Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Mar. 10, 2014 | Jun. 30, 2013 | |
Document Information [Abstract] | ' | ' | ' |
Entity Registrant Name | 'MERIT MEDICAL SYSTEMS INC | ' | ' |
Entity Central Index Key | '0000856982 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Document Type | '10-K | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Amendment Flag | 'false | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 42,862,172 | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Public Float | ' | ' | $452,137,252 |
CONSOLIDATED_BALANCE_SHEETS
CONSOLIDATED BALANCE SHEETS (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
CURRENT ASSETS: | ' | ' |
Cash and cash equivalents | $7,459,000 | $9,719,000 |
Trade receivables — net of allowance for uncollectible accounts — 2013 — $840 and 2012 — $892 | 60,186,000 | 53,402,000 |
Employee receivables | 224,000 | 169,000 |
Other receivables | 3,279,000 | 2,672,000 |
Inventories | 82,378,000 | 84,599,000 |
Prepaid expenses | 5,121,000 | 4,133,000 |
Prepaid income taxes | 1,232,000 | 1,250,000 |
Deferred income tax assets | 5,638,000 | 4,976,000 |
Income tax refund receivables | 398,000 | 1,076,000 |
Total current assets | 165,915,000 | 161,996,000 |
PROPERTY AND EQUIPMENT: | ' | ' |
Land and land improvements | 16,240,000 | 17,346,000 |
Buildings | 127,747,000 | 81,223,000 |
Manufacturing equipment | 136,768,000 | 117,601,000 |
Furniture and fixtures | 32,327,000 | 26,307,000 |
Leasehold improvements | 13,692,000 | 13,236,000 |
Construction-in-progress | 25,172,000 | 74,643,000 |
Total property and equipment | 351,946,000 | 330,356,000 |
Less accumulated depreciation | -108,676,000 | -95,553,000 |
Property and equipment — net | 243,270,000 | 234,803,000 |
OTHER ASSETS: | ' | ' |
Goodwill | 184,505,000 | 175,108,000 |
Deferred income tax assets | 800,000 | 4,237,000 |
Other assets | 13,806,000 | 11,034,000 |
Total other assets | 319,098,000 | 308,510,000 |
TOTAL | 728,283,000 | 705,309,000 |
CURRENT LIABILITIES: | ' | ' |
Trade payables | 26,511,000 | 34,637,000 |
Accrued expenses | 27,702,000 | 27,269,000 |
Current portion of long-term debt | 10,000,000 | 10,000,000 |
Advances from employees | 292,000 | 551,000 |
Income taxes payable | 1,089,000 | 547,000 |
Total current liabilities | 65,594,000 | 73,004,000 |
LONG-TERM DEBT | 238,854,000 | 227,566,000 |
DEFERRED INCOME TAX LIABILITIES | 2,548,000 | 2,373,000 |
LIABILITIES RELATED TO UNRECOGNIZED TAX BENEFITS | 2,031,000 | 2,938,000 |
DEFERRED COMPENSATION PAYABLE | 7,833,000 | 5,956,000 |
DEFERRED CREDITS | 3,065,000 | 2,980,000 |
OTHER LONG-TERM OBLIGATIONS | 2,652,000 | 8,915,000 |
Total liabilities | 322,577,000 | 323,732,000 |
COMMITMENTS AND CONTINGENCIES (Notes 2, 7, 8, 9 and 13) | ' | ' |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock — 5,000 shares authorized as of December 31, 2013 and 2012; no shares issued | ' | ' |
Common stock, no par value; shares authorized — 2013 and 2012 - 100,000; issued and outstanding as of December 31, 2013 - 42,846 and December 31, 2012 - 42,489 | 177,775,000 | 172,341,000 |
Retained earnings | 226,988,000 | 210,418,000 |
Accumulated other comprehensive income (loss) | 943,000 | -1,182,000 |
Total stockholders’ equity | 405,706,000 | 381,577,000 |
TOTAL | 728,283,000 | 705,309,000 |
Developed technology — net of accumulated amortization — 2013 — $17,602 and 2012 — $8,146 | ' | ' |
OTHER ASSETS: | ' | ' |
Intangible Assets | 91,052,000 | 87,332,000 |
Other — net of accumulated amortization — 2013 — $18,870 and 2012 — $14,034 | ' | ' |
OTHER ASSETS: | ' | ' |
Intangible Assets | $28,935,000 | $30,799,000 |
CONSOLIDATED_BALANCE_SHEETS_CO
CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
CURRENT ASSETS: | ' | ' |
Trade receivables, allowances (in dollars) | $840 | $892 |
STOCKHOLDERS’ EQUITY: | ' | ' |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Common Stock, Par or Stated Value Per Share | ' | ' |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 42,846,000 | 42,489,000 |
Other | ' | ' |
OTHER ASSETS: | ' | ' |
Intangibles, accumulated amortization (in dollars) | 18,870 | 14,034 |
Developed technology | ' | ' |
OTHER ASSETS: | ' | ' |
Intangibles, accumulated amortization (in dollars) | $17,602 | $8,146 |
CONSOLIDATED_STATEMENTS_OF_OPE
CONSOLIDATED STATEMENTS OF OPERATIONS (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
NET SALES | $449,049 | $394,288 | $359,449 |
COST OF SALES | 254,682 | 212,296 | 193,981 |
GROSS PROFIT | 194,367 | 181,992 | 165,468 |
OPERATING EXPENSES: | ' | ' | ' |
Selling, general, and administrative | 128,642 | 122,106 | 104,502 |
Research and development | 33,886 | 27,795 | 21,938 |
Intangible asset impairment charges | 8,089 | 0 | 0 |
Contingent consideration benefit | -4,094 | 0 | 0 |
Acquired in-process research and development | 0 | 2,450 | 5,838 |
Total operating expenses | 166,523 | 152,351 | 132,278 |
INCOME FROM OPERATIONS | 27,844 | 29,641 | 33,190 |
OTHER INCOME (EXPENSE): | ' | ' | ' |
Interest income | 255 | 226 | 129 |
Interest expense | -8,044 | -604 | -789 |
Other income (expense) — net | -216 | -1,645 | 345 |
Other expense — net | -8,005 | -2,023 | -315 |
INCOME BEFORE INCOME TAXES | 19,839 | 27,618 | 32,875 |
INCOME TAX EXPENSE | 3,269 | 7,908 | 9,831 |
NET INCOME | $16,570 | $19,710 | $23,044 |
EARNINGS PER COMMON SHARE: | ' | ' | ' |
Basic (in dollars per share) | $0.39 | $0.47 | $0.59 |
Diluted (in dollars per share) | $0.39 | $0.46 | $0.58 |
AVERAGE COMMON SHARES: | ' | ' | ' |
Basic (in shares) | 42,607 | 42,176 | 39,086 |
Diluted (in shares) | 42,884 | 42,610 | 39,733 |
CONSOLIDATED_STATEMENTS_OF_COM
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Net income | $16,570 | $19,710 | $23,044 |
Unrealized gain (loss) on marketable securities: | ' | ' | ' |
Unrealized holding gain arising during the period, net of tax effect of $0, $215, $115 | 0 | 336 | 180 |
Less: reclassification adjustment for gains included in net income, | 0 | -516 | 0 |
Interest rate swap, net of tax effect of ($1,164), $696, $451 | 1,828 | -1,093 | -708 |
Foreign currency translation adjustment, net of tax effect of $5, $15, $44 | 297 | -59 | -182 |
Total other comprehensive income (loss) | 2,125 | -1,332 | -710 |
Total comprehensive income | $18,695 | $18,378 | $22,334 |
CONSOLIDATED_STATEMENTS_OF_COM1
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' |
Unrealized holding gain arising during the period, tax effect | $0 | $215 | $115 |
Reclassification adjustment for gains included in net income, tax effect | 0 | 330 | 0 |
Interest rate swap, tax effect | -1,164 | 696 | 451 |
Foreign currency translation adjustment, tax effect | $5 | $15 | $44 |
CONSOLIDATED_STATEMENTS_OF_STO
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY (USD $) | Total | Common Stock | Retained Earnings | Accumulated Other Comprehensive Income (Loss) |
In Thousands, except Share data, unless otherwise specified | ||||
Beginning balance at Dec. 31, 2010 | $235,615 | $67,091 | $167,664 | $860 |
Beginning balance, shares at Dec. 31, 2010 | ' | 35,496,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 23,044 | ' | 23,044 | ' |
Other comprehensive loss, net of tax | -710 | ' | ' | -710 |
Excess tax benefits from stock-based compensation | 3,122 | 3,122 | ' | ' |
Stock-based compensation expense | 1,644 | 1,644 | ' | ' |
Issuance of common stock, net of offering costs | 87,700 | 87,700 | ' | ' |
Issuance of common stock, net of offering costs, shares | ' | 5,520,000 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans | 430 | 430 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans, shares | ' | 31,000 | ' | ' |
Options exercised | 8,449 | 8,449 | ' | ' |
Options exercised, shares | ' | 1,099,000 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities | 953 | 953 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities, shares | ' | -60,000 | ' | ' |
Shares surrendered in exchange for the exercise of stock options | -1,252 | -1,252 | ' | ' |
Shares surrendered in exchange for the exercise of stock options, shares | -78,000 | -78,000 | ' | ' |
Ending balance at Dec. 31, 2011 | 357,089 | 166,231 | 190,708 | 150 |
Ending balance, shares at Dec. 31, 2011 | ' | 42,008,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 19,710 | ' | 19,710 | ' |
Other comprehensive loss, net of tax | -1,332 | ' | ' | -1,332 |
Excess tax benefits from stock-based compensation | 877 | 877 | ' | ' |
Stock-based compensation expense | 1,917 | 1,917 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans | 430 | 430 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans, shares | ' | 33,000 | ' | ' |
Options exercised | 5,156 | 5,156 | ' | ' |
Options exercised, shares | ' | 610,000 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities | -439 | -439 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities, shares | ' | -31,000 | ' | ' |
Shares surrendered in exchange for the exercise of stock options | -1,831 | -1,831 | ' | ' |
Shares surrendered in exchange for the exercise of stock options, shares | -131,000 | -131,000 | ' | ' |
Ending balance at Dec. 31, 2012 | 381,577 | 172,341 | 210,418 | -1,182 |
Ending balance, shares at Dec. 31, 2012 | ' | 42,489,000 | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' |
Net income | 16,570 | ' | 16,570 | ' |
Other comprehensive loss, net of tax | 2,125 | ' | ' | 2,125 |
Excess tax benefits from stock-based compensation | 259 | 259 | ' | ' |
Stock-based compensation expense | 1,467 | 1,467 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans | 448 | 448 | ' | ' |
Issuance of common stock under Employee Stock Purchase Plans, shares | ' | 37,000 | ' | ' |
Options exercised | 3,733 | 3,733 | ' | ' |
Options exercised, shares | 368,000 | 413,000 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities | -21 | -21 | ' | ' |
Shares surrendered in exchange for payment of payroll tax liabilities, shares | ' | -48,000 | ' | ' |
Shares surrendered in exchange for the exercise of stock options | -452 | -452 | ' | ' |
Shares surrendered in exchange for the exercise of stock options, shares | -45,000 | -45,000 | ' | ' |
Ending balance at Dec. 31, 2013 | $405,706 | $177,775 | $226,988 | $943 |
Ending balance, shares at Dec. 31, 2013 | ' | 42,846,000 | ' | ' |
CONSOLIDATED_STATEMENTS_OF_CAS
CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES: | ' | ' | ' |
Net income | $16,570 | $19,710 | $23,044 |
Adjustments to reconcile net income to net cash provided by operating activities: | ' | ' | ' |
Depreciation and amortization | 32,542 | 22,534 | 19,194 |
Losses on sales and/or abandonment of property and equipment | 177 | 204 | 31 |
Write-off of patents and intangible assets | 8,208 | 55 | 103 |
Impairment of cost-method investment | 0 | 2,368 | 0 |
Acquired in-process research and development | 0 | 2,450 | 5,838 |
Amortization of deferred credits | -139 | -174 | -106 |
Amortization of long-term debt issuance costs | 845 | 0 | 0 |
Realized gain on sale of marketable securities | 0 | -745 | 0 |
Deferred income taxes | 1,359 | 549 | 1,677 |
Excess tax benefits from stock-based compensation | -259 | -877 | -3,122 |
Stock-based compensation expense | 1,467 | 1,917 | 1,644 |
Changes in operating assets and liabilities, net of effects from acquisitions: | ' | ' | ' |
Trade receivables | -6,445 | -6,576 | -3,323 |
Employee receivables | -53 | -11 | -62 |
Other receivables | -609 | -760 | -245 |
Inventories | 2,334 | -8,965 | -9,314 |
Prepaid expenses | -758 | 736 | -1,726 |
Prepaid income taxes | 18 | -367 | -431 |
Income tax refund receivables | 1,267 | 452 | -733 |
Other assets | -1,806 | -1,178 | -283 |
Trade payables | -5 | 7,721 | -2,129 |
Accrued expenses | -276 | 4,448 | 1,334 |
Advances from employees | -277 | 317 | -65 |
Income taxes payable | 255 | 2,057 | 2,658 |
Liabilities related to unrecognized tax benefits | -520 | -209 | -226 |
Deferred compensation payable | 1,877 | 1,371 | 327 |
Other long-term obligations | -4,399 | -89 | -70 |
Total adjustments | 34,803 | 27,228 | 10,971 |
Net cash provided by operating activities | 51,373 | 46,938 | 34,015 |
Capital expenditures for: | ' | ' | ' |
Property and equipment | -59,505 | -64,643 | -59,195 |
Intangible assets | -1,617 | -1,460 | -2,077 |
Proceeds from sale-leaseback transaction | 24,000 | 0 | 0 |
Purchase of marketable securities | 0 | 0 | -2,503 |
Proceeds from the sale of marketable securities | 0 | 3,248 | 0 |
Proceeds from the sale of property and equipment | 113 | 43 | 5 |
Cash paid in acquisitions, net of cash acquired | -31,600 | -192,762 | -10,250 |
Net cash used in investing activities | -68,609 | -255,574 | -74,020 |
CASH FLOWS FROM FINANCING ACTIVITIES: | ' | ' | ' |
Proceeds from issuance of common stock | 3,729 | 3,755 | 95,454 |
Payment of offering costs related to issuance of common stock | 0 | 0 | -127 |
Proceeds from issuance of long-term debt | 176,764 | 330,630 | 104,585 |
Payments on long-term debt | -165,477 | -123,801 | -155,386 |
Proceeds from industrial assistant grants | 389 | 1,029 | 0 |
Excess tax benefits from stock-based compensation | 259 | 877 | 3,122 |
Long-term debt issuance costs | -798 | -3,706 | 0 |
Contingent payments related to acquisitions | -77 | -57 | 0 |
Payment of taxes related to an exchange of common stock | -21 | -439 | -953 |
Net cash provided by financing activities | 14,768 | 208,288 | 46,695 |
EFFECT OF EXCHANGE RATES ON CASH | 208 | -61 | -297 |
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS | -2,260 | -409 | 6,393 |
CASH AND CASH EQUIVALENTS: | ' | ' | ' |
Beginning of year | 9,719 | 10,128 | 3,735 |
End of year | 7,459 | 9,719 | 10,128 |
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION | ' | ' | ' |
Interest (net of capitalized interest of $1,038, $456 and $299, respectively) | 7,877 | 434 | 509 |
Income taxes | 735 | 5,277 | 7,023 |
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES | ' | ' | ' |
Property and equipment purchases in accounts payable | 4,055 | 12,372 | 8,849 |
Acquisition of customer list in exchange for a settlement of trade receivables | 0 | 377 | 0 |
Acquisition purchases in accrued expenses and other long-term obligations | 350 | 5,149 | 1,270 |
Merit common stock surrendered (45, 131 and 78 shares, respectively) in exchange for exercise of stock options | $452 | $1,831 | $1,252 |
CONSOLIDATED_STATEMENTS_OF_CAS1
CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Statement of Cash Flows [Abstract] | ' | ' | ' |
Net capitalized interest | $1,038 | $456 | $299 |
Company's common stock surrendered in exchange for the exercise of stock options (in shares) | 45 | 131 | 78 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Organization and Summary of Significant Accounting Policies | ' | |||
ORGANIZATION AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ||||
Organization. Merit Medical Systems, Inc. (“Merit,” “we,” or “us”) designs, develops, manufactures and markets single-use medical products for interventional and diagnostic procedures. For financial reporting purposes, we report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of cardiology and radiology devices which assist in diagnosing and treating coronary arterial disease, peripheral vascular disease and other non-vascular diseases and includes the embolotherapeutic products and the cardiac rhythm management and electrophysiology ("CRM/EP") devices we acquired through our acquisition of Thomas Medical as described in Note 2 below. Our endoscopy segment consists of gastroenterology and pulmonology medical devices which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. | ||||
We manufacture our products in plants located in the United States, The Netherlands, Ireland and France. We export sales to dealers and have direct sales forces in the United States, Western Europe and China (see Note 12). Our consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States of America. The following is a summary of the more significant of such policies. | ||||
Use of Estimates in Preparing Financial Statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Principles of Consolidation. The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. | ||||
Cash and Cash Equivalents. For purposes of the statements of cash flows, we consider interest bearing deposits with an original maturity date of three months or less to be cash equivalents. | ||||
Receivables. The allowance for uncollectible accounts receivable is based on our historical bad debt experience and on management’s evaluation of our ability to collect individual outstanding balances. | ||||
Inventories. We value our inventories at the lower of cost, determined on a first-in, first-out method, or market value. Market value for raw materials is based on replacement costs. Inventory costs include material, labor and manufacturing overhead. We review inventories on hand at least quarterly and record provisions for estimated excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of net realizable value. The regular and systematic inventory valuation reviews include a current assessment of future product demand, historical experience and product expiration. | ||||
Goodwill and Intangible Assets. We test goodwill balances as of July 1 for impairment on an annual basis during the third quarter, or whenever impairment indicators arise. We utilize several reporting units in evaluating goodwill for impairment. We assess the estimated fair value of reporting units using a combination of a market-based approach with a guideline public company method and a discounted cash flow methodology. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized in an amount equal to the excess of the carrying amount of the reporting unit goodwill over the implied fair value of that goodwill. | ||||
We evaluate the recoverability of intangible assets periodically and take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. All of our intangible assets are subject to amortization. Intangible assets are amortized on a straight-line basis, except for customer lists, which are generally amortized on an accelerated basis, over the following useful lives: | ||||
Customer lists | 2 | - | 15 years | |
Developed technology | 5 | - | 15 years | |
Distribution agreements | 4 | - | 12 years | |
License agreements and trademarks | 5 | - | 15 years | |
Covenant not to compete | 3 | - | 10 years | |
Patents | 17 years | |||
Royalty agreements | 5 years | |||
Long-Lived Assets. We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended December 31, 2013, 2012 and 2011. | ||||
Property and Equipment. Property and equipment is stated at the historical cost of construction or purchase. Construction costs include interest costs capitalized during construction. Maintenance and repairs of property and equipment are charged to operations as incurred. Leasehold improvements are amortized over the lesser of the base term of the lease or estimated life of the leasehold improvements. Construction-in-process consists of new buildings and various production equipment being constructed internally and externally. Assets in construction-in-process will commence depreciating once the asset has been placed in service. Depreciation is computed using the straight-line method over estimated useful lives as follows: | ||||
Buildings | 40 years | |||
Manufacturing equipment | 4 | - | 20 years | |
Furniture and fixtures | 3 | - | 20 years | |
Land improvements | 10 | - | 20 years | |
Leasehold improvements | 4 | - | 25 years | |
Depreciation expense related to property and equipment for the years ended December 31, 2013, 2012 and 2011 was approximately $18.4 million, $15.0 million, and $13.2 million, respectively. | ||||
Deferred Compensation. We have a deferred compensation plan that permits certain management employees to defer a portion of their salary until the future. We established a Rabbi trust to finance obligations under the plan with corporate-owned variable life insurance contracts. The cash surrender value totaled approximately $7.8 million and $6.1 million at December 31, 2013 and 2012, respectively, which is included in other assets in our consolidated balance sheets. We have recorded a deferred compensation payable of approximately $7.8 million and $6.0 million at December 31, 2013 and 2012, respectively, to reflect the liability to our employees under this plan. | ||||
Marketable Securities. Marketable securities consisted entirely of available-for-sale equity securities. As of December 31, 2011, these equity securities had a cost basis of approximately $2.5 million, fair value of approximately $2.8 million, and gross unrealized gains that were included in accumulated other comprehensive income of approximately $295,000. There were no marketable securities held as of December 31, 2013 or December 31, 2012. | ||||
