Spectranetics (SPNC) 10-Q 29 Oct 15 2015 Q3 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	9 Months Ended
	Sep. 30, 2015	Oct. 22, 2015
Document and Entity Information [Abstract]
Entity Registrant Name	SPECTRANETICS CORP
Entity Central Index Key	789,132
Document Type	10-Q
Document Period End Date	Sep. 30, 2015
Amendment Flag	false
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q3
Current Fiscal Year End Date	--12-31
Entity Current Reporting Status	Yes
Entity Filer Category	Large Accelerated Filer
Entity Common Stock, Shares Outstanding		42,637,063

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 41,721	$ 95,505
Trade accounts receivable, less allowance for doubtful accounts and sales returns of $1,798 and $1,615, respectively	40,072	41,090
Inventories, net	27,540	25,446
Deferred income taxes	1,882	2,200
Prepaid expenses and other current assets	5,979	8,093
Total current assets	117,194	172,334
Property and equipment, net	45,136	33,819
Debt issuance costs, net	6,174	6,912
Goodwill	152,616	149,898
Other intangible assets, net	113,658	102,616
Other assets	1,947	1,371
Total assets	436,725	466,950
Current liabilities:
Borrowings under revolving line of credit	23,110	0
Accounts payable	9,492	4,397
Accrued liabilities	37,082	35,052
Deferred revenue	1,520	1,894
Total current liabilities	71,204	41,343
Convertible senior notes	230,000	230,000
Accrued liabilities, net of current portion	1,601	1,222
Contingent consideration	4,036	28,551
Deferred income taxes	3,673	3,677
Total liabilities	$ 310,514	$ 304,793
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 120,000,000 shares; issued and outstanding 42,627,063 and 42,060,865 shares, respectively	42	42
Additional paid-in capital	312,051	298,526
Accumulated other comprehensive loss	(1,737)	(1,280)
Accumulated deficit	(184,145)	(135,131)
Total stockholders’ equity	126,211	162,157
Total liabilities and stockholders’ equity	$ 436,725	$ 466,950

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Statement of Financial Position [Abstract]
Trade accounts receivable, less allowance for doubtful accounts and sales returns	$ 1,798	$ 1,615
Preferred stock, par value	$ 0.001	$ 0.001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Common stock, par value	$ 0.001	$ 0.001
Common stock, shares authorized	120,000,000	120,000,000
Common stock, shares issued	42,627,063	42,060,865
Common stock, shares outstanding	42,627,063	42,060,865

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Statement of Comprehensive Income [Abstract]
Revenue	$ 61,660	$ 58,786	$ 180,759	$ 141,955
Cost of products sold	15,809	14,686	46,525	35,526
Amortization of acquired inventory step-up	0	1,014	251	1,014
Gross profit	45,851	43,086	133,983	105,415
Operating expenses:
Selling, general and administrative	34,116	35,490	106,620	91,682
Research, development and other technology	15,926	7,573	47,847	19,364
Medical device excise tax	916	864	2,543	1,977
Acquisition transaction, integration and other costs	5,403	3,826	26,900	8,055
Intangible asset amortization	3,290	3,055	10,072	3,328
Contingent consideration expense	387	1,037	2,471	1,115
Change in fair value of contingent consideration liability	(4,256)	(1,064)	(22,056)	(1,064)
Intangible asset impairment		4,138	2,496	4,138
Total operating expenses	58,278	54,919	176,893	128,595
Operating loss	(12,427)	(11,833)	(42,910)	(23,180)
Other expense:
Interest expense	(1,884)	(1,801)	(5,406)	(2,289)
Foreign currency transaction loss	(6)	(122)	(255)	(120)
Total other expense	(1,890)	(1,923)	(5,661)	(2,409)
Loss before income taxes	(14,317)	(13,756)	(48,571)	(25,589)
Income tax expense (benefit)	176	188	443	(685)
Net loss	$ (14,493)	$ (13,944)	$ (49,014)	$ (24,904)
Net loss per share —
Basic and diluted	$ (0.34)	$ (0.33)	$ (1.16)	$ (0.60)
Other comprehensive (loss) income, net of tax
Foreign currency translation adjustments	$ 20	$ (620)	$ (457)	$ (682)
Comprehensive loss, net of tax	$ (14,473)	$ (14,564)	$ (49,471)	$ (25,586)
Weighted average common shares outstanding —
Basic and diluted	42,556,248	41,821,591	42,368,538	41,594,668

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Cash flows from operating activities:
Net loss	$ (49,014)	$ (24,904)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	19,675	10,951
Stock-based compensation expense	9,038	5,156
Amortization of debt issuance costs	738	319
Provision for excess and obsolete inventories	806	401
Intangible asset impairment	2,496	4,138
Contingent consideration expense	2,471	1,115
Change in fair value of contingent consideration liability	(22,056)	(1,064)
Deferred income taxes	354	(983)
Net change in operating assets and liabilities	(7,276)	(8,002)
Net cash used in operating activities	(42,768)	(12,873)
Cash flows from investing activities:
Capital expenditures	(8,329)	(5,102)
Payments for acquisitions	(30,000)	(233,978)
Net cash used in investing activities	(38,329)	(239,080)
Cash flows from financing activities:
Proceeds from line of credit	82,000	0
Payments on line of credit	(58,890)	0
Proceeds from issuance of convertible senior notes	0	230,000
Debt issuance costs, convertible senior notes	0	(7,474)
Proceeds from the exercise of stock options and employee stock purchase plan	4,487	4,477
Payment of contingent consideration	(143)	0
Net cash provided by financing activities	27,454	227,003
Effect of exchange rate changes on cash	(141)	93
Net decrease in cash and cash equivalents	(53,784)	(24,857)
Cash and cash equivalents at beginning of period	95,505	128,395
Cash and cash equivalents at end of period	41,721	103,538
Supplemental disclosures of cash flow information:
Cash paid for interest	3,171	36
Cash paid for income taxes	$ 306	$ 783

General

General	9 Months Ended
	Sep. 30, 2015
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 subsidiaries. These entities are collectively referred to as the “Company.” All intercompany balances and transactions have been eliminated in consolidation. The Company develops, manufactures, markets, and distributes medical devices used in minimally invasive procedures within the cardiovascular system. The Company’s products are sold in over 65 countries and are used to cross, prepare, and treat arterial blockages in the legs and heart and to remove pacemaker and defibrillator cardiac leads. In June 2014, the Company acquired AngioScore, a leading developer, manufacturer and marketer of cardiovascular, specialty balloon catheters and in January 2015, the Company acquired the Stellarex™ drug-coated balloon assets from Covidien LP. The Company’s Vascular Intervention products include a range of laser catheters to ablate blockages in arteries above and below the knee, AngioSculpt ® scoring balloon catheters used in both peripheral and coronary procedures, and the Stellarex drug-coated balloon used in peripheral procedures. The Company also markets support catheters to facilitate crossing of peripheral and coronary arterial blockages, and retrograde access and guidewire retrieval devices used in the treatment of peripheral arterial blockages, including chronic total occlusions. The Company markets aspiration and cardiac laser catheters to treat blockages in the heart. The Company’s Lead Management products include excimer laser sheaths, dilator sheaths, mechanical 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 (“U.S. GAAP”). 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, 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, 2014 . 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. Certain prior period amounts have been reclassified to conform to the current period presentation. See Note 2, “Business Combinations,” for further discussion. Recent Accounting Pronouncements In April 2015, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2015-03, Simplifying the Presentation of Debt Issuance Costs, which changes the presentation of debt issuance costs in financial statements. ASU 2015-03 requires an entity to present such costs in the balance sheet as a direct deduction from the related debt liability rather than as an asset. Amortization of debt issuance costs will continue to be reported as interest expense. ASU 2015-03 is effective for annual reporting periods beginning after December 15, 2015, with early adoption permitted. The new guidance will be applied retrospectively to each prior period presented. Adoption of ASU 2015-03 will change the presentation of debt issuance costs on the Company’s consolidated balance sheets by eliminating the debt issuance costs asset and reducing the liability of the Company’s convertible senior notes by the amount of net debt issuance costs. The Company plans to adopt ASU 2015-03 in the first quarter of the year ending December 31, 2016. In May 2014, the FASB issued ASU 2014-09, Revenue from Contracts with Customers , which will replace most existing revenue recognition guidance in U.S. GAAP. The core principle of ASU 2014-09 is that an entity should recognize revenue for the transfer of goods or services equal to the amount that it expects to be entitled to receive for those goods or services. To achieve this core principle, ASU 2014-09 contains a five-step model that includes identifying the contract with a customer, identifying the performance obligations in the contract, determining the transaction price, allocating the transaction price to the performance obligations, and recognizing revenue when (or as) an entity satisfies a performance obligation. ASU 2014-09 requires additional disclosure about the nature, amount, timing and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments and changes in judgments. In August 2015, the FASB issued ASU 2015-14, Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date , which deferred the effective date of ASU 2014-09 for all entities by one year. As a result, ASU 2014-09 is now effective for public business entities for fiscal years, and for interim periods within those fiscal years, beginning after December 15, 2017. The Company is in the process of determining the method and date of adoption and assessing the impact of ASU 2014-09 on its results of operations, financial position, and consolidated financial statements. In September 2015, the FASB issued ASU 2015-16, “ Business Combinations (Topic 805):Simplifying the Accounting for Measurement-Period Adjustments.” The update requires that an acquirer recognize adjustments to provisional amounts that are identified during the measurement period in the reporting period in which the adjustment amounts are determined, including the cumulative effect of the change in provisional amounts as if the accounting had been completed at the acquisition date. The adjustments related to previous reporting periods since the acquisition date must be disclosed by income statement line item either on the face of the income statement or in the notes. ASU 2015-16 is effective for fiscal years beginning after December 15, 2015, including interim periods within those fiscal years, with early adoption permitted. The Company has considered all other recently issued accounting pronouncements and does not believe they are of significance, or potential significance, to the Company.

Business Combinations

Business Combinations	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Business Combinations	BUSINESS COMBINATIONS Stellarex™ On January 27, 2015 (“Acquisition Date”), the Company acquired certain assets related to the Stellarex over-the-wire percutaneous transluminal angioplasty balloon catheter with a drug (paclitaxel) coated balloon (“DCB Assets”), pursuant to an Asset Purchase Agreement, dated as of October 31, 2014 (“Stellarex Purchase Agreement”) with Covidien LP (“Stellarex Acquisition”). The DCB Assets include, among other things, the intellectual property, machinery and equipment, and inventories used in connection with the Stellarex catheter. The primary reasons for the Stellarex Acquisition were to broaden the Company’s existing product lines, leverage its current customers, and increase revenue. Under the terms of the Stellarex Purchase Agreement, the Company paid Covidien $30 million in cash and Covidien retained certain liabilities relating to the DCB Assets. The Company accounted for the Stellarex Acquisition as a business combination and recorded the assets acquired and liabilities assumed at their respective estimated fair values as of the Acquisition Date. During the three months ended September 30, 2015, the Company finalized the purchase price allocation. The following table summarizes the allocation of the assets acquired (in thousands): Allocation of purchase price Amortization period (in years) Inventories $ 1,337 Property and equipment, net 2,701 Total tangible assets acquired 4,038 Less: deferred rent liability assumed 293 Net tangible assets acquired $ 3,745 Intangible assets: In-process research and development (“IPR&D”) 13,680 Technology 9,000 12 Trademark and trade names 400 12 Transition services agreement 530 0.5 Goodwill 2,645 Total purchase price $ 30,000 The Company determined the estimated fair value of the inventory based on its estimated selling price less cost to sell and normal profit margin, or in the case of inventory expected to be consumed in clinical studies, on replacement cost, which was determined to approximate fair value. The Company recorded the property and equipment at its estimated fair value at the Acquisition Date. The IPR&D asset, which is accounted for as an indefinite-lived intangible asset until completion or abandonment of the project, represents an estimate of the fair value of in-process technology related to the Stellarex products that are currently the subject of clinical studies in advance of their potential introduction to the U.S. market, as well as the below the knee applications of the Stellarex technology, which are also currently in development. The estimated fair value was determined using the income approach. The estimated fair value of the technology intangible asset, which relates to Stellarex products that have already received clearance to be made commercially available in the European market, was also determined using the income approach. The trademark and trade names were valued based on a “relief from royalty” approach. The “relief from royalty” method is based on the premise that a third party would be willing to pay a royalty to use the trade name or trademark asset owned by the subject company. The projected royalties are converted into their present value equivalents through the application of a risk-adjusted discount rate. The transition services agreement (“TSA”) was valued based on the estimated fair value of services provided to the Company under the agreement. These fair value measurements are based on significant unobservable inputs, which are classified as Level 3 within the fair value hierarchy based on management’s estimates and assumptions. 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 is primarily attributable to the benefits of the acquired workforce and future technologies, which will be developed from the current and IPR&D technologies to further expand the Company’s product offerings and applications of the technology. Goodwill was allocated to the Company’s operating segments based on the relative expected benefits as disclosed in Note 5, “Goodwill and Intangible Assets.” The assets and liabilities assumed in the Stellarex Acquisition were included in the Company’s condensed consolidated balance sheet as of January 27, 2015. Beginning on January 27, 2015, revenue, costs of products sold and operating expenses related to the DCB Assets have been included in the Company’s condensed consolidated financial statements in the Company’s U.S. Medical and International Medical reportable operating segments. Revenue from Stellarex products from January 27 through September 30, 2015 was immaterial and is included in the Company’s condensed consolidated statements of operations and comprehensive loss for the three and nine months ended September 30, 2015 . Losses attributable to Stellarex from January 27 through September 30, 2015 were $33.2 million and primarily included research and development and clinical trial costs, included within the “Research, development and other technology” line of the condensed consolidated statements of operations and comprehensive loss. Acquisition and integration expenses related to the Stellarex Acquisition were $2.7 million and $6.6 million for the three and nine months ended September 30, 2015 , respectively, and primarily included integration costs, including non-recurring costs associated with establishing manufacturing operations to support the Stellarex program, and investment banking fees incurred during the evaluation of the acquisition. These costs are included within the “Acquisition transaction, integration and other costs” line of the condensed consolidated statements of operations and comprehensive loss. AngioScore Acquisition On June 30, 2014, the Company completed its acquisition of AngioScore Inc. At the date of acquisition, the Company recorded total contingent consideration liabilities of $25.9 million . The fair value of contingent consideration liabilities was determined using a probability-weighted approach to estimate the achievement of the future revenue and regulatory approval milestones and discount rates ranging from 9% to 19% . The selection of the discount rates reflects the inherent risks related to achieving the respective milestones. These fair value measurements are based on significant unobservable inputs, which are classified as Level 3 within the fair value hierarchy, based on management’s estimates and assumptions. During 2015, the Company made two adjustments to the contingent consideration liability related to the acquisition. During the three months ended June 30, 2015, the Company reduced its liability by $17.8 million as a result of a decrease in future revenue estimates for the AngioSculpt products. During the three months ended September 30, 2015 , the Company reduced its liability by $4.3 million as a result of a thorough analysis performed by the Company related to the costs and efforts, including product testing, validation, coating and process testing, and regulatory requirements, remaining to complete the Drug-Coated AngioSculpt (“DCAS”) projects, which are subject to contingent regulatory milestone payments. This analysis resulted in a determination that it was unlikely the Company would meet the regulatory milestones for two of the three DCAS projects within the time frame and with the expenditure of funds set forth in the acquisition agreement. Related to the regulatory milestone assessment, the Company evaluated the IPR&D associated with the product development projects for impairment using the income approach, and determined that a portion of the IPR&D was impaired. The Company therefore recorded an impairment of the IPR&D intangible asset of $2.5 million during the three months ended September 30, 2015. During the nine months ended September 30, 2015 , the Company recorded $0.3 million of amortization of the acquired inventory step-up, reflected as “Amortization of acquired inventory step-up” in the condensed consolidated statements of operations and comprehensive loss, increasing cost of products sold. Expenses related to the acquisition of AngioScore and the subsequent integration of its operations were $2.7 million and $20.3 million for the three and nine months ended September 30, 2015 , respectively, and primarily included legal fees, including legal fees and costs advanced, associated with a patent and breach of fiduciary duty matter in which AngioScore is the plaintiff. See Note 10, “Commitments and Contingencies.” These expenses also included severance, retention, and other integration costs. These expenses are included within the “Acquisition transaction, integration and other costs” line of the condensed consolidated statements of operations and comprehensive loss. Net loss and net loss per share for the nine months ended September 30, 2014 were adjusted from the Quarterly Report on Form 10-Q for the period ended September 30, 2014 to reflect adjustments made during the measurement period to provisional amounts recognized for the AngioScore acquisition at the acquisition date. These adjustments were the result of a deferred tax benefit of $1.3 million realized during the nine months ended September 30, 2014 related to a partial release of a valuation allowance related to the AngioScore acquisition. See Note 9, “Income Taxes.” Unaudited Supplemental Pro Forma Financial Information The table below provides certain pro forma financial information for the Company as if the Stellarex and AngioScore acquisitions had been consummated as of January 1, 2014. Certain pro forma adjustments have been made to reflect the impact of the purchase transactions, primarily consisting of amortization of intangible assets with determinable lives and interest expense on long-term debt. The pro forma information does not include the nonrecurring charges that resulted directly from the transaction such as investment banking and legal fees of $1.7 million and $5.7 million incurred during the nine months ended September 30, 2015 and 2014, respectively. The pro forma information does not necessarily reflect the actual results of operations had the acquisitions been consummated at the beginning of the fiscal reporting period indicated nor is it indicative of future operating results. The pro forma information does not include any adjustment for potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisitions. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Revenue $ 61,660 $ 58,786 $ 180,759 $ 172,359 Net loss (14,495 ) (23,605 ) (51,083 ) (63,170 ) Net loss per share $ (0.34 ) $ (0.56 ) $ (1.21 ) $ (1.52 )

