Document_and_Entity_Informatio
Document and Entity Information | 9 Months Ended | |
Sep. 30, 2013 | Oct. 25, 2013 | |
Entity Information [Line Items] | ' | ' |
Entity Registrant Name | 'SPECTRANETICS CORP | ' |
Entity Central Index Key | '0000789132 | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Sep-13 | ' |
Amendment Flag | 'false | ' |
Document Fiscal Year Focus | '2013 | ' |
Document Fiscal Period Focus | 'Q3 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Current Reporting Status | 'Yes | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 41,017,222 |
Condensed_Consolidated_Balance
Condensed Consolidated Balance Sheets (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $123,570 | $37,775 |
Trade accounts receivable, less allowance for doubtful accounts and sales returns of $522 and $589, respectively | 23,928 | 19,945 |
Inventories, net | 10,008 | 9,288 |
Deferred income taxes, net | 869 | 313 |
Prepaid expenses and other current assets | 2,898 | 2,506 |
Total current assets | 161,273 | 69,827 |
Property and equipment, net | 26,565 | 27,006 |
Goodwill | 14,846 | 13,296 |
Other intangible assets, net | 10,345 | 20 |
Other assets | 610 | 620 |
Total assets | 213,639 | 110,769 |
Current liabilities: | ' | ' |
Accounts payable | 1,878 | 1,996 |
Accrued liabilities | 15,130 | 16,001 |
Deferred revenue | 1,922 | 2,196 |
Total current liabilities | 18,930 | 20,193 |
Accrued liabilities, net of current portion | 1,106 | 991 |
Contingent consideration, net of current portion | 6,288 | 0 |
Deferred income taxes | 1,057 | 888 |
Total liabilities | 27,381 | 22,072 |
Commitments and contingencies (Note 10) | ' | ' |
Stockholders’ equity: | ' | ' |
Preferred stock, $.001 par value; authorized 5,000,000 shares; none issued | 0 | 0 |
Common stock, $.001 par value; authorized 60,000,000 shares; issued and outstanding 40,994,056 and 34,887,763 shares, respectively | 41 | 35 |
Additional paid-in capital | 281,785 | 183,140 |
Accumulated other comprehensive loss | -455 | -618 |
Accumulated deficit | -95,113 | -93,860 |
Total stockholders’ equity | 186,258 | 88,697 |
Total liabilities and stockholders’ equity | $213,639 | $110,769 |
Condensed_Consolidated_Balance1
Condensed Consolidated Balance Sheets (Parenthetical) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Trade accounts receivable, less allowance for doubtful accounts and sales returns | $522 | $589 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 60,000,000 | 60,000,000 |
Common stock, shares issued | 40,994,056 | 34,887,763 |
Common stock, shares outstanding | 40,994,056 | 34,887,763 |
Condensed_Consolidated_Stateme
Condensed Consolidated Statements of Comprehensive Income (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue | $39,763 | $35,230 | $116,891 | $103,534 |
Cost of products sold | 10,053 | 9,624 | 30,997 | 28,112 |
Gross profit | 29,710 | 25,606 | 85,894 | 75,422 |
Operating expenses: | ' | ' | ' | ' |
Selling, general and administrative | 22,223 | 20,324 | 68,089 | 61,287 |
Research, development and other technology | 5,664 | 4,181 | 16,320 | 12,134 |
Medical device excise tax | 537 | 0 | 1,568 | 0 |
Contingent consideration | 234 | 0 | 638 | 0 |
Acquisition-related intangible asset amortization | 246 | 0 | 656 | 0 |
Total operating expenses | 28,904 | 24,505 | 87,271 | 73,421 |
Operating income (loss) | 806 | 1,101 | -1,377 | 2,001 |
Other income (expense): | ' | ' | ' | ' |
Interest (expense) income, net | -1 | 2 | 1 | 8 |
Foreign currency transaction gain (loss) | 35 | 34 | 10 | -7 |
Other income, net | 0 | 10 | 8 | 10 |
Total other income | 34 | 46 | 19 | 11 |
Income (loss) before income taxes | 840 | 1,147 | -1,358 | 2,012 |
Income tax expense (benefit) | 406 | 242 | -105 | 459 |
Net income (loss) | 434 | 905 | -1,253 | 1,553 |
Net income (loss) per share — | ' | ' | ' | ' |
Basic | $0.01 | $0.03 | ($0.03) | $0.05 |
Diluted | $0.01 | $0.03 | ($0.03) | $0.04 |
Other comprehensive income (loss) net of tax | ' | ' | ' | ' |
Foreign currency translation adjustments | 220 | 118 | 163 | -37 |
Comprehensive income (loss), net of tax | $654 | $1,023 | ($1,090) | $1,516 |
Weighted average common shares outstanding — | ' | ' | ' | ' |
Basic | 40,837,191 | 34,548,777 | 38,210,098 | 34,267,597 |
Diluted | 42,376,181 | 35,945,453 | 38,210,098 | 35,550,565 |
Condensed_Consolidated_Stateme1
Condensed Consolidated Statements of Cash Flows (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 |
Cash flows from operating activities: | ' | ' |
Net (loss) income | ($1,253) | $1,553 |
Adjustments to reconcile net (loss) income to net cash used in operating activities: | ' | ' |
Depreciation and amortization | 7,952 | 7,365 |
Stock-based compensation expense | 2,839 | 2,283 |
Provision for excess and obsolete inventories | 213 | 134 |
Deferred income taxes | -351 | 213 |
Accrued indemnification costs | 0 | -3,225 |
License agreement settlement | 0 | -3,000 |
Net change in operating assets and liabilities | -10,216 | -5,865 |
Net cash used in operating activities | -816 | -542 |
Cash flows from investing activities: | ' | ' |
Capital expenditures | -2,721 | -2,314 |
Acquisition-related payments | -6,500 | -7,727 |
Net cash used in investing activities | -9,221 | -10,041 |
Cash flows from financing activities: | ' | ' |
Net proceeds from stock offering | 92,034 | 0 |
Proceeds from the exercise of stock options and employee stock purchase plan | 3,778 | 2,604 |
Net cash provided by financing activities | 95,812 | 2,604 |
Effect of exchange rate changes on cash | 20 | -13 |
Net increase (decrease) in cash and cash equivalents | 85,795 | -7,992 |
Cash and cash equivalents at beginning of period | 37,775 | 39,638 |
Cash and cash equivalents at end of period | 123,570 | 31,646 |
Supplemental disclosures of cash flow information: | ' | ' |
Cash paid for interest | 31 | 49 |
Cash paid for income taxes | $297 | $122 |
General_Notes
General (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
General | ' |
GENERAL | |
The accompanying condensed consolidated financial statements include the accounts of The Spectranetics Corporation, a Delaware corporation, and its wholly-owned Dutch subsidiary, Spectranetics International, B.V., including the accounts of two wholly-owned subsidiaries of Spectranetics International, B.V., Spectranetics Deutschland GmbH and Spectranetics Austria GmbH (collectively, the “Company”). All intercompany balances and transactions have been eliminated in consolidation. | |
The Company develops, manufactures, markets, and distributes single-use medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s Vascular Intervention products include a range of laser catheters to ablate blockages in arteries above and below the knee (peripheral atherectomy); support catheters to facilitate crossing of peripheral and coronary arterial blockages, retrograde access and guidewire retrieval devices used in the treatment of peripheral arterial blockages, including chronic total occlusions (crossing solutions); and aspiration and cardiac laser catheters to treat blockages in the heart (coronary atherectomy and thrombectomy). The Company’s Lead Management products include excimer laser sheaths and cardiac lead management accessories for the removal of pacemaker and defibrillator cardiac leads. The Company also sells, rents, and services its CVX-300® laser systems. | |
The Company prepares its condensed consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. Management must make certain estimates, judgments, and assumptions based upon the information available. These estimates and assumptions affect the reported amounts of assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the periods presented. Significant items subject to such estimates and assumptions include the carrying amount of property and equipment, intangible assets and goodwill, valuation allowances and reserves for receivables, inventories, and deferred income tax assets, contingent consideration liabilities for acquisitions, stock-based compensation expense, estimated clinical trial expenses, accrued estimates for incurred but not reported claims under partially self-insured employee health benefit programs, and loss contingencies, including those related to litigation. Actual results could differ from those estimates. | |
The information included in the accompanying condensed consolidated interim financial statements is unaudited and should be read with the audited financial statements and notes thereto contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2012. In the opinion of management, all adjustments necessary for a fair presentation of the assets, liabilities and results of operations for the interim periods presented have been reflected herein and are of a normal, recurring nature. The results of operations for interim periods are not necessarily indicative of the results to be expected for the entire year. | |
The Patient Protection and Affordable Care Act of 2010 imposes a medical device excise tax on medical device manufacturers on their sales in the U.S. of certain devices beginning on January 1, 2013. The excise tax is 2.3% of the taxable base and applies to a substantial majority of the Company’s U.S. sales. For the three and nine months ended September 30, 2013, the Company incurred $0.5 million and $1.6 million of excise tax, respectively, which is recorded in the condensed consolidated statements of comprehensive income (loss) as an operating expense under the caption “Medical device excise tax.” | |
New significant accounting policy | |
Valuation of Business Combinations | |
The fair value of consideration, including contingent consideration, transferred in acquisitions accounted for as business combinations is first allocated to the identifiable tangible and intangible assets acquired and liabilities assumed based on their estimated fair values at the date of acquisition. Any excess purchase consideration is allocated to goodwill. Further, for those arrangements that involve liability classified contingent consideration, the Company records on the date of acquisition a liability equal to the discounted fair value of the estimated additional consideration it may be obligated to make in the future. Liability classified contingent consideration is adjusted to its fair value each reporting period through earnings. Acquisition transaction costs are expensed as incurred. The fair value of identifiable intangible assets uses management estimates and judgments based on market participant assumptions. | |
Contingent consideration liabilities are remeasured to fair value each reporting period using projected revenues, discount rates, probabilities of payment and projected payment dates. Increases or decreases in the fair value of the contingent consideration liability can result from changes in the timing and amount of revenue estimates or in the timing or likelihood of achieving intellectual property milestones, and changes in discount periods and rates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. See Note 2 for further discussion. | |
The Company has considered recently issued accounting pronouncements and does not believe such pronouncements are of significance, or potential significance, to the Company. |
Business_Combination_Notes
Business Combination (Notes) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Business Combination | ' | ||||
BUSINESS COMBINATION | |||||
On January 7, 2013, the Company acquired certain products from Upstream Peripheral Technologies Ltd. (“Upstream”). Prior to the acquisition, these products had generated no revenue. The primary reason for the acquisition was to address customer needs by extending the Company’s product offering in the area of retrograde access tools and leveraging its existing sales organization. The Company began selling these products in the U.S. in February 2013 and in Europe in March 2013. Transaction costs associated with this acquisition of approximately $0.3 million were primarily incurred in the fourth quarter of 2012. | |||||
Total consideration includes an initial $5.5 million at closing of the transaction, $1.0 million at the time of transfer of product, manufacturing, and regulatory related documentation in February 2013, and additional payments for manufacturing and intellectual property milestones and revenue-based earn-outs for 2014, 2015 and 2016 product sales, subject to an overall cap of $35.5 million. | |||||
The Company accounted for the acquisition as a business combination and recorded the assets acquired and the estimated future consideration obligations at their respective fair values as of the acquisition date. The components of the aggregate purchase price for the acquisition were as follows (in thousands): | |||||
Cash | $ | 6,500 | |||
Fair value of contingent consideration: | |||||
Milestone payable, current | 500 | ||||
Long-term contingent consideration | 5,650 | ||||
Total purchase price | $ | 12,650 | |||
The Company recorded total contingent consideration liabilities of $6.2 million. The Company used a probability-weighted approach to estimate the achievement of the intellectual property milestones and the future revenue, and a discount rate of 15%. | |||||
The aggregate purchase price was allocated to the net assets acquired as follows (in thousands): | |||||
Amount assigned | Amortization period (in years) | ||||
Tangible assets (inventory and fixed assets) | $ | 100 | |||
Amortizable intangible assets: | |||||
Acquired core technologies | 10,600 | 12 | |||
Non-compete agreement | 400 | 4 | |||
Goodwill | 1,550 | ||||
Total purchase price | $ | 12,650 | |||
The acquired core technology intangible assets consist of technical processes, intellectual property and know-how with respect to the products and processes acquired, and are being amortized on a straight-line basis over their assigned estimated useful lives. The Company primarily used the discounted cash flow model approach to derive the fair value of the amortizable intangible assets. These fair value measurements are based on significant unobservable inputs, including management estimates and assumptions and, accordingly, are classified as Level 3 within the fair value hierarchy prescribed by U.S. GAAP. | |||||
The Company recorded the excess of the aggregate purchase price over the estimated fair values of the identifiable assets acquired as goodwill, which is deductible for tax purposes. Goodwill was established primarily based on revenue and cash flow projections associated with future technologies, as well as synergies expected to be gained from the integration of these products into the Company’s existing operations, and has been allocated to the Company’s operating segments based on the relative expected benefit as follows (in thousands): | |||||
Amount allocated | |||||
U.S. Medical | $ | 1,240 | |||
International Medical | 310 | ||||
Total goodwill | $ | 1,550 | |||
Had the Company acquired the Upstream products at the beginning of 2012, net income would have been reduced from $0.9 million to $0.5 million for the three months ended September 30, 2012 and from $1.6 million to $0.5 million for the nine months ended September 30, 2012, respectively, considering amortization and contingent consideration expense associated with the acquisition. No revenue has been assumed for 2012 as the Upstream products were not commercially available at that time. | |||||
Contingent Consideration | |||||
As discussed above, this acquisition involves contingent consideration arrangements. From the acquisition date to September 30, 2013, the Company recorded $0.6 million of contingent consideration expense related to the passage of time (i.e. accretion) and made no changes to the underlying estimates used to calculate the initial acquisition date contingent consideration liability. | |||||
As of September 30, 2013, the Company believes that the range of future contingent consideration (undiscounted) that the Company will likely be required to make related to the manufacturing milestone, the intellectual property milestones and the revenue earn-out is between $6 million and $13 million. |
Composition_of_Certain_Financi
Composition of Certain Financial Statement Items (Notes) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Composition of Certain Financial Statement Items | ' | |||||||
COMPOSITION OF CERTAIN FINANCIAL STATEMENT ITEMS | ||||||||
Inventories | ||||||||
Inventories, net, consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 3,894 | $ | 2,573 | ||||
Work in process | 2,564 | 1,887 | ||||||
Finished goods | 3,550 | 4,828 | ||||||
$ | 10,008 | $ | 9,288 | |||||
Property and Equipment | ||||||||
Property and equipment, net, consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Equipment held for rental or loan | $ | 41,286 | $ | 40,180 | ||||
Manufacturing equipment and computers | 23,386 | 22,888 | ||||||
Leasehold improvements | 5,381 | 5,024 | ||||||
Furniture and fixtures | 2,395 | 2,102 | ||||||
Building and improvements | 1,276 | 1,276 | ||||||
Land | 270 | 270 | ||||||
Less: accumulated depreciation and amortization | (47,429 | ) | (44,734 | ) | ||||
$ | 26,565 | $ | 27,006 | |||||
Accrued Liabilities | ||||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued payroll and employee-related expenses | $ | 8,883 | $ | 9,951 | ||||
Accrued taxes | 1,156 | 1,003 | ||||||
Deferred rent | 1,105 | 800 | ||||||
Accrued clinical study expense | 639 | 671 | ||||||
Accrued royalties | 509 | 528 | ||||||
Contingent consideration, current portion | 500 | — | ||||||
Employee stock purchase plan liability | 441 | 602 | ||||||
Accrued legal costs | 307 | 489 | ||||||
Other accrued expenses | 2,696 | 2,948 | ||||||
Less: long-term portion | (1,106 | ) | (991 | ) | ||||
Accrued liabilities: current portion | $ | 15,130 | $ | 16,001 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets (Notes) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Goodwill and Intangible Assets | ' | |||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||
The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2013 was as follows (in thousands): | ||||||||||
U.S. Medical | International Medical | Total | ||||||||
Balance as of December 31, 2012 | $ | 6,925 | $ | 6,371 | $ | 13,296 | ||||
Additional goodwill (Note 2) | 1,240 | 310 | 1,550 | |||||||
Balance as of September 30, 2013 | $ | 8,165 | $ | 6,681 | $ | 14,846 | ||||
Acquired intangible assets consisted of the following (in thousands): | ||||||||||
September 30, 2013 | December 31, 2012 | |||||||||
Acquired core technologies (Note 2) | $ | 10,600 | $ | — | ||||||
Non-compete agreement (Note 2) | 400 | — | ||||||||
Patents | 4,273 | 4,273 | ||||||||
Less: accumulated amortization | (4,928 | ) | (4,253 | ) | ||||||
$ | 10,345 | $ | 20 | |||||||
The Company evaluates goodwill for impairment at least annually and whenever events or circumstances indicate the carrying amount of the asset may not be recoverable. There have been no events or circumstances since the last analysis as of December 31, 2012 to indicate that the goodwill may not be recoverable. |
Common_Stock_Offering_Notes
Common Stock Offering (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Equity [Abstract] | ' |
Common Stock Offering | ' |
COMMON STOCK OFFERING | |
On May 1, 2013, the Company completed an offering of 5,462,500 shares of its common stock at a public offering price of $18.00 per share minus the underwriters’ discount of $1.08 per share. The Company received net proceeds of approximately $92.0 million, after deducting underwriting discounts and commissions and offering expenses (approximately $0.4 million) paid by the Company. |
StockBased_Compensation_Notes
Stock-Based Compensation (Notes) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Stock-Based Compensation | ' | ||||||||||||
STOCK-BASED COMPENSATION | |||||||||||||
The Company maintains stock option plans that provide for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units, and stock appreciation rights. The plans provide that stock options may be granted with exercise prices not less than the fair market value at the date of grant. Options granted through September 30, 2013 generally vest over four years and expire ten years from the date of grant. Restricted stock awards granted to non-employee members of the Board of Directors vest over one year. Restricted stock units granted to certain officers of the Company vest over four years. At September 30, 2013, there were 1.1 million shares available for future issuance under these plans. | |||||||||||||
Valuation and Expense Information | |||||||||||||
The Company recognized stock-based compensation expense of $1.2 million and $0.9 million for the three months ended September 30, 2013 and 2012, respectively, and $2.8 million and $2.3 million for the nine months ended September 30, 2013 and 2012, respectively. This expense consisted of compensation expense related to (1) employee stock options based on the value of share-based payment awards that is ultimately expected to vest during the period, (2) restricted stock awards issued to the Company’s directors, (3) restricted stock units issued to certain of the Company’s officers, and (4) the estimated fair value of shares expected to be issued under the Company’s employee stock purchase plan. Stock-based compensation expense is recognized based on awards ultimately expected to vest and is reduced for estimated forfeitures. The Company recognizes compensation expense for these awards on a straight-line basis over the service period. | |||||||||||||
For all options not subject to a market condition, the fair value of each share option award is estimated on the date of grant using the Black-Scholes pricing model based on assumptions noted in the following table. The Company’s employee stock options have various restrictions, including vesting provisions and restrictions on transfers, hedging and pledging, among others, and are often exercised prior to their contractual expiration. Expected volatilities used in the fair value estimate are based on the historical volatility of the Company’s common stock. The Company uses historical data to estimate share option exercises, expected term and employee departure behavior used in the Black-Scholes pricing model. The risk-free rate for periods within the contractual term of the share option is based on the U.S. Treasury yield in effect at the time of grant. The following is a summary of the assumptions used for the stock options granted during the three and nine months ended September 30, 2013 and 2012, respectively, using the Black-Scholes pricing model: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Expected life (years) | 5.84 | 5.9 | 5.84 | 5.9 | |||||||||
Risk-free interest rate | 1.39 | % | 0.63 | % | 1.35 | % | 0.75 | % | |||||
Expected volatility | 65.54 | % | 65.86 | % | 65.55 | % | 66.42 | % | |||||
Expected dividend yield | — | — | — | — | |||||||||
The weighted average grant date fair value of options granted during the three months ended September 30, 2013 and 2012 was $10.68 and $6.76, respectively, and during the nine months ended September 30, 2013 and 2012 was $10.65 and $5.84, respectively. | |||||||||||||
The following table summarizes stock option activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted | Weighted Avg. | Aggregate Intrinsic | ||||||||||
Average | Remaining | Value | |||||||||||
Exercise Price | Contractual Term | ||||||||||||
(In Years) | |||||||||||||
Options outstanding at January 1, 2013 | 3,263,830 | $ | 7.02 | ||||||||||
Granted | 684,980 | 18.09 | |||||||||||
Exercised | (486,837 | ) | 5.98 | ||||||||||
Canceled | (61,512 | ) | 10.41 | ||||||||||
Options outstanding at September 30, 2013 | 3,400,461 | $ | 9.34 | 7.24 | $ | 26,319,147 | |||||||
Options exercisable at September 30, 2013 | 1,759,856 | $ | 6.52 | 5.75 | $ | 18,086,044 | |||||||
The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s stock price of $16.80 as of September 30, 2013, which would have been received by the option holders had all option holders exercised their options as of that date. In-the-money options exercisable as of September 30, 2013 totaled approximately 1.8 million, as all options exercisable were in the money as of that date. The total intrinsic value of options exercised was $5.7 million and $3.3 million during the nine months ended September 30, 2013 and 2012, respectively. | |||||||||||||
The following table summarizes restricted stock award activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Restricted stock awards outstanding at January 1, 2013 | 48,632 | $ | 9.87 | ||||||||||
Awarded | 22,190 | 18.93 | |||||||||||
Vested/Released | (48,632 | ) | 9.87 | ||||||||||
Restricted stock awards outstanding at September 30, 2013 | 22,190 | $ | 18.93 | ||||||||||
The following table summarizes restricted stock unit activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted | Weighted Avg. | Aggregate Intrinsic | ||||||||||
Average | Remaining | Value | |||||||||||
Purchase Price | Contractual Term | ||||||||||||
(In Years) | |||||||||||||
Restricted stock units outstanding at January 1, 2013 | 126,350 | $ | — | ||||||||||
Awarded | 89,512 | — | |||||||||||
Vested/Released | (46,700 | ) | — | ||||||||||
Restricted stock units outstanding at September 30, 2013 | 169,162 | $ | — | 1.71 | $ | 2,841,922 | |||||||
As of September 30, 2013, there was $10.0 million of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Company’s stock option plans. This expense is based on an assumed future forfeiture rate of approximately 13.37% per year for Company employees and is expected to be recognized over a weighted-average period of approximately 2.8 years. | |||||||||||||
Employee Stock Purchase Plan | |||||||||||||
In June 2010, the Company’s stockholders approved The Spectranetics Corporation 2010 Employee Stock Purchase Plan (“ESPP”). The ESPP provides for the sale of up to 700,000 shares of common stock to eligible employees, limited to the lesser of 2,500 shares per employee per six-month period or a fair market value of $25,000 per employee per calendar year. Stock purchased under the ESPP is restricted from sale for one year following the date of purchase. Stock can be purchased from amounts accumulated through payroll deductions during each six-month period. The purchase price is equal to 85% of the lower of the fair market value of the Company’s common stock at the beginning or end of the respective six-month offering period. This discount does not exceed the maximum discount rate permitted for plans of this type under Section 423 of the Internal Revenue Code of 1986, as amended. The ESPP is compensatory for financial reporting purposes. At September 30, 2013, there were 0.3 million shares available for future issuance under this plan. | |||||||||||||
The fair value of the offerings under the ESPP is determined on the first day of the semi-annual purchase period using the Black-Scholes option-pricing model. The expected term of six months was based upon the offering period of the ESPP. Expected volatility was determined based on the historical volatility from daily share price observations for the Company’s stock covering a period commensurate with the expected term of the ESPP. The risk-free interest rate was based on the six-month U.S. Treasury daily yield rate. The expected dividend yield was based on the Company’s historical practice of electing not to pay dividends to its stockholders. For the three months ended September 30, 2013 and 2012, the Company recognized $111,000 and $75,000, respectively, and for the nine months ended September 30, 2013 and 2012, the Company recognized $307,000 and $215,000, respectively, of compensation expense related to the ESPP. |
Net_Income_Loss_Per_Share_Note
Net Income (Loss) Per Share (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Net (Loss) Income Per Share | ' | |||||||||||||||
NET INCOME (LOSS) PER SHARE | ||||||||||||||||
Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding (excluding restricted shares). Shares issued during the period and shares reacquired during the period are weighted for the portion of the period they were outstanding. Diluted net income (loss) per share is computed in a manner consistent with that of basic net income (loss) per share while giving effect to all potentially dilutive common shares outstanding during the period, which include the assumed exercise of stock options and the assumed vesting of restricted stock using the treasury stock method. | ||||||||||||||||
For the three months ended September 30, 2013, a weighted average of 0.6 million stock options were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. Diluted net loss per share was the same as basic net loss per share for the nine months ended September 30, 2013 as shares issuable upon the exercise of stock options and the vesting of restricted stock were anti-dilutive because of the net loss for that period. As a result, the stock options and restricted stock outstanding representing 2.0 million weighted average shares for the nine months ended September 30, 2013 were excluded from the diluted net loss per share calculation because their inclusion would have been anti-dilutive. | ||||||||||||||||
For the three and nine months ended September 30, 2012, a weighted average of 0.7 million and 0.9 million stock options, respectively, were excluded from the computation of diluted net income per share because their inclusion would have been anti-dilutive. | ||||||||||||||||
A summary of the net income (loss) per share calculation is shown below for the periods indicated: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) | $ | 434 | $ | 905 | $ | (1,253 | ) | $ | 1,553 | |||||||
Common shares outstanding: | ||||||||||||||||
Historical common shares outstanding at beginning of period | 40,719,581 | 34,437,996 | 34,839,131 | 33,883,378 | ||||||||||||
Weighted average common shares issued | 117,610 | 110,781 | 3,370,967 | 384,219 | ||||||||||||
Weighted average common shares outstanding — basic | 40,837,191 | 34,548,777 | 38,210,098 | 34,267,597 | ||||||||||||
Effect of dilution — stock options | 1,538,990 | 1,396,676 | — | 1,282,968 | ||||||||||||
Weighted average common shares outstanding — diluted | 42,376,181 | 35,945,453 | 38,210,098 | 35,550,565 | ||||||||||||
Net income (loss) per share — basic | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.05 | |||||||
Net income (loss) per share — diluted | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.04 | |||||||
Segment_Reporting_Notes
Segment Reporting (Notes) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Segment Reporting | ' | |||||||||||||||
SEGMENT REPORTING | ||||||||||||||||
The Company operates in one distinct line of business consisting of developing, manufacturing, marketing, and distributing a proprietary excimer laser system and disposable products to treat certain vascular and coronary conditions. | ||||||||||||||||
Within this line of business, the Company has identified two operating segments, which were identified geographically: (1) U.S. Medical and (2) International Medical. U.S. Medical and International Medical offer the same products and services but operate in different geographic regions, have different distribution networks, and different regulatory environments. The Company aggregates its two product lines, Vascular Intervention and Lead Management, based on their similar economic, operational, and regulatory characteristics, consistent with the authoritative guidance on segment reporting. | ||||||||||||||||
Additional information regarding each operating segment is discussed below. | ||||||||||||||||
U. S. Medical | ||||||||||||||||
This segment includes customers in the United States and Canada. Products offered by this segment include single-use medical devices used in minimally invasive procedures within the cardiovascular system, including fiber-optic devices and non-fiber-optic products (disposables), an excimer laser system (equipment), and the service of the excimer laser system (service). The Company is subject to product approvals from the U.S. Food and Drug Administration (“FDA”) and Health Canada. The Company’s products are used in multiple vascular procedures, including peripheral atherectomy, crossing arterial blockages, coronary atherectomy and thrombectomy, and the removal of cardiac lead wires from patients with pacemakers and cardiac defibrillators. | ||||||||||||||||
U.S. Medical is also corporate headquarters for the Company. All manufacturing, research and development, and corporate administrative functions are performed within this operating segment. For the three and nine months ended September 30, 2013 and 2012, a portion of research, development and other technology expenses, and general and administrative expenses incurred in the U.S. has been allocated to International Medical based on a percentage of revenue because these expenses support the Company’s ability to generate revenue within the International Medical segment. | ||||||||||||||||
Manufacturing activities are performed entirely within the U.S. Medical segment. Revenue associated with intersegment product transfers to International Medical was $1.7 million and $1.6 million for the three months ended September 30, 2013 and 2012, respectively, and $5.5 million and $5.4 million for the nine months ended September 30, 2013 and 2012, respectively. Revenue is based upon transfer prices, which provide for intersegment profit eliminated upon consolidation. | ||||||||||||||||
International Medical | ||||||||||||||||
The International Medical segment has its headquarters in the Netherlands, and serves Europe and the Middle East, Latin America (including Puerto Rico), Japan, and the Pacific Rim. Products offered by this segment are substantially the same as those offered by U.S. Medical. The Company is subject to product approvals from various international regulatory bodies. The International Medical segment is engaged primarily in distribution activities, with no manufacturing or product development functions. Certain U.S.-incurred research, development and other technology expenses, and general and administrative expenses have been allocated to International Medical based on a percentage of revenue because these expenses support the Company’s ability to generate revenue within the International Medical segment. | ||||||||||||||||
Summary financial information relating to operating segment operations is shown below. Intersegment transfers as well as intercompany assets and liabilities are excluded from the information provided (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
U.S. Medical: | ||||||||||||||||
Disposable products | $ | 29,212 | $ | 26,368 | $ | 84,400 | $ | 76,334 | ||||||||
Service and other, net of allowance for sales returns | 2,397 | 2,132 | 7,429 | 6,679 | ||||||||||||
Equipment sales and rentals | 923 | 1,126 | 3,804 | 3,604 | ||||||||||||
Subtotal | 32,532 | 29,626 | 95,633 | 86,617 | ||||||||||||
International Medical: | ||||||||||||||||
Disposable products | 5,819 | 4,371 | 16,878 | 14,130 | ||||||||||||
Service and other, net of allowance for sales returns | 454 | 376 | 1,188 | 1,003 | ||||||||||||
Equipment sales and rentals | 958 | 857 | 3,192 | 1,784 | ||||||||||||
Subtotal | 7,231 | 5,604 | 21,258 | 16,917 | ||||||||||||
Total revenue | $ | 39,763 | $ | 35,230 | $ | 116,891 | $ | 103,534 | ||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment operating income (loss): | ||||||||||||||||
U.S. Medical | $ | (26 | ) | $ | 719 | $ | (2,572 | ) | $ | 768 | ||||||
International Medical | 832 | 382 | 1,195 | 1,233 | ||||||||||||
Total operating income (loss) | $ | 806 | $ | 1,101 | $ | (1,377 | ) | $ | 2,001 | |||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
Segment assets: | ||||||||||||||||
U.S. Medical | $ | 195,933 | $ | 95,181 | ||||||||||||
International Medical | 17,706 | 15,588 | ||||||||||||||
Total assets | $ | 213,639 | $ | 110,769 | ||||||||||||
For the nine months ended September 30, 2013 and 2012, no individual customer represented 10% or more of consolidated revenue. No individual countries, other than the United States, represented at least 10% of consolidated revenue in the nine months ended September 30, 2013 or 2012. | ||||||||||||||||
Revenue by Product Line | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Disposable products revenue: | ||||||||||||||||
Vascular intervention | $ | 18,956 | $ | 16,821 | $ | 55,046 | $ | 50,652 | ||||||||
Lead management | 16,075 | 13,918 | 46,232 | 39,812 | ||||||||||||
Total disposable products revenue | 35,031 | 30,739 | 101,278 | 90,464 | ||||||||||||
Service and other, net of allowance for sales returns | 2,851 | 2,508 | 8,617 | 7,682 | ||||||||||||
Equipment sales and rentals | 1,881 | 1,983 | 6,996 | 5,388 | ||||||||||||
Total revenue | 39,763 | 35,230 | 116,891 | 103,534 | ||||||||||||
Income_Taxes_Notes
Income Taxes (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Income Taxes | ' |
INCOME TAXES | |
The Company maintains a valuation allowance of approximately $12.7 million, as of September 30, 2013, for substantially all of its deferred tax assets, including its U.S. net operating losses, and therefore does not expect to incur a current U.S. federal tax expense or benefit against its pretax income during the year ending December 31, 2013. The Company does, however, expect to incur current state and foreign tax expense during the year. In addition, the Company expects to incur deferred U.S. federal and state tax expense in 2013, representing a deferred tax liability related to the difference between tax and book accounting for its goodwill, which is amortized over 15 years for tax purposes but not amortized for book purposes. | |
The Company’s ability to realize the benefit of its deferred tax assets in future periods will depend on the generation of taxable income through profitable operations. Due to the Company’s history of losses and the lack of sufficient certainty of generating future taxable income, the Company has recorded a full valuation allowance against substantially all of its deferred tax assets. The Company does not expect to reduce the valuation allowance against its deferred tax assets to below 100% of its gross amount until it has a sufficient historical trend of taxable income and can predict future income with a higher degree of certainty. |
Commitments_and_Contingencies_
Commitments and Contingencies (Notes) | 9 Months Ended |
Sep. 30, 2013 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
COMMITMENTS AND CONTINGENCIES | |
Indemnification of Former Officer | |
The Company is obligated to indemnify its present and former directors and officers against certain losses and to advance their reasonable legal defense expenses, including in connection with a federal investigation. The Company maintains insurance for claims of this nature, which does not apply in all such circumstances, may be denied, or may not be adequate to cover the legal costs or any settlement or judgment for those proceedings. | |
The Company has an indemnification obligation with one former officer charged in connection with a previous federal investigation of the Company. In February 2012, a trial resulted in the acquittal of the defendant on all charges except for one count of making false statements to federal investigators. The sentencing hearing for this defendant occurred in May 2012, and in June 2012, the defendant filed a notice of appeal. The Company paid its indemnification obligations through the trial during 2012. Additional expenses may be incurred in future periods depending upon the success or failure of this appeal, particularly if a successful appeal results in the order of a new trial. | |
Litigation | |
The Company is from time to time subject to, and is presently involved in, various pending or threatened legal actions and proceedings, including those that arise in the ordinary course of its business. Such matters are subject to many uncertainties and to outcomes and the financial impacts of which are not predictable with assurance and that may not be known for extended periods of time. The Company records a liability in its consolidated financial statements for costs related to claims, settlements, and judgments, where management has assessed that a loss is probable and an amount can be reasonably estimated. The Company’s significant legal proceedings are discussed below. The costs associated with such proceedings or other legal proceedings that may be commenced could have a material adverse effect on the Company’s future consolidated results of operations, financial position, or cash flows. | |
Fox/Sopkin | |
The Company and Spectranetics B.V., the Company’s Dutch subsidiary, are defendants in a lawsuit brought in the District Court of Utrecht, the Netherlands (the “Dutch District Court”) by Kenneth Fox in 2004. Mr. Fox is an inventor named on patents licensed to the Company under a license agreement assigned to Interlase LP. Mr. Fox claims an interest in royalties payable under the license and seeks alleged back royalties of approximately $2.2 million. In June 2010, the Dutch District Court issued a ruling, followed by a decision that dismissed Mr. Fox’s claims in their entirety against both the Company and its Dutch subsidiary. The Dutch District Court also awarded the Company a nominal amount as attorney’s fees. In September 2010, Mr. Fox filed and served a notice of appeal to the Dutch Court of Appeals. Under Dutch law, the appeal entitled Mr. Fox to a new trial on the merits, though still taking into evidence the record already in the Dutch court system. A hearing on the merits of the appeal occurred in November 2012. In September 2013, the Dutch Court of Appeals ruled in the Company’s favor and upheld the ruling of the Dutch District Court. The Court of Appeals also awarded the Company a nominal amount as the prevailing party in the appeal. Each party has until December 10, 2013 to file a cassation complaint (appeal) to the Supreme Court of The Netherlands. The Company intends to continue to vigorously defend against Mr. Fox’s claims. | |
In May 2011, the Company was served with a lawsuit that names the Company and the Company’s Dutch subsidiary as defendants. The lawsuit was brought in the Dutch District Court by Barbara Joy Sopkin. Ms. Sopkin claims royalties on a license agreement, certain rights to which were allegedly transferred to her, which claims are similar to the claims of Mr. Fox in his litigation. Ms. Sopkin claims damages of approximately $2 million and also claims interest on that amount from January 1, 2011. The proceedings formally commenced in July 2011, and a hearing on the claims was held in September 2012. In October 2012, the Dutch District Court rejected Ms. Sopkin’s claims for damages in their entirety and awarded the Company a nominal amount as attorney’s fees. In January 2013, Ms. Sopkin served the Company with a notice of her intent to appeal to the Dutch Court of Appeals. The Company intends to continue to vigorously defend against Ms. Sopkin’s claims. | |
The Company has no amounts accrued for the Fox or Sopkin lawsuits. | |
Other | |
The Company is involved in other legal proceedings in the normal course of business and does not expect them to have a material adverse effect on its business. |
Business_Combination_Tables
Business Combination (Tables) | 9 Months Ended | ||||
Sep. 30, 2013 | |||||
Business Combinations [Abstract] | ' | ||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | ||||
The components of the aggregate purchase price for the acquisition were as follows (in thousands): | |||||
Cash | $ | 6,500 | |||
Fair value of contingent consideration: | |||||
Milestone payable, current | 500 | ||||
Long-term contingent consideration | 5,650 | ||||
Total purchase price | $ | 12,650 | |||
The Company recorded total contingent consideration liabilities of $6.2 million. The Company used a probability-weighted approach to estimate the achievement of the intellectual property milestones and the future revenue, and a discount rate of 15%. | |||||
The aggregate purchase price was allocated to the net assets acquired as follows (in thousands): | |||||
Amount assigned | Amortization period (in years) | ||||
Tangible assets (inventory and fixed assets) | $ | 100 | |||
Amortizable intangible assets: | |||||
Acquired core technologies | 10,600 | 12 | |||
Non-compete agreement | 400 | 4 | |||
Goodwill | 1,550 | ||||
Total purchase price | $ | 12,650 | |||
Schedule of Goodwill Allocation by Operating Segment Based on Expected Benefit | ' | ||||
Goodwill was established primarily based on revenue and cash flow projections associated with future technologies, as well as synergies expected to be gained from the integration of these products into the Company’s existing operations, and has been allocated to the Company’s operating segments based on the relative expected benefit as follows (in thousands): | |||||
Amount allocated | |||||
U.S. Medical | $ | 1,240 | |||
International Medical | 310 | ||||
Total goodwill | $ | 1,550 | |||
Composition_of_Certain_Financi1
Composition of Certain Financial Statement Items (Tables) | 9 Months Ended | |||||||
Sep. 30, 2013 | ||||||||
Balance Sheet Related Disclosures [Abstract] | ' | |||||||
Schedule of Inventory, Current | ' | |||||||
Inventories, net, consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Raw materials | $ | 3,894 | $ | 2,573 | ||||
Work in process | 2,564 | 1,887 | ||||||
Finished goods | 3,550 | 4,828 | ||||||
$ | 10,008 | $ | 9,288 | |||||
Property, Plant and Equipment | ' | |||||||
Property and equipment, net, consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Equipment held for rental or loan | $ | 41,286 | $ | 40,180 | ||||
Manufacturing equipment and computers | 23,386 | 22,888 | ||||||
Leasehold improvements | 5,381 | 5,024 | ||||||
Furniture and fixtures | 2,395 | 2,102 | ||||||
Building and improvements | 1,276 | 1,276 | ||||||
Land | 270 | 270 | ||||||
Less: accumulated depreciation and amortization | (47,429 | ) | (44,734 | ) | ||||
$ | 26,565 | $ | 27,006 | |||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued liabilities consisted of the following (in thousands): | ||||||||
September 30, 2013 | December 31, 2012 | |||||||
Accrued payroll and employee-related expenses | $ | 8,883 | $ | 9,951 | ||||
Accrued taxes | 1,156 | 1,003 | ||||||
Deferred rent | 1,105 | 800 | ||||||
Accrued clinical study expense | 639 | 671 | ||||||
Accrued royalties | 509 | 528 | ||||||
Contingent consideration, current portion | 500 | — | ||||||
Employee stock purchase plan liability | 441 | 602 | ||||||
Accrued legal costs | 307 | 489 | ||||||
Other accrued expenses | 2,696 | 2,948 | ||||||
Less: long-term portion | (1,106 | ) | (991 | ) | ||||
Accrued liabilities: current portion | $ | 15,130 | $ | 16,001 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 9 Months Ended | |||||||||
Sep. 30, 2013 | ||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||
Schedule of Goodwill | ' | |||||||||
The change in the carrying amount of goodwill by reporting unit for the nine months ended September 30, 2013 was as follows (in thousands): | ||||||||||
U.S. Medical | International Medical | Total | ||||||||
Balance as of December 31, 2012 | $ | 6,925 | $ | 6,371 | $ | 13,296 | ||||
Additional goodwill (Note 2) | 1,240 | 310 | 1,550 | |||||||
Balance as of September 30, 2013 | $ | 8,165 | $ | 6,681 | $ | 14,846 | ||||
Acquired Intangible Assets | ' | |||||||||
Acquired intangible assets consisted of the following (in thousands): | ||||||||||
September 30, 2013 | December 31, 2012 | |||||||||
Acquired core technologies (Note 2) | $ | 10,600 | $ | — | ||||||
Non-compete agreement (Note 2) | 400 | — | ||||||||
Patents | 4,273 | 4,273 | ||||||||
Less: accumulated amortization | (4,928 | ) | (4,253 | ) | ||||||
$ | 10,345 | $ | 20 | |||||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 9 Months Ended | ||||||||||||
Sep. 30, 2013 | |||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | ||||||||||||
The following is a summary of the assumptions used for the stock options granted during the three and nine months ended September 30, 2013 and 2012, respectively, using the Black-Scholes pricing model: | |||||||||||||
Three Months Ended | Nine Months Ended | ||||||||||||
September 30, | September 30, | ||||||||||||
2013 | 2012 | 2013 | 2012 | ||||||||||
Expected life (years) | 5.84 | 5.9 | 5.84 | 5.9 | |||||||||
Risk-free interest rate | 1.39 | % | 0.63 | % | 1.35 | % | 0.75 | % | |||||
Expected volatility | 65.54 | % | 65.86 | % | 65.55 | % | 66.42 | % | |||||
Expected dividend yield | — | — | — | — | |||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | ||||||||||||
The following table summarizes stock option activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted | Weighted Avg. | Aggregate Intrinsic | ||||||||||
Average | Remaining | Value | |||||||||||
Exercise Price | Contractual Term | ||||||||||||
(In Years) | |||||||||||||
Options outstanding at January 1, 2013 | 3,263,830 | $ | 7.02 | ||||||||||
Granted | 684,980 | 18.09 | |||||||||||
Exercised | (486,837 | ) | 5.98 | ||||||||||
Canceled | (61,512 | ) | 10.41 | ||||||||||
Options outstanding at September 30, 2013 | 3,400,461 | $ | 9.34 | 7.24 | $ | 26,319,147 | |||||||
Options exercisable at September 30, 2013 | 1,759,856 | $ | 6.52 | 5.75 | $ | 18,086,044 | |||||||
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity | ' | ||||||||||||
The following table summarizes restricted stock award activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted Average Grant Date Fair Value | ||||||||||||
Restricted stock awards outstanding at January 1, 2013 | 48,632 | $ | 9.87 | ||||||||||
Awarded | 22,190 | 18.93 | |||||||||||
Vested/Released | (48,632 | ) | 9.87 | ||||||||||
Restricted stock awards outstanding at September 30, 2013 | 22,190 | $ | 18.93 | ||||||||||
The following table summarizes restricted stock unit activity during the nine months ended September 30, 2013: | |||||||||||||
Shares | Weighted | Weighted Avg. | Aggregate Intrinsic | ||||||||||
Average | Remaining | Value | |||||||||||
Purchase Price | Contractual Term | ||||||||||||
(In Years) | |||||||||||||
Restricted stock units outstanding at January 1, 2013 | 126,350 | $ | — | ||||||||||
Awarded | 89,512 | — | |||||||||||
Vested/Released | (46,700 | ) | — | ||||||||||
Restricted stock units outstanding at September 30, 2013 | 169,162 | $ | — | 1.71 | $ | 2,841,922 | |||||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Earnings Per Share [Abstract] | ' | |||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | |||||||||||||||
A summary of the net income (loss) per share calculation is shown below for the periods indicated: | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Net income (loss) | $ | 434 | $ | 905 | $ | (1,253 | ) | $ | 1,553 | |||||||
Common shares outstanding: | ||||||||||||||||
Historical common shares outstanding at beginning of period | 40,719,581 | 34,437,996 | 34,839,131 | 33,883,378 | ||||||||||||
Weighted average common shares issued | 117,610 | 110,781 | 3,370,967 | 384,219 | ||||||||||||
Weighted average common shares outstanding — basic | 40,837,191 | 34,548,777 | 38,210,098 | 34,267,597 | ||||||||||||
Effect of dilution — stock options | 1,538,990 | 1,396,676 | — | 1,282,968 | ||||||||||||
Weighted average common shares outstanding — diluted | 42,376,181 | 35,945,453 | 38,210,098 | 35,550,565 | ||||||||||||
Net income (loss) per share — basic | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.05 | |||||||
Net income (loss) per share — diluted | $ | 0.01 | $ | 0.03 | $ | (0.03 | ) | $ | 0.04 | |||||||
Segment_Reporting_Tables
Segment Reporting (Tables) | 9 Months Ended | |||||||||||||||
Sep. 30, 2013 | ||||||||||||||||
Segment Reporting [Abstract] | ' | |||||||||||||||
Schedule of Revenue by Reporting Segments | ' | |||||||||||||||
Summary financial information relating to operating segment operations is shown below. Intersegment transfers as well as intercompany assets and liabilities are excluded from the information provided (in thousands): | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Revenue: | ||||||||||||||||
U.S. Medical: | ||||||||||||||||
Disposable products | $ | 29,212 | $ | 26,368 | $ | 84,400 | $ | 76,334 | ||||||||
Service and other, net of allowance for sales returns | 2,397 | 2,132 | 7,429 | 6,679 | ||||||||||||
Equipment sales and rentals | 923 | 1,126 | 3,804 | 3,604 | ||||||||||||
Subtotal | 32,532 | 29,626 | 95,633 | 86,617 | ||||||||||||
International Medical: | ||||||||||||||||
Disposable products | 5,819 | 4,371 | 16,878 | 14,130 | ||||||||||||
Service and other, net of allowance for sales returns | 454 | 376 | 1,188 | 1,003 | ||||||||||||
Equipment sales and rentals | 958 | 857 | 3,192 | 1,784 | ||||||||||||
Subtotal | 7,231 | 5,604 | 21,258 | 16,917 | ||||||||||||
Total revenue | $ | 39,763 | $ | 35,230 | $ | 116,891 | $ | 103,534 | ||||||||
Reconciliation of Operating Profit (Loss) from Segments to Consolidated | ' | |||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
2013 | 2012 | 2013 | 2012 | |||||||||||||
Segment operating income (loss): | ||||||||||||||||
U.S. Medical | $ | (26 | ) | $ | 719 | $ | (2,572 | ) | $ | 768 | ||||||
International Medical | 832 | 382 | 1,195 | 1,233 | ||||||||||||
Total operating income (loss) | $ | 806 | $ | 1,101 | $ | (1,377 | ) | $ | 2,001 | |||||||
Reconciliation of Assets from Segment to Consolidated | ' | |||||||||||||||
As of September 30, 2013 | As of December 31, 2012 | |||||||||||||||
Segment assets: | ||||||||||||||||
U.S. Medical | $ | 195,933 | $ | 95,181 | ||||||||||||
International Medical | 17,706 | 15,588 | ||||||||||||||
Total assets | $ | 213,639 | $ | 110,769 | ||||||||||||
Revenue from External Customers by Products and Services | ' | |||||||||||||||
Revenue by Product Line | ||||||||||||||||
Three Months Ended | Nine Months Ended | |||||||||||||||
September 30, | September 30, | |||||||||||||||
(in thousands) | 2013 | 2012 | 2013 | 2012 | ||||||||||||
Revenue | ||||||||||||||||
Disposable products revenue: | ||||||||||||||||
Vascular intervention | $ | 18,956 | $ | 16,821 | $ | 55,046 | $ | 50,652 | ||||||||
Lead management | 16,075 | 13,918 | 46,232 | 39,812 | ||||||||||||
Total disposable products revenue | 35,031 | 30,739 | 101,278 | 90,464 | ||||||||||||
Service and other, net of allowance for sales returns | 2,851 | 2,508 | 8,617 | 7,682 | ||||||||||||
Equipment sales and rentals | 1,881 | 1,983 | 6,996 | 5,388 | ||||||||||||
Total revenue | 39,763 | 35,230 | 116,891 | 103,534 | ||||||||||||
General_Details
General (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' | ' |
Medical Device Excise Tax, Percent of Taxable Base | ' | ' | 2.30% | ' |
Medical Device Excise Tax | $537 | $0 | $1,568 | $0 |
Business_Combination_Narrative
Business Combination (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Sep. 30, 2013 | Mar. 31, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 | Jan. 07, 2013 | |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Pro forma revenue | ' | ' | ' | ' | $0 | $0 | ' |
Transaction costs | 300,000 | ' | ' | 300,000 | ' | ' | ' |
Cash | ' | 6,500,000 | ' | ' | ' | ' | ' |
Total purchase price cap | 35,500,000 | ' | ' | 35,500,000 | ' | ' | ' |
Contingent consideration, liability | 6,288,000 | ' | ' | 6,288,000 | ' | 0 | 6,200,000 |
Discount rate | ' | ' | ' | 15.00% | ' | ' | ' |
Net income (loss) | 434,000 | ' | 905,000 | -1,253,000 | 1,553,000 | ' | ' |
Pro forma net income (loss) | ' | ' | 500,000 | ' | 500,000 | ' | ' |
Contingent consideration | 234,000 | ' | 0 | 638,000 | 0 | ' | ' |
Range of future contingent consideration outcomes, low | 6,000,000 | ' | ' | 6,000,000 | ' | ' | ' |
Range of future contingent consideration outcomes, high | 13,000,000 | ' | ' | 13,000,000 | ' | ' | ' |
Base Purchase Price | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | 5,500,000 | ' | ' | ' | ' | ' |
Successful Transfer of Product Documentation | ' | ' | ' | ' | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Cash | ' | $1,000,000 | ' | ' | ' | ' | ' |
Business_Combination_Recognize
Business Combination (Recognized Identified Assets Acquired and Liabilities Assumed) (Details) (USD $) | 3 Months Ended | 9 Months Ended | 9 Months Ended | |||||
In Thousands, unless otherwise specified | Mar. 31, 2013 | Sep. 30, 2013 | Jan. 07, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Jan. 07, 2013 | Sep. 30, 2013 | Jan. 07, 2013 |
Acquired core technologies | Acquired core technologies | Non-compete agreement | Non-compete agreement | |||||
Aggregate Preliminary Purchase Price Components [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Cash | $6,500 | ' | ' | ' | ' | ' | ' | ' |
Milestone payable, current | ' | 500 | 500 | 0 | ' | ' | ' | ' |
Long-term contingent consideration | ' | ' | 5,650 | ' | ' | ' | ' | ' |
Total purchase price | ' | ' | 12,650 | ' | ' | ' | ' | ' |
Recognized Identifiable Assets Acquired and Liabilities Assumed, Assets [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Tangible assets (inventory and fixed assets) | ' | ' | 100 | ' | ' | ' | ' | ' |
Amortizable intangible assets | ' | ' | ' | ' | ' | 10,600 | ' | 400 |
Amortization period (years) | ' | ' | ' | ' | '12 years | ' | '4 years | ' |
Goodwill | ' | 14,846 | 1,550 | 13,296 | ' | ' | ' | ' |
Total purchase price | ' | ' | $12,650 | ' | ' | ' | ' | ' |
Business_Combination_Goodwill_
Business Combination (Goodwill Allocation by Operating Segment) (Details) (USD $) | Sep. 30, 2013 | Jan. 07, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | $14,846 | $1,550 | $13,296 |
U.S. Medical | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | ' | 1,240 | ' |
International Medical | ' | ' | ' |
Business Acquisition [Line Items] | ' | ' | ' |
Goodwill | ' | $310 | ' |
Composition_of_Certain_Financi2
Composition of Certain Financial Statement Items (Inventories) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Balance Sheet Related Disclosures [Abstract] | ' | ' |
Raw Materials | $3,894 | $2,573 |
Work in Process | 2,564 | 1,887 |
Finished Goods | 3,550 | 4,828 |
Inventory, Net | $10,008 | $9,288 |
Composition_of_Certain_Financi3
Composition of Certain Financial Statement Items (Property and Equipment) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Less: accumulated depreciation and amortization | ($47,429) | ($44,734) |
Property and equipment, net | 26,565 | 27,006 |
Equipment held for rental or loan | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 41,286 | 40,180 |
Manufacturing equipment and computers | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 23,386 | 22,888 |
Leasehold improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 5,381 | 5,024 |
Furniture and fixtures | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 2,395 | 2,102 |
Building and improvements | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | 1,276 | 1,276 |
Land | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, gross | $270 | $270 |
Composition_of_Certain_Financi4
Composition of Certain Financial Statement Items (Accrued Liabilities) (Details) (USD $) | Sep. 30, 2013 | Jan. 07, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Accrued Liabilities, Current [Abstract] | ' | ' | ' |
Accrued payroll and employee-related expenses | $8,883 | ' | $9,951 |
Accrued taxes | 1,156 | ' | 1,003 |
Deferred rent | 1,105 | ' | 800 |
Accrued clinical study expense | 639 | ' | 671 |
Accrued royalties | 509 | ' | 528 |
Contingent consideration, current portion | 500 | 500 | 0 |
Employee stock purchase plan liability | 441 | ' | 602 |
Accrued legal costs | 307 | ' | 489 |
Other accrued expenses | 2,696 | ' | 2,948 |
Less: long-term portion | -1,106 | ' | -991 |
Accrued liabilities: current portion | $15,130 | ' | $16,001 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets (Schedule of Goodwill) (Details) (USD $) | 9 Months Ended | |
In Thousands, unless otherwise specified | Sep. 30, 2013 | Jan. 07, 2013 |
Goodwill [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | $13,296 | $1,550 |
Additional goodwill | 1,550 | ' |
Balance as of September 30, 2013 | 14,846 | 1,550 |
U.S. Medical | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 6,925 | ' |
Additional goodwill | 1,240 | ' |
Balance as of September 30, 2013 | 8,165 | ' |
International Medical | ' | ' |
Goodwill [Roll Forward] | ' | ' |
Balance as of December 31, 2012 | 6,371 | ' |
Additional goodwill | 310 | ' |
Balance as of September 30, 2013 | $6,681 | ' |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets (Acquired Intangible Assets) (Details) (USD $) | Sep. 30, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Less: accumulated amortization | ($4,928) | ($4,253) |
Total | 10,345 | 20 |
Acquired core technologies | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets | 10,600 | 0 |
Non-compete agreement | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets | 400 | 0 |
Patents | ' | ' |
Acquired Finite-Lived Intangible Assets [Line Items] | ' | ' |
Finite-lived intangible assets | $4,273 | $4,273 |
Common_Stock_Offering_Details
Common Stock Offering (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Jun. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2012 | 1-May-13 | |
Equity [Abstract] | ' | ' | ' | ' |
Stock Issued During Period, Shares, New Issues | 5,462,500 | ' | ' | ' |
Sale of Stock, Price Per Share | ' | ' | ' | $18 |
Underwriting Fees and Commissions, Per Share | ' | ' | ' | $1.08 |
Net proceeds from stock offering | $92,000,000 | $92,034,000 | $0 | ' |
Payments of Stock Issuance Costs | $400,000 | ' | ' | ' |
StockBased_Compensation_Narrat
Stock-Based Compensation (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,200,000 | $900,000 | $2,800,000 | $2,300,000 |
Unrecognized compensation expense | 10,000,000 | ' | 10,000,000 | ' |
Weighted-average recognition period | ' | ' | '2 years 9 months 4 days | ' |
Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '4 years | ' |
Award Expiration Period | ' | ' | '10 years | ' |
Restricted Stock Awards | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '1 year | ' |
Restricted Stock Units (RSUs) | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Award Vesting Period | ' | ' | '4 years | ' |
Common Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Share Price | $16.80 | ' | $16.80 | ' |
Estimated Forfeiture Rate | 13.37% | ' | 13.37% | ' |
Common Stock | Stock Options | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average grant date fair value of options | $10.68 | $6.76 | $10.65 | $5.84 |
In-the-money options exercisable amount | 1,800,000 | ' | 1,800,000 | ' |
Total intrinsic value of options exercised | ' | ' | 5,700,000 | 3,300,000 |
Expected term | '5 years 10 months 2 days | '5 years 10 months 24 days | '5 years 10 months 2 days | '5 years 10 months 24 days |
Common Stock | Spectranetics Corporation 2006 Incentive Award Plan | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for future issuance | 1,100,000 | ' | 1,100,000 | ' |
Common Stock | ESPP | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Shares available for future issuance | 300,000 | ' | 300,000 | ' |
Allocated Share-based Compensation Expense | 111,000 | 75,000 | 307,000 | 215,000 |
Number of shares authorized | 700,000 | ' | 700,000 | ' |
Maximum Number of Shares Per Employee | ' | ' | 2,500 | ' |
Maximum Fair Value Per Employee | ' | ' | $25,000 | ' |
Purchase Price of Common Stock, Percent | ' | ' | 85.00% | ' |
Expected term | ' | ' | '6 months | ' |
StockBased_Compensation_Summar
Stock-Based Compensation (Summary of Assumptions Used) (Details) (Stock Options, Common Stock) | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | |
Stock Options | Common Stock | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected life (years) | '5 years 10 months 2 days | '5 years 10 months 24 days | '5 years 10 months 2 days | '5 years 10 months 24 days |
Risk-free interest rate | 1.39% | 0.63% | 1.35% | 0.75% |
Expected volatility | 65.54% | 65.86% | 65.55% | 66.42% |
Expected dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
StockBased_Compensation_Weight
Stock-Based Compensation (Weighted Average Grant Date Fair Value) (Details) (Common Stock, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Common Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' |
Options outstanding at January 1, 2013 (shares) | 3,263,830 |
Granted (shares) | 684,980 |
Exercised (shares) | -486,837 |
Canceled (shares) | -61,512 |
Options outstanding at September 30, 2013 | 3,400,461 |
Options exercisable at September 30, 2013 | 1,759,856 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Roll Forward] | ' |
Options outstanding at January 1, 2013, Weighted Average Exercise Price | $7.02 |
Granted, Weighted Average Exercise Price | $18.09 |
Exercised, Weighted Average Exercise Price | $5.98 |
Canceled, Weighted Average Exercise Price | $10.41 |
Options outstanding at September 30, 2013, Weighted Average Exercise Price | $9.34 |
Options exercisable at September 30, 2013, Weighted Average Exercise Price | $6.52 |
Options outstanding at September 30, 2013, Weighted Average Remaining Contractual Term (In Years) | '7 years 2 months 27 days |
Options exercisable at September 30, 2013, Weighted Average Remaining Contractual Term | '5 years 9 months |
Options outstanding at September 30, 2013, Aggregate Intrinsic Value | $26,319,147 |
Options exercisable at September 30, 2013, Aggregate Intrinsic Value | $18,086,044 |
StockBased_Compensation_Restri
Stock-Based Compensation (Restricted Stock Award Activity) (Details) (Restricted Stock, Common Stock, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock | Common Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Restricted stock awards/units outstanding at January 1, 2013 | 48,632 |
Awarded | 22,190 |
Vested/Released | -48,632 |
Restricted stock awards/units outstanding at September 30, 2013 | 22,190 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' |
Restricted stock awards/units outstanding at January 1, 2013, Weighted Average Grant Date Fair Value | $9.87 |
Awarded, Weighted Average Grant Date Fair Value | $18.93 |
Vested/Released, Weighted Average Grant Date Fair Value | $9.87 |
Restricted stock awards/units outstanding at September 30, 2013, Weighted Average Grant Date Fair Value | $18.93 |
StockBased_Compensation_Restri1
Stock-Based Compensation (Restricted Stock Unit Activity) (Details) (Restricted Stock Units (RSUs), Common Stock, USD $) | 9 Months Ended |
Sep. 30, 2013 | |
Restricted Stock Units (RSUs) | Common Stock | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' |
Restricted stock awards/units outstanding at January 1, 2013 | 126,350 |
Awarded | 89,512 |
Vested/Released | -46,700 |
Restricted stock awards/units outstanding at September 30, 2013 | 169,162 |
Share-based Compensation Arrangement by Share-based Payment Award, Per Share Weighted Average Price of Shares Purchased [Abstract] | ' |
RSU's outstanding at January 1, 2013, Weighted Average Purchase Price | $0 |
Awarded, Weighted Average Grant Date Fair Value | $0 |
Exercised, Weighted Average Purchase Price | $0 |
RSU's outstanding at September 30, 2013, Weighted Average Purchase Price | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' |
RSU's exercisable at September 30, 2013, Weighted Average Remaining Contractual Term (In Years) | '1 year 8 months 16 days |
RSU's exercisable at September 30, 2013, Aggregate Intrinsic Value | $2,841,922 |
Net_Income_Loss_Per_Share_Deta
Net Income (Loss) Per Share (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||||||
In Thousands, except Share data, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Jun. 30, 2013 | Dec. 31, 2012 | Jun. 30, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | 600,000 | 700,000 | 2,000,000 | 900,000 | ' | ' | ' | ' |
Earnings Per Share Reconciliation [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $434 | $905 | ($1,253) | $1,553 | ' | ' | ' | ' |
Historical common shares outstanding at beginning of period | ' | ' | ' | ' | 40,719,581 | 34,839,131 | 34,437,996 | 33,883,378 |
Weighted average common shares issued | 117,610 | 110,781 | 3,370,967 | 384,219 | ' | ' | ' | ' |
Weighted average common shares outstanding — basic | 40,837,191 | 34,548,777 | 38,210,098 | 34,267,597 | ' | ' | ' | ' |
Effect of dilution — stock options | 1,538,990 | 1,396,676 | 0 | 1,282,968 | ' | ' | ' | ' |
Weighted average common shares outstanding — diluted | 42,376,181 | 35,945,453 | 38,210,098 | 35,550,565 | ' | ' | ' | ' |
Net income (loss) per share — basic | $0.01 | $0.03 | ($0.03) | $0.05 | ' | ' | ' | ' |
Net income (loss) per share — diluted | $0.01 | $0.03 | ($0.03) | $0.04 | ' | ' | ' | ' |
Segment_Reporting_Narrative_De
Segment Reporting (Narrative) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Millions, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of Lines of Business | ' | ' | 1 | ' |
Number of Reportable Segments | ' | ' | 2 | ' |
Number of Product Lines | ' | ' | 2 | ' |
Sales Revenue, Goods, Net | Customer Concentration Risk | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of Customers | ' | ' | '0 | '0 |
Sales Revenue, Goods, Net | Geographic Concentration Risk | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Number of Customers | ' | ' | '0 | '0 |
U.S. Medical | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' |
Segment Reporting Information, Intersegment Revenue | $1.70 | $1.60 | $5.50 | $5.40 |
Segment_Reporting_Revenue_by_P
Segment Reporting (Revenue by Product Line) (Details) (USD $) | 3 Months Ended | 9 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $39,763 | $35,230 | $116,891 | $103,534 |
Disposable Products | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 35,031 | 30,739 | 101,278 | 90,464 |
Service and other, net of allowance for sales returns | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 2,851 | 2,508 | 8,617 | 7,682 |
Equipment sales and rentals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 1,881 | 1,983 | 6,996 | 5,388 |
Vascular intervention | Disposable Products | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 18,956 | 16,821 | 55,046 | 50,652 |
Lead management | Disposable Products | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 16,075 | 13,918 | 46,232 | 39,812 |
U.S. Medical | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 32,532 | 29,626 | 95,633 | 86,617 |
U.S. Medical | Disposable Products | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 29,212 | 26,368 | 84,400 | 76,334 |
U.S. Medical | Service and other, net of allowance for sales returns | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 2,397 | 2,132 | 7,429 | 6,679 |
U.S. Medical | Equipment sales and rentals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 923 | 1,126 | 3,804 | 3,604 |
International Medical | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 7,231 | 5,604 | 21,258 | 16,917 |
International Medical | Disposable Products | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 5,819 | 4,371 | 16,878 | 14,130 |
International Medical | Service and other, net of allowance for sales returns | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 454 | 376 | 1,188 | 1,003 |
International Medical | Equipment sales and rentals | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $958 | $857 | $3,192 | $1,784 |
Segment_Reporting_Segment_Repo
Segment Reporting (Segment Reporting) (Details) (USD $) | 3 Months Ended | 9 Months Ended | |||
In Thousands, unless otherwise specified | Sep. 30, 2013 | Sep. 30, 2012 | Sep. 30, 2013 | Sep. 30, 2012 | Dec. 31, 2012 |
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' |
Operating (loss) income | $806 | $1,101 | ($1,377) | $2,001 | ' |
Assets | 213,639 | ' | 213,639 | ' | 110,769 |
U.S. Medical | ' | ' | ' | ' | ' |
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' |
Operating (loss) income | -26 | 719 | -2,572 | 768 | ' |
Assets | 195,933 | ' | 195,933 | ' | 95,181 |
International Medical | ' | ' | ' | ' | ' |
Segments, Geographical Areas [Abstract] | ' | ' | ' | ' | ' |
Operating (loss) income | 832 | 382 | 1,195 | 1,233 | ' |
Assets | $17,706 | ' | $17,706 | ' | $15,588 |
Income_Tax_Disclosure_Details
Income Tax Disclosure (Details) (USD $) | 9 Months Ended |
In Millions, unless otherwise specified | Sep. 30, 2013 |
Income Tax Disclosure [Abstract] | ' |
Valuation Allowance | $12.70 |
Goodwill Amortization Period, Tax Purposes | '15 years |
Commitments_and_Contingencies_1
Commitments and Contingencies (Details) (USD $) | 1 Months Ended | 9 Months Ended | 29 Months Ended | 117 Months Ended |
In Millions, unless otherwise specified | Feb. 29, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | Sep. 30, 2013 |
Indemnification Agreement | Indemnification Agreement | Disputes | Disputes | |
Former Employee | Former Employee | Pending Litigation | Pending Litigation | |
Defendants | Defendants | Dutch District Court | Dutch District Court | |
Loss Contingencies [Line Items] | ' | ' | ' | ' |
Number of Defendants | ' | 1 | ' | ' |
Adverse Judgments | 1 | ' | ' | ' |
Damages Sought, Value | ' | ' | $2 | $2.20 |