Other Assets. Other assets consist of our deferred compensation plan cash surrender value discussed above, unamortized debt issuance costs, two investments in privately-held companies accounted for at cost, a long-term income tax refund receivable, and deposits related to various leases. | ||||
Deferred Credits. Deferred credits consist of grant money received from the Irish government. Grant money is received for a percentage of expenditures on eligible property and equipment, specific research and development projects and costs of hiring and training employees. Amounts related to the acquisition of property and equipment are amortized as a reduction of depreciation expense over the lives of the corresponding property and equipment. | ||||
Revenue Recognition. We sell our single-use disposable medical products through a direct sales force in the U.S., through OEM relationships, custom procedure tray manufacturers and a combination of direct sales force and independent distributors in international markets. Revenues from these customers are recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. We have certain written agreements with group purchasing organizations to sell our products to participating hospitals. These agreements have destination shipping terms which require us to defer the recognition of a sale until the product has arrived at the participating hospitals. We reserve for sales returns, including returns related to defective products (i.e. warranty liability), as a reduction in net sales, based on our historical experience. We also offer sales rebates and discounts to purchasing groups. These reserves are recorded as a reduction in net sales and are not considered material to our consolidated statements of income for the years ended December 31, 2013, 2012 and 2011. In addition, we invoice our customers for taxes assessed by governmental authorities such as sales tax and value added taxes. We present these taxes on a net basis. | ||||
Shipping and Handling. We bill our customers for shipping and handling charges, which are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. | ||||
Cost of Sales. We include product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, product royalty expense, developed technology amortization expense, production-related depreciation expense and product license agreement expense in cost of sales. | ||||
Research and Development. Research and development costs are expensed as incurred. | ||||
Income Taxes. We utilize an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. | ||||
Earnings per Common Share. Net income per common share is computed by both the basic method, which uses the weighted average number of our common shares outstanding and the diluted method, which includes the dilutive common shares from stock options and warrants, as calculated using the treasury stock method. | ||||
Fair Value Measurements. The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | ||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | ||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||
Stock-Based Compensation. We recognize the fair value compensation cost relating to share-based payment transactions in accordance with Accounting Standards Codification (“ASC”) 718, Compensation — Stock Compensation. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award and is recognized over the employee’s requisite service period, which is generally the vesting period. The fair value of our stock options is estimated using a Black-Scholes option valuation model. Stock-based compensation expense for the years ended December 31, 2013, 2012 and 2011 was approximately $1.5 million, $1.9 million and $1.6 million, respectively. | ||||
Concentration of Credit Risk. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We provide credit, in the normal course of business, primarily to hospitals and independent third-party custom procedure tray manufacturers and distributors. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. Sales to our single largest customer approximated 3%, 4% and 4% of total sales for the years ended December 31, 2013, 2012 and 2011, respectively. | ||||
Foreign Currency. The financial statements of our foreign subsidiaries are measured using local currencies as the functional currency, with the exception of Ireland which uses the U.S. Dollar as its functional currency. Assets and liabilities are translated into U.S. Dollars at year-end rates of exchange and results of operations are translated at average rates for the year. Gains and losses resulting from these translations are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Foreign currency transactions denominated in a currency other than the entity’s functional currency are included in determining net income for the period. Such foreign currency transaction gains and losses have not been significant for purposes of our financial reporting. | ||||
Derivatives. We use forward contracts to mitigate our exposure to volatility in foreign exchange rates, and we used an interest rate swap to hedge changes in the benchmark interest rate related to our Credit Agreement described in Note 7 below. All derivatives are recognized in the consolidated balance sheets at fair value. Classification of each hedging instrument is based upon whether the maturity of the instrument is less than or greater than 12 months. We do not purchase or hold derivative financial instruments for speculative or trading purposes. See Note 8. | ||||
Accumulated Other Comprehensive Income (Loss). As of December 31, 2013, accumulated other comprehensive income (loss) included approximately $735,000 (net of tax of $(468,000)) related to an interest rate swap and $208,000 (net of tax of $12,000) related to foreign currency translation. As of December 31, 2012, accumulated other comprehensive income (loss) included approximately $(1.1) million (net of tax of $696,000) related to an interest rate swap and ($89,000) (net of tax of $7,000) related to foreign currency translation. | ||||
Recently Issued Financial Accounting Standards. In July 2013, the Financial Accounting Standards Board ("FASB"), issued authoritative guidance which concludes that, under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. We adopted this guidance early, as permitted, for the fiscal year ended December 31, 2013. The adoption of this guidance did not have a material effect on our consolidated financial statements. | ||||
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a non-profit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The adoption of this guidance is not expected to have a material effect on our consolidated financial position or results of operations. | ||||
In February 2013, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. The standard requires presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information is required. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material effect on our consolidated financial statements. | ||||
In July 2012, the FASB issued authoritative guidance related to testing indefinite-lived intangible assets for impairment. This guidance simplifies how entities test indefinite-lived intangible assets for impairment and permits an entity to first assess qualitative factors to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on our consolidated financial statements. |
Acquisitions
Acquisitions | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Business Combinations [Abstract] | ' | |||||||||||||||||||||||
Acquisitions | ' | |||||||||||||||||||||||
ACQUISITIONS | ||||||||||||||||||||||||
On December 20, 2013, we acquired a license agreement to sell our Hepasphere products in China. We paid $350,000 to purchase the license. We are obligated to pay an additional $350,000, which is included in accrued liabilities at December 31, 2013. The purchase price was allocated to a license agreement for $700,000, which we intend to amortize over four years. | ||||||||||||||||||||||||
On October 4, 2013, we acquired certain assets contemplated by an Asset Purchase Agreement we executed with Datascope Corp. ("Datascope"), a Delaware corporation. The primary assets we acquired consist of the Safeguard® Pressure Assisted Device, which assists in obtaining and maintaining hemostasis after a femoral procedure, and the Air-Band™ Radial Compression Device, which is indicated to assist hemostasis of the radial artery puncture site while maintaining visibility. We accounted for this acquisition as a business combination. We made a payment of approximately $27.5 million to acquire these assets. Acquisition-related costs during the year ended December 31, 2013, which were included in selling, general, and administrative expenses in the accompanying consolidated statements of income, were not material. The results of operations related to this acquisition have been included in our cardiovascular segment since the acquisition date. During the year ended December 31, 2013, our net sales of Datascope products were approximately $1.6 million. It is not practical to separately report the earnings related to the Datascope acquisition, as we cannot split out sales costs related to Datascope products, principally because our sales representatives are selling multiple products (including Datascope products) in the cardiovascular business segment. The total purchase price was preliminarily allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 478 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 18,200 | |||||||||||||||||||||||
Customer lists | 390 | |||||||||||||||||||||||
Trademarks | 320 | |||||||||||||||||||||||
Goodwill | 8,112 | |||||||||||||||||||||||
Total assets acquired | $ | 27,500 | ||||||||||||||||||||||
With respect to the Datascope assets, we intend to amortize developed technology over 10 years and customer lists on an accelerated basis over six years. While U.S. trademarks can be renewed indefinitely, we currently estimate that we will generate cash flow from the acquired trademarks for a period of 15 years from the acquisition date. The total weighted-average amortization period for these acquired intangible assets is 10 years. | ||||||||||||||||||||||||
On October 4, 2013, we acquired certain assets contemplated by an Asset Purchase Agreement with Radial Assist, LLC ("Radial Assist"), a Georgia limited liability company. The primary assets we acquired consist of the Rad Board®, Rad Board®Xtra™, Rad Trac™, and Rad Rest® devices. The Rad Board is designed to provide a larger work space for physicians and an area for patients to rest their arms during radial procedures. The Rad Board Xtra is designed to work in conjunction with the Rad Board by extending the usable work space and allowing for a 90-degree perpendicular extension of the arm for physicians who prefer doing procedures at a 90-degree angle. The Rad Trac is also designed to be used with the Rad Board and facilitates placement and removal of the Rad Board with the patient still on the table. The Rad Rest is a disposable, single-use product designed to stabilize the arm by ergonomically supporting the elbow, forearm and wrist during radial procedures. We accounted for this acquisition as a business combination. We made a payment of approximately $2.5 million to acquire these assets. Acquisition-related costs during the year ended December 31, 2013, which were included in selling, general, and administrative expenses in the accompanying consolidated statements of income, were not material. The results of operations related to this acquisition have been included in our cardiovascular segment since the acquisition date. During the year ended December 31, 2013, our net sales of Radial Assist products were approximately $191,000. It is not practical to separately report the earnings related to the Radial Assist acquisition, as we cannot split out sales costs related to Radial Assist products, principally because our sales representatives are selling multiple products (including Radial Assist products) in the cardiovascular business segment. The total purchase price was preliminarily allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 16 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 1,520 | |||||||||||||||||||||||
Customer lists | 20 | |||||||||||||||||||||||
Trademarks | 40 | |||||||||||||||||||||||
Goodwill | 904 | |||||||||||||||||||||||
Total assets acquired | $ | 2,500 | ||||||||||||||||||||||
With respect to the Radial Assist assets, we intend to amortize developed technology over 10 years and customer lists on an accelerated basis over six years. While U.S. trademarks can be renewed indefinitely, we currently estimate that we will generate cash flow from the acquired trademarks for a period of 15 years from the acquisition date. The total weighted-average amortization period for these acquired intangible assets is 10.07 years. | ||||||||||||||||||||||||
In connection with our Datascope and Radial Assist acquisitions, we paid approximately $798,000 in long-term debt issuance costs to Wells Fargo Bank related to the amendment of our Credit Agreement (see Note 7). These costs consist primarily of loan origination fees that we intend to amortize over the remaining contract term of our Credit Agreement, which matures December 19, 2017. | ||||||||||||||||||||||||
On September 10, 2013, we entered into a license agreement with a medical device company for the exclusive rights to sell certain biocompatible gloves, instrument cleaners, and surgical wipes. We paid $250,000 for the use of the license. We are obligated to pay an additional $250,000 within 30 days of our first commercial sale of the product. The purchase price was allocated to a license agreement for $250,000, which we intend to amortize over 10 years. | ||||||||||||||||||||||||
On December 19, 2012, we consummated the transactions contemplated by a Stock Purchase Agreement with Vital Signs, Inc., an affiliate of GE Healthcare (“Vital Signs”), as seller, and purchased all of the issued and outstanding shares of Thomas Medical Products, Inc. (“Thomas Medical”), a Pennsylvania corporation. The primary assets of Thomas Medical are the various patents, trademarks, and business related to introducers, hemostatic valves, and sheaths. Using the splittable hemostatic introducer sheath as an entry product, we intend to develop a portfolio of premium accessories for electrophysiology physicians. We accounted for this acquisition as a business combination. We made an initial payment of $167.0 million to Vital Signs in December 2012. We also accrued an additional $445,000 at December 31, 2012, related to a final payment made to Vital Signs in February 2013 for net working capital received in excess of the target net working capital specified. The results of operations related to this acquisition have been included in our cardiovascular segment since the acquisition date. Our consolidated financial statements for the year ended December 31, 2012 include approximately $1.9 million and $51,000 of net sales and income before tax, respectively, related to the Thomas Medical acquisition. The total purchase price was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Trade receivables | $ | 6,507 | ||||||||||||||||||||||
Inventories | 5,459 | |||||||||||||||||||||||
Prepaid expenses | 340 | |||||||||||||||||||||||
Property and equipment | 2,685 | |||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 43,000 | |||||||||||||||||||||||
Non-compete agreements | 500 | |||||||||||||||||||||||
Customer lists | 5,000 | |||||||||||||||||||||||
Trademarks | 1,400 | |||||||||||||||||||||||
Goodwill | 102,407 | |||||||||||||||||||||||
Total assets acquired | 167,298 | |||||||||||||||||||||||
Liabilities Assumed | ||||||||||||||||||||||||
Trade payables | 588 | |||||||||||||||||||||||
Accrued expenses | 1,094 | |||||||||||||||||||||||
Total liabilities assumed | 1,682 | |||||||||||||||||||||||
Net assets acquired, net of cash acquired of $1,829 | $ | 165,616 | ||||||||||||||||||||||
During the year ended December 31, 2013, the goodwill related to the Thomas Medical acquisition was increased by approximately $381,000 due to an adjustment related to inventories. | ||||||||||||||||||||||||
The gross amount of trade receivables we acquired in the Thomas Medical transaction was approximately $6.5 million, of which $34,000 was expected to be uncollectible. With respect to the Thomas Medical assets, we intend to amortize developed technology over eight years, customer lists on an accelerated basis over 12 years, and non-compete agreements over three years. While U.S. trademarks can be renewed indefinitely, we currently estimate that we will generate cash flow from the acquired trademarks for a period of 15 years from the acquisition date. The total weighted-average amortization period for these acquired intangible assets is 8.55 years. | ||||||||||||||||||||||||
In connection with our Thomas Medical acquisition, we paid approximately $3.7 million in long-term debt issuance costs to Wells Fargo Bank related to our Credit Agreement (see Note 7). These costs consist primarily of loan origination fees that we intend to amortize over five years, which is the contract term of our Credit Agreement. We also incurred approximately $2.7 million of acquisition-related costs during the year ended December 31, 2012, which are included in selling, general and administrative expense in the accompanying consolidated statements of operations. | ||||||||||||||||||||||||
On November 19, 2012, we entered into an Asset Purchase Agreement with Janin Group, Inc. (dba MediGroup) ("MediGroup"), an Illinois corporation, to purchase substantially all of the assets of MediGroup. The primary assets of MediGroup are the patented Flex-Neck® Peritoneal Dialysis Catheters and Y-TEC™ Peritoneal Dialysis Implantation Kits. We accounted for this acquisition as a business combination. We made an initial payment of approximately $4.0 million in November 2012. In addition, we are obligated to make contingent payments of up to $150,000 per year during 2013, 2014 and 2015. Furthermore, we are obligated to make contingent purchase price payments of $150,000 per year in 2016 through 2022 if net sales of Medigroup products increase at least 8% in each subsequent year. If net sales of MediGroup products have not increased by the percentage set forth in any year, our obligation to make these contingent payments shall cease. The acquisition-date fair value of the contingent consideration liability of approximately $403,000 was included as part of the purchase consideration. Acquisition-related costs during the year ended December 31, 2012, which are included in selling, general, and administrative expense in the accompanying consolidated statements of income, were not material. The results of operations related to this acquisition have been included in our cardiovascular segment since the acquisition date. During the year ended December 31, 2012, our net sales of MediGroup products were approximately $169,000. It is not practical to separately report the earnings related to the MediGroup acquisition, as we cannot split out sales costs related to MediGroup products, principally because our sales representatives are selling multiple products (including MediGroup products) in the cardiovascular business segment. The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 263 | ||||||||||||||||||||||
Property and equipment | 79 | |||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 2,000 | |||||||||||||||||||||||
Non-compete agreements | 210 | |||||||||||||||||||||||
Customer lists | 110 | |||||||||||||||||||||||
Trademarks | 80 | |||||||||||||||||||||||
Goodwill | 1,697 | |||||||||||||||||||||||
Total assets acquired | $ | 4,439 | ||||||||||||||||||||||
With respect to the MediGroup assets, we intend to amortize developed technology over eight years, customer lists on an accelerated basis over eight years, and non-compete agreements over seven years. While U.S. trademarks can be renewed indefinitely, we currently estimate that we will generate cash flow from the acquired trademarks for a period of 15 years from the acquisition date. The total weighted-average amortization period for these acquired intangible assets is 8.15 years. | ||||||||||||||||||||||||
On August 27, 2012, we entered into a license agreement with a medical device company for the use of certain patents. We paid $750,000 for the use of the license. The purchase price was allocated to a license agreement for $750,000, which we intend to amortize over three years. | ||||||||||||||||||||||||
On August 21, 2012, we entered into a distribution and patent sublicense agreement with Catheter Connections, Inc. ("CathConn"), a Utah corporation, for the exclusive rights to sell certain disinfecting cap technologies. We paid CathConn $250,000 in August 2012 for the exclusive rights to distribute CathConn's MaleCap Solo technology in the field of interventional radiology and interventional cardiology. We can elect to pay an additional $250,000 for each of the exclusive rights to other aspects of CathConn's DualCap disinfecting cap technology. The purchase price was allocated to a distribution agreement for $250,000, which we intend to amortize over 10 years. | ||||||||||||||||||||||||
On August 7, 2012, we purchased 422,594 special membership units, which represents an ownership interest of approximately 11.9%, of Blockade Medical LLC ("Blockade"), a Delaware limited liability company, for an aggregate price of approximately $1.0 million, which is accounted for at cost. Blockade develops, markets and sells catheter-based therapeutic devices. | ||||||||||||||||||||||||
On January 31, 2012, we consummated the transactions contemplated by an Asset Purchase Agreement with Ostial Solutions, LLC ("Ostial"), a Michigan limited liability company, to purchase substantially all of the assets of Ostial. The primary asset of Ostial is the patented Ostial PRO Stent Positioning System, which is designed to facilitate precise stent implantation in coronary and renal aorto-ostial lesions. We accounted for this acquisition as a business combination. We made an initial payment of $10.0 million to Ostial in January 2012 and an additional payment of $6.5 million to Ostial in August 2012. In addition, we are obligated to make contingent purchase price payments of up to $13.5 million based on a percentage of future sales of products utilizing the Ostial PRO Stent Positioning System. The acquisition-date fair value of this contingent consideration liability of $4.3 million was included as part of the purchase consideration and was determined using a discounted cash flow model based upon the expected timing and amount of these future contingent payments. Acquisition-related costs during the year ended December 31, 2012, which are included in selling, general, and administrative expense in the accompanying consolidated statements of income, were not material. The results of operations related to this acquisition have been included in our cardiovascular segment since the acquisition date. During the year ended December 31, 2012, our net sales of products utilizing the Ostial PRO Stent Positioning System were approximately $457,000. It is not practical to separately report the earnings related to the Ostial acquisition, as we cannot split out sales costs related to Ostial products, principally because our sales representatives are selling multiple products (including Ostial products) in the cardiovascular business segment. The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | $ | 10,500 | ||||||||||||||||||||||
Customer lists | 600 | |||||||||||||||||||||||
Trademark | 110 | |||||||||||||||||||||||
Non-compete agreements | 10 | |||||||||||||||||||||||
Goodwill | 9,580 | |||||||||||||||||||||||
Total assets acquired | $ | 20,800 | ||||||||||||||||||||||
With respect to the Ostial assets, we intend to amortize developed technology over 15 years, customer lists on an accelerated basis over eight years, and non-compete agreements over five years. While U.S. trademarks can be renewed indefinitely, we currently estimate that we will generate cash flow from the acquired trademarks for a period of 15 years from the acquisition date. The total weighted-average amortization period for these acquired intangible assets is 14.6 years. | ||||||||||||||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2013, 2012 and 2011, as well as unaudited pro forma consolidated results of operations as though the Thomas Medical, MediGroup, and Ostial acquisitions had occurred on January 1, 2011 and the Datascope acquisition had occurred on January 1, 2012 (in thousands, except per common share amounts): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
As Reported | Pro Forma | As Reported | Pro Forma | As Reported | Pro Forma | |||||||||||||||||||
Net sales | $ | 449,049 | $ | 454,333 | $ | 394,288 | $ | 438,981 | $ | 359,449 | $ | 396,767 | ||||||||||||
Net income | 16,570 | 17,112 | 19,710 | 25,075 | 23,044 | 22,033 | ||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.4 | $ | 0.47 | $ | 0.59 | $ | 0.59 | $ | 0.56 | ||||||||||||
Diluted | $ | 0.39 | $ | 0.4 | $ | 0.46 | $ | 0.59 | $ | 0.58 | $ | 0.55 | ||||||||||||
The unaudited pro forma information set forth above is for informational purposes only and includes adjustments related to the step-up of acquired inventories, amortization expense related to acquired intangible assets, and interest expense on long-term debt. The pro forma information should not be considered indicative of actual results that would have been achieved if the Thomas Medical, MediGroup, and Ostial acquisitions had occurred on January 1, 2011 and the Datascope acquisition had occurred on January 1, 2012, or results that may be obtained in any future period. The pro forma consolidated results of operations do not include the Radial Assist acquisition, as we do not deem the pro forma effect of the transaction to be material. | ||||||||||||||||||||||||
On January 5, 2012, we entered into a Marketing and Distribution Agreement with Scion Cardio-Vascular, Inc. (“Scion”), a Florida corporation, wherein we purchased the exclusive, worldwide right to distribute the Clo-SurPLUS P.A.D.™ for $2.5 million. We made an initial payment of $1.5 million to Scion in January 2012. We made an additional payment of $1.0 million in May 2012 upon reaching a milestone set forth in the purchase agreement. The purchase price was allocated to a distribution agreement for $2.5 million, which we intend to amortize over 12 years. As a result of entering into this agreement, we terminated several exclusive Scion sales distributor agreements where we had previously established direct sales relationships. In connection with the termination of these agreements, we agreed to purchase customer lists from the terminated distributors. The total purchase price of the customer lists was approximately $95,000 and was allocated to other intangible assets in the accompanying consolidated balance sheet as of December 31, 2012. We intend to amortize the customer lists on an accelerated basis over five years. | ||||||||||||||||||||||||
During the year ended December 31, 2012, we purchased several patents for the development of future products. A total charge of approximately $2.5 million related to these asset acquisitions has been recorded to acquired in-process research and development in the accompanying consolidated statements of income for the year ended December 31, 2012, as both technological feasibility of the underlying research and development projects had not yet been reached and such technology had no future alternative use as of the respective date of each asset acquisition. | ||||||||||||||||||||||||
On September 2, 2011, we entered into an Asset Purchase Agreement with Ash Access Technology, Inc. (“Ash Access”), an Indiana corporation, and AAT Catheter Technologies, LLC (“AAT”), an Indiana limited liability corporation (collectively “Ash”), to purchase intellectual property rights with respect to various dialysis catheters. We accounted for this acquisition as a business combination. We made an initial payment of $5.0 million to Ash in September 2011. We are obligated to pay an additional $1.0 million upon reaching a milestone set forth in the purchase agreement and future royalties based on a percentage of related product sales. The acquisition-date fair value of the contingent consideration liability of approximately $1.3 million was included as part of the purchase consideration. Acquisition-related costs during the year ended December 31, 2011, respectively, which are included in selling, general and administrative expense in the accompanying consolidated statements of operations, were not material. During the year ended December 31, 2011, net sales subsequent to the acquisition date related to our dialysis catheter acquired were not material. The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Property and equipment | $ | 73 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 3,200 | |||||||||||||||||||||||
Customer lists | 300 | |||||||||||||||||||||||
Goodwill | 2,697 | |||||||||||||||||||||||
Total assets acquired | $ | 6,270 | ||||||||||||||||||||||
During the year ended December 31, 2012, the goodwill related to the Ash acquisition was increased by approximately $280,000 due to adjustments to the contingent consideration liability. | ||||||||||||||||||||||||
With respect to the assets we acquired from Ash, we intend to amortize developed technology over 15 years and customer lists on an accelerated basis over two years. The total weighted-average amortization period for these acquired intangible assets is nine years. The assets and liabilities related to this acquisition are included in our cardiovascular segment. | ||||||||||||||||||||||||
Pro forma consolidated financial results for the Ash acquisition discussed above have not been included in our consolidated financial results because we believe their effects would not be material. | ||||||||||||||||||||||||
On July 18, 2011, we acquired the intellectual property rights to certain introducer sheath technology. We made an initial payment of $1.0 million in July 2011, and we are obligated to pay an additional $1.0 million upon the earlier of the commercialization of the product or the third anniversary of the effective date of the agreement. The discounted liabilities of $989,000 and $968,000 have been reflected in our consolidated balance sheets in accrued expenses as of December 31, 2013 and as long-term liabilities as of December 31, 2012, respectively. | ||||||||||||||||||||||||
On June 20, 2011, we acquired the intellectual property rights to certain vena cava filter technology. We made an initial payment of $1.0 million in June 2011, and we are obligated to pay up to an additional $3.5 million if certain milestones set forth in the agreement are reached related to further research and development activities and regulatory approval of the vena cava filter. | ||||||||||||||||||||||||
On December 15, 2011, we acquired the intellectual property rights to certain support guide catheter technology. We made an initial payment of $2.0 million in December 2011 and a payment of $1.0 million in May 2012 based on an obligation set forth in the agreement having been met. We paid an additional $1.0 million in January 2013 due to the completion of certain milestones related to regulatory approval of the support guide catheter. | ||||||||||||||||||||||||
The vena cava filter technology, introducer sheath technology, and support guide technology discussed above represented asset acquisitions related to a research and development project and not business combinations. A total charge of approximately $4.9 million related to these acquired in-process research and development assets has been included in the accompanying consolidated statements of operations for the year ended December 31, 2011, as both technological feasibility of the underlying research and development projects had not yet been reached and such technology had no future alternative use as of the respective date of each asset acquisition. During the year ended December 31, 2011, we also abandoned the development of certain biomaterial technology and our covered biliary in-process research and development, resulting in charges of $500,000 and $400,000, respectively. | ||||||||||||||||||||||||
On April 6, 2011, we acquired the manufacturing rights for certain valve technology. We made an initial payment of $500,000 in April 2011 and a final payment of $500,000 in August 2011. We recorded the $1.0 million intangible asset as developed technology for purposes of our consolidated balance sheet and we intend to amortize it over an estimated life of ten years. | ||||||||||||||||||||||||
The goodwill arising from the acquisitions discussed above consists largely of the synergies and economies of scale we hope to achieve from combining the acquired assets and operations with our historical operations (see Note 4). The goodwill recognized from these acquisitions is expected to be deductible for income tax purposes. |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Inventories | ' | |||||||
INVENTORIES | ||||||||
Inventories at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 43,364 | $ | 48,233 | ||||
Work-in-process | 6,222 | 6,051 | ||||||
Raw materials | 32,792 | 30,315 | ||||||
Total | $ | 82,378 | $ | 84,599 | ||||
Goodwill_and_Intangible_Assets
Goodwill and Intangible Assets | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Goodwill and Intangible Assets | ' | |||||||||||
GOODWILL AND INTANGIBLE ASSETS | ||||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, are as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Goodwill balance at January 1 | $ | 175,108 | $ | 61,144 | ||||||||
Adjustment related to previous acquisitions | 381 | 280 | ||||||||||
Additions as the result of acquisitions | 9,016 | 113,684 | ||||||||||
Goodwill balance at December 31 | $ | 184,505 | $ | 175,108 | ||||||||
As of December 31, 2013, we have recorded $8.3 million of accumulated goodwill impairment charges. | ||||||||||||
Other intangible assets at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||||||
2013 | ||||||||||||
Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
Patents | $ | 9,302 | $ | (2,374 | ) | $ | 6,928 | |||||
Distribution agreements | 5,176 | (1,780 | ) | 3,396 | ||||||||
License agreements | 3,783 | (1,249 | ) | 2,534 | ||||||||
Trademarks | 7,622 | (1,844 | ) | 5,778 | ||||||||
Covenants not to compete | 1,029 | (399 | ) | 630 | ||||||||
Customer lists | 20,626 | (10,957 | ) | 9,669 | ||||||||
Royalty agreements | 267 | (267 | ) | — | ||||||||
Total | $ | 47,805 | $ | (18,870 | ) | $ | 28,935 | |||||
2012 | ||||||||||||
Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
Patents | $ | 7,843 | $ | (2,045 | ) | $ | 5,798 | |||||
Distribution agreements | 5,176 | (1,301 | ) | 3,875 | ||||||||
License agreements | 2,733 | (861 | ) | 1,872 | ||||||||
Trademarks | 7,311 | (1,362 | ) | 5,949 | ||||||||
Covenants not to compete | 1,035 | (160 | ) | 875 | ||||||||
Customer lists | 20,468 | (8,038 | ) | 12,430 | ||||||||
Royalty agreements | 267 | (267 | ) | — | ||||||||
Total | $ | 44,833 | $ | (14,034 | ) | $ | 30,799 | |||||
Aggregate amortization expense for the years ended December 31, 2013, 2012 and 2011 was approximately $14.2 million, $7.5 million and $6.0 million, respectively. | ||||||||||||
We evaluate long-lived assets, including amortizing intangible assets, for impairment whenever events or changes in circumstances indicate that their carrying amounts may not be recoverable. We perform the impairment analysis at the asset group for which the lowest level of identifiable cash flows are largely independent of the cash flows of other assets and liabilities. We compared the carrying value of the amortizing intangible assets acquired in our January 2012 acquisition of Ostial to the undiscounted cash flows expected to result from the asset group and determined that the carrying amount was not recoverable. We then determined the fair value of the amortizing assets related to the Ostial acquisition based on estimated future cash flows discounted back to their present value using a discount rate that reflects the risk profiles of the underlying activities. Some of the factors that influenced our estimated cash flows were slower than anticipated sales growth in the products acquired from our Ostial acquisition and uncertainty about future sales growth. The excess of the carrying value compared to the fair value was recognized as an intangible asset impairment charge. During the third quarter of 2013, we recorded an impairment charge of approximately $8.1 million, which was offset by approximately $3.8 million of fair value reductions to the related contingent consideration liability. | ||||||||||||
Estimated amortization expense for the intangible assets for the next five years consists of the following as of December 31, 2013 (in thousands): | ||||||||||||
Year Ending December 31 | ||||||||||||
2014 | $ | 15,189 | ||||||||||
2015 | 14,751 | |||||||||||
2016 | 14,094 | |||||||||||
2017 | 13,678 | |||||||||||
2018 | 13,158 | |||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Income Taxes | ' | |||||||||||
INCOME TAXES | ||||||||||||
For the years ended December 31, 2013, 2012 and 2011, income before income taxes is broken out between U.S. and foreign-sourced operations and consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 5,435 | $ | 15,958 | $ | 21,123 | ||||||
Foreign | 14,404 | 11,660 | 11,752 | |||||||||
Total | $ | 19,839 | $ | 27,618 | $ | 32,875 | ||||||
The components of the provision for income taxes for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense (benefit): | ||||||||||||
Federal | $ | (747 | ) | $ | 5,350 | $ | 5,662 | |||||
State | 333 | 1,014 | 1,001 | |||||||||
Foreign | 2,324 | 995 | 1,491 | |||||||||
Total current expense | 1,910 | 7,359 | 8,154 | |||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 1,089 | 871 | 1,121 | |||||||||
State | 278 | (343 | ) | 74 | ||||||||
Foreign | (8 | ) | 21 | 482 | ||||||||
Total deferred expense | 1,359 | 549 | 1,677 | |||||||||
Total | $ | 3,269 | $ | 7,908 | $ | 9,831 | ||||||
The difference between the income tax expense reported and amounts computed by applying the statutory federal rate of 35.0% to pretax income for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed federal income tax expense at statutory rate of 35% | $ | 6,943 | $ | 9,667 | $ | 11,506 | ||||||
State income taxes | 397 | 436 | 699 | |||||||||
Tax credits | (1,385 | ) | (779 | ) | (778 | ) | ||||||
Production activity deduction | — | (388 | ) | (425 | ) | |||||||
Foreign tax rate differential | (2,374 | ) | (1,419 | ) | (1,297 | ) | ||||||
Uncertain tax positions | (520 | ) | (42 | ) | 281 | |||||||
Deferred compensation insurance assets | (358 | ) | (155 | ) | 88 | |||||||
Other — including the effect of graduated rates | 566 | 588 | (243 | ) | ||||||||
Total income tax expense | $ | 3,269 | $ | 7,908 | $ | 9,831 | ||||||
Deferred income tax assets and liabilities at December 31, 2013 and 2012, consisted of the following temporary differences and carry-forward items (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred income tax assets: | ||||||||||||
Allowance for uncollectible accounts receivable | $ | 342 | $ | 348 | ||||||||
Accrued compensation expense | 5,001 | 3,954 | ||||||||||
Inventory differences | 2,317 | 1,949 | ||||||||||
Net operating loss carry-forwards | 18,060 | 19,622 | ||||||||||
Deferred revenue | 280 | 237 | ||||||||||
Stock-based compensation expense | 2,704 | 2,465 | ||||||||||
Uncertain tax positions | 559 | 709 | ||||||||||
Federal research and development credit carry-forward | 569 | — | ||||||||||
Other | 3,197 | 3,762 | ||||||||||
Total deferred income tax assets | 33,029 | 33,046 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Prepaid expenses | (751 | ) | (757 | ) | ||||||||
Property and equipment | (21,893 | ) | (19,001 | ) | ||||||||
Intangible assets | (3,837 | ) | (4,107 | ) | ||||||||
Other | (1,295 | ) | (1,116 | ) | ||||||||
Total deferred income tax liabilities | (27,776 | ) | (24,981 | ) | ||||||||
Valuation allowance | (1,363 | ) | (1,225 | ) | ||||||||
Net deferred income tax assets | $ | 3,890 | $ | 6,840 | ||||||||
Reported as: | ||||||||||||
Deferred income tax assets - Current | $ | 5,638 | $ | 4,976 | ||||||||
Deferred income tax assets - Long-term | 800 | 4,237 | ||||||||||
Deferred income tax liabilities - Current | — | — | ||||||||||
Deferred income tax liabilities - Long-term | (2,548 | ) | (2,373 | ) | ||||||||
Net deferred income tax assets | $ | 3,890 | $ | 6,840 | ||||||||
The long-term deferred income tax balances are not netted as they represent deferred amounts applicable to different taxing jurisdictions. Deferred income tax balances reflect the temporary differences between the carrying amounts of assets and liabilities and their tax bases and are stated at enacted tax rates expected to be in effect when taxes are actually paid or recovered. The valuation allowance is primarily related to state credit carryforwards and capital losses for which we believe it is more likely than not that the deferred tax assets will not be realized. The valuation allowance increased by approximately $138,000, $864,000, and $361,000 during the years ended December 31, 2013, 2012 and 2011, respectively. | ||||||||||||
We have not provided U.S. deferred income taxes or foreign withholding taxes on the undistributed earnings of certain foreign subsidiaries that are intended to be reinvested indefinitely in operations outside the United States. It is not practical to estimate the amount of additional taxes that might be payable on such undistributed earnings. | ||||||||||||
As of December 31, 2013 and 2012, we had U.S federal net operating loss carryforwards of approximately $52.2 million and $56.0 million, respectively. These net operating loss carryforwards, which expire at various dates through 2030, are subject to an annual limitation under Internal Revenue Code Section 382. We anticipate that we will utilize the net operating loss carryforwards over the next 13 years. We utilized a total of approximately $3.8 million and $8.6 million in U.S. federal net operating loss carryforwards during the year ended December 31, 2013 and 2012, respectively. | ||||||||||||
As of December 31, 2013 and 2012, we had non-U.S. net operating loss carryforwards of approximately $125,000 and $150,000, respectively, which have no expiration date. Non-U.S. net operating loss carryforwards utilized during 2013 and 2012 were not material. | ||||||||||||
On January 2, 2013, the American Taxpayer Relief Act of 2012, which includes a reinstatement of the federal research and development credit for the tax year ended December 31, 2012, was signed into law. As a result, we recognized the retroactive benefit of the federal research and development credit of approximately $600,000 in 2013, the year in which the reinstatement was enacted. | ||||||||||||
We are subject to income taxes in the United States and numerous foreign jurisdictions. Significant judgment is required in determining our worldwide provision for income taxes and recording the related assets and liabilities. In the ordinary course of our business, there are many transactions and calculations where the ultimate tax determination is uncertain. In our opinion, we have made adequate provisions for income taxes for all years subject to audit. We are no longer subject to U.S. federal, state, and local income tax examinations by tax authorities for years before 2010. In foreign jurisdictions, we are no longer subject to income tax examinations for years before 2007. | ||||||||||||
Although we believe our estimates are reasonable, the final outcomes of these matters may be different from those which we have reflected in our historical income tax provisions and accruals. Such differences could have a material effect on our income tax provision and operating results in the period in which we make such determination. | ||||||||||||
The total liability for unrecognized tax benefits at December 31, 2013, including interest and penalties, was approximately $2.3 million, of which approximately $1.7 million would favorably impact our effective tax rate if recognized. Approximately $236,000 of the total liability at December 31, 2013 was presented as a reduction to non-current deferred income tax assets on our consolidated balance sheet as of that date. The total liability for unrecognized tax benefits at December 31, 2012, including interest and penalties, was approximately $2.9 million, of which approximately $2.2 million would favorably impact our effective tax rate if recognized. As of December 31, 2013 and 2012, we had accrued approximately $139,000 and $161,000 respectively, in total interest and penalties related to unrecognized tax benefits. We account for interest and penalties for unrecognized tax benefits as part of our income tax provision. During the years ended December 31, 2013 and 2012, we removed interest and penalties of approximately $22,000 and $215,000, respectively, from our liability for unrecognized tax benefits. The decrease in interest and penalties during 2012 was primarily related to an interest payment to the IRS in order to settle a withholding tax issue related to our acquisition of BioSphere. During the year ended December 31, 2011, we added interest and penalties of approximately $12,000 to our liability for unrecognized tax benefits. We anticipate the total liability for unrecognized tax benefits may be reduced, net of potential increases and decreases due to the expiration of statutes of limitation, by a range of approximately $200,000 to $600,000 within the next 12 months. | ||||||||||||
A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
Tabular Roll-forward | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefits, opening balance | $ | 2,776 | $ | 3,113 | $ | 2,952 | ||||||
Gross increases in tax positions taken in a prior year | 107 | 83 | 347 | |||||||||
Gross increases in tax positions taken in the current year | 236 | 260 | 865 | |||||||||
Settlements with taxing authorities | — | — | (507 | ) | ||||||||
Lapse of applicable statute of limitations | (990 | ) | (680 | ) | (544 | ) | ||||||
Unrecognized tax benefits, ending balance | $ | 2,129 | $ | 2,776 | $ | 3,113 | ||||||
The tabular roll-forward ending balance does not include interest and penalties related to unrecognized tax benefits. During the year ended December 31, 2011, we paid approximately $507,000 to the IRS in order to settle a withholding tax issue related to an acquisition. The payment of the withholding tax did not have a material impact on our consolidated financial statements for the year ended December 31, 2011, as the tax liability had been identified as part of our acquisition accounting of BioSphere and recorded in our consolidated financial statements. |
Accrued_Expenses
Accrued Expenses | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Accrued Expenses | ' | |||||||
ACCRUED EXPENSES | ||||||||
Accrued expenses at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Payroll taxes | $ | 1,816 | $ | 1,893 | ||||
Payroll | 3,474 | 3,141 | ||||||
Bonuses | 5,273 | 5,778 | ||||||
Commissions | 984 | 894 | ||||||
Vacation | 6,280 | 5,066 | ||||||
Royalties | 1,221 | 1,368 | ||||||
Value-added tax | 1,469 | 1,158 | ||||||
Other accrued expenses | 7,185 | 7,971 | ||||||
Total | $ | 27,702 | $ | 27,269 | ||||
Revolving_Credit_Facility_and_
Revolving Credit Facility and Long-Term Debt | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Revolving Credit Facility and Long-Term Debt | ' | |||||||
REVOLVING CREDIT FACILITY AND LONG-TERM DEBT | ||||||||
We entered into an Amended and Restated Credit Agreement, dated December 19, 2012, with the lenders who are or may become party thereto (collectively, the "Lenders") and Wells Fargo Bank, National Association ("Wells Fargo"), as administrative agent for the Lenders, which was amended on October 4, 2013 by a First Amendment to the Amended and Restated Credit Agreement by and among Merit, certain subsidiaries of Merit, the Lenders and Wells Fargo as administrative agent for the Lenders (as amended, the "Credit Agreement"). Pursuant to the terms of the Credit Agreement, the Lenders have agreed to make revolving credit loans up to an aggregate amount of $215 million. The Lenders also made a term loan in the amount of $100 million, repayable in quarterly installments in the amounts provided in the Credit Agreement until the maturity date of December 19, 2017, at which time the term and revolving credit loans, together with accrued interest thereon, will be due and payable. In addition, certain mandatory prepayments are required to be made upon the occurrence of certain events described in the Credit Agreement. Wells Fargo has agreed, upon satisfaction of certain conditions, to make swingline loans from time to time through the maturity date in amounts equal to the difference between the amounts actually loaned by the Lenders and the aggregate revolving credit commitment. The Credit Agreement is collateralized by substantially all of our assets. At any time prior to the maturity date, we may repay any amounts owing under all revolving credit loans, term loans, and all swingline loans in whole or in part, subject to certain minimum thresholds, without premium or penalty, other than breakage costs. | ||||||||
The term loan and any revolving credit loans made under the Credit Agreement bear interest, at our election, at either (i) the base rate (described below) plus 0.25% (subject to adjustment if the Consolidated Total Leverage Ratio, as defined in the Credit Agreement, is at or greater than 2.25 to 1), (ii) the London Inter-Bank Offered Rate (“LIBOR”) Market Index Rate (as defined in the Credit Agreement) plus 1.25% (subject to adjustment if the Consolidated Total Leverage Ratio, as defined in the Credit Agreement, is at or greater than 2.25 to 1), or (iii) the LIBOR Rate (as defined in the Credit Agreement) plus 1.25% (subject to adjustment if the Consolidated Total Leverage Ratio, as defined in the Credit Agreement, is at or greater than 2.25 to 1). Initially, the term loan and revolving credit loans under the Credit Agreement bear interest, at our election, at either (x) the base rate plus 1.00%, (y) the LIBOR Market Index Rate, plus 2.00%, or (z) the LIBOR Rate plus 2.00%. Swingline loans bear interest at the LIBOR Market Index Rate plus 1.25% (subject to adjustment if the Consolidated Total Leverage Ratio, as defined in the Credit Agreement, is at or greater than 2.25 to 1). Initially, swingline loans bear interest at the LIBOR Market Index Rate plus 2.00%. Interest on each loan featuring the base rate or the LIBOR Market Index Rate is due and payable on the last business day of each calendar month; interest on each loan featuring the LIBOR Rate is due and payable on the last day of each interest period selected by us when selecting the LIBOR Rate as the benchmark for interest calculation. For purposes of the Credit Agreement, the base rate means the highest of (i) the prime rate (as announced by Wells Fargo), (ii) the federal funds rate plus 0.50%, and (iii) LIBOR for an interest period of one month plus 1.00%. Our obligations under the Credit Agreement and all loans made thereunder are fully secured by a security interest in our assets pursuant to a separate collateral agreement entered into in conjunction with the Credit Agreement. | ||||||||
The Credit Agreement contains customary covenants, representations and warranties and other terms customary for revolving credit loans of this nature. In this regard, the Credit Agreement requires us to not, among other things, (a) permit the Consolidated Total Leverage Ratio (as defined in the Credit Agreement) to be greater than 4.75 to 1 through the end of 2013, no more than 4.00 to 1 as of the fiscal quarter ending March 31, 2014, no more than 3.75 to 1 as of the fiscal quarter ending June 30, 2014, no more than 3.50 to 1 as of the fiscal quarter ending September 30, 2014, no more than 3.25 to 1 as of the fiscal quarter ending December 31, 2014, no more than 3.00 to 1 as of any fiscal quarter ending during 2015, no more than 2.75 to 1 as of any fiscal quarter ending during 2016, and no more than 2.50 to 1 as of any fiscal quarter ending thereafter; (b) for any period of four consecutive fiscal quarters, permit the ratio of Consolidated EBITDA (as defined in the Credit Agreement and subject to certain adjustments) to Consolidated Fixed Charges (as defined in the Credit Agreement) to be less than 1.75 to 1; (c) subject to certain adjustments, permit Consolidated Net Income (as defined in the Credit Agreement) for certain periods to be less than $0; or (d) subject to certain conditions and adjustments, permit the aggregate amount of all Facility Capital Expenditures (as defined in the Credit Agreement) in any fiscal year beginning in 2013 to exceed $30 million. Additionally, the Credit Agreement contains various negative covenants with which we must comply, including, but not limited to, limitations respecting: the incurrence of indebtedness, the creation of liens or pledges on our assets, mergers or similar combinations or liquidations, asset dispositions, the repurchase or redemption of equity interests or debt, the issuance of equity, the payment of dividends and certain distributions, the entry into related party transactions and other provisions customary in similar types of agreements. As of December 31, 2013, we were in compliance with all covenants set forth in the Credit Agreement. | ||||||||
We had originally entered into an unsecured credit agreement, dated September 30, 2010, with certain lenders who were or became party thereto and Wells Fargo, as administrative agent for the lenders. Pursuant to the terms of that credit agreement, the lenders agreed to make revolving credit loans up to an aggregate amount of $125 million. Wells Fargo also agreed to make swingline loans from time to time through the maturity date of September 10, 2015 in amounts equal to the difference between the amount actually loaned by the lenders and the aggregate credit agreement. The unsecured credit agreement was amended and restated as of December 19, 2012, as the Credit Agreement. | ||||||||
In summary, principal balances under our long-term debt as of December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 92,500 | $ | 100,000 | ||||
Revolving credit loans | 156,354 | 137,566 | ||||||
Total long-term debt | 248,854 | 237,566 | ||||||
Less current portion | 10,000 | 10,000 | ||||||
Long-term portion | $ | 238,854 | $ | 227,566 | ||||
Future minimum principal payments on our long-term debt as of December 31, 2013, are as follows (in thousands): | ||||||||
Years Ending | Future Minimum | |||||||
December 31 | Principal Payments | |||||||
2014 | $ | 10,000 | ||||||
2015 | 10,000 | |||||||
2016 | 10,000 | |||||||
2017 | 218,854 | |||||||
Total future minimum principal payments | $ | 248,854 | ||||||
As of December 31, 2013, we had outstanding borrowings of approximately $248.9 million under the Credit Agreement, with available borrowings of approximately $34.6 million, based on the leverage ratio in the terms of the Credit Agreement. Our interest rate as of December 31, 2013 was a fixed rate of 4.23% on $145.0 million as a result of an interest rate swap (see Note 8), a variable floating rate of 3.42% on $101.5 million and a variable floating rate of 3.50% on approximately $2.4 million. Our interest rate as of December 31, 2012 was a fixed rate of 2.98% on $150.0 million as a result of an interest rate swap, variable floating rate of 2.22% on $87.0 million and a variable floating rate of 2.31% on approximately $566,000. |
Derivatives
Derivatives | 12 Months Ended |
Dec. 31, 2013 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' |
Derivatives | ' |
DERIVATIVES | |
General. Our earnings and cash flows are subject to fluctuations due to changes in interest rates and foreign currency exchange rates, and we seek to mitigate a portion of these risks by entering into derivative contracts. The derivatives we use are an interest rate swap and forward contracts. We recognize derivatives as either assets or liabilities at fair value in the accompanying consolidated balance sheets, regardless of whether or not hedge accounting is applied. We report cash flows arising from our hedging instruments consistent with the classification of cash flows from the underlying hedged items. Accordingly, cash flows associated with our derivative programs are classified as operating activities in the accompanying consolidated statements of cash flows. | |
We formally document, designate and assess the effectiveness of transactions that receive hedge accounting initially and on an ongoing basis. Changes in the fair value of derivatives that qualify for hedge accounting treatment are recorded, net of applicable taxes, in accumulated other comprehensive income (loss), a component of stockholders’ equity in the accompanying consolidated balance sheets. For the ineffective portions of qualifying hedges, the change in fair value is recorded through earnings in the period of change. Changes in the fair value of derivatives not designated as cash flow hedges are recorded in earnings throughout the term of the derivative instrument. | |
Interest Rate Swap. A portion of our debt bears interest at variable interest rates and therefore, we are subject to variability in the cash paid for interest expense. In order to mitigate a portion of this risk, we use a hedging strategy to reduce the variability of cash flows in the interest payments associated with a portion of the variable-rate debt outstanding under our Credit Agreement that is solely due to changes in the benchmark interest rate. | |
On December 19, 2012, we entered into a pay-fixed, receive-variable interest rate swap having an initial notional amount of $150 million with Wells Fargo to fix the one-month LIBOR rate at 0.98%. The variable portion of the interest rate swap is tied to the one-month LIBOR rate (the benchmark interest rate). The interest rates under both the interest rate swap and the underlying debt reset, the swap is settled with the counterparty, and interest is paid, on a monthly basis. The notional amount of the interest rate swap is reduced quarterly by 50% of the minimum principal payment due under the terms of the Credit Agreement. The interest rate swap is scheduled to expire on December 19, 2017. | |
At December 31, 2013 and 2012, our interest rate swap qualified as a cash flow hedge. The fair value of our interest rate swap at December 31, 2013 was an asset of approximately $1.2 million, which was offset by approximately $468,000 in deferred taxes. The fair value of our interest rate swap at December 31, 2012 was a liability of approximately $1.8 million, which was offset by approximately $696,000 in deferred taxes. | |
During the year ended December 31, 2011, we terminated a $55 million pay-fixed receive-variable interest rate swap agreement, which resulted in a cash receipt and gain of approximately $28,000 upon final settlement. | |
During the years ended December 31, 2013, 2012 and 2011, the amount reclassified from accumulated other comprehensive income to earnings due to hedge effectiveness were included in interest expense in the accompanying consolidated statements of income and were not material. | |
Foreign Currency Forward Contracts. On November 29, 2013, we forecasted a net exposure for December 31, 2013 (representing the difference between Euro and GBP-denominated receivables and Euro-denominated payables) of approximately 494,000 Euros and 847,000 GBPs. In order to partially offset such risks at November 29, 2013, we entered into a 30-day forward contract for the Euro and GBP with a notional amount of approximately 494,000 Euros and notional amount of 847,000 GBPs. On November 30, 2012, we forecasted a net exposure for December 31, 2012 (representing the difference between Euro and GBP-denominated receivables and Euro-denominated payables) of approximately 527,000 Euros and 565,000 GBPs. In order to partially offset such risks at November 30, 2012, we entered into a 30-day forward contract for the Euro and GBP with a notional amount of approximately 527,000 Euros and notional amount of 565,000 GBPs. We enter into similar transactions at various times during the year to partially offset exchange rate risks we bear throughout the year. These contracts are marked to market at each month-end. During the years ended December 31, 2013, 2012 and 2011, we recorded a net gain (loss) on all foreign currency transactions of approximately $(202,000), $(11,000) and $221,000, respectively, which is included in other income in the accompanying consolidated statements of income. The fair value of our open positions at December 31, 2013 and 2012 was not material. |
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
COMMITMENTS AND CONTINGENCIES | |||||
We are obligated under non-terminable operating leases for manufacturing facilities, finished good distribution, office space and equipment. Total rental expense on these operating leases and on our manufacturing and office building for the years ended December 31, 2013, 2012 and 2011, approximated $5.5 million, $4.8 million and $4.1 million, respectively. | |||||
The future minimum lease payments for operating leases as of December 31, 2013, consisted of the following (in thousands): | |||||
Years Ending | Operating | ||||
December 31 | Leases | ||||
2014 | $ | 6,569 | |||
2015 | 5,956 | ||||
2016 | 4,974 | ||||
2017 | 4,122 | ||||
2018 | 4,073 | ||||
Thereafter | 36,067 | ||||
Total minimum lease payments | $ | 61,761 | |||
Sale-Leaseback. During the fourth quarter of 2013, we entered into a sale and leaseback transaction with a third-party lessor for the sale and leaseback of our Pearland, Texas facility for $24.0 million. The lease agreement from this sale and leaseback transaction is accounted for as an operating lease. Under the terms of the lease agreement, we will continue to operate and maintain the building. The lease term is 19.8 years. Payments under the lease agreement are fixed. The lease agreement contains standard termination events, including termination upon a breach of our obligation to make rental payments and upon any other material breach of obligations under the lease, and standard maintenance and return condition provisions. | |||||
Irish Government Development Agency Grants. As of December 31, 2013, we had entered into several grant agreements with the Irish Government Development Agency. We have recorded the grants related to research and development projects and costs of hiring and training employees as a reduction of operating expenses for the years ended December 31, 2013, 2012 and 2011 in the amounts of approximately $1.2 million, $424,000 and $261,000, respectively. Grants related to the acquisition of property and equipment purchased in Ireland are amortized as a reduction to depreciation expense over lives corresponding to the depreciable lives of such property and equipment. The balance of deferred credits related to such grants as of December 31, 2013 and 2012, was approximately $3.1 million and $3.0 million, respectively. During the years ended December 31, 2013, 2012 and 2011, approximately $139,000, $174,000 and $106,000, respectively, of the deferred credit was amortized as a reduction of operating expenses. | |||||
We have committed to repay the Irish government for grants received if we were to cease production in Ireland prior to the expiration of the grant liability period. The grant liability period is usually between five and eight years from the last claim made on a grant. As of December 31, 2013, the total amount of grants that could be subject to refund was approximately $5 million. Our management does not currently believe we will have to repay any of these grant monies, as we have no current intention of ceasing operations in Ireland. | |||||
Litigation. In the ordinary course of business, we are involved in various claims and litigation matters. These claims and litigation matters may include actions involving product liability, intellectual property, contractual, and employment matters. We do not believe that any such actions are likely to be, individually or in the aggregate, material to our business, financial condition, results of operations or liquidity. However, in the event of unexpected further developments, it is possible that the ultimate resolution of these matters, or other similar matters, if unfavorable, may be materially adverse to our business, financial condition, results of operations or liquidity. Legal costs for these matters such as outside counsel fees and expenses are charged to expense in the period incurred. | |||||
On April 4, 2013, we commenced litigation against Bard Access Systems, Inc. ("Bard") in the Third Judicial District Court for Salt Lake County, Utah, seeking a determination that Bard had breached a Purchasing Agreement (the "Agreement") we entered into with Specialized Health Products, Inc., which was subsequently acquired by Bard. Our complaint alleges that Bard improperly terminated the Agreement, causing us substantial damages. Bard has denied our claims, and the proceeding is currently in the discovery phase. Given the early stage of the litigation, it is not possible to estimate the potential outcome of the proceeding or the potential range of any loss; however, we intend to vigorously pursue our claims. | |||||
Intellectual property rights, particularly patents, play a significant role in product development and help differentiate competitors in the medical device market. Competing companies may file infringement lawsuits in attempts to bolster their intellectual property portfolios or enhance their financial standing. Intellectual property litigation is time consuming, costly and unpredictable. Monetary judgments, remedies or restitution are often not determined until the conclusion of trial court proceedings, which can be modified on appeal. Accordingly, the outcomes of pending litigation are difficult to predict or quantify. On September 20, 2013, a third party filed suit for patent infringement against us in the United States District Court, District of Delaware, alleging that we infringe certain patents. The patents generally relate to aspiration catheters. The suit is in its early stages and we are still evaluating the complaint and our defenses. |
Earnings_Per_Common_Share_EPS
Earnings Per Common Share (EPS) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ||||||||||
Earnings Per Common Share (EPS) | ' | ||||||||||
EARNINGS PER COMMON SHARE (EPS) | |||||||||||
The computation of weighted average shares outstanding and the basic and diluted earnings per common share for the following periods consisted of the following (in thousands, except per share amounts): | |||||||||||
Net | Shares | Per Share | |||||||||
Income | Amount | ||||||||||
Year ended December 31, 2013: | |||||||||||
Basic EPS | $ | 16,570 | 42,607 | $ | 0.39 | ||||||
Effect of dilutive stock options and warrants | 277 | ||||||||||
Diluted EPS | $ | 16,570 | 42,884 | $ | 0.39 | ||||||
Year ended December 31, 2012: | |||||||||||
Basic EPS | $ | 19,710 | 42,176 | $ | 0.47 | ||||||
Effect of dilutive stock options and warrants | 434 | ||||||||||
Diluted EPS | $ | 19,710 | 42,610 | $ | 0.46 | ||||||
Year ended December 31, 2011: | |||||||||||
Basic EPS | $ | 23,044 | 39,086 | $ | 0.59 | ||||||
Effect of dilutive stock options and warrants | 647 | ||||||||||
Diluted EPS | $ | 23,044 | 39,733 | $ | 0.58 | ||||||
For the years ended December 31, 2013, 2012 and 2011, approximately 1,823,000, 1,588,000 and 909,000, respectively, of stock options were not included in the computation of diluted earnings per share because their effect would have been anti-dilutive. |
Employee_Stock_Purchase_Plan_S
Employee Stock Purchase Plan Stock Options and Warrants | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Employee Stock Purchase Plan Stock Options and Warrants | ' | |||||||||||||||||||||
EMPLOYEE STOCK PURCHASE PLAN STOCK OPTIONS AND WARRANTS. | ||||||||||||||||||||||
Our stock-based compensation primarily consists of the following plans: | ||||||||||||||||||||||
2006 Long-Term Incentive Plan. In May 2006, our Board of Directors adopted and our shareholders approved, the Merit Medical Systems, Inc. 2006 Long-Term Incentive Plan (the “2006 Incentive Plan”). The 2006 Incentive Plan provides for the granting of stock options, stock appreciation rights, restricted stock, stock units (including restricted stock units) and performance awards. Options may be granted to directors, officers, outside consultants and key employees and may be granted upon such terms and such conditions as the Compensation Committee of our Board of Directors determines. Options will typically vest on an annual basis over a three to five year life (or one year if performance based) with contractual lives of seven to ten years. As of December 31, 2013, a total of approximately 1.1 million shares remained available to be issued under the 2006 Incentive Plan. | ||||||||||||||||||||||
Employee Stock Purchase Plan. We have a qualified and a non-qualified Employee Stock Purchase Plan (“ESPP”), which has an expiration date of June 30, 2016. As of December 31, 2013, the total number of shares of Common Stock that remained available to be issued under our qualified plan was approximately 229,000 shares and 60,000 shares for our non-qualified plan. ESPP participants purchase shares on a quarterly basis at a price equal to 95% of the market price of the Common Stock at the end of the applicable offering period. | ||||||||||||||||||||||
Stock-Based Compensation Expense. The stock-based compensation expense before income tax expense for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Cost of goods sold | $ | 145 | $ | 245 | $ | 241 | ||||||||||||||||
Research and development | 87 | 119 | 86 | |||||||||||||||||||
Selling, general, and administrative | 1,235 | 1,553 | 1,317 | |||||||||||||||||||
Stock-based compensation expense before taxes | $ | 1,467 | $ | 1,917 | $ | 1,644 | ||||||||||||||||
We recognize stock-based compensation expense (net of a forfeiture rate) for those awards which are expected to vest on a straight-line basis over the requisite service period. We estimate the forfeiture rate based on our historical experience and expectations about future forfeitures. As of December 31, 2013, the total remaining unrecognized compensation cost related to non-vested stock options, net of expected forfeitures, was approximately $4.2 million and is expected to be recognized over a weighted average period of 3.3 years. | ||||||||||||||||||||||
In applying the Black-Scholes methodology to the option grants, the fair value of our stock-based awards granted were estimated using the following assumptions for the periods indicated below: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Risk-free interest rate | 0.65% | - | 1.16% | 0.54% | - | 0.95% | 0.68% | - | 1.34% | |||||||||||||
Expected option life | 4.2 | - | 6.0 years | 4.2 | - | 6.0 years | 4.2 | - | 6.0 years | |||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected price volatility | 34.08% | - | 41.67% | 42.01% | - | 44.56% | 42.11% | - | 45.29% | |||||||||||||
The average risk-free interest rate is determined using the U.S. Treasury rate in effect as of the date of grant, based on the expected term of the stock option. We determine the expected term of the stock options using the historical exercise behavior of employees. The expected price volatility was determined using a weighted average of daily historical volatility of our stock price over the corresponding expected option life and implied volatility based on recent trends of the daily historical volatility. For options with a vesting period, compensation expense is recognized on a straight-line basis over the service period, which corresponds to the vesting period. Compensation expense is recognized immediately for options that are fully vested on the date of grant. During the years ended December 31, 2013, 2012 and 2011, approximately 348,000, 128,000 and 844,000 stock-based compensation grants were made, respectively, for a total fair value of approximately $1.4 million, $677,000 and $4.3 million, net of estimated forfeitures, respectively. | ||||||||||||||||||||||
The table below presents information related to stock option activity for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,649 | $ | 3,472 | $ | 9,433 | ||||||||||||||||
Cash received from stock option exercises | 3,281 | 3,325 | 7,197 | |||||||||||||||||||
Excess tax benefit from the exercise of stock options | 259 | 877 | 3,122 | |||||||||||||||||||
Changes in stock options for the year ended December 31, 2013, consisted of the following (shares and intrinsic value in thousands): | ||||||||||||||||||||||
Number | Weighted Average | Remaining Contractual | Intrinsic | |||||||||||||||||||
of Shares | Exercise Price | Term (in years) | Value | |||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||
Beginning balance | 3,535 | $ | 12.55 | |||||||||||||||||||
Granted | 348 | 12.08 | ||||||||||||||||||||
Exercised | (368 | ) | 10.1 | |||||||||||||||||||
Forfeited/expired | (507 | ) | 16.43 | |||||||||||||||||||
Outstanding at December 31 | 3,008 | 12.14 | 2.9 | $ | 10,823 | |||||||||||||||||
Exercisable | 2,075 | 11.73 | 1.9 | 8,312 | ||||||||||||||||||
Ending vested and expected to vest | 2,991 | 12.14 | 2.9 | 10,772 | ||||||||||||||||||
The weighted average grant-date fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was $4.01, $5.31 and $5.28, respectively. | ||||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013 (shares in thousands): | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of Exercise | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | |||||||||||||||||
$ | 9.58 | - | $11.05 | 764 | 1.93 | $ | 9.96 | 639 | $ | 9.97 | ||||||||||||
$ | 11.41 | - | $12.02 | 859 | 1.25 | 11.68 | 859 | 11.68 | ||||||||||||||
$ | 12.1 | - | $13.75 | 1,094 | 4.9 | 13.53 | 367 | 13.6 | ||||||||||||||
$ | 13.77 | - | $15.12 | 291 | 3 | 14.03 | 210 | 14.08 | ||||||||||||||
$ | 9.58 | - | $15.12 | 3,008 | 2,075 | |||||||||||||||||
Segment_Reporting_and_Foreign_
Segment Reporting and Foreign Operations | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Segment Reporting and Foreign Operations | ' | ||||||||||||||||||||
SEGMENT REPORTING AND FOREIGN OPERATIONS | |||||||||||||||||||||
We report our operations in two operating segments: cardiovascular and endoscopy. Our cardiovascular segment consists of cardiology and radiology medical device products which assist in diagnosing and treating coronary artery disease, peripheral vascular disease and other non-vascular diseases and includes embolization devices and the CRM/EP devices we acquired through our acquisition of Thomas Medical. Our endoscopy segment consists of gastroenterology and pulmonology medical device products which assist in the palliative treatment of expanding esophageal, tracheobronchial and biliary strictures caused by malignant tumors. We evaluate the performance of our operating segments based on operating income (loss). Listed below are the sales by business segment for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||
% Change | 2013 | % Change | 2012 | % Change | 2011 | ||||||||||||||||
Cardiovascular | |||||||||||||||||||||
Stand-alone devices | 10 | % | $ | 125,445 | 12 | % | $ | 114,242 | 15 | % | $ | 101,959 | |||||||||
Custom kits and procedure trays | 10 | % | 103,700 | 3 | % | 94,586 | 11 | % | 91,532 | ||||||||||||
Inflation devices | (4 | )% | 66,182 | 2 | % | 68,979 | 8 | % | 67,353 | ||||||||||||
Catheters | 16 | % | 75,131 | 17 | % | 64,878 | 23 | % | 55,357 | ||||||||||||
Embolization devices | (1 | )% | 33,395 | 8 | % | 33,870 | 247 | % | 31,229 | ||||||||||||
CRM/EP | 1,359 | % | 28,271 | — | % | 1,938 | — | % | — | ||||||||||||
Total | 14 | % | 432,124 | 9 | % | 378,493 | 21 | % | 347,430 | ||||||||||||
Endoscopy | |||||||||||||||||||||
Endoscopy devices | 7 | % | 16,925 | 31 | % | 15,795 | 33 | % | 12,019 | ||||||||||||
Total | 14 | % | $ | 449,049 | 10 | % | $ | 394,288 | 21 | % | $ | 359,449 | |||||||||
During the years ended December 31, 2013, 2012 and 2011, we had foreign sales of approximately $165.8 million, $146.3 million and $125.9 million, respectively, or approximately 37%, 37% and 35%, respectively, of total sales, primarily in China, Japan, Germany, France, the United Kingdom and Russia. Foreign sales are attributed based on location of the customer receiving the product. | |||||||||||||||||||||
Our long-lived assets by geographic area at December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
United States | $ | 178,130 | $ | 176,644 | $ | 134,393 | |||||||||||||||
Ireland | 50,274 | 48,182 | 36,008 | ||||||||||||||||||
Other foreign countries | 14,866 | 9,977 | 8,739 | ||||||||||||||||||
Total | $ | 243,270 | $ | 234,803 | $ | 179,140 | |||||||||||||||
Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Revenues | |||||||||||||||||||||
Cardiovascular | $ | 432,124 | $ | 378,493 | $ | 347,430 | |||||||||||||||
Endoscopy | 16,925 | 15,795 | 12,019 | ||||||||||||||||||
Total revenues | 449,049 | 394,288 | 359,449 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||
Cardiovascular | 157,479 | 142,089 | 122,600 | ||||||||||||||||||
Endoscopy | 9,044 | 10,262 | 9,678 | ||||||||||||||||||
Total operating expenses | 166,523 | 152,351 | 132,278 | ||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||
Cardiovascular | 26,597 | 30,411 | 38,010 | ||||||||||||||||||
Endoscopy | 1,247 | (770 | ) | (4,820 | ) | ||||||||||||||||
Total operating income | 27,844 | 29,641 | 33,190 | ||||||||||||||||||
Total other expense - net | (8,005 | ) | (2,023 | ) | (315 | ) | |||||||||||||||
Income tax expense | 3,269 | 7,908 | 9,831 | ||||||||||||||||||
Net income | $ | 16,570 | $ | 19,710 | $ | 23,044 | |||||||||||||||
Total assets by business segment at December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 716,659 | $ | 692,689 | $ | 434,747 | |||||||||||||||
Endoscopy | 11,624 | 12,620 | 12,270 | ||||||||||||||||||
Total | $ | 728,283 | $ | 705,309 | $ | 447,017 | |||||||||||||||
Total depreciation and amortization by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 31,594 | $ | 21,441 | $ | 18,219 | |||||||||||||||
Endoscopy | 948 | 1,093 | 975 | ||||||||||||||||||
Total | $ | 32,542 | $ | 22,534 | $ | 19,194 | |||||||||||||||
Total capital expenditures by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 59,421 | $ | 64,059 | $ | 58,775 | |||||||||||||||
Endoscopy | 84 | 584 | 420 | ||||||||||||||||||
Total | $ | 59,505 | $ | 64,643 | $ | 59,195 | |||||||||||||||
Royalty_Agreements
Royalty Agreements | 12 Months Ended |
Dec. 31, 2013 | |
Royalty Agreements [Abstract] | ' |
Royalty Agreements | ' |
ROYALTY AGREEMENTS | |
During 2007, in connection with the purchase of the ProGuide™ chronic dialysis catheter from Datascope, we entered into a running royalty agreement as partial consideration of the assignment of acquired intellectual property to us. Under this agreement, we agreed to pay Datascope a royalty of 5% of net sales, with annual minimum royalty payments of $50,000 for calendar years 2009 through 2013. During each of the years ended December 31, 2013, 2012 and 2011, we paid or accrued a royalty of $50,000 under this agreement. Our fiscal royalty payments under this agreement will cease after February 2014. | |
During 2010, in connection with our acquisition of BioSphere, we entered into a running royalty agreement as part of a partnership between BioSphere and L’Assistance Publique-Hôpitaux de Paris, referred to as “AP-HP,” pursuant to which AP-HP has granted us the exclusive license to use two United States patents and their foreign counterparts that we jointly own with AP-HP relating to microspheres. We are required to pay to AP-HP a royalty on the commercial sale of any products that incorporate technology covered by the subject patents. We may sublicense these exclusive rights under the agreement only with the prior written consent of AP-HP, which consent cannot be unreasonably withheld. Under the terms of the royalty agreement, our exclusive license extends for both (i) the term of jointly owned U.S. and foreign counterpart patents and (ii) as long as the products and specialties implementing the patents are marketed. BioSphere filed patent applications which, if issued, will expire in approximately January 2031. The royalty rate in the agreement is 5.0% of net sales until the patents expire, and 2.5% of net sales thereafter as long as the product is sold. We paid or accrued approximately $1.3 million, $1.4 million and $1.3 million in royalty payments to AP-HP for the years ended December 31, 2013, 2012 and 2011, respectively, after the BioSphere acquisition. | |
See Note 2 for a discussion of additional future royalty commitments related to acquisitions. |
Employee_Benefit_Plans
Employee Benefit Plans | 12 Months Ended |
Dec. 31, 2013 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' |
Employee Benefit Plans | ' |
EMPLOYEE BENEFIT PLANS | |
We have a contributory 401(k) savings and profit sharing plan (the “Plan”) covering all U.S. full-time employees who are at least 18 years of age. The Plan has a 90-day minimum service requirement. We may contribute, at our discretion, matching contributions based on the employees’ compensation. Contributions we made to the Plan for the years ended December 31, 2013, 2012 and 2011, totaled approximately $429,000, $1.5 million and $1.2 million, respectively. We have defined contribution plans covering some of our foreign employees. We contribute between three percent and 31% of the employee’s compensation for certain foreign non-management employees, and between ten percent and 31% of the employee’s compensation for certain foreign management employees. Contributions made to these plans for the years ended December 31, 2013, 2012 and 2011, totaled approximately $748,000, $724,000 and $469,000, respectively. |
Quarterly_Results_of_Operation
Quarterly Results of Operations (Unaudited) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Quarterly Results of Operations (Unaudited) | ' | |||||||||||||||
QUARTERLY RESULTS OF OPERATIONS (UNAUDITED) | ||||||||||||||||
Quarterly data for the years ended December 31, 2013 and 2012 consisted of the following (in thousands, except per share amounts): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 103,948 | $ | 109,875 | $ | 115,210 | $ | 120,016 | ||||||||
Gross profit | 42,993 | 46,985 | 51,030 | 53,359 | ||||||||||||
Income from operations | 1,757 | 6,780 | 8,391 | 10,916 | ||||||||||||
Income tax expense (benefit) | (459 | ) | 1,253 | 833 | 1,642 | |||||||||||
Net income | 671 | 3,752 | 5,607 | 6,540 | ||||||||||||
Basic earnings per common share | 0.02 | 0.09 | 0.13 | 0.15 | ||||||||||||
Diluted earnings per common share | 0.02 | 0.09 | 0.13 | 0.15 | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 95,618 | $ | 100,532 | $ | 95,907 | $ | 102,231 | ||||||||
Gross profit | 44,170 | 47,024 | 45,335 | 45,463 | ||||||||||||
Income from operations | 8,007 | 8,222 | 9,082 | 4,330 | ||||||||||||
Income tax expense | 2,169 | 2,719 | 1,811 | 1,209 | ||||||||||||
Net income | 5,748 | 6,095 | 7,226 | 641 | ||||||||||||
Basic earnings per common share | 0.14 | 0.14 | 0.17 | 0.02 | ||||||||||||
Diluted earnings per common share | 0.14 | 0.14 | 0.17 | 0.01 | ||||||||||||
Basic and diluted earnings per share are computed independently for each of the quarters presented. Therefore, the sum of the quarterly amounts may not equal the total computed for the year. |
Fair_Value_Measurements
Fair Value Measurements | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Fair Value Measurements | ' | ||||||||||||||||
FAIR VALUE MEASUREMENTS | |||||||||||||||||
Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2013 and 2012, consisted of the following (in thousands): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total Fair | Quoted prices in | Significant other | Significant | ||||||||||||||
Value at | active markets | observable inputs | Unobservable inputs | ||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap (1) | $ | 1,203 | $ | — | $ | 1,203 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Total Fair | Quoted prices in | Significant other | Significant | ||||||||||||||
Value at | active markets | observable inputs | Unobservable inputs | ||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap (1) | $ | (1,788 | ) | $ | — | $ | (1,788 | ) | $ | — | |||||||
(1) The fair value of the interest rate swap is determined based on forward yield curves. | |||||||||||||||||
Certain of our business combinations involve the potential for the payment of future contingent consideration, generally based on a percentage of future product sales or upon attaining specified future revenue milestones. See Note 2 for further information regarding these acquisitions. The contingent consideration liability is re-measured at the estimated fair value at each reporting period with the change in fair value recognized within selling, general, and administrative expenses in the accompanying consolidated statements of income. We measure the initial liability and re-measure the liability on a recurring basis using Level 3 inputs as defined under authoritative guidance for fair value measurements. Changes in the fair value of our contingent consideration liability during the years ended December 31, 2013 and 2012, consisted of the following (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 6,697 | $ | 1,290 | |||||||||||||
Contingent consideration liability recorded as the result of acquisitions (see Note 2) | — | 4,704 | |||||||||||||||
Initial purchase price adjustments finalized over the period (see Note 2) | — | 280 | |||||||||||||||
Fair value adjustments recorded to (income) expense during the period | (4,094 | ) | 480 | ||||||||||||||
Contingent payments made | (77 | ) | (57 | ) | |||||||||||||
Ending balance | $ | 2,526 | $ | 6,697 | |||||||||||||
The recurring Level 3 measurement of our contingent consideration liability includes the following significant unobservable inputs at December 31, 2013 and 2012 (amount in thousands): | |||||||||||||||||
Contingent consideration liability | Fair value at December 31, 2013 | Valuation technique | Unobservable inputs | Range | |||||||||||||
Revenue-based payments | $ | 2,282 | Discounted cash flow | Discount rate | 11% - 15% | ||||||||||||
Probability of milestone payment | 90% | ||||||||||||||||
Projected year of payments | 2014-2028 | ||||||||||||||||
Other payments | $ | 244 | Discounted cash flow | Discount rate | 5.40% | ||||||||||||
Probability of milestone payment | 100% | ||||||||||||||||
Projected year of payments | 2014-2016 | ||||||||||||||||
Contingent consideration liability | Fair value at December 31, 2012 | Valuation technique | Unobservable inputs | Range | |||||||||||||
Revenue-based payments | $ | 6,370 | Discounted cash flow | Discount rate | 10% - 14.5% | ||||||||||||
Probability of milestone payment | 90% | ||||||||||||||||
Projected year of payments | 2013-2028 | ||||||||||||||||
Other payments | $ | 327 | Discounted cash flow | Discount rate | 4.50% | ||||||||||||
Probability of milestone payment | 100% | ||||||||||||||||
Projected year of payments | 2013-2015 | ||||||||||||||||
The contingent consideration liability is re-measured to fair value each reporting period using projected revenues, discount rates, probabilities of payment, and projected payment dates. Projected contingent payment amounts are discounted back to the current period using a discounted cash flow model. Projected revenues are based on our most recent internal operational budgets and long-range strategic plans. Increases (decreases) in discount rates and the time to payment may result in lower (higher) fair value measurements. A decrease in the probability of any milestone payment may result in lower fair value measurements. An increase (decrease) in either the discount rate or the time to payment, in isolation, may result in a significantly lower (higher) fair value measurement. | |||||||||||||||||
Our determination of the fair value of the contingent consideration liability could change in future periods based upon our ongoing evaluation of these significant unobservable inputs. We intend to record any such change in fair value to selling, general, and administrative expenses in our consolidated statements of income. As of December 31, 2013, approximately $2.3 million was included in other long-term obligations and $274,000 was included in accrued expenses in our consolidated balance sheet. As of December 31, 2012, approximately $5.9 million was included in other long-term obligations and $723,000 was included in accrued expenses in our consolidated balance sheet. The cash paid to settle the contingent consideration liability recognized at fair value as of the acquisition date (including measurement-period adjustments) has been reflected as a cash outflow from financing activities in the accompanying consolidated statements of cash flows. | |||||||||||||||||
During the years ended December 31, 2013, 2012 and 2011, we had losses of approximately $8.2 million, $55,000, and $103,000, respectively, related to the measurement of non-financial assets at fair value on a nonrecurring basis subsequent to their initial recognition. Of the total loss in 2013, approximately $8.1 million related to the impairment of our intangible assets related to our Ostial acquisition (see Note 4) during the quarter ended September 30, 2013. The non-recurring fair values of the Ostial intangible assets as of September 30, 2013 were approximately $1.5 million for developed technology and $160,000 for other intangible assets. The fair value of these non-financial assets was measured using Level 3 inputs. | |||||||||||||||||
During the quarter ended December 31, 2012, we recognized an impairment charge of approximately $2.4 million, which is included in other expense in the accompanying consolidated statement of income, related to an investment in a privately-held company accounted for at cost. As of December 31, 2012, there was no remaining cost included in our consolidated balance sheets related to this investment, which we deemed to be an appropriate valuation methodology due to the financial position of the investee. | |||||||||||||||||
The carrying amount of cash and cash equivalents, receivables, and trade payables approximates fair value because of the immediate, short-term maturity of these financial instruments. The carrying amount of long-term debt approximates fair value, as determined by borrowing rates estimated to be available to us for debt with similar terms and conditions. The fair value of assets and liabilities whose carrying value approximates fair value is determined using Level 2 inputs, with the exception of cash and cash equivalents (Level 1). |
Stockholders_Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2013 | |
Stockholders' Equity Note [Abstract] | ' |
Stockholders' Equity | ' |
STOCKHOLDERS' EQUITY | |
Issuance of Common Stock. On June 22, 2011, we completed an equity public offering of 5,520,000 shares of Common Stock and received proceeds of approximately $87.7 million, which is net of approximately $4.6 million in underwriting discounts and commissions and approximately $127,000 in other direct costs incurred and paid by us in connection with this equity offering. | |
Stock Split. On April 21, 2011, our Board of Directors authorized a 5-for-4 forward stock split of our Common Stock, which was effected in the form of a stock dividend of one share of Common Stock for every four shares of Common Stock outstanding on the record date. On May 5, 2011, we completed the forward stock split through a stock dividend to shareholders of record as of May 2, 2011. Our Board of Directors also made corresponding adjustments to the number of shares subject to, and the exercise price of, outstanding options and other rights to acquire shares of our Common Stock. All earnings per common share and common share data set forth in the foregoing consolidated financial statements (and notes thereto) have been adjusted to reflect the split. |
Schedule_II_Valuation_and_qual
Schedule II - Valuation and qualifying accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | ' | ||||||||||||||||
Schedule II - Valuation and qualifying accounts | ' | ||||||||||||||||
(2) Financial Statement Schedule. | |||||||||||||||||
— Schedule II - Valuation and qualifying accounts | |||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Description | Balance at | Additions Charged to | Deduction (b) | Balance at | |||||||||||||
Beginning of Year | Costs and Expenses (a) | End of Year | |||||||||||||||
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS: | |||||||||||||||||
2011 | $ | (593 | ) | $ | (12 | ) | $ | 141 | $ | (464 | ) | ||||||
2012 | (464 | ) | (545 | ) | 117 | (892 | ) | ||||||||||
2013 | (892 | ) | (376 | ) | 428 | (840 | ) | ||||||||||
(a) We record a bad debt provision based upon historical experience and a review of individual customer balances. | |||||||||||||||||
(b) When an individual customer balance becomes impaired and is deemed uncollectible a deduction is made against the allowance for uncollectible accounts. | |||||||||||||||||
Years Ended December 31, 2013, 2012 and 2011 | |||||||||||||||||
(In thousands) | |||||||||||||||||
Description | Balance at | Additions Charged to | Deduction | Balance at | |||||||||||||
Beginning of Year | Costs and Expenses (c) | End of Year | |||||||||||||||
TAX VALUATION ALLOWANCE: | |||||||||||||||||
2011 | $ | — | $ | (361 | ) | $ | — | $ | (361 | ) | |||||||
2012 | (361 | ) | (864 | ) | — | (1,225 | ) | ||||||||||
2013 | (1,225 | ) | (138 | ) | — | (1,363 | ) | ||||||||||
(c) We record a valuation allowance against a deferred tax asset when it is determined that it is more likely than not that the deferred tax asset will not be realized. |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies Accounting Policies (Policies) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Use of Estimates, Policy | ' | |||
Use of Estimates in Preparing Financial Statements. The preparation of financial statements in conformity with accounting principles generally accepted in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. | ||||
Consolidation, Policy | ' | |||
Principles of Consolidation. The consolidated financial statements include our wholly-owned subsidiaries. Intercompany balances and transactions have been eliminated. | ||||
Cash and Cash Equivalents, Policy | ' | |||
Cash and Cash Equivalents. For purposes of the statements of cash flows, we consider interest bearing deposits with an original maturity date of three months or less to be cash equivalents. | ||||
Receivables, Policy | ' | |||
Receivables. The allowance for uncollectible accounts receivable is based on our historical bad debt experience and on management’s evaluation of our ability to collect individual outstanding balances. | ||||
Inventory, Policy | ' | |||
Inventories. We value our inventories at the lower of cost, determined on a first-in, first-out method, or market value. Market value for raw materials is based on replacement costs. Inventory costs include material, labor and manufacturing overhead. We review inventories on hand at least quarterly and record provisions for estimated excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of net realizable value. The regular and systematic inventory valuation reviews include a current assessment of future product demand, historical experience and product expiration. | ||||
Goodwill and Intangible Assets, Policy | ' | |||
Goodwill and Intangible Assets. We test goodwill balances as of July 1 for impairment on an annual basis during the third quarter, or whenever impairment indicators arise. We utilize several reporting units in evaluating goodwill for impairment. We assess the estimated fair value of reporting units using a combination of a market-based approach with a guideline public company method and a discounted cash flow methodology. If the carrying amount of a reporting unit exceeds the fair value of the reporting unit, an impairment charge is recognized in an amount equal to the excess of the carrying amount of the reporting unit goodwill over the implied fair value of that goodwill. | ||||
We evaluate the recoverability of intangible assets periodically and take into account events or circumstances that warrant revised estimates of useful lives or that indicate that impairment exists. All of our intangible assets are subject to amortization. Intangible assets are amortized on a straight-line basis, except for customer lists, which are generally amortized on an accelerated basis, over the following useful lives: | ||||
Customer lists | 2 | - | 15 years | |
Developed technology | 5 | - | 15 years | |
Distribution agreements | 4 | - | 12 years | |
License agreements and trademarks | 5 | - | 15 years | |
Covenant not to compete | 3 | - | 10 years | |
Patents | 17 years | |||
Royalty agreements | 5 years | |||
Impairment or Disposal of Long-Lived Assets, Policy | ' | |||
Long-Lived Assets. We periodically review the carrying amount of our long-lived assets for impairment. An asset is considered impaired when estimated future cash flows are less than the carrying amount of the asset. In the event the carrying amount of such asset is not considered recoverable, the asset is adjusted to its fair value. Fair value is generally determined based on discounted future cash flow. There were no impairments of long-lived assets during the years ended December 31, 2013, 2012 and 2011. | ||||
Property, Plant and Equipment, Policy | ' | |||
Property and Equipment. Property and equipment is stated at the historical cost of construction or purchase. Construction costs include interest costs capitalized during construction. Maintenance and repairs of property and equipment are charged to operations as incurred. Leasehold improvements are amortized over the lesser of the base term of the lease or estimated life of the leasehold improvements. Construction-in-process consists of new buildings and various production equipment being constructed internally and externally. Assets in construction-in-process will commence depreciating once the asset has been placed in service. Depreciation is computed using the straight-line method over estimated useful lives as follows: | ||||
Buildings | 40 years | |||
Manufacturing equipment | 4 | - | 20 years | |
Furniture and fixtures | 3 | - | 20 years | |
Land improvements | 10 | - | 20 years | |
Leasehold improvements | 4 | - | 25 years | |
Deferred compensation policy text block | ' | |||
Deferred Compensation. We have a deferred compensation plan that permits certain management employees to defer a portion of their salary until the future. We established a Rabbi trust to finance obligations under the plan with corporate-owned variable life insurance contracts. | ||||
Investment, Policy | ' | |||
Marketable Securities. Marketable securities consisted entirely of available-for-sale equity securities. As of December 31, 2011, these equity securities had a cost basis of approximately $2.5 million, fair value of approximately $2.8 million, and gross unrealized gains that were included in accumulated other comprehensive income of approximately $295,000. There were no marketable securities held as of December 31, 2013 or December 31, 2012. | ||||
Other assets policy text block | ' | |||
Other Assets. Other assets consist of our deferred compensation plan cash surrender value discussed above, unamortized debt issuance costs, two investments in privately-held companies accounted for at cost, a long-term income tax refund receivable, and deposits related to various leases. | ||||
Deferred credits | ' | |||
Deferred Credits. Deferred credits consist of grant money received from the Irish government. Grant money is received for a percentage of expenditures on eligible property and equipment, specific research and development projects and costs of hiring and training employees. Amounts related to the acquisition of property and equipment are amortized as a reduction of depreciation expense over the lives of the corresponding property and equipment. | ||||
Revenue Recognition, Policy | ' | |||
Revenue Recognition. We sell our single-use disposable medical products through a direct sales force in the U.S., through OEM relationships, custom procedure tray manufacturers and a combination of direct sales force and independent distributors in international markets. Revenues from these customers are recognized when all of the following have occurred: (i) persuasive evidence of an arrangement exists, (ii) delivery has occurred or services have been rendered, (iii) the price is fixed or determinable and (iv) the ability to collect is reasonably assured. These criteria are generally satisfied at the time of shipment when risk of loss and title passes to the customer. We have certain written agreements with group purchasing organizations to sell our products to participating hospitals. These agreements have destination shipping terms which require us to defer the recognition of a sale until the product has arrived at the participating hospitals. We reserve for sales returns, including returns related to defective products (i.e. warranty liability), as a reduction in net sales, based on our historical experience. We also offer sales rebates and discounts to purchasing groups. These reserves are recorded as a reduction in net sales and are not considered material to our consolidated statements of income for the years ended December 31, 2013, 2012 and 2011. In addition, we invoice our customers for taxes assessed by governmental authorities such as sales tax and value added taxes. We present these taxes on a net basis. | ||||
Shipping and Handling Cost, Policy | ' | |||
Shipping and Handling. We bill our customers for shipping and handling charges, which are included in net sales for the applicable period, and the corresponding shipping and handling expense is reported in cost of sales. | ||||
Cost of Sales, Policy | ' | |||
Cost of Sales. We include product costs (i.e. material, direct labor and overhead costs), shipping and handling expense, product royalty expense, developed technology amortization expense, production-related depreciation expense and product license agreement expense in cost of sales. | ||||
Research and Development Expense, Policy | ' | |||
Research and Development. Research and development costs are expensed as incurred. | ||||
Income Tax, Policy | ' | |||
Income Taxes. We utilize an asset and liability approach for financial accounting and reporting for income taxes. Deferred income taxes are provided for temporary differences in the basis of assets and liabilities as reported for financial statement and income tax purposes. Deferred income taxes reflect the tax effects of net operating loss and tax credit carryovers and temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Realization of certain deferred tax assets is dependent upon future earnings, if any. We make estimates and judgments in determining the need for a provision for income taxes, including the estimation of our taxable income for each full fiscal year. | ||||
Earnings Per Share, Policy | ' | |||
Earnings per Common Share. Net income per common share is computed by both the basic method, which uses the weighted average number of our common shares outstanding and the diluted method, which includes the dilutive common shares from stock options and warrants, as calculated using the treasury stock method. | ||||
Fair Value of Financial Instruments, Policy | ' | |||
Fair Value Measurements. The fair value of a financial instrument is the amount that could be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. Financial assets are marked to bid prices and financial liabilities are marked to offer prices. Fair value measurements do not include transaction costs. A fair value hierarchy is used to prioritize the quality and reliability of the information used to determine fair values. Categorization within the fair value hierarchy is based on the lowest level of input that is significant to the fair value measurement. The fair value hierarchy is defined into the following three categories: | ||||
Level 1: Quoted market prices in active markets for identical assets or liabilities. | ||||
Level 2: Observable market-based inputs or inputs that are corroborated by market data. | ||||
Level 3: Unobservable inputs that are not corroborated by market data. | ||||
Share-based Compensation, Option and Incentive Plans Policy | ' | |||
Stock-Based Compensation. We recognize the fair value compensation cost relating to share-based payment transactions in accordance with Accounting Standards Codification (“ASC”) 718, Compensation — Stock Compensation. Under the provisions of ASC 718, share-based compensation cost is measured at the grant date, based on the fair value of the award and is recognized over the employee’s requisite service period, which is generally the vesting period. The fair value of our stock options is estimated using a Black-Scholes option valuation model. | ||||
Concentration of Credit Risk | ' | |||
Concentration of Credit Risk. Financial instruments that potentially subject us to concentrations of credit risk consist primarily of cash and cash equivalents and accounts receivable. We provide credit, in the normal course of business, primarily to hospitals and independent third-party custom procedure tray manufacturers and distributors. We perform ongoing credit evaluations of our customers and maintain allowances for potential credit losses. | ||||
Foreign Currency Transactions and Translations Policy | ' | |||
Foreign Currency. The financial statements of our foreign subsidiaries are measured using local currencies as the functional currency, with the exception of Ireland which uses the U.S. Dollar as its functional currency. Assets and liabilities are translated into U.S. Dollars at year-end rates of exchange and results of operations are translated at average rates for the year. Gains and losses resulting from these translations are included in accumulated other comprehensive income (loss) as a separate component of stockholders’ equity. Foreign currency transactions denominated in a currency other than the entity’s functional currency are included in determining net income for the period. Such foreign currency transaction gains and losses have not been significant for purposes of our financial reporting. | ||||
Derivatives, Policy | ' | |||
Derivatives. We use forward contracts to mitigate our exposure to volatility in foreign exchange rates, and we used an interest rate swap to hedge changes in the benchmark interest rate related to our Credit Agreement described in Note 7 below. All derivatives are recognized in the consolidated balance sheets at fair value. Classification of each hedging instrument is based upon whether the maturity of the instrument is less than or greater than 12 months. We do not purchase or hold derivative financial instruments for speculative or trading purposes. See Note 8. | ||||
Accumulated Other Comprehensive Income (Loss) | ' | |||
Accumulated Other Comprehensive Income (Loss). As of December 31, 2013, accumulated other comprehensive income (loss) included approximately $735,000 (net of tax of $(468,000)) related to an interest rate swap and $208,000 (net of tax of $12,000) related to foreign currency translation. As of December 31, 2012, accumulated other comprehensive income (loss) included approximately $(1.1) million (net of tax of $696,000) related to an interest rate swap and ($89,000) (net of tax of $7,000) related to foreign currency translation. | ||||
New Accounting Pronouncements and Changes in Accounting Principles | ' | |||
Recently Issued Financial Accounting Standards. In July 2013, the Financial Accounting Standards Board ("FASB"), issued authoritative guidance which concludes that, under certain circumstances, unrecognized tax benefits should be presented in the financial statements as a reduction to a deferred tax asset for a net operating loss carryforward, a similar tax loss, or a tax credit carryforward. We adopted this guidance early, as permitted, for the fiscal year ended December 31, 2013. The adoption of this guidance did not have a material effect on our consolidated financial statements. | ||||
In March 2013, the FASB issued amendments to address the accounting for the cumulative translation adjustment when a parent either sells a part or all of its investment in a foreign entity or no longer holds a controlling financial interest in a subsidiary or group of assets that is a non-profit activity or a business within a foreign entity. The amendments are effective prospectively for fiscal years (and interim reporting periods within those years) beginning after December 15, 2013 (early adoption is permitted). The adoption of this guidance is not expected to have a material effect on our consolidated financial position or results of operations. | ||||
In February 2013, the FASB issued amendments to disclosure requirements for presentation of comprehensive income. The standard requires presentation (either in a single note or parenthetically on the face of the financial statements) of the effect of significant amounts reclassified from each component of accumulated other comprehensive income based on its source and the income statement line items affected by the reclassification. If a component is not required to be reclassified to net income in its entirety, a cross reference to the related footnote for additional information is required. The amendments are effective prospectively for reporting periods beginning after December 15, 2012. The adoption of this guidance did not have a material effect on our consolidated financial statements. | ||||
In July 2012, the FASB issued authoritative guidance related to testing indefinite-lived intangible assets for impairment. This guidance simplifies how entities test indefinite-lived intangible assets for impairment and permits an entity to first assess qualitative factors to determine whether it is more likely than not that the indefinite-lived intangible asset is impaired. This guidance is effective for annual and interim impairment tests performed for fiscal years beginning after September 15, 2012, with early adoption permitted. The adoption of this guidance did not have a material effect on our consolidated financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | |||
Dec. 31, 2013 | ||||
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | |||
Intangible Assets | ' | |||
Intangible assets are amortized on a straight-line basis, except for customer lists, which are generally amortized on an accelerated basis, over the following useful lives: | ||||
Customer lists | 2 | - | 15 years | |
Developed technology | 5 | - | 15 years | |
Distribution agreements | 4 | - | 12 years | |
License agreements and trademarks | 5 | - | 15 years | |
Covenant not to compete | 3 | - | 10 years | |
Patents | 17 years | |||
Royalty agreements | 5 years | |||
Property and Equipment | ' | |||
Depreciation is computed using the straight-line method over estimated useful lives as follows: | ||||
Buildings | 40 years | |||
Manufacturing equipment | 4 | - | 20 years | |
Furniture and fixtures | 3 | - | 20 years | |
Land improvements | 10 | - | 20 years | |
Leasehold improvements | 4 | - | 25 years |
Acquisitions_Tables
Acquisitions (Tables) | 12 Months Ended | |||||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||||
Thomas Medical Products, Inc | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
The total purchase price was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Trade receivables | $ | 6,507 | ||||||||||||||||||||||
Inventories | 5,459 | |||||||||||||||||||||||
Prepaid expenses | 340 | |||||||||||||||||||||||
Property and equipment | 2,685 | |||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 43,000 | |||||||||||||||||||||||
Non-compete agreements | 500 | |||||||||||||||||||||||
Customer lists | 5,000 | |||||||||||||||||||||||
Trademarks | 1,400 | |||||||||||||||||||||||
Goodwill | 102,407 | |||||||||||||||||||||||
Total assets acquired | 167,298 | |||||||||||||||||||||||
Liabilities Assumed | ||||||||||||||||||||||||
Trade payables | 588 | |||||||||||||||||||||||
Accrued expenses | 1,094 | |||||||||||||||||||||||
Total liabilities assumed | 1,682 | |||||||||||||||||||||||
Net assets acquired, net of cash acquired of $1,829 | $ | 165,616 | ||||||||||||||||||||||
Business Acquisition, Pro Forma Information | ' | |||||||||||||||||||||||
The following table summarizes our unaudited consolidated results of operations for the years ended December 31, 2013, 2012 and 2011, as well as unaudited pro forma consolidated results of operations as though the Thomas Medical, MediGroup, and Ostial acquisitions had occurred on January 1, 2011 and the Datascope acquisition had occurred on January 1, 2012 (in thousands, except per common share amounts): | ||||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||||
As Reported | Pro Forma | As Reported | Pro Forma | As Reported | Pro Forma | |||||||||||||||||||
Net sales | $ | 449,049 | $ | 454,333 | $ | 394,288 | $ | 438,981 | $ | 359,449 | $ | 396,767 | ||||||||||||
Net income | 16,570 | 17,112 | 19,710 | 25,075 | 23,044 | 22,033 | ||||||||||||||||||
Earnings per common share: | ||||||||||||||||||||||||
Basic | $ | 0.39 | $ | 0.4 | $ | 0.47 | $ | 0.59 | $ | 0.59 | $ | 0.56 | ||||||||||||
Diluted | $ | 0.39 | $ | 0.4 | $ | 0.46 | $ | 0.59 | $ | 0.58 | $ | 0.55 | ||||||||||||
MediGroup | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 263 | ||||||||||||||||||||||
Property and equipment | 79 | |||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 2,000 | |||||||||||||||||||||||
Non-compete agreements | 210 | |||||||||||||||||||||||
Customer lists | 110 | |||||||||||||||||||||||
Trademarks | 80 | |||||||||||||||||||||||
Goodwill | 1,697 | |||||||||||||||||||||||
Total assets acquired | $ | 4,439 | ||||||||||||||||||||||
Ostial Solutions, LLC | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
It is not practical to separately report the earnings related to the Ostial acquisition, as we cannot split out sales costs related to Ostial products, principally because our sales representatives are selling multiple products (including Ostial products) in the cardiovascular business segment. The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | $ | 10,500 | ||||||||||||||||||||||
Customer lists | 600 | |||||||||||||||||||||||
Trademark | 110 | |||||||||||||||||||||||
Non-compete agreements | 10 | |||||||||||||||||||||||
Goodwill | 9,580 | |||||||||||||||||||||||
Total assets acquired | $ | 20,800 | ||||||||||||||||||||||
Ash | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
The total purchase price, which includes the contingent consideration liability described above, was allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Property and equipment | $ | 73 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 3,200 | |||||||||||||||||||||||
Customer lists | 300 | |||||||||||||||||||||||
Goodwill | 2,697 | |||||||||||||||||||||||
Total assets acquired | $ | 6,270 | ||||||||||||||||||||||
Datascope | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
The total purchase price was preliminarily allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 478 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 18,200 | |||||||||||||||||||||||
Customer lists | 390 | |||||||||||||||||||||||
Trademarks | 320 | |||||||||||||||||||||||
Goodwill | 8,112 | |||||||||||||||||||||||
Total assets acquired | $ | 27,500 | ||||||||||||||||||||||
Radial Assist | ' | |||||||||||||||||||||||
Business Acquisition [Line Items] | ' | |||||||||||||||||||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | ' | |||||||||||||||||||||||
The total purchase price was preliminarily allocated as follows (in thousands): | ||||||||||||||||||||||||
Assets Acquired | ||||||||||||||||||||||||
Inventories | $ | 16 | ||||||||||||||||||||||
Intangibles | ||||||||||||||||||||||||
Developed technology | 1,520 | |||||||||||||||||||||||
Customer lists | 20 | |||||||||||||||||||||||
Trademarks | 40 | |||||||||||||||||||||||
Goodwill | 904 | |||||||||||||||||||||||
Total assets acquired | $ | 2,500 | ||||||||||||||||||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Inventory Disclosure [Abstract] | ' | |||||||
Schedule of Inventory | ' | |||||||
Inventories at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Finished goods | $ | 43,364 | $ | 48,233 | ||||
Work-in-process | 6,222 | 6,051 | ||||||
Raw materials | 32,792 | 30,315 | ||||||
Total | $ | 82,378 | $ | 84,599 | ||||
Goodwill_and_Intangible_Assets1
Goodwill and Intangible Assets (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | ' | |||||||||||
Changes in carrying amount of goodwill | ' | |||||||||||
The changes in the carrying amount of goodwill for the years ended December 31, 2013 and 2012, are as follows (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Goodwill balance at January 1 | $ | 175,108 | $ | 61,144 | ||||||||
Adjustment related to previous acquisitions | 381 | 280 | ||||||||||
Additions as the result of acquisitions | 9,016 | 113,684 | ||||||||||
Goodwill balance at December 31 | $ | 184,505 | $ | 175,108 | ||||||||
Other intangible assets | ' | |||||||||||
Other intangible assets at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||||||
2013 | ||||||||||||
Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
Patents | $ | 9,302 | $ | (2,374 | ) | $ | 6,928 | |||||
Distribution agreements | 5,176 | (1,780 | ) | 3,396 | ||||||||
License agreements | 3,783 | (1,249 | ) | 2,534 | ||||||||
Trademarks | 7,622 | (1,844 | ) | 5,778 | ||||||||
Covenants not to compete | 1,029 | (399 | ) | 630 | ||||||||
Customer lists | 20,626 | (10,957 | ) | 9,669 | ||||||||
Royalty agreements | 267 | (267 | ) | — | ||||||||
Total | $ | 47,805 | $ | (18,870 | ) | $ | 28,935 | |||||
2012 | ||||||||||||
Gross | Net | |||||||||||
Carrying | Accumulated | Carrying | ||||||||||
Amount | Amortization | Amount | ||||||||||
Patents | $ | 7,843 | $ | (2,045 | ) | $ | 5,798 | |||||
Distribution agreements | 5,176 | (1,301 | ) | 3,875 | ||||||||
License agreements | 2,733 | (861 | ) | 1,872 | ||||||||
Trademarks | 7,311 | (1,362 | ) | 5,949 | ||||||||
Covenants not to compete | 1,035 | (160 | ) | 875 | ||||||||
Customer lists | 20,468 | (8,038 | ) | 12,430 | ||||||||
Royalty agreements | 267 | (267 | ) | — | ||||||||
Total | $ | 44,833 | $ | (14,034 | ) | $ | 30,799 | |||||
Estimated amortization expense | ' | |||||||||||
Estimated amortization expense for the intangible assets for the next five years consists of the following as of December 31, 2013 (in thousands): | ||||||||||||
Year Ending December 31 | ||||||||||||
2014 | $ | 15,189 | ||||||||||
2015 | 14,751 | |||||||||||
2016 | 14,094 | |||||||||||
2017 | 13,678 | |||||||||||
2018 | 13,158 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | |||||||||||
Dec. 31, 2013 | ||||||||||||
Income Tax Disclosure [Abstract] | ' | |||||||||||
Schedule of Income before Income Tax, Domestic and Foreign | ' | |||||||||||
For the years ended December 31, 2013, 2012 and 2011, income before income taxes is broken out between U.S. and foreign-sourced operations and consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Domestic | $ | 5,435 | $ | 15,958 | $ | 21,123 | ||||||
Foreign | 14,404 | 11,660 | 11,752 | |||||||||
Total | $ | 19,839 | $ | 27,618 | $ | 32,875 | ||||||
Schedule of Components of Income Tax Expense (Benefit) | ' | |||||||||||
The components of the provision for income taxes for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Current expense (benefit): | ||||||||||||
Federal | $ | (747 | ) | $ | 5,350 | $ | 5,662 | |||||
State | 333 | 1,014 | 1,001 | |||||||||
Foreign | 2,324 | 995 | 1,491 | |||||||||
Total current expense | 1,910 | 7,359 | 8,154 | |||||||||
Deferred expense (benefit): | ||||||||||||
Federal | 1,089 | 871 | 1,121 | |||||||||
State | 278 | (343 | ) | 74 | ||||||||
Foreign | (8 | ) | 21 | 482 | ||||||||
Total deferred expense | 1,359 | 549 | 1,677 | |||||||||
Total | $ | 3,269 | $ | 7,908 | $ | 9,831 | ||||||
Schedule of Effective Income Tax Rate Reconciliation | ' | |||||||||||
The difference between the income tax expense reported and amounts computed by applying the statutory federal rate of 35.0% to pretax income for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
2013 | 2012 | 2011 | ||||||||||
Computed federal income tax expense at statutory rate of 35% | $ | 6,943 | $ | 9,667 | $ | 11,506 | ||||||
State income taxes | 397 | 436 | 699 | |||||||||
Tax credits | (1,385 | ) | (779 | ) | (778 | ) | ||||||
Production activity deduction | — | (388 | ) | (425 | ) | |||||||
Foreign tax rate differential | (2,374 | ) | (1,419 | ) | (1,297 | ) | ||||||
Uncertain tax positions | (520 | ) | (42 | ) | 281 | |||||||
Deferred compensation insurance assets | (358 | ) | (155 | ) | 88 | |||||||
Other — including the effect of graduated rates | 566 | 588 | (243 | ) | ||||||||
Total income tax expense | $ | 3,269 | $ | 7,908 | $ | 9,831 | ||||||
Schedule of Deferred Tax Assets and Liabilities | ' | |||||||||||
Deferred income tax assets and liabilities at December 31, 2013 and 2012, consisted of the following temporary differences and carry-forward items (in thousands): | ||||||||||||
2013 | 2012 | |||||||||||
Deferred income tax assets: | ||||||||||||
Allowance for uncollectible accounts receivable | $ | 342 | $ | 348 | ||||||||
Accrued compensation expense | 5,001 | 3,954 | ||||||||||
Inventory differences | 2,317 | 1,949 | ||||||||||
Net operating loss carry-forwards | 18,060 | 19,622 | ||||||||||
Deferred revenue | 280 | 237 | ||||||||||
Stock-based compensation expense | 2,704 | 2,465 | ||||||||||
Uncertain tax positions | 559 | 709 | ||||||||||
Federal research and development credit carry-forward | 569 | — | ||||||||||
Other | 3,197 | 3,762 | ||||||||||
Total deferred income tax assets | 33,029 | 33,046 | ||||||||||
Deferred income tax liabilities: | ||||||||||||
Prepaid expenses | (751 | ) | (757 | ) | ||||||||
Property and equipment | (21,893 | ) | (19,001 | ) | ||||||||
Intangible assets | (3,837 | ) | (4,107 | ) | ||||||||
Other | (1,295 | ) | (1,116 | ) | ||||||||
Total deferred income tax liabilities | (27,776 | ) | (24,981 | ) | ||||||||
Valuation allowance | (1,363 | ) | (1,225 | ) | ||||||||
Net deferred income tax assets | $ | 3,890 | $ | 6,840 | ||||||||
Reported as: | ||||||||||||
Deferred income tax assets - Current | $ | 5,638 | $ | 4,976 | ||||||||
Deferred income tax assets - Long-term | 800 | 4,237 | ||||||||||
Deferred income tax liabilities - Current | — | — | ||||||||||
Deferred income tax liabilities - Long-term | (2,548 | ) | (2,373 | ) | ||||||||
Net deferred income tax assets | $ | 3,890 | $ | 6,840 | ||||||||
Summary of Income Tax Contingencies | ' | |||||||||||
A reconciliation of the beginning and ending amount of liabilities associated with uncertain tax benefits for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||
Tabular Roll-forward | 2013 | 2012 | 2011 | |||||||||
Unrecognized tax benefits, opening balance | $ | 2,776 | $ | 3,113 | $ | 2,952 | ||||||
Gross increases in tax positions taken in a prior year | 107 | 83 | 347 | |||||||||
Gross increases in tax positions taken in the current year | 236 | 260 | 865 | |||||||||
Settlements with taxing authorities | — | — | (507 | ) | ||||||||
Lapse of applicable statute of limitations | (990 | ) | (680 | ) | (544 | ) | ||||||
Unrecognized tax benefits, ending balance | $ | 2,129 | $ | 2,776 | $ | 3,113 | ||||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Payables and Accruals [Abstract] | ' | |||||||
Schedule of Accrued Liabilities | ' | |||||||
Accrued expenses at December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Payroll taxes | $ | 1,816 | $ | 1,893 | ||||
Payroll | 3,474 | 3,141 | ||||||
Bonuses | 5,273 | 5,778 | ||||||
Commissions | 984 | 894 | ||||||
Vacation | 6,280 | 5,066 | ||||||
Royalties | 1,221 | 1,368 | ||||||
Value-added tax | 1,469 | 1,158 | ||||||
Other accrued expenses | 7,185 | 7,971 | ||||||
Total | $ | 27,702 | $ | 27,269 | ||||
Revolving_Credit_Facility_and_1
Revolving Credit Facility and Long-Term Debt (Tables) | 12 Months Ended | |||||||
Dec. 31, 2013 | ||||||||
Debt Disclosure [Abstract] | ' | |||||||
Schedule of Long-term Debt Instruments | ' | |||||||
In summary, principal balances under our long-term debt as of December 31, 2013 and 2012, consisted of the following (in thousands): | ||||||||
2013 | 2012 | |||||||
Term loan | $ | 92,500 | $ | 100,000 | ||||
Revolving credit loans | 156,354 | 137,566 | ||||||
Total long-term debt | 248,854 | 237,566 | ||||||
Less current portion | 10,000 | 10,000 | ||||||
Long-term portion | $ | 238,854 | $ | 227,566 | ||||
Schedule of Maturities of Long-term Debt | ' | |||||||
Future minimum principal payments on our long-term debt as of December 31, 2013, are as follows (in thousands): | ||||||||
Years Ending | Future Minimum | |||||||
December 31 | Principal Payments | |||||||
2014 | $ | 10,000 | ||||||
2015 | 10,000 | |||||||
2016 | 10,000 | |||||||
2017 | 218,854 | |||||||
Total future minimum principal payments | $ | 248,854 | ||||||
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments and Contingencies Disclosure [Abstract] | ' | ||||
Schedule of Future Minimum Rental Payments for Operating Leases | ' | ||||
The future minimum lease payments for operating leases as of December 31, 2013, consisted of the following (in thousands): | |||||
Years Ending | Operating | ||||
December 31 | Leases | ||||
2014 | $ | 6,569 | |||
2015 | 5,956 | ||||
2016 | 4,974 | ||||
2017 | 4,122 | ||||
2018 | 4,073 | ||||
Thereafter | 36,067 | ||||
Total minimum lease payments | $ | 61,761 | |||
Earnings_Per_Common_Share_EPS_
Earnings Per Common Share (EPS) (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2013 | |||||||||||
Earnings Per Share, Basic and Diluted [Abstract] | ' | ||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||
The computation of weighted average shares outstanding and the basic and diluted earnings per common share for the following periods consisted of the following (in thousands, except per share amounts): | |||||||||||
Net | Shares | Per Share | |||||||||
Income | Amount | ||||||||||
Year ended December 31, 2013: | |||||||||||
Basic EPS | $ | 16,570 | 42,607 | $ | 0.39 | ||||||
Effect of dilutive stock options and warrants | 277 | ||||||||||
Diluted EPS | $ | 16,570 | 42,884 | $ | 0.39 | ||||||
Year ended December 31, 2012: | |||||||||||
Basic EPS | $ | 19,710 | 42,176 | $ | 0.47 | ||||||
Effect of dilutive stock options and warrants | 434 | ||||||||||
Diluted EPS | $ | 19,710 | 42,610 | $ | 0.46 | ||||||
Year ended December 31, 2011: | |||||||||||
Basic EPS | $ | 23,044 | 39,086 | $ | 0.59 | ||||||
Effect of dilutive stock options and warrants | 647 | ||||||||||
Diluted EPS | $ | 23,044 | 39,733 | $ | 0.58 | ||||||
Employee_Stock_Purchase_Plan_S1
Employee Stock Purchase Plan Stock Options and Warrants (Tables) | 12 Months Ended | |||||||||||||||||||||
Dec. 31, 2013 | ||||||||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | |||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs | ' | |||||||||||||||||||||
The stock-based compensation expense before income tax expense for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Cost of goods sold | $ | 145 | $ | 245 | $ | 241 | ||||||||||||||||
Research and development | 87 | 119 | 86 | |||||||||||||||||||
Selling, general, and administrative | 1,235 | 1,553 | 1,317 | |||||||||||||||||||
Stock-based compensation expense before taxes | $ | 1,467 | $ | 1,917 | $ | 1,644 | ||||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions | ' | |||||||||||||||||||||
In applying the Black-Scholes methodology to the option grants, the fair value of our stock-based awards granted were estimated using the following assumptions for the periods indicated below: | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Risk-free interest rate | 0.65% | - | 1.16% | 0.54% | - | 0.95% | 0.68% | - | 1.34% | |||||||||||||
Expected option life | 4.2 | - | 6.0 years | 4.2 | - | 6.0 years | 4.2 | - | 6.0 years | |||||||||||||
Expected dividend yield | —% | —% | —% | |||||||||||||||||||
Expected price volatility | 34.08% | - | 41.67% | 42.01% | - | 44.56% | 42.11% | - | 45.29% | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest, Outstanding and Exercisable | ' | |||||||||||||||||||||
The table below presents information related to stock option activity for the years ended December 31, 2013, 2012 and 2011 (in thousands): | ||||||||||||||||||||||
2013 | 2012 | 2011 | ||||||||||||||||||||
Total intrinsic value of stock options exercised | $ | 1,649 | $ | 3,472 | $ | 9,433 | ||||||||||||||||
Cash received from stock option exercises | 3,281 | 3,325 | 7,197 | |||||||||||||||||||
Excess tax benefit from the exercise of stock options | 259 | 877 | 3,122 | |||||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity | ' | |||||||||||||||||||||
Changes in stock options for the year ended December 31, 2013, consisted of the following (shares and intrinsic value in thousands): | ||||||||||||||||||||||
Number | Weighted Average | Remaining Contractual | Intrinsic | |||||||||||||||||||
of Shares | Exercise Price | Term (in years) | Value | |||||||||||||||||||
2013:00:00 | ||||||||||||||||||||||
Beginning balance | 3,535 | $ | 12.55 | |||||||||||||||||||
Granted | 348 | 12.08 | ||||||||||||||||||||
Exercised | (368 | ) | 10.1 | |||||||||||||||||||
Forfeited/expired | (507 | ) | 16.43 | |||||||||||||||||||
Outstanding at December 31 | 3,008 | 12.14 | 2.9 | $ | 10,823 | |||||||||||||||||
Exercisable | 2,075 | 11.73 | 1.9 | 8,312 | ||||||||||||||||||
Ending vested and expected to vest | 2,991 | 12.14 | 2.9 | 10,772 | ||||||||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range | ' | |||||||||||||||||||||
The following table summarizes information about stock options outstanding at December 31, 2013 (shares in thousands): | ||||||||||||||||||||||
Options Outstanding | Options Exercisable | |||||||||||||||||||||
Range of Exercise | Number Outstanding | Weighted Average Remaining Contractual Life (in years) | Weighted Average Exercise Price | Number Exercisable | Weighted Average Exercise Price | |||||||||||||||||
$ | 9.58 | - | $11.05 | 764 | 1.93 | $ | 9.96 | 639 | $ | 9.97 | ||||||||||||
$ | 11.41 | - | $12.02 | 859 | 1.25 | 11.68 | 859 | 11.68 | ||||||||||||||
$ | 12.1 | - | $13.75 | 1,094 | 4.9 | 13.53 | 367 | 13.6 | ||||||||||||||
$ | 13.77 | - | $15.12 | 291 | 3 | 14.03 | 210 | 14.08 | ||||||||||||||
$ | 9.58 | - | $15.12 | 3,008 | 2,075 | |||||||||||||||||
Segment_Reporting_and_Foreign_1
Segment Reporting and Foreign Operations (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||||||
Revenue from External Customers by Products and Services | ' | ||||||||||||||||||||
Listed below are the sales by business segment for the years ended December 31, 2013, 2012 and 2011 (in thousands): | |||||||||||||||||||||
% Change | 2013 | % Change | 2012 | % Change | 2011 | ||||||||||||||||
Cardiovascular | |||||||||||||||||||||
Stand-alone devices | 10 | % | $ | 125,445 | 12 | % | $ | 114,242 | 15 | % | $ | 101,959 | |||||||||
Custom kits and procedure trays | 10 | % | 103,700 | 3 | % | 94,586 | 11 | % | 91,532 | ||||||||||||
Inflation devices | (4 | )% | 66,182 | 2 | % | 68,979 | 8 | % | 67,353 | ||||||||||||
Catheters | 16 | % | 75,131 | 17 | % | 64,878 | 23 | % | 55,357 | ||||||||||||
Embolization devices | (1 | )% | 33,395 | 8 | % | 33,870 | 247 | % | 31,229 | ||||||||||||
CRM/EP | 1,359 | % | 28,271 | — | % | 1,938 | — | % | — | ||||||||||||
Total | 14 | % | 432,124 | 9 | % | 378,493 | 21 | % | 347,430 | ||||||||||||
Endoscopy | |||||||||||||||||||||
Endoscopy devices | 7 | % | 16,925 | 31 | % | 15,795 | 33 | % | 12,019 | ||||||||||||
Total | 14 | % | $ | 449,049 | 10 | % | $ | 394,288 | 21 | % | $ | 359,449 | |||||||||
Schedule of Revenue from External Customers and Long-Lived Assets, by Geographical Areas | ' | ||||||||||||||||||||
Our long-lived assets by geographic area at December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
United States | $ | 178,130 | $ | 176,644 | $ | 134,393 | |||||||||||||||
Ireland | 50,274 | 48,182 | 36,008 | ||||||||||||||||||
Other foreign countries | 14,866 | 9,977 | 8,739 | ||||||||||||||||||
Total | $ | 243,270 | $ | 234,803 | $ | 179,140 | |||||||||||||||
Schedule of Segment Reporting Information, by Segment | ' | ||||||||||||||||||||
Financial information relating to our reportable operating segments and reconciliations to the consolidated totals for the years ended December 31, 2013, 2012 and 2011, are as follows (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Revenues | |||||||||||||||||||||
Cardiovascular | $ | 432,124 | $ | 378,493 | $ | 347,430 | |||||||||||||||
Endoscopy | 16,925 | 15,795 | 12,019 | ||||||||||||||||||
Total revenues | 449,049 | 394,288 | 359,449 | ||||||||||||||||||
Operating expenses | |||||||||||||||||||||
Cardiovascular | 157,479 | 142,089 | 122,600 | ||||||||||||||||||
Endoscopy | 9,044 | 10,262 | 9,678 | ||||||||||||||||||
Total operating expenses | 166,523 | 152,351 | 132,278 | ||||||||||||||||||
Operating income (loss) | |||||||||||||||||||||
Cardiovascular | 26,597 | 30,411 | 38,010 | ||||||||||||||||||
Endoscopy | 1,247 | (770 | ) | (4,820 | ) | ||||||||||||||||
Total operating income | 27,844 | 29,641 | 33,190 | ||||||||||||||||||
Total other expense - net | (8,005 | ) | (2,023 | ) | (315 | ) | |||||||||||||||
Income tax expense | 3,269 | 7,908 | 9,831 | ||||||||||||||||||
Net income | $ | 16,570 | $ | 19,710 | $ | 23,044 | |||||||||||||||
Reconciliation of Assets from Segment to Consolidated | ' | ||||||||||||||||||||
Total assets by business segment at December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 716,659 | $ | 692,689 | $ | 434,747 | |||||||||||||||
Endoscopy | 11,624 | 12,620 | 12,270 | ||||||||||||||||||
Total | $ | 728,283 | $ | 705,309 | $ | 447,017 | |||||||||||||||
Segment Depreciation And Amortization | ' | ||||||||||||||||||||
Total depreciation and amortization by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 31,594 | $ | 21,441 | $ | 18,219 | |||||||||||||||
Endoscopy | 948 | 1,093 | 975 | ||||||||||||||||||
Total | $ | 32,542 | $ | 22,534 | $ | 19,194 | |||||||||||||||
Segment Capital Expenditures | ' | ||||||||||||||||||||
Total capital expenditures by business segment for the years ended December 31, 2013, 2012 and 2011, consisted of the following (in thousands): | |||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||
Cardiovascular | $ | 59,421 | $ | 64,059 | $ | 58,775 | |||||||||||||||
Endoscopy | 84 | 584 | 420 | ||||||||||||||||||
Total | $ | 59,505 | $ | 64,643 | $ | 59,195 | |||||||||||||||
Quarterly_Results_of_Operation1
Quarterly Results of Operations (Unaudited) (Tables) | 12 Months Ended | |||||||||||||||
Dec. 31, 2013 | ||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | |||||||||||||||
Schedule of Quarterly Financial Information | ' | |||||||||||||||
Quarterly data for the years ended December 31, 2013 and 2012 consisted of the following (in thousands, except per share amounts): | ||||||||||||||||
Quarter Ended | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
2013 | ||||||||||||||||
Net sales | $ | 103,948 | $ | 109,875 | $ | 115,210 | $ | 120,016 | ||||||||
Gross profit | 42,993 | 46,985 | 51,030 | 53,359 | ||||||||||||
Income from operations | 1,757 | 6,780 | 8,391 | 10,916 | ||||||||||||
Income tax expense (benefit) | (459 | ) | 1,253 | 833 | 1,642 | |||||||||||
Net income | 671 | 3,752 | 5,607 | 6,540 | ||||||||||||
Basic earnings per common share | 0.02 | 0.09 | 0.13 | 0.15 | ||||||||||||
Diluted earnings per common share | 0.02 | 0.09 | 0.13 | 0.15 | ||||||||||||
2012 | ||||||||||||||||
Net sales | $ | 95,618 | $ | 100,532 | $ | 95,907 | $ | 102,231 | ||||||||
Gross profit | 44,170 | 47,024 | 45,335 | 45,463 | ||||||||||||
Income from operations | 8,007 | 8,222 | 9,082 | 4,330 | ||||||||||||
Income tax expense | 2,169 | 2,719 | 1,811 | 1,209 | ||||||||||||
Net income | 5,748 | 6,095 | 7,226 | 641 | ||||||||||||
Basic earnings per common share | 0.14 | 0.14 | 0.17 | 0.02 | ||||||||||||
Diluted earnings per common share | 0.14 | 0.14 | 0.17 | 0.01 | ||||||||||||
Fair_Value_Measurements_Tables
Fair Value Measurements (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis | ' | ||||||||||||||||
Our financial assets and (liabilities) carried at fair value measured on a recurring basis as of December 31, 2013 and 2012, consisted of the following (in thousands): | |||||||||||||||||
Fair Value Measurements Using | |||||||||||||||||
Total Fair | Quoted prices in | Significant other | Significant | ||||||||||||||
Value at | active markets | observable inputs | Unobservable inputs | ||||||||||||||
Description | 31-Dec-13 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap (1) | $ | 1,203 | $ | — | $ | 1,203 | $ | — | |||||||||
Fair Value Measurements Using | |||||||||||||||||
Total Fair | Quoted prices in | Significant other | Significant | ||||||||||||||
Value at | active markets | observable inputs | Unobservable inputs | ||||||||||||||
Description | 31-Dec-12 | (Level 1) | (Level 2) | (Level 3) | |||||||||||||
Interest rate swap (1) | $ | (1,788 | ) | $ | — | $ | (1,788 | ) | $ | — | |||||||
(1) The fair value of the interest rate swap is determined based on forward yield curves. | |||||||||||||||||
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation | ' | ||||||||||||||||
Changes in the fair value of our contingent consideration liability during the years ended December 31, 2013 and 2012, consisted of the following (in thousands): | |||||||||||||||||
2013 | 2012 | ||||||||||||||||
Beginning balance | $ | 6,697 | $ | 1,290 | |||||||||||||
Contingent consideration liability recorded as the result of acquisitions (see Note 2) | — | 4,704 | |||||||||||||||
Initial purchase price adjustments finalized over the period (see Note 2) | — | 280 | |||||||||||||||
Fair value adjustments recorded to (income) expense during the period | (4,094 | ) | 480 | ||||||||||||||
Contingent payments made | (77 | ) | (57 | ) | |||||||||||||
Ending balance | $ | 2,526 | $ | 6,697 | |||||||||||||
Fair Value Inputs, Liabilities, Quantitative Information | ' | ||||||||||||||||
The recurring Level 3 measurement of our contingent consideration liability includes the following significant unobservable inputs at December 31, 2013 and 2012 (amount in thousands): | |||||||||||||||||
Contingent consideration liability | Fair value at December 31, 2013 | Valuation technique | Unobservable inputs | Range | |||||||||||||
Revenue-based payments | $ | 2,282 | Discounted cash flow | Discount rate | 11% - 15% | ||||||||||||
Probability of milestone payment | 90% | ||||||||||||||||
Projected year of payments | 2014-2028 | ||||||||||||||||
Other payments | $ | 244 | Discounted cash flow | Discount rate | 5.40% | ||||||||||||
Probability of milestone payment | 100% | ||||||||||||||||
Projected year of payments | 2014-2016 | ||||||||||||||||
Contingent consideration liability | Fair value at December 31, 2012 | Valuation technique | Unobservable inputs | Range | |||||||||||||
Revenue-based payments | $ | 6,370 | Discounted cash flow | Discount rate | 10% - 14.5% | ||||||||||||
Probability of milestone payment | 90% | ||||||||||||||||
Projected year of payments | 2013-2028 | ||||||||||||||||
Other payments | $ | 327 | Discounted cash flow | Discount rate | 4.50% | ||||||||||||
Probability of milestone payment | 100% | ||||||||||||||||
Projected year of payments | 2013-2015 | ||||||||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Organization (Details) | 12 Months Ended |
Dec. 31, 2013 | |
segment | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Number of Operating Segments | 2 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Intangible Assets (Details) | 0 Months Ended | 12 Months Ended | |||||||||||||||
Apr. 06, 2011 | Aug. 21, 2012 | Jan. 05, 2012 | Dec. 20, 2013 | Sep. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Developed technology | Distribution agreements | Distribution agreements | License agreements and trademarks | License agreements and trademarks | Patents | Royalty agreements | Minimum | Minimum | Minimum | Minimum | Minimum | Maximum | Maximum | Maximum | Maximum | Maximum | |
Customer lists | Developed technology | Distribution agreements | License agreements and trademarks | Covenant not to compete | Customer lists | Developed technology | Distribution agreements | License agreements and trademarks | Covenant not to compete | ||||||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | '10 years | '10 years | '12 years | '4 years | '10 years | '17 years | '5 years | '2 years | '5 years | '4 years | '5 years | '3 years | '15 years | '15 years | '12 years | '15 years | '10 years |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Property and Equipment (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Depreciation | $18.40 | $15 | $13.20 |
Building | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '40 years | ' | ' |
Minimum | Manufacturing equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '4 years | ' | ' |
Minimum | Furniture and fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '3 years | ' | ' |
Minimum | Land improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '10 years | ' | ' |
Minimum | Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '4 years | ' | ' |
Maximum | Manufacturing equipment | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '20 years | ' | ' |
Maximum | Furniture and fixtures | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '20 years | ' | ' |
Maximum | Land improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '20 years | ' | ' |
Maximum | Leasehold improvements | ' | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' | ' |
Useful life | '25 years | ' | ' |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Deferred Compensation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Cash Surrender Value of Life Insurance | $7,800,000 | $6,100,000 |
Deferred Compensation Liability, Classified, Noncurrent | $7,833,000 | $5,956,000 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies - Marketable Securities (Details) (USD $) | 12 Months Ended |
Dec. 31, 2011 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Available-for-sale Securities, Amortized Cost Basis | $2,500,000 |
Marketable Securities, Noncurrent | 2,800,000 |
Available-for-sale Securities, Gross Unrealized Gains | $295,000 |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies - Other Assets (Details) | Dec. 31, 2013 |
investment | |
Accounting Policies [Abstract] | ' |
Other Assets, Deferred Compensation Plan, Number of Investments, Cost Method | 2 |
Organization_and_Summary_of_Si9
Organization and Summary of Significant Accounting Policies - Stock Based Compensation (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,467 | $1,917 | $1,644 |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies - Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Accounting Policies [Abstract] | ' | ' | ' |
Concentration Risk, Percentage | 3.00% | 4.00% | 4.00% |
Recovered_Sheet2
Organization and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' | ' |
Accumulated other comprehensive income (loss), interest rate swaps, net of tax | $735,000 | ' |
Accumulated other comprehensive income (loss), interest rate swap, tax benefit | -468,000 | -1,788,000 |
Accumulated other comprehensive income (loss) related to foreign currency translation, net of tax | 208,000 | -89,000 |
Accumulated other comprehensive income (loss), foreign currