total preservation services Total revenues $ $ $ $ |
Direct Sales in France
Direct Sales in France | 3 Months Ended |
Sep. 30, 2015 | |
Business Acquisition [Abstract] | |
Direct Sales in France | 17. Direct Sales in France In June 2015 CryoLife signed a Business Transfer Agreement with its French distribution partner to facilitate an orderly transition of the Company to a direct sales model in France. In October 2015 the Company completed the acquisition of a portion of the business of its French distribution partner. The Company acquired in the transaction certain intangible assets, including commercial and business information, assignment of contracts, and a non-compete agreement with its former French distribution partner for a purchase price of 1.2 million Euros. During the third quarter of 2015 the Company established a wholly owned subsidiary in France, CryoLife France SAS, and certain members of the distributor’s sales team who were responsible for selling the Company’s products in France became employees of the Company’s newly created subsidiary . |
Financial Instruments (Tables)
Financial Instruments (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Financial Instruments [Abstract] | |
Summary Of Financial Instruments Measured At Fair Value | September 30, 2015 Level 1 Level 2 Level 3 Total Restricted securities: Money market funds $ $ -- $ -- $ Total assets $ $ -- $ -- $ December 31, 2014 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ $ -- $ -- $ Restricted securities: Money market funds -- -- Total assets $ $ -- $ -- $ |
Cash Equivalents And Restrict24
Cash Equivalents And Restricted Cash And Securities (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Cash Equivalents And Restricted Cash And Securities [Abstract] | |
Summary Of Cash Equivalents And Marketable Securities | Unrealized Estimated Holding Market September 30, 2015 Cost Basis Gains Value Restricted cash and securities: Cash $ $ -- $ Money market funds -- Unrealized Estimated Holding Market December 31, 2014 Cost Basis Gains Value Cash equivalents: Money market funds $ $ -- $ Restricted cash and securities: Cash -- Money market funds -- |
Inventories And Deferred Pres25
Inventories And Deferred Preservation Costs (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Inventories And Deferred Preservation Costs [Abstract] | |
Schedule Of Inventories | September 30, December 31, 2015 2014 Raw materials and supplies $ $ Work-in-process Finished goods Total inventories $ $ |
Schedule Of Deferred Preservation Costs | September 30, December 31, 2015 2014 Cardiac tissues $ $ Vascular tissues Total deferred preservation costs $ $ |
Goodwill And Other Intangible26
Goodwill And Other Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Goodwill And Other Intangible Assets [Abstract] | |
Schedule Of Carrying Values Of Indefinite Lived Intangible Assets | September 30, December 31, 2015 2014 Goodwill $ $ Procurement contracts and agreements Trademarks |
Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Periods Of Definite Lived Intangible Assets | Gross Carrying Accumulated Amortization September 30, 2015 Value Amortization Period Acquired technology $ $ – Years Patents Years Distribution and manufacturing rights and know-how – Years Customer lists and relationships – Years Non-compete agreement Years Other – Years Gross Carrying Accumulated Amortization December 31, 2014 Value Amortization Period Acquired technology $ $ – Years Patents Years Distribution and manufacturing rights and know-how – Years Customer lists and relationships – Years Non-compete agreement Years Other – Years |
Summary Of Amortization Expense | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Amortization expense $ $ $ $ |
Scheduled Amortization Of Intangible Assets For Next Five Years | Remainder of 2015 2016 2017 2018 2019 2020 Amortization expense $ $ $ $ $ $ |
Stock Compensation (Tables)
Stock Compensation (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Stock Compensation [Abstract] | |
Schedule Of Weighted-Average Assumptions Used To Determine The Fair Value Of Options | Three Months Ended Nine Months Ended September 30, 2015 September 30, 2015 Stock Options ESPP Options Stock Options ESPP Options Expected life of options 4.75 Years .50 Years 4.50 Years .50 Years Expected stock price volatility Dividends Risk-free interest rate Three Months Ended Nine Months Ended September 30, 2014 September 30, 2014 Stock Options ESPP Options Stock Options ESPP Options Expected life of options 4.20 Years .50 Years 4.21 Years .50 Years Expected stock price volatility Dividends Risk-free interest rate |
Summary Of Stock Compensation Expenses | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 RSA, PSA, RSU, and PSU expense $ $ $ $ Stock option and ESPP option expense Total stock compensation expense $ $ $ $ |
Income Per Common Share (Tables
Income Per Common Share (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Income Per Common Share [Abstract] | |
Computation Of Basic And Diluted Income Per Common Share | Three Months Ended Nine Months Ended September 30, September 30, Basic income per common share 2015 2014 2015 2014 Net income $ $ $ $ Net income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Basic weighted-average common shares outstanding Basic income per common share $ $ $ $ Three Months Ended Nine Months Ended September 30, September 30, Diluted income per common share 2015 2014 2015 2014 Net income $ $ $ $ Net income allocated to participating securities Net income allocated to common shareholders $ $ $ $ Basic weighted-average common shares outstanding Effect of dilutive stock options and awards a Diluted weighted-average common shares outstanding Diluted income per common share $ $ $ $ ___________________ a 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 (loss) per common share. Accordingly, stock options to purchase a weighted-average 714,000 and 787,000 shares for the three and nine months ended September 30, 2015 , respectively, and 352,000 and 239,000 shares for the three and nine months ended September 30, 2014 , respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. |
Segment Information (Tables)
Segment Information (Tables) | 9 Months Ended |
Sep. 30, 2015 | |
Segment Information [Abstract] | |
Revenues, Cost Of Services And Products, And Gross Margins For Operating Segments | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Revenues: Medical devices $ $ $ $ Preservation services Total revenues Cost of products and preservation services: Medical devices Preservation services Total cost of products and preservation services Gross margin: Medical devices Preservation services Total gross margin $ $ $ $ |
Summary Of Net Revenues By Product And Service | Three Months Ended Nine Months Ended September 30, September 30, 2015 2014 2015 2014 Products: BioGlue and BioFoam $ $ $ $ PerClot CardioGenesis cardiac laser therapy HeRO Graft ProCol PhotoFix -- -- Total products Preservation services: Cardiac tissue Vascular tissue Total preservation services Total revenues $ $ $ $ |
Financial Instruments (Summary
Financial Instruments (Summary Of Financial Instruments Measured At Fair Value) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | $ 848 | $ 19,097 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,213 | |
Restricted securities | 848 | 884 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total assets | 848 | 19,097 |
Level 1 [Member] | Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash equivalents | 18,213 | |
Restricted securities | $ 848 | $ 884 |
Cash Equivalents And Restrict31
Cash Equivalents And Restricted Cash And Securities (Narrative) (Details) - USD ($) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Long-term restricted cash and securities | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
Gains or losses realized on cash equivalents | 0 | $ 0 | 0 | $ 0 | |
Money Market Funds [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Short-term restricted securities | 848,000 | 848,000 | 884,000 | ||
No Maturity Date [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Long-term restricted cash and securities | 5,000,000 | 5,000,000 | 5,000,000 | ||
Maturity Date Within Three Months [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Short-term restricted securities | 240,000 | 240,000 | |||
Restricted securities | 622,000 | ||||
Maturity Date Between Three Months And One Year [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted securities | 608,000 | 608,000 | 262,000 | ||
GE Credit Agreement [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Long-term restricted cash and securities | $ 5,000,000 | $ 5,000,000 | $ 5,000,000 | ||
Minimum [Member] | Maturity Date Between Three Months And One Year [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted securities, period for maturity date | 3 months | 3 months | |||
Maximum [Member] | Maturity Date Within Three Months [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted securities, period for maturity date | 3 months | ||||
Maximum [Member] | Maturity Date Between Three Months And One Year [Member] | |||||
Restricted Cash and Cash Equivalents Items [Line Items] | |||||
Restricted securities, period for maturity date | 1 year | 1 year |
Cash Equivalents And Restrict32
Cash Equivalents And Restricted Cash And Securities (Summary Of Cash Equivalents And Marketable Securities) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
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 | $ 18,213 | |
Unrealized Holding Gains (Losses) | ||
Estimated Market Value | $ 18,213 | |
Money Market Funds [Member] | Restricted Cash And Securities [Member] | ||
Restricted Cash and Cash Equivalents Items [Line Items] | ||
Cost Basis | $ 848 | $ 884 |
Unrealized Holding Gains (Losses) | ||
Estimated Market Value | $ 848 | $ 884 |
Distribution Agreements (Detail
Distribution Agreements (Details) | 6 Months Ended | 12 Months Ended | |
Sep. 30, 2015USD ($) | Dec. 31, 2014USD ($)item | Jan. 31, 2015USD ($) | |
Hancock Jaffe Laboratories, Inc. [Member] | |||
Distribution Agreement [Line Items] | |||
Initial term of contract for distribution rights for ProCol | 3 years | ||
Number of contract renewals | item | 2 | ||
Term of contract renewals | 1 year | ||
Additional payments to affiliates | $ 735,000 | ||
Amount of payment | 3,000,000 | $ 1,700,000 | $ 576,000 |
Inventory | 1,200,000 | ||
Remaining pre-payments on inventory not yet received | $ 1,800,000 | ||
Genesee Biomedical, Inc. [Member] | |||
Distribution Agreement [Line Items] | |||
Initial term of contract for distribution rights for ProCol | 5 years | ||
Number of contract renewals | item | 2 | ||
Term of contract renewals | 1 year |
Hemosphere Acquisition (Details
Hemosphere Acquisition (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | May. 16, 2012 | |
Business Acquisition [Line Items] | |||||
Fair value of contingent consideration | $ 1,800,000 | ||||
Gain (loss) on revaluation of contingent consideration | $ 196,000 | $ 0 | $ 492,000 | ||
Contingent consideration liability | $ 0 | $ 0 | |||
Hemosphere [Member] | |||||
Business Acquisition [Line Items] | |||||
Maximum amount of future consideration payment | $ 4,500,000 |
ValveXchange (Details)
ValveXchange (Details) - USD ($) | 1 Months Ended | 3 Months Ended | 9 Months Ended | |
Jul. 31, 2011 | Dec. 31, 2014 | Sep. 30, 2015 | Dec. 31, 2012 | |
Schedule of Cost-method Investments [Line Items] | ||||
Other non-operating expense recorded to write-down long-term note receivable from ValveXchange | $ 2,000,000 | |||
Long-Term Notes Receivable [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Amount of note receivable | 0 | $ 0 | ||
ValveXchange, Inc. [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Loans receivable, revolving credit line, maximum capacity | $ 2,000,000 | |||
Loans receivable, revolving credit line, expiration date | Jul. 30, 2018 | |||
Loans receivable, revolving credit line, interest rate | 8.00% | |||
Amount of loan advanced | $ 2,000,000 | |||
Series A Preferred Stock [Member] | ValveXchange, Inc. [Member] | ||||
Schedule of Cost-method Investments [Line Items] | ||||
Preferred stock purchased, value | $ 3,500,000 | |||
Preferred stock carrying value | $ 0 | $ 0 |
Medafor Matters (Details)
Medafor Matters (Details) - USD ($) shares in Millions | 1 Months Ended | 3 Months Ended | 9 Months Ended | ||||
Apr. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Dec. 31, 2013 | Sep. 30, 2015 | Sep. 30, 2014 | |
Subsidiary or Equity Method Investee [Line Items] | |||||||
Additional payment received from C.R. Bard for acquisition of outstanding shares | $ 891,000 | ||||||
Gain on sale of outstanding shares of common stock | $ 0 | $ 891,000 | |||||
Medafor Inc. [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Additional payment received from C.R. Bard for acquisition of outstanding shares | $ 15,400,000 | ||||||
Shares of Medafor common stock acquired by C.R. Bard | 2.4 | ||||||
C.R. Bard, Inc. [Member] | |||||||
Subsidiary or Equity Method Investee [Line Items] | |||||||
Additional payment received from C.R. Bard for acquisition of outstanding shares | $ 891,000 | $ 530,000 | |||||
Gain on sale of outstanding shares of common stock | $ 0 | $ 0 |
Inventories And Deferred Pres37
Inventories And Deferred Preservation Costs (Schedule Of Inventories) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Inventories And Deferred Preservation Costs [Abstract] | ||
Raw materials and supplies | $ 7,671 | $ 7,942 |
Work-in-process | 985 | 1,006 |
Finished goods | 5,776 | 3,791 |
Total inventories | $ 14,432 | $ 12,739 |
Inventories And Deferred Pres38
Inventories And Deferred Preservation Costs (Schedule Of Deferred Preservation Costs) (Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Deferred Preservation Costs [Line Items] | ||
Total deferred preservation costs | $ 23,480 | $ 25,196 |
Cardiac Tissues [Member] | ||
Deferred Preservation Costs [Line Items] | ||
Total deferred preservation costs | 10,729 | 10,875 |
Vascular Tissues [Member] | ||
Deferred Preservation Costs [Line Items] | ||
Total deferred preservation costs | $ 12,751 | $ 14,321 |
Goodwill And Other Intangible39
Goodwill And Other Intangible Assets (Schedule Of Carrying Values Of Indefinite Lived Intangible Assets)(Details) - USD ($) $ in Thousands | Sep. 30, 2015 | Dec. 31, 2014 |
Indefinite-lived Intangible Assets [Line Items] | ||
Goodwill | $ 11,365 | $ 11,365 |
Procurement Contracts And Agreements [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | 2,013 | 2,013 |
Trademarks [Member] | ||
Indefinite-lived Intangible Assets [Line Items] | ||
Indefinite lived intangible assets | $ 858 | $ 853 |
Goodwill And Other Intangible40
Goodwill And Other Intangible Assets (Schedule Of Gross Carrying Values, Accumulated Amortization, And Approximate Amortization Periods Of Definite Lived Intangible Assets) (Details) - USD ($) $ in Thousands | 9 Months Ended | 12 Months Ended |
Sep. 30, 2015 | Dec. 31, 2014 | |
Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | $ 14,020 | $ 14,020 |
Accumulated amortization | 4,669 | 3,815 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,047 | 4,281 |
Accumulated amortization | 2,601 | 2,497 |
Distribution And Manufacturing Rights And Know-How [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 4,059 | 4,559 |
Accumulated amortization | 1,173 | 989 |
Customer Lists And Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 3,370 | 3,370 |
Accumulated amortization | 994 | 813 |
Non-Compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 381 | 381 |
Accumulated amortization | 333 | 305 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Value | 268 | 461 |
Accumulated amortization | $ 87 | $ 239 |
Minimum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 11 years | 11 years |
Minimum [Member] | Distribution And Manufacturing Rights And Know-How [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 | 3 years | 1 year |
Maximum [Member] | Acquired Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 16 years | 16 years |
Maximum [Member] | Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 17 years | 17 years |
Maximum [Member] | Distribution And Manufacturing Rights And Know-How [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 15 years | 15 years |
Maximum [Member] | Customer Lists And Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 17 years | 17 years |
Maximum [Member] | Non-Compete Agreement [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 10 years | 10 years |
Maximum [Member] | Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Amortization Period | 5 years | 5 years |
Goodwill And Other Intangible41
Goodwill And Other Intangible Assets (Summary Of Amortization Expense) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Goodwill And Other Intangible Assets [Abstract] | ||||
Amortization expense | $ 503 | $ 504 | $ 1,520 | $ 1,503 |
Goodwill And Other Intangible42
Goodwill And Other Intangible Assets (Scheduled Amortization Of Intangible Assets For Next Five Years) (Details) $ in Thousands | Sep. 30, 2015USD ($) |
Goodwill And Other Intangible Assets [Abstract] | |
Amortization expense, Remainder of 2015 | $ 502 |
Amortization expense, 2016 | 2,003 |
Amortization expense, 2017 | 1,950 |
Amortization expense, 2018 | 1,942 |
Amortization expense, 2019 | 1,896 |
Amortization expense, 2020 | $ 1,722 |
Income Taxes (Details)
Income Taxes (Details) - USD ($) | 3 Months Ended | 6 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Income Taxes [Abstract] | ||||||
Effective income tax rate | 25.00% | 21.00% | (9.00%) | 22.00% | ||
Unrecognized tax benefits, reduction resulting from lapse of applicable statute of limitations | $ 794,000 | $ 794,000 | ||||
Amount reversed in uncertain tax liabilities and tax expense | $ 748,000 | |||||
Valuation allowances against deferred tax assets | 2,100,000 | 2,100,000 | $ 2,100,000 | |||
Net deferred tax asset | $ 19,900,000 | $ 19,900,000 | $ 21,900,000 |
Debt (Details)
Debt (Details) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Line of Credit Facility [Line Items] | |||||
Interest expense | $ (78,000) | $ 65,000 | $ (18,000) | $ 110,000 | |
GE Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, aggregate amount | 20,000,000 | 20,000,000 | |||
Term loan available upon request, aggregate amount | $ 25,000,000 | $ 25,000,000 | |||
Revolving credit facility, expiration date | Sep. 26, 2019 | ||||
Increase in applicable interest rate, per annum, if default occurs | 2.00% | ||||
Revolving credit facility, aggregate interest rate | 4.75% | 4.75% | 4.75% | ||
Revolving credit facility, outstanding balance | $ 0 | $ 0 | $ 0 | ||
Revolving credit facility, remaining availability | 20,000,000 | 20,000,000 | $ 20,000,000 | ||
Minimum [Member] | GE Credit Agreement [Member] | |||||
Line of Credit Facility [Line Items] | |||||
Revolving credit facility, restriction on cash and cash equivalents | $ 5,000,000 | 5,000,000 | |||
Revolving credit facility, liquidity requirement after effect to stock repurchase | $ 20,000,000 |
Commitments And Contingencies (
Commitments And Contingencies (Details) - USD ($) | Sep. 02, 2014 | Jan. 31, 2015 | Sep. 30, 2015 | Sep. 30, 2015 | Dec. 31, 2014 |
Commitments And Contingencies [Line Items] | |||||
Unreported loss liability | $ 1,500,000 | $ 1,500,000 | $ 1,400,000 | ||
Recoverable insurance amounts | 645,000 | 645,000 | 600,000 | ||
Liability estimated after a reasonable margin for statistical fluctuations | 2,800,000 | 2,800,000 | |||
Severance payment | 2,400,000 | ||||
Incremental expense related to agreement | 1,400,000 | ||||
Severance and cash payments expected to be made in October 2015 | 2,700,000 | $ 2,700,000 | |||
Chief Executive Officer [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Term of employment, effective September 2, 2014 | 3 years | ||||
CEO signing bonus | $ 200,000 | ||||
Issuance of grants of stock options to CEO | 400,000 | ||||
Issuance of grants of performance stock awards to CEO | 250,000 | ||||
Former CEO [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Additional cash payment for Separation Agreement | $ 400,000 | ||||
Percentage of CEO annual bonus for Separation Agreement | 25.00% | ||||
Amount of CEO annual bonus for Separation Agreement | $ 100,000 | ||||
Maximum [Member] | Former CEO [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Reimbursement of attorneys' fees | $ 20,000 | ||||
CEO Post Employment Benefits [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Accrued expenses and other current liabilities payable upon the CEO's voluntary retirement | $ 2,200,000 | ||||
Supplemental Employee Retirement Plan, Defined Benefit [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Amount paid related to achievement of contingent milestone | $ 500,000 | ||||
Starch Technology Purchase [Member] | |||||
Commitments And Contingencies [Line Items] | |||||
Term of distribution agreement | 15 years | ||||
Expected future contingent payment amounts to be initially recorded as research and development expense | $ 1,000,000 | $ 1,000,000 |
Shareholders' Equity (Details)
Shareholders' Equity (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||||
Sep. 30, 2015 | Sep. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | Feb. 28, 2013 | |
Shareholders' Equity [Abstract] | |||||||||
Stock repurchased during period, shares | 585 | ||||||||
Stock repurchased during period, aggregate purchase price | $ 5,600 | ||||||||
Amount of stock repurchase plan authorized | $ 15,000 | ||||||||
Quarterly cash dividend per share of common stock outstanding approved | $ 0.0300 | $ 0.0300 | $ 0.03 | $ 0.0275 | $ 0.025 | $ 0.0900 | $ 0.0875 | ||
Dividend payment from cash on hand | $ 853 | $ 842 | $ 2,600 | $ 2,500 |
Stock Compensation (Narrative)
Stock Compensation (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
ESPP, percentage of market price for eligible employees | 85.00% | ||||
Actual percentage of target number of shares of common stock granted as Performance Stock Units | 50.00% | ||||
Employees purchased common stock, shares | 78 | 111 | |||
Capitalized stock compensation expense | $ 79 | $ 71 | $ 190 | $ 211 | |
RSAs, RSUs, PSUs, And PSAs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Unrecognized compensation costs | 5,200 | $ 5,200 | |||
RSAs, RSUs, And PSUs [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Authorized from approved stock incentive plans to certain Company officers, non-employee Directors, and certain eligible employees, shares | 405 | 655 | |||
Aggregate market value of shares granted under approved stock incentive plans | $ 4,300 | $ 6,600 | |||
Stock Options [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Granted, Shares | 328 | 562 | |||
Unrecognized compensation costs | $ 2,100 | $ 2,100 | |||
Expected weighted-average period for recognizing the unrecognized compensation costs, in years | 2 years 1 month 6 days | ||||
Performance Stock Awards (PSAs) [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 10 months 24 days | ||||
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 10 months 24 days | ||||
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 4 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 | ||||
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 | 60.00% | 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% | 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 | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Stock Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of options | 4 years 9 months | 4 years 2 months 12 days | 4 years 6 months | 4 years 2 months 16 days |
Expected stock price volatility | 45.00% | 55.00% | 44.00% | 55.00% |
Dividend yield | 1.24% | 1.18% | 1.12% | 1.16% |
Risk-free interest rate | 1.49% | 1.41% | 1.41% | 1.34% |
ESPP Options [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Expected life of options | 6 months | 6 months | 6 months | 6 months |
Expected stock price volatility | 30.00% | 38.00% | 34.00% | 34.00% |
Dividend yield | 1.06% | 1.30% | 1.06% | 0.99% |
Risk-free interest rate | 0.11% | 0.07% | 0.12% | 0.10% |
Stock Compensation (Summary Of
Stock Compensation (Summary Of Stock Compensation Expenses) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 632 | $ 1,163 | $ 3,917 | $ 2,947 |
RSA, PSA, RSU, And PSU Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | 343 | 944 | 2,833 | 2,357 |
Stock Option And ESPP Option Expense [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock compensation expense | $ 289 | $ 219 | $ 1,084 | $ 590 |
Income Per Common Share (Detail
Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | ||
Income Per Common Share [Abstract] | |||||
Net income | $ 2,145 | $ 2,326 | $ 1,369 | $ 5,546 | |
Net loss income allocated to participating securities, basic | (44) | (53) | (31) | (112) | |
Net income allocated to common shareholders, basic | $ 2,101 | $ 2,273 | $ 1,338 | $ 5,434 | |
Basic weighted-average common shares outstanding | 27,823 | 27,367 | 27,687 | 27,414 | |
Basic income per common share | $ 0.08 | $ 0.08 | $ 0.05 | $ 0.20 | |
Net income allocated to participating securities, diluted | $ (44) | $ (52) | $ (32) | $ (110) | |
Net income allocated to common shareholders, diluted | $ 2,101 | $ 2,274 | $ 1,337 | $ 5,436 | |
Effect of dilutive stock options and awards | [1] | 773 | 901 | 800 | 931 |
Diluted weighted-average common shares outstanding | 28,596 | 28,268 | 28,487 | 28,345 | |
Diluted income per common share | $ 0.07 | $ 0.08 | $ 0.05 | $ 0.19 | |
Antidilutive securities excluded from computation of earnings per share | 714 | 352 | 787 | 239 | |
[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 (loss) per common share. Accordingly, stock options to purchase a weighted-average 714,000 and 787,000 shares for the three and nine months ended September 30, 2015, respectively, and 352,000 and 239,000 shares for the three and nine months ended September 30, 2014, respectively, were excluded from the calculation of diluted weighted-average common shares outstanding. |
Segment Information (Revenues,
Segment Information (Revenues, Cost Of Services And Products, And Gross Margins For Operating Segments) (Details) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015USD ($) | Sep. 30, 2014USD ($) | Sep. 30, 2015USD ($)segment | Sep. 30, 2014USD ($) | |
Segment Reporting Information [Line Items] | ||||
Number of reportable segments | segment | 2 | |||
Total revenues | $ 36,703 | $ 37,069 | $ 106,060 | $ 107,490 |
Total cost of products and preservation services | 13,721 | 13,270 | 41,857 | 38,834 |
Total gross margin | 22,982 | 23,799 | 64,203 | 68,656 |
Medical Devices [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 19,859 | 20,405 | 59,168 | 60,210 |
Total cost of products and preservation services | 4,278 | 4,167 | 13,555 | 12,099 |
Total gross margin | 15,581 | 16,238 | 45,613 | 48,111 |
Preservation Services [Member] | ||||
Segment Reporting Information [Line Items] | ||||
Total revenues | 16,844 | 16,664 | 46,892 | 47,280 |
Total cost of products and preservation services | 9,443 | 9,103 | 28,302 | 26,735 |
Total gross margin | $ 7,401 | $ 7,561 | $ 18,590 | $ 20,545 |
Segment Information (Summary Of
Segment Information (Summary Of Net Revenues By Product And Service) (Details) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2015 | Sep. 30, 2014 | Sep. 30, 2015 | Sep. 30, 2014 | |
Product Information [Line Items] | ||||
Total revenues | $ 36,703 | $ 37,069 | $ 106,060 | $ 107,490 |
BioGlue And BioFoam [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 14,283 | 15,116 | 42,844 | 45,745 |
PerClot [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 975 | 998 | 2,987 | 3,057 |
CardioGenesis Cardiac Laser Therapy [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 1,852 | 2,306 | 5,932 | 6,074 |
HeRO Graft [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 1,934 | 1,984 | 5,538 | 5,304 |
ProCol [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 371 | 1 | 908 | 30 |
PhotoFix [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 444 | 959 | ||
Total Products [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 19,859 | 20,405 | 59,168 | 60,210 |
Cardiac Tissue [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 7,537 | 8,337 | 21,089 | 21,981 |
Vascular Tissue [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | 9,307 | 8,327 | 25,803 | 25,299 |
Total Preservation Services [Member] | ||||
Product Information [Line Items] | ||||
Total revenues | $ 16,844 | $ 16,664 | $ 46,892 | $ 47,280 |
Direct Sales in France (Details
Direct Sales in France (Details) € in Millions | 1 Months Ended |
Oct. 31, 2015EUR (€) | |
Subsequent Event [Member] | |
Acquired Indefinite-lived Intangible Assets [Line Items] | |
Indefinite-lived Intangible Assets Acquired | € 1.2 |