Debt

Debt	9 Months Ended
	Sep. 30, 2015
Debt Disclosure [Abstract]
Debt	DEBT Convertible Notes On June 3, 2014, the Company sold $230 million aggregate principal amount of 2.625% Convertible Senior Notes due 2034 (the “Notes”) under an underwriting agreement dated May 28, 2014. Interest is paid semi-annually in arrears on December 1 and June 1 of each year, commencing December 1, 2014. The Notes mature on June 1, 2034, unless earlier converted, redeemed, or repurchased in accordance with the terms of the Notes. The initial conversion rate of the Notes is 31.9020 shares of the Company’s common stock per $1,000 principal amount of Notes (which is equivalent to an initial conversion price of approximately $31.35 per share). The conversion rate is subject to adjustment upon the occurrence of certain events specified in the indenture governing the Notes. Holders may surrender their Notes for conversion at any time prior to the close of business on the second scheduled trading day immediately preceding the stated maturity date. On or after June 5, 2018 and prior to June 5, 2021, the Company may redeem any or all of the Notes in cash if the closing price of the Company’s common stock exceeds 130% of the conversion price then in effect for a specified number of days, and on or after June 5, 2021, the Company may redeem the Notes without any such condition. Holders of the Notes may require the Company to repurchase all or a portion of their Notes on each of June 5, 2021, June 5, 2024 and June 5, 2029, or following a fundamental change (as defined in the indenture governing the Notes), in each case, at a repurchase price in cash equal to 100% of the principal amount of the Notes being repurchased plus accrued and unpaid interest to, but excluding, the date of repurchase. The Notes are subject to customary events of default, which may result in the acceleration of the maturity of the Notes. The Notes are the Company’s senior unsecured obligations and rank senior in right of payment to any of the Company’s indebtedness that is expressly subordinated in right of payment to the Notes, rank equally in right of payment with any of the Company’s unsecured indebtedness that is not so subordinated, are effectively junior in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness and are structurally subordinated to all indebtedness and other liabilities of the Company’s subsidiaries. The Company received $222.5 million from the issuance of the Notes, net of $7.5 million of debt issuance costs incurred. The debt issuance costs are being amortized over a seven year period using the effective interest method. The Company used all of the net proceeds to fund the acquisition of AngioScore. Line of Credit On June 26, 2015, the Company entered into a Third Amendment to Credit and Security Agreement (the “Third Amendment”), by and between the Company and Wells Fargo Bank, National Association (“Wells Fargo”), effective as of June 26, 2015, for a four -year term. The Third Amendment amends the Credit and Security Agreement, dated February 25, 2011, between the Company and Wells Fargo, as amended (as so amended, the “Credit Agreement”). The Third Amendment, among other things, (i) increases the maximum availability under the revolving line of credit from $15 million to $65 million , subject to limits imposed by the borrowing base, and adds a $15 million uncommitted accordion feature, (ii) lowers the interest rate from 3-month LIBOR plus 2.75% - 3.25% (based on net income) to 3-month LIBOR plus 2.00% - 2.50% (based on liquidity), (iii) expands the borrowing base to include certain foreign accounts, equipment and real property, in addition to accounts receivable and inventory, and (iv) as the sole financial covenant, requires that the Company maintain minimum liquidity of $25 million . Except to the extent specifically amended by the Third Amendment, the Credit Agreement remains in full force and effect. Under the terms of the Credit Agreement, the Company may borrow under the revolving line of credit subject to borrowing base limitations. These limitations allow the Company to borrow based on the value of eligible accounts receivable, inventory, equipment and real property. The borrowing base was $31.4 million , based on the Company’s accounts receivable and inventory balances as of September 30, 2015 . The Company is required to maintain $5.0 million of availability on the line of credit, and therefore the actual borrowing capacity was $26.4 million as of September 30, 2015 . The Company may prepay and re-borrow amounts borrowed under the revolving line of credit without penalty. The revolving line of credit is secured by a first priority security interest in substantially all of the Company’s assets. The Company is required to pay customary fees with respect to the facility, including a 0.25% fee on the average unused portion of the revolving line of credit. The Credit Agreement contains customary events of default, including the failure to make required payments, the failure to comply with certain covenants or other agreements, the occurrence of a material adverse change, failure to pay certain other indebtedness and certain events of bankruptcy or insolvency. Upon the occurrence and continuation of an event of default, Wells Fargo may accelerate amounts due under the Credit Agreement. The Company had no events of default as of September 30, 2015 . Outstanding borrowings under the line of credit totaled $23.1 million as of September 30, 2015 .

Composition of Certain Financia

Composition of Certain Financial Statement Items	9 Months Ended
	Sep. 30, 2015
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, December 31, Raw materials $ 11,386 $ 9,012 Work in process 3,104 3,745 Finished goods 13,050 12,689 $ 27,540 $ 25,446 On January 27, 2015, the Company acquired approximately $1.3 million of inventories as part of the Stellarex Acquisition. As of September 30, 2015 , Stellarex inventories were approximately $1.7 million . See Note 2, “Business Combinations,” for further discussion. Property and Equipment Property and equipment, net, consisted of the following (in thousands): September 30, 2015 December 31, 2014 Equipment held for rental or loan $ 55,018 $ 47,313 Manufacturing equipment and computers 37,763 29,692 Leasehold improvements 8,271 6,730 Furniture and fixtures 4,610 3,473 Building and improvements 1,306 1,288 Land 270 270 Less: accumulated depreciation (62,102 ) (54,947 ) $ 45,136 $ 33,819 On January 27, 2015, the Company acquired approximately $2.7 million of property and equipment, net, as part of the Stellarex Acquisition. See Note 2, “Business Combinations,” for further discussion. Accrued Liabilities Accrued liabilities consisted of the following (in thousands): September 30, 2015 December 31, 2014 Accrued payroll and employee-related expenses $ 13,622 $ 21,483 Accrued legal costs 5,669 4,793 Accrued clinical study expense 4,049 1,358 Accrued interest on convertible notes 2,054 503 Deferred rent 1,575 1,214 Accrued sales, income, and excise taxes 1,125 1,847 Accrued royalties 922 841 Contingent consideration, current portion 4,929 143 Other accrued expenses 4,738 4,092 Less: long-term portion (1,601 ) (1,222 ) Accrued liabilities: current portion $ 37,082 $ 35,052

Goodwill and Intangible Assets

Goodwill and Intangible Assets	9 Months Ended
	Sep. 30, 2015
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, 2015 was as follows (in thousands). The goodwill was allocated to the reporting units based on a percentage of estimated future revenues. U.S. Medical International Medical Total Balance as of December 31, 2014 $ 128,361 $ 21,537 $ 149,898 Additional goodwill related to Stellarex Acquisition (Note 2) 1,984 661 2,645 Other 65 8 73 Balance as of September 30, 2015 $ 130,410 $ 22,206 $ 152,616 Acquired intangible assets consisted of the following (in thousands): September 30, 2015 December 31, 2014 Acquired as part of AngioScore acquisition (Note 2): Technology $ 73,510 $ 73,510 Customer relationships 23,320 23,320 Trademark and trade names 4,380 4,380 In-process research and development 1,254 3,750 Distributor relationships 1,940 1,940 Non-compete agreements 580 580 Acquired as part of Stellarex Acquisition (Note 2): In-process research and development 13,680 — Technology 9,000 — Trademark and trade names 400 — Transition services agreement 530 — Acquired as part of Upstream acquisition (1) Technology 2,172 2,172 Non-compete agreement 200 200 Patents 530 530 Less: accumulated amortization (17,838 ) (7,766 ) $ 113,658 $ 102,616 ___________________ (1) In January 2013, the Company acquired certain product lines from Upstream Peripheral Technologies, Ltd. (“Upstream”). As part of the acquisition, the Company acquired core technology intangible assets and an intangible asset related to non-compete agreements. See further discussion of the additional goodwill and intangible assets acquired as part of the Stellarex Acquisition during the nine months ended September 30, 2015 in Note 2, “Business Combinations.” The Company evaluates goodwill and other intangible assets for impairment at least annually and whenever events or circumstances indicate the carrying amount of the asset may not be recoverable. In conjunction with the reductions of the contingent consideration liability related to the AngioScore acquisition (see Note 2), the Company also evaluated the intangible assets acquired for impairment using the income approach. During the three months ended September 30, 2015, the Company determined that a portion of the IPR&D intangible asset was impaired. The Company therefore recorded an impairment of the IPR&D intangible asset of $2.5 million , which is included in the U.S. Medical reporting segment, during the three months ended September 30, 2015. For the intangible assets other than IPR&D, the Company determined that the estimated undiscounted cash flows of the intangible assets exceeded their carrying amounts. Therefore, no impairment of these other intangible assets has occurred. There have been no events or circumstances since the last analysis as of December 31, 2014 to indicate that the amount of goodwill may not be recoverable.

Stock-Based Compensation

Stock-Based Compensation	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Stock-Based Compensation	STOCK-BASED COMPENSATION The Company maintains equity plans that provide for the grant of incentive stock options, nonqualified stock options, restricted stock awards, restricted stock units, performance stock units (“PSUs”) and stock appreciation rights. The plans provide that stock options may be granted with exercise prices not less than the fair value at the date of grant. Options granted through September 30, 2015 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 . In June 2014, the Compensation Committee of the Board of Directors approved a grant of PSUs to certain of the Company’s officers. PSUs vest based on achieving specified performance measurements over a three -year “cliff” performance period plus an additional year “cliff” time vesting. Earned PSUs vest 75% upon completion of the three -year performance period and 25% one year after the performance period. The PSUs have target payout opportunities of between 0% and 250% . The performance measurements include a compounded annual growth rate for revenue over a three year period and Adjusted EBITDA for the year ended December 31, 2016. At September 30, 2015 , there were 2.5 million shares available for future issuance under the Company’s equity plans, assuming issuance of PSUs at target performance, and 1.7 million shares available for future issuance, assuming issuance of PSUs at the 250% maximum performance. Valuation and Expense Information The Company recognized stock-based compensation expense of $3.1 million and $2.5 million for the three months ended September 30, 2015 and 2014 , respectively, and $9.0 million and $5.2 million for the nine months ended September 30, 2015 and 2014 , respectively. This expense consisted of compensation expense related to (1) employee stock options based on the value of share-based payment awards, (2) restricted stock awards issued to the Company’s directors, (3) restricted stock units and PSUs issued to certain of the Company’s officers, and (4) the 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. With respect to the PSUs, the number of shares that vest and are issued to the recipient is based upon the Company’s performance as measured against the specified targets over a three -year period as determined by the Compensation Committee of the Board of Directors. Although there is no guarantee that performance targets will be achieved, the Company estimates the fair value of the PSUs based on its closing stock price at the time of grant and its estimates of achieving such performance targets, and records compensation expense on a graded vesting attribution method, which recognizes compensation cost on a straight-line basis over each separately vesting portion of the award. Over the performance period, the number of shares of common stock that will ultimately vest and be issued and the related compensation expense is adjusted based upon the Company’s estimate of achieving such performance targets. The number of shares delivered to recipients and the related compensation cost recognized as an expense will be based on the actual performance metrics as set forth in the applicable PSU award agreement. 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 and hedging, 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, 2015 and 2014 , respectively, using the Black-Scholes pricing model: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Expected life (years) 5.72 5.76 5.71 5.76 Risk-free interest rate 1.38 % 1.70 % 1.57 % 1.65 % Expected volatility 45.80 % 55.86 % 42.69 % 61.51 % Expected dividend yield — — — — The weighted average grant date fair value of options granted during the three months ended September 30, 2015 and 2014 was $5.98 and $13.45 , respectively, and during the nine months ended September 30, 2015 and 2014 was $10.36 and $13.59 , respectively. The following table summarizes stock option activity during the nine months ended September 30, 2015 : Shares Weighted Average Exercise Price Weighted Avg. Remaining Contractual Term (In Years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 2,698,911 $ 11.88 Granted 348,090 24.94 Exercised (343,393 ) 6.19 Canceled (70,294 ) 21.20 Options outstanding at September 30, 2015 2,633,314 $ 14.10 6.70 $ 5,669,547 Options exercisable at September 30, 2015 1,680,649 $ 10.33 5.68 $ 5,488,734 The aggregate intrinsic value in the preceding table represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $11.79 as of September 30, 2015 , which would have been received by the option holders if all option holders exercised their options as of that date. In-the-money options exercisable as of September 30, 2015 totaled approximately 1.2 million . The total intrinsic value of options exercised was $8.2 million and $10.8 million during the nine months ended September 30, 2015 and 2014 , respectively. The following table summarizes restricted stock award activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Restricted stock awards outstanding at January 1, 2015 26,802 $ 22.39 Awarded 26,463 27.41 Vested/Released (26,802 ) 22.39 Restricted stock awards outstanding at September 30, 2015 26,463 $ 27.41 The following table summarizes restricted stock unit activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Restricted stock units outstanding at January 1, 2015 182,016 $ 19.35 Awarded 98,169 26.67 Vested/Released (69,319 ) 15.09 Restricted stock units outstanding at September 30, 2015 210,866 $ 24.16 The following table summarizes PSU activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Performance stock units outstanding at January 1, 2015 487,158 $ 23.43 Awarded (at target performance) 26,240 11.79 Forfeited — — Performance stock units outstanding at September 30, 2015 513,398 $ 22.84 As of September 30, 2015 , there was $19.5 million of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Company’s equity plans, assuming the Company’s current estimate of performance for the PSUs. Assuming the minimum of 0% and maximum of 250% payout opportunities for the PSUs, the range of total unrecognized compensation expense related to non-vested share-based compensation arrangements granted under the Company’s equity plans was between $11.8 million and $34.4 million as of September 30, 2015 . This expense is based on an assumed future forfeiture rate of approximately 11.25% per year for Company employees and is expected to be recognized over a weighted-average period of approximately 2.39 years. Employee Stock Purchase Plan In June 2010, the Company’s stockholders approved The Spectranetics Corporation 2010 Employee Stock Purchase Plan (“ESPP”). The ESPP, as amended in 2012, 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, 2015 , there were approximately 59,000 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. The Company recognized compensation expense related to the ESPP of $186,543 and $299,264 for the three months ended September 30, 2015 and 2014 , respectively, and $624,606 and $565,388 for the nine months ended September 30, 2015 and 2014 , respectively.

Net Loss Per Share

Net Loss Per Share	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Net Loss Per Share	NET LOSS PER SHARE Basic net loss per share is computed by dividing net loss by the weighted average number of common shares outstanding (excluding shares of restricted stock). Shares issued during the period and shares reacquired during the period are weighted for the portion of the period they were outstanding. Diluted net loss per share is computed in a manner consistent with that of basic net 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, and the assumed conversion of shares under the Notes using the “if-converted” method. Options to purchase common stock, the vesting of restricted stock and PSUs, and shares issuable upon conversion of the Notes are considered to be potentially dilutive common shares but have been excluded from the calculation of diluted net loss per share as their effect is anti-dilutive for the three and nine months ended September 30, 2015 and 2014 as a result of the net losses incurred in those periods. Therefore, diluted net loss per share was the same as basic net loss per share for the three and nine months ended September 30, 2015 and 2014 . Stock options, restricted stock, PSUs, and shares issuable upon the conversion of the Notes outstanding at September 30, 2015 and 2014 , which are excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2015 and 2014 , are shown in the table below: Nine Months Ended 2015 2014 Options to purchase common stock 2,633,314 2,891,922 Non-vested restricted stock 237,329 204,945 Non-vested PSUs 513,398 500,985 Shares issuable upon conversion of the Notes 7,337,459 7,337,459 Potentially dilutive common shares 10,721,500 10,935,311 A summary of the net loss per share calculation is shown below for the periods indicated (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net loss $ (14,493 ) $ (13,944 ) $ (49,014 ) $ (24,904 ) Common shares outstanding: Historical common shares outstanding at beginning of period 42,458,577 41,668,488 42,034,063 41,208,096 Weighted average common shares issued 97,671 153,103 334,475 386,572 Weighted average common shares outstanding — basic 42,556,248 41,821,591 42,368,538 41,594,668 Effect of dilution — stock options — — — — Weighted average common shares outstanding — diluted 42,556,248 41,821,591 42,368,538 41,594,668 Net loss per share — basic and diluted $ (0.34 ) $ (0.33 ) $ (1.16 ) $ (0.60 )

Segment Reporting

Segment Reporting	9 Months Ended
	Sep. 30, 2015
Segment Reporting [Abstract]
Segment Reporting	SEGMENT REPORTING The Company operates in one distinct line of business consisting of developing, manufacturing, marketing, and distributing disposable products and a proprietary excimer laser system to treat certain vascular and coronary conditions. Within this line of business, the Company has two operating segments, which were identified on a geographic basis: (1) U.S. Medical and (2) International Medical. U.S. Medical and International Medical offer substantially the same products and services but operate in different geographic regions, have different distribution networks, and different regulatory environments. The primary performance measure for the operating segments is revenue. Additional information regarding each operating segment is discussed below. U. S. Medical Products offered by this segment include 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. This segment’s customers are primarily located in the United States and Canada. U.S. Medical also includes the corporate headquarters of 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, 2015 and 2014 , 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 $3.1 million and $2.4 million for the three months ended September 30, 2015 and 2014 , respectively, and $9.6 million and $6.5 million for the nine months ended September 30, 2015 and 2014 , 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, the Middle East, Asia Pacific, Latin America, and Puerto Rico. Products offered by this segment are substantially the same as those offered by U.S. Medical, except that the Stellarex DCB products are available for sale in Europe and certain other international markets but are not yet approved for sale in the U.S. 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 2015 2014 2015 2014 Revenue: U.S. Medical: Disposable products $ 49,491 $ 45,584 $ 143,771 $ 105,910 Laser, service, and other 2,445 2,879 8,358 9,179 Subtotal 51,936 48,463 152,129 115,089 International Medical: Disposable products 8,840 8,561 25,391 21,337 Laser, service, and other 884 1,762 3,239 5,529 Subtotal 9,724 10,323 28,630 26,866 Total revenue $ 61,660 $ 58,786 $ 180,759 $ 141,955 Three Months Ended Nine Months Ended 2015 2014 2015 2014 Segment operating loss: U.S. Medical $ (12,360 ) $ (12,937 ) $ (42,460 ) $ (24,524 ) International Medical (67 ) 1,104 (450 ) 1,344 Total operating loss $ (12,427 ) $ (11,833 ) $ (42,910 ) $ (23,180 ) As of September 30, 2015 December 31, 2014 Segment assets: U.S. Medical $ 400,700 $ 432,151 International Medical 36,025 34,799 Total assets $ 436,725 $ 466,950 For the three and nine months ended September 30, 2015 and 2014 , 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 for the three and nine months ended September 30, 2015 or 2014 . Revenue by Product Line Three Months Ended Nine Months Ended (in thousands) 2015 2014 2015 2014 Revenue Disposable products: Vascular intervention $ 40,370 $ 36,576 $ 117,513 $ 79,093 Lead management 17,961 17,569 51,649 48,153 Total disposable products 58,331 54,145 169,162 127,246 Laser, service, and other 3,329 4,641 11,597 14,709 Total revenue $ 61,660 $ 58,786 $ 180,759 $ 141,955

Income Taxes

Income Taxes	9 Months Ended
	Sep. 30, 2015
Income Tax Disclosure [Abstract]
Income Taxes	INCOME TAXES The Company maintains a valuation allowance against substantially all of its deferred tax assets, in excess of its nettable deferred tax liabilities, that it does not consider to meet the more-likely-than-not criteria for recognition. Given its continuing tax losses, the Company does not expect to incur current U.S. federal tax expense or benefit against its pretax income during the year ending December 31, 2015 . The Company does, however, expect to incur current state and foreign tax expense during 2015 . In addition, the Company expects to incur deferred U.S. federal and state tax expense in 2015 , primarily representing an increase in the deferred tax liability related to the difference between tax and book accounting for the portion of its goodwill that is tax-deductible, which is amortized over 15 years for tax purposes but not amortized for book purposes. In assessing the realizability of deferred tax assets (“DTAs”), management considers whether it is more-likely-than-not that some portion or all of the DTAs will not be realized. The Company’s ability to realize the benefit of its DTAs in future periods will depend on the generation of future taxable income during the periods in which temporary differences become deductible. Management considers the Company’s projected future taxable income and tax planning strategies in making this assessment. Because the Company expects to generate losses during the Stellarex development period of 2015 to 2017, it believes that it will not be generating sufficient taxable income to realize DTAs. The Company will continue to assess the need for a valuation allowance in future periods and does not expect to reduce the valuation allowance against its DTAs until it has a sufficient historical trend of taxable income and can predict future income with a higher degree of certainty. In the event there is a change in circumstances in the future that would affect the utilization of the Company’s DTAs, the tax provision in that period would be adjusted by the amount of the assets then deemed to be realizable. Included in the $0.7 million income tax benefit for the nine months ended September 30, 2014 is a $1.3 million tax benefit from the release of a valuation allowance of the Company’s DTAs. In connection with the acquisition of AngioScore during the three months ended June 30, 2014, deferred tax liabilities (“DTLs”) were established for the book-tax basis differences related to the non-goodwill intangible assets. The DTLs exceeded the acquired DTAs by $1.3 million . The net DTLs from this acquisition created an additional source of taxable income to realize a portion of the Company’s DTAs for which a valuation allowance is no longer needed. Accordingly, the valuation allowance on a portion of the Company’s DTAs was released and resulted in an income tax benefit of $1.3 million .

Commitments and Contingencies

Commitments and Contingencies	9 Months Ended
	Sep. 30, 2015
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	COMMITMENTS AND CONTINGENCIES 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 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. TriReme Patent Infringement and Breach of Fiduciary Duty In July 2012, AngioScore sued TriReme Medical, Inc. (“TriReme”), Eitan Konstantino (“Konstantino”), Quattro Vascular Pte, Ltd. (“Quattro”), and QT Vascular Ltd. (“QT Vascular”), in the U.S. District Court for the Northern District of California (the “Court”), alleging patent infringement (the “Northern District of California Action”). In this action, AngioScore seeks injunctive relief and damages. The defendants filed counterclaims against AngioScore for unfair competition, interference with business relationships, false advertising, and defamation, and in August 2014, those counterclaims were dismissed. In June 2014, AngioScore amended its complaint (i) to allege that TriReme’s Chief Executive Officer, Konstantino, who is a former founder, officer, and member of the board of directors of AngioScore, breached his fiduciary duties to AngioScore by developing the Chocolate balloon catheter while he served as a member of the AngioScore board of directors, and (ii) to add claims against the other defendants for aiding and abetting that breach. Trial on the breach of fiduciary duty case occurred in April 2015. In July 2015, the Court ruled in favor of AngioScore, finding that Konstantino breached his fiduciary duties to AngioScore, that TriReme and Quattro aided and abetted that breach, and that QT Vascular is liable for the acts of TriReme and Quattro. In its ruling, the Court found that Konstantino breached his fiduciary duties to AngioScore by developing the Chocolate balloon catheter while serving on the AngioScore board of directors and failing to present that corporate opportunity to AngioScore. Konstantino subsequently launched the product through TriReme, Quattro and QT Vascular. The Court awarded AngioScore $20.034 million against all defendants plus disgorgement from Konstantino of all benefits he accrued from his breach of fiduciary duties, including amounts he received for assigning his intellectual property rights to the Chocolate balloon, a royalty on past and future sales of the Chocolate balloon, and all of his shares and options in QT Vascular. The defendants have indicated publicly their intention to appeal the ruling. AngioScore will seek to recover attorneys’ fees and costs previously advanced under the indemnification agreement between AngioScore and Konstantino (the “AngioScore Indemnification Agreement”) discussed below. Trial on the patent infringement case began on September 14, 2015. On September 29, 2015, the jury found against AngioScore in the patent infringement case and found that certain of the asserted claims of the patent are invalid. The patent verdict has no impact on the Court’s findings or award of damages in connection with the breach of fiduciary duty claims or the ability to recover advanced fees and costs. The Court entered judgment in both the breach of fiduciary duty case and the patent case on October 14, 2015. TriReme Inventorship On June 25, 2014, TriReme sued AngioScore in the Court seeking to change the inventorship of certain patents owned by AngioScore. TriReme alleges that an Israeli physician, Chaim Lotan, should be named as a co-inventor on three patents owned by AngioScore. Dr. Lotan allegedly assigned any rights he may have had in the three patents to TriReme. AngioScore moved to dismiss this litigation on January 29, 2015, asserting that Dr. Lotan previously assigned any rights he may have had in the patents to AngioScore in 2003. On March 17, 2015, the Court granted AngioScore’s motion to dismiss this case. TriReme has appealed the Court’s ruling. Konstantino Indemnification and Advancement of Fees On May 15, 2014, AngioScore sued Konstantino in the Superior Court for the County of Alameda, State of California, seeking a declaratory judgment that AngioScore owes no indemnification obligations to Konstantino under the AngioScore Indemnification Agreement resulting from AngioScore’s claim that Konstantino breached his fiduciary duties to AngioScore while serving as a member of the board of directors of AngioScore (the “Alameda Action”). In November 2014, the court stayed the Alameda Action pending the outcome of the Northern District of California Action. On May 21, 2014, Konstantino sued AngioScore in the Delaware Court of Chancery (the “Delaware Action”) seeking a ruling that, under the AngioScore Indemnification Agreement, AngioScore must indemnify and advance Konstantino’s attorneys’ fees and costs related to (1) the defense of the breach of fiduciary duty claims asserted against him in the Northern District of California Action; (2) the defense of the Alameda Action; and (3) Konstantino’s pursuit of the Delaware Action for advancement of fees. On June 4, 2014, AngioScore filed counter-claims against Konstantino for violating the AngioScore Indemnification Agreement, which requires, in part, that he cooperate in identifying other sources of advancement, and AngioScore filed a third-party complaint against TriReme, Quattro, and QT Vascular seeking contribution from the defendant companies for amounts advanced to Konstantino. Konstantino filed a motion for summary judgment that he is entitled to advancement from AngioScore and, on August 15, 2014, the court granted the motion. On September 4, 2014, AngioScore filed amended counterclaims and an amended third-party complaint that included additional defendant TriReme Singapore. The defendant companies filed a motion to dismiss the amended third-party complaint on the grounds that it fails to state a claim and the court does not have jurisdiction over three of the defendant companies that were incorporated in Singapore. The motion to dismiss was briefed and oral argument occurred on July 27, 2015. On October 2, 2015, the court denied the defendant companies’ motion to dismiss. On October 12, 2015, the Company filed a motion for summary judgment against the defendant companies seeking reimbursement and contribution of fees the Company advanced to Konstantino. The Company cannot at this time determine the likelihood of any outcome and, as of September 30, 2015 , has no amounts accrued for potential damages, but does have approximately $5.0 million accrued for legal fees incurred in these matters, including amounts accrued for the advancement of attorneys’ fees and costs. During the three and nine months ended September 30, 2015 , the Company incurred $2.5 million and $18.9 million , respectively, of legal fees associated with these matters, including amounts advanced for attorneys’ fees and costs. These expenses are included within the “Acquisition transaction, integration and other costs” line of the condensed consolidated statements of operations and comprehensive loss. AngioScore will seek to recover the attorneys’ fees and costs previously advanced under the AngioScore Indemnification Agreement. Shareholder Litigation On August 27, 2015, a person purporting to represent a class of persons who purchased securities of the Company between February 19, 2015 and July 23, 2015 filed a lawsuit against the Company and certain of its officers in the United States District Court for the District of Colorado. The lawsuit asserts claims under Sections 10(b) and 20 of the Securities Exchange Act of 1934, alleging that certain of the Company’s public statements concerning its projected revenue for 2015 were false and misleading. The court will consider motions for the appointment of lead plaintiff and lead counsel in the near future. After the court appoints the lead plaintiff and lead counsel, the plaintiffs are expected to file an amended complaint and the Company will respond. The Company believes that the lawsuit is without merit and intends to defend itself vigorously. The Company cannot at this time determine the likelihood of any outcome or whether the impact will be material and, as of September 30, 2015 , has no amounts accrued for potential damages in this case. An adverse outcome could have a material adverse effect on the Company’s business, results of operations or financial condition. 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 Combinations (Tables)

Business Combinations (Tables)	9 Months Ended
	Sep. 30, 2015
Business Combinations [Abstract]
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed	The following table summarizes the allocation of the assets acquired (in thousands): Allocation of purchase price Amortization period (in years) Inventories $ 1,337 Property and equipment, net 2,701 Total tangible assets acquired 4,038 Less: deferred rent liability assumed 293 Net tangible assets acquired $ 3,745 Intangible assets: In-process research and development (“IPR&D”) 13,680 Technology 9,000 12 Trademark and trade names 400 12 Transition services agreement 530 0.5 Goodwill 2,645 Total purchase price $ 30,000
Schedule of Pro Forma Information	The pro forma information does not include any adjustment for potential revenue enhancements, cost synergies or other operating efficiencies that could result from the acquisitions. Three Months Ended September 30, Nine Months Ended September 30, (in thousands) 2015 2014 2015 2014 Revenue $ 61,660 $ 58,786 $ 180,759 $ 172,359 Net loss (14,495 ) (23,605 ) (51,083 ) (63,170 ) Net loss per share $ (0.34 ) $ (0.56 ) $ (1.21 ) $ (1.52 )

Composition of Certain Financ17

Composition of Certain Financial Statement Items (Tables)	9 Months Ended
	Sep. 30, 2015
Balance Sheet Related Disclosures [Abstract]
Schedule of Inventories	Inventories, net, consisted of the following (in thousands): September 30, December 31, Raw materials $ 11,386 $ 9,012 Work in process 3,104 3,745 Finished goods 13,050 12,689 $ 27,540 $ 25,446
Schedule of Property and Equipment	Property and equipment, net, consisted of the following (in thousands): September 30, 2015 December 31, 2014 Equipment held for rental or loan $ 55,018 $ 47,313 Manufacturing equipment and computers 37,763 29,692 Leasehold improvements 8,271 6,730 Furniture and fixtures 4,610 3,473 Building and improvements 1,306 1,288 Land 270 270 Less: accumulated depreciation (62,102 ) (54,947 ) $ 45,136 $ 33,819
Schedule of Accrued Liabilities	Accrued liabilities consisted of the following (in thousands): September 30, 2015 December 31, 2014 Accrued payroll and employee-related expenses $ 13,622 $ 21,483 Accrued legal costs 5,669 4,793 Accrued clinical study expense 4,049 1,358 Accrued interest on convertible notes 2,054 503 Deferred rent 1,575 1,214 Accrued sales, income, and excise taxes 1,125 1,847 Accrued royalties 922 841 Contingent consideration, current portion 4,929 143 Other accrued expenses 4,738 4,092 Less: long-term portion (1,601 ) (1,222 ) Accrued liabilities: current portion $ 37,082 $ 35,052

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)	9 Months Ended
	Sep. 30, 2015
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, 2015 was as follows (in thousands). The goodwill was allocated to the reporting units based on a percentage of estimated future revenues. U.S. Medical International Medical Total Balance as of December 31, 2014 $ 128,361 $ 21,537 $ 149,898 Additional goodwill related to Stellarex Acquisition (Note 2) 1,984 661 2,645 Other 65 8 73 Balance as of September 30, 2015 $ 130,410 $ 22,206 $ 152,616
Schedule of Acquired Intangible Assets	Acquired intangible assets consisted of the following (in thousands): September 30, 2015 December 31, 2014 Acquired as part of AngioScore acquisition (Note 2): Technology $ 73,510 $ 73,510 Customer relationships 23,320 23,320 Trademark and trade names 4,380 4,380 In-process research and development 1,254 3,750 Distributor relationships 1,940 1,940 Non-compete agreements 580 580 Acquired as part of Stellarex Acquisition (Note 2): In-process research and development 13,680 — Technology 9,000 — Trademark and trade names 400 — Transition services agreement 530 — Acquired as part of Upstream acquisition (1) Technology 2,172 2,172 Non-compete agreement 200 200 Patents 530 530 Less: accumulated amortization (17,838 ) (7,766 ) $ 113,658 $ 102,616 ___________________ (1) In January 2013, the Company acquired certain product lines from Upstream Peripheral Technologies, Ltd. (“Upstream”). As part of the acquisition, the Company acquired core technology intangible assets and an intangible asset related to non-compete agreements.

Stock-Based Compensation (Table

Stock-Based Compensation (Tables)	9 Months Ended
	Sep. 30, 2015
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]
Summary of 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, 2015 and 2014 , respectively, using the Black-Scholes pricing model: Three Months Ended Nine Months Ended 2015 2014 2015 2014 Expected life (years) 5.72 5.76 5.71 5.76 Risk-free interest rate 1.38 % 1.70 % 1.57 % 1.65 % Expected volatility 45.80 % 55.86 % 42.69 % 61.51 % Expected dividend yield — — — —
Summary of Stock Options, Activity	The following table summarizes stock option activity during the nine months ended September 30, 2015 : Shares Weighted Average Exercise Price Weighted Avg. Remaining Contractual Term (In Years) Aggregate Intrinsic Value Options outstanding at January 1, 2015 2,698,911 $ 11.88 Granted 348,090 24.94 Exercised (343,393 ) 6.19 Canceled (70,294 ) 21.20 Options outstanding at September 30, 2015 2,633,314 $ 14.10 6.70 $ 5,669,547 Options exercisable at September 30, 2015 1,680,649 $ 10.33 5.68 $ 5,488,734
Summary of Restricted Stock and Restricted Stock Unit Activity	The following table summarizes restricted stock award activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Restricted stock awards outstanding at January 1, 2015 26,802 $ 22.39 Awarded 26,463 27.41 Vested/Released (26,802 ) 22.39 Restricted stock awards outstanding at September 30, 2015 26,463 $ 27.41 The following table summarizes restricted stock unit activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Restricted stock units outstanding at January 1, 2015 182,016 $ 19.35 Awarded 98,169 26.67 Vested/Released (69,319 ) 15.09 Restricted stock units outstanding at September 30, 2015 210,866 $ 24.16
Summary of PSU Activity	The following table summarizes PSU activity during the nine months ended September 30, 2015 : Shares Weighted Average Grant Date Fair Value Performance stock units outstanding at January 1, 2015 487,158 $ 23.43 Awarded (at target performance) 26,240 11.79 Forfeited — — Performance stock units outstanding at September 30, 2015 513,398 $ 22.84

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	9 Months Ended
	Sep. 30, 2015
Earnings Per Share [Abstract]
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share	Stock options, restricted stock, PSUs, and shares issuable upon the conversion of the Notes outstanding at September 30, 2015 and 2014 , which are excluded from the computation of diluted net loss per share for the three and nine months ended September 30, 2015 and 2014 , are shown in the table below: Nine Months Ended 2015 2014 Options to purchase common stock 2,633,314 2,891,922 Non-vested restricted stock 237,329 204,945 Non-vested PSUs 513,398 500,985 Shares issuable upon conversion of the Notes 7,337,459 7,337,459 Potentially dilutive common shares 10,721,500 10,935,311
Schedule of Earnings Per Share, Basic and Diluted	A summary of the net loss per share calculation is shown below for the periods indicated (in thousands, except share and per share amounts): Three Months Ended Nine Months Ended 2015 2014 2015 2014 Net loss $ (14,493 ) $ (13,944 ) $ (49,014 ) $ (24,904 ) Common shares outstanding: Historical common shares outstanding at beginning of period 42,458,577 41,668,488 42,034,063 41,208,096 Weighted average common shares issued 97,671 153,103 334,475 386,572 Weighted average common shares outstanding — basic 42,556,248 41,821,591 42,368,538 41,594,668 Effect of dilution — stock options — — — — Weighted average common shares outstanding — diluted 42,556,248 41,821,591 42,368,538 41,594,668 Net loss per share — basic and diluted $ (0.34 ) $ (0.33 ) $ (1.16 ) $ (0.60 )

Segment Reporting (Tables)

Segment Reporting (Tables)	9 Months Ended
	Sep. 30, 2015
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 2015 2014 2015 2014 Revenue: U.S. Medical: Disposable products $ 49,491 $ 45,584 $ 143,771 $ 105,910 Laser, service, and other 2,445 2,879 8,358 9,179 Subtotal 51,936 48,463 152,129 115,089 International Medical: Disposable products 8,840 8,561 25,391 21,337 Laser, service, and other 884 1,762 3,239 5,529 Subtotal 9,724 10,323 28,630 26,866 Total revenue $ 61,660 $ 58,786 $ 180,759 $ 141,955
Schedule of Operating Profit (Loss) by Reporting Segments	Three Months Ended Nine Months Ended 2015 2014 2015 2014 Segment operating loss: U.S. Medical $ (12,360 ) $ (12,937 ) $ (42,460 ) $ (24,524 ) International Medical (67 ) 1,104 (450 ) 1,344 Total operating loss $ (12,427 ) $ (11,833 ) $ (42,910 ) $ (23,180 )
Schedule of Assets by Reporting Segment	As of September 30, 2015 December 31, 2014 Segment assets: U.S. Medical $ 400,700 $ 432,151 International Medical 36,025 34,799 Total assets $ 436,725 $ 466,950
Schedule of Revenue from External Customers by Products and Services	Revenue by Product Line Three Months Ended Nine Months Ended (in thousands) 2015 2014 2015 2014 Revenue Disposable products: Vascular intervention $ 40,370 $ 36,576 $ 117,513 $ 79,093 Lead management 17,961 17,569 51,649 48,153 Total disposable products 58,331 54,145 169,162 127,246 Laser, service, and other 3,329 4,641 11,597 14,709 Total revenue $ 61,660 $ 58,786 $ 180,759 $ 141,955

General (Details) (Details)

General (Details) (Details)	Sep. 30, 2015country
Organization, Consolidation and Presentation of Financial Statements [Abstract]
Number of Countries in which Entity Operates	65

Business Combinations (Narrativ

Business Combinations (Narrative) (Details) - USD ($) $ in Thousands	Jan. 27, 2015	Jun. 30, 2014	Sep. 30, 2015	Jun. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2015	Sep. 30, 2014
Business Acquisition [Line Items]
Change in fair value of contingent consideration liability			$ (4,256)	$ (17,800)	$ (1,064)		$ (22,056)	$ (1,064)
Intangible asset impairment					4,138		2,496	4,138
Amortization of acquired inventory step-up			0		1,014		251	1,014
Acquisition transaction, integration and other costs			5,403		$ 3,826		26,900	8,055
Acquisition-related costs, non-recurring
Business Acquisition [Line Items]
Acquisition transaction, integration and other costs							1,700	5,700
Stellarex
Business Acquisition [Line Items]
Cash payments to acquire business	$ 30,000
Losses attributable to Stellarex since acquisition						$ (33,200)
Acquisition transaction, integration and other costs			2,700				6,600
AngioScore
Business Acquisition [Line Items]
Contingent consideration		$ 25,900
Amortization of acquired inventory step-up							300
Acquisition transaction, integration and other costs			$ 2,700				$ 20,300
Deferred federal income tax expense (benefit)								$ (1,300)
AngioScore | Minimum
Business Acquisition [Line Items]
Acquisition, discount rate		9.00%
AngioScore | Maximum
Business Acquisition [Line Items]
Acquisition, discount rate		19.00%

Business Combinations (Schedule

Business Combinations (Schedule of Recognized Identified Assets Acquired and Liabilities Assumed) (Details) - USD ($) $ in Thousands	Jan. 27, 2015	Sep. 30, 2015	Dec. 31, 2014
Business Acquisition [Line Items]
Goodwill		$ 152,616	$ 149,898
Stellarex
Business Acquisition [Line Items]
Inventories	$ 1,337	1,700
Property and equipment, net	2,701
Total tangible assets acquired	4,038
Less: deferred rent liability assumed	293
Net tangible assets acquired	3,745
Goodwill	2,645
Total purchase price	30,000
Stellarex | In-process research and development
Business Acquisition [Line Items]
In-process research and development (“IPR&D”)	13,680	13,680	0
Stellarex | Technology
Business Acquisition [Line Items]
Acquired intangible assets	$ 9,000	9,000	0
Amortization period (in years)	12 years
Stellarex | Trademark and trade names
Business Acquisition [Line Items]
Acquired intangible assets	$ 400	400	0
Amortization period (in years)	12 years
Stellarex | Transition services agreement
Business Acquisition [Line Items]
Acquired intangible assets	$ 530	$ 530	$ 0
Amortization period (in years)	6 months

Business Combinations (Schedu25

Business Combinations (Schedule of Pro Forma Information) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Business Combinations [Abstract]
Revenue	$ 61,660	$ 58,786	$ 180,759	$ 172,359
Net loss	$ (14,495)	$ (23,605)	$ (51,083)	$ (63,170)
Net loss per share (in dollars per share)	$ (0.34)	$ (0.56)	$ (1.21)	$ (1.52)

Debt (Details)

Debt (Details)	Jun. 30, 2015	Jun. 03, 2014USD ($)	Jun. 25, 2015USD ($)	Sep. 30, 2015USD ($)$ / shares	Dec. 31, 2014USD ($)
Debt Instrument [Line Items]
Convertible senior notes				$ 230,000,000	$ 230,000,000
Line of credit, maximum availability			$ 15,000,000	65,000,000
Line of credit, accordion feature				15,000,000
Minimum liquidity required on line of credit				$ 25,000,000
Line of credit, fee percentage on unused portion				0.25%
Borrowings under revolving line of credit				$ 23,110,000	$ 0
Minimum
Debt Instrument [Line Items]
Line of credit, borrowing capacity				26,400,000
Minimum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of credit, interest rate spread	2.00%		2.75%
Maximum
Debt Instrument [Line Items]
Line of credit, borrowing capacity				$ 31,400,000
Maximum | London Interbank Offered Rate (LIBOR)
Debt Instrument [Line Items]
Line of credit, interest rate spread	2.50%		3.25%
Convertible Debt
Debt Instrument [Line Items]
Convertible senior notes		$ 230,000,000
Stated interest rate		2.625%
Conversion ratio				31.9020
Conversion price | $ / shares				$ 31.35
Threshold percentage of stock price trigger				130.00%
Percent of principal amount redeemed				100.00%
Proceeds from debt, net of issuance costs		$ 222,500,000
Debt issuance costs		$ 7,500,000
Discount amortization period				7 years
Line of Credit
Debt Instrument [Line Items]
Line of credit, term				4 years
Line of credit, minimum availability required				$ 5,000,000

Composition of Certain Financ27

Composition of Certain Financial Statement Items (Narrative) (Details) - Stellarex - USD ($) $ in Thousands	Sep. 30, 2015	Jan. 27, 2015
Business Acquisition [Line Items]
Inventories	$ 1,700	$ 1,337
Property and equipment, net		$ 2,701

Composition of Certain Financ28

Composition of Certain Financial Statement Items (Schedule of Inventories) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Balance Sheet Related Disclosures [Abstract]
Raw materials	$ 11,386	$ 9,012
Work in process	3,104	3,745
Finished goods	13,050	12,689
Inventories, net	$ 27,540	$ 25,446

Composition of Certain Financ29

Composition of Certain Financial Statement Items (Schedule of Property and Equipment) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Property, Plant and Equipment [Line Items]
Less: accumulated depreciation	$ (62,102)	$ (54,947)
Property and equipment, net	45,136	33,819
Equipment held for rental or loan
Property, Plant and Equipment [Line Items]
Property and equipment, gross	55,018	47,313
Manufacturing equipment and computers
Property, Plant and Equipment [Line Items]
Property and equipment, gross	37,763	29,692
Leasehold improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	8,271	6,730
Furniture and fixtures
Property, Plant and Equipment [Line Items]
Property and equipment, gross	4,610	3,473
Building and improvements
Property, Plant and Equipment [Line Items]
Property and equipment, gross	1,306	1,288
Land
Property, Plant and Equipment [Line Items]
Property and equipment, gross	$ 270	$ 270

Composition of Certain Financ30

Composition of Certain Financial Statement Items (Schedule of Accrued Liabilities) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Accrued Liabilities, Current [Abstract]
Accrued payroll and employee-related expenses	$ 13,622	$ 21,483
Accrued legal costs	5,669	4,793
Accrued clinical study expense	4,049	1,358
Accrued interest on convertible notes	2,054	503
Deferred rent	1,575	1,214
Accrued sales, income, and excise taxes	1,125	1,847
Accrued royalties	922	841
Contingent consideration, current portion	4,929	143
Other accrued expenses	4,738	4,092
Less: long-term portion	(1,601)	(1,222)
Accrued liabilities: current portion	$ 37,082	$ 35,052

Goodwill and Intangible Asset31

Goodwill and Intangible Assets (Narrative) (Details) - USD ($)	3 Months Ended	9 Months Ended
	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Goodwill and Intangible Assets Disclosure [Abstract]
Intangible asset impairment	$ 4,138,000	$ 2,496,000	$ 4,138,000
Intangible asset impairment, other intangibles		$ 0

Goodwill and Intangible Asset32

Goodwill and Intangible Assets (Schedule of Goodwill) (Details) $ in Thousands	9 Months Ended
	Sep. 30, 2015USD ($)
Goodwill [Roll Forward]
Beginning balance	$ 149,898
Additional goodwill related to Stellarex Acquisition (Note 2)	2,645
Other	73
Ending balance	152,616
U.S. Medical
Goodwill [Roll Forward]
Beginning balance	128,361
Additional goodwill related to Stellarex Acquisition (Note 2)	1,984
Other	65
Ending balance	130,410
International Medical
Goodwill [Roll Forward]
Beginning balance	21,537
Additional goodwill related to Stellarex Acquisition (Note 2)	661
Other	8
Ending balance	$ 22,206

Goodwill and Intangible Asset33

Goodwill and Intangible Assets (Schedule of Acquired Intangible Assets) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Jan. 27, 2015	Dec. 31, 2014
Finite-Lived Intangible Assets [Line Items]
Less: accumulated amortization	$ (17,838)		$ (7,766)
Other intangible assets, net	113,658		102,616
Patents
Finite-Lived Intangible Assets [Line Items]
Patents	530		530
AngioScore | Technology
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	73,510		73,510
AngioScore | Customer relationships
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	23,320		23,320
AngioScore | Trademark and trade names
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	4,380		4,380
AngioScore | In-process research and development
Finite-Lived Intangible Assets [Line Items]
In-process research and development (“IPR&D”)	1,254		3,750
AngioScore | Distributor relationships
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	1,940		1,940
AngioScore | Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	580		580
Stellarex | Technology
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	9,000	$ 9,000	0
Stellarex | Trademark and trade names
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	400	400	0
Stellarex | In-process research and development
Finite-Lived Intangible Assets [Line Items]
In-process research and development (“IPR&D”)	13,680	13,680	0
Stellarex | Transition services agreement
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	530	$ 530	0
Upstream | Technology
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	2,172		2,172
Upstream | Non-compete agreement
Finite-Lived Intangible Assets [Line Items]
Acquired intangible assets	$ 200		$ 200

Stock-Based Compensation (Narra

Stock-Based Compensation (Narrative) (Details) - USD ($)	3 Months Ended		9 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]
Allocated share-based compensation expense	$ 3,100,000	$ 2,500,000	$ 9,000,000	$ 5,200,000
Share price	$ 11.79		$ 11.79
Unrecognized compensation expense	$ 19,500,000		$ 19,500,000
Estimated forfeiture rate	11.25%		11.25%
Weighted-average recognition period			2 years 4 months 21 days
ESPP
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	59,000		59,000
Allocated share-based compensation expense	$ 186,543	$ 299,264	$ 624,606	$ 565,388
Number of shares authorized	700,000		700,000
Maximum number of shares per employee			2,500
Maximum fair value per employee			$ 25,000
Stock purchase holding period			1 year
Employee stock purchase plan purchase period			6 months
Purchase price of common stock, percent			85.00%
Expected term			6 months
Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	1,700,000		1,700,000
Unrecognized compensation expense	$ 11,800,000		$ 11,800,000
Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Shares available for future issuance	2,500,000		2,500,000
Unrecognized compensation expense	$ 34,400,000		$ 34,400,000
Stock Options
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Award expiration period			10 years
Weighted average grant date fair value of options	$ 5.98	$ 13.45	$ 10.36	$ 13.59
In-the-money options exercisable amount	1,200,000		1,200,000
Total intrinsic value of options exercised			$ 8,200,000	$ 10,800,000
Expected term	5 years 8 months 19 days	5 years 9 months 4 days	5 years 8 months 16 days	5 years 9 months 4 days
Restricted Stock
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Beginning balance (shares)	26,463		26,463		26,802
Nonvested shares, weighted average grant date fair value	$ 27.41		$ 27.41		$ 22.39
Restricted Stock Units (RSUs)
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			4 years
Beginning balance (shares)	210,866		210,866		182,016
Nonvested shares, weighted average grant date fair value	$ 24.16		$ 24.16		$ 19.35
Performance Stock Units
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Beginning balance (shares)	513,398		513,398
Nonvested shares, weighted average grant date fair value	$ 22.84		$ 22.84		$ 23.43
Performance Stock Units | Minimum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout opportunities	0.00%		0.00%
Performance Stock Units | Maximum
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Target payout opportunities	250.00%		250.00%
Performance Stock Units | Vesting after three years
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			3 years
Award vesting percent			75.00%
Performance Stock Units | Vesting in fourth year
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Award vesting period			1 year
Award vesting percent			25.00%

Stock-Based Compensation (Summa

Stock-Based Compensation (Summary of Stock Options, Valuation Assumptions) (Details) - Stock Options	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]
Expected life (years)	5 years 8 months 19 days	5 years 9 months 4 days	5 years 8 months 16 days	5 years 9 months 4 days
Risk-free interest rate	1.38%	1.70%	1.57%	1.65%
Expected volatility	45.80%	55.86%	42.69%	61.51%
Expected dividend yield	0.00%	0.00%	0.00%	0.00%

Stock-Based Compensation (Sum36

Stock-Based Compensation (Summary of Stock Options, Activity) (Details)	9 Months Ended
	Sep. 30, 2015USD ($)$ / sharesshares
Shares
Beginning balance (shares)	2,698,911
Granted (shares)	348,090
Exercised (shares)	(343,393)
Canceled (shares)	(70,294)
Ending balance (shares)	2,633,314
Options exercisable (shares)	1,680,649
Weighted Average Exercise Price
Beginning balance (in dollars per share) | $ / shares	$ 11.88
Granted, weighted average exercise price (in dollars per share) | $ / shares	24.94
Exercised, weighted average exercise price (in dollars per share) | $ / shares	6.19
Canceled, weighted average exercise price (in dollars per share) | $ / shares	21.20
Ending balance (in dollars per share) | $ / shares	14.10
Options exercisable, weighted average exercise price (in dollars per share) | $ / shares	$ 10.33
Options outstanding, weighted average remaining contractual term (in years)	6 years 8 months 12 days
Options exercisable, weighted average remaining contractual term (in years)	5 years 8 months 5 days
Options outstanding, aggregate intrinsic value | $	$ 5,669,547
Options exercisable, aggregate intrinsic value | $	$ 5,488,734

Stock-Based Compensation (Sum37

Stock-Based Compensation (Summary of Restricted Stock and Restricted Stock Unit Activity) (Details)	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Restricted Stock
Shares
Beginning balance (shares)	26,802
Awarded (shares)	26,463
Vested/Released (shares)	(26,802)
Ending balance (shares)	26,463
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 22.39
Awarded (in dollars per share) | $ / shares	27.41
Vested/Released (in dollars per share) | $ / shares	22.39
Ending balance (in dollars per share) | $ / shares	$ 27.41
Restricted Stock Units (RSUs)
Shares
Beginning balance (shares)	182,016
Awarded (shares)	98,169
Vested/Released (shares)	(69,319)
Ending balance (shares)	210,866
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share) | $ / shares	$ 19.35
Awarded (in dollars per share) | $ / shares	26.67
Vested/Released (in dollars per share) | $ / shares	15.09
Ending balance (in dollars per share) | $ / shares	$ 24.16

Stock-Based Compensation (Sum38

Stock-Based Compensation (Summary of PSU Activity) (Details) - Performance Stock Units	9 Months Ended
	Sep. 30, 2015$ / sharesshares
Shares
Awarded (shares) | shares	26,240
Forfeited (in shares) | shares	0
Ending balance (shares) | shares	513,398
Weighted Average Grant Date Fair Value
Beginning balance (in dollars per share)	$ 23.43
Awarded (in dollars per share)	11.79
Forfeited (in dollars per share)	0
Ending balance (in dollars per share)	$ 22.84

Net Loss Per Share (Schedule of

Net Loss Per Share (Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share) (Details) - shares	9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	10,721,500	10,935,311
Equity Option
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	2,633,314	2,891,922
Restricted Stock
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	237,329	204,945
Performance Stock Units
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	513,398	500,985
Convertible Debt Securities
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Antidilutive securities excluded from computation of earnings per share	7,337,459	7,337,459

Net Loss Per Share (Schedule 40

Net Loss Per Share (Schedule of Earnings Per Share, Basic and Diluted) (Details) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Earnings Per Share [Abstract]
Net loss	$ (14,493)	$ (13,944)	$ (49,014)	$ (24,904)
Common shares outstanding:
Historical common shares outstanding at beginning of period	42,458,577	41,668,488	42,034,063	41,208,096
Weighted average common shares issued	97,671	153,103	334,475	386,572
Weighted average common shares outstanding — basic	42,556,248	41,821,591	42,368,538	41,594,668
Effect of dilution — stock options	0	0	0	0
Weighted average common shares outstanding — diluted	42,556,248	41,821,591	42,368,538	41,594,668
Net loss per share — basic and diluted	$ (0.34)	$ (0.33)	$ (1.16)	$ (0.60)

Segment Reporting (Narrative) (

Segment Reporting (Narrative) (Details) $ in Millions	3 Months Ended		9 Months Ended
	Sep. 30, 2015USD ($)countrySegmentsLine_of_Businesscustomer	Sep. 30, 2014USD ($)countrySegmentsLine_of_Businesscustomer	Sep. 30, 2015USD ($)SegmentsLine_of_Businesscustomer	Sep. 30, 2014USD ($)countrySegmentsLine_of_Businesscustomer
Segment Reporting Information [Line Items]
Number of lines of business | Line_of_Business	1	1	1	1
Number of reportable segments | Segments	2	2	2	2
Sales Revenue | Customer Concentration Risk
Segment Reporting Information [Line Items]
Number of major customers	0	0	0	0
Sales Revenue | Geographic Concentration Risk
Segment Reporting Information [Line Items]
Number of major countries	0	0	0	0
U.S. Medical
Segment Reporting Information [Line Items]
Intersegment revenue | $	$ 3.1	$ 2.4	$ 9.6	$ 6.5

Segment Reporting (Schedule of

Segment Reporting (Schedule of Revenue by Reporting Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 61,660	$ 58,786	$ 180,759	$ 141,955
Disposable products
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	58,331	54,145	169,162	127,246
Laser, service, and other
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	3,329	4,641	11,597	14,709
U.S. Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	51,936	48,463	152,129	115,089
U.S. Medical | Disposable products
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	49,491	45,584	143,771	105,910
International Medical
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	9,724	10,323	28,630	26,866
International Medical | Disposable products
Segment Reporting, Revenue Reconciling Item [Line Items]
Revenue	$ 8,840	$ 8,561	$ 25,391	$ 21,337

Segment Reporting (Schedule o43

Segment Reporting (Schedule of Operating Profit (Loss) by Reporting Segments) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating loss	$ (12,427)	$ (11,833)	$ (42,910)	$ (23,180)
U.S. Medical
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating loss	(12,360)	(12,937)	(42,460)	(24,524)
International Medical
Segment Reporting, Reconciling Item for Operating Profit (Loss) from Segment to Consolidated [Line Items]
Operating loss	$ (67)	$ 1,104	$ (450)	$ 1,344

Segment Reporting (Schedule o44

Segment Reporting (Schedule of Assets by Reporting Segment) (Details) - USD ($) $ in Thousands	Sep. 30, 2015	Dec. 31, 2014
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 436,725	$ 466,950
U.S. Medical
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	400,700	432,151
International Medical
Segment Reporting, Asset Reconciling Item [Line Items]
Assets	$ 36,025	$ 34,799

Segment Reporting (Schedule o45

Segment Reporting (Schedule of Revenue from External Customers by Products and Services) (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Revenue from External Customer [Line Items]
Revenue	$ 61,660	$ 58,786	$ 180,759	$ 141,955
Disposable products
Revenue from External Customer [Line Items]
Revenue	58,331	54,145	169,162	127,246
Laser, service, and other
Revenue from External Customer [Line Items]
Revenue	3,329	4,641	11,597	14,709
Vascular intervention | Disposable products
Revenue from External Customer [Line Items]
Revenue	40,370	36,576	117,513	79,093
Lead management | Disposable products
Revenue from External Customer [Line Items]
Revenue	$ 17,961	$ 17,569	$ 51,649	$ 48,153

Income Taxes (Details)

Income Taxes (Details) - USD ($) $ in Thousands	3 Months Ended		9 Months Ended
	Sep. 30, 2015	Sep. 30, 2014	Sep. 30, 2015	Sep. 30, 2014
Income Tax Disclosure [Line Items]
Goodwill, amortization period for tax purposes			15 years
Income tax expense (benefit)	$ 176	$ 188	$ 443	$ (685)
Valuation allowance reduction, acquisition				(1,300)
AngioScore
Income Tax Disclosure [Line Items]
Deferred federal income tax expense (benefit)				$ (1,300)

Commitments and Contingencies (

Commitments and Contingencies (Details)	Jun. 25, 2014patent	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Sep. 30, 2015USD ($)	Sep. 30, 2014USD ($)	Dec. 31, 2014USD ($)
Loss Contingencies [Line Items]
Accrued legal costs		$ 5,669,000		$ 5,669,000		$ 4,793,000
Acquisition transaction, integration and other costs		5,403,000	$ 3,826,000	26,900,000	$ 8,055,000
US District Court of Northern California
Loss Contingencies [Line Items]
Number of patents involved in litigation | patent	3
Trireme Litigation
Loss Contingencies [Line Items]
Proceeds from litigation settlement				20,034,000
Loss contingency accrual		0		0
Accrued legal costs		$ 5,000,000		5,000,000
Acquisition transaction, integration and other costs				$ 18,900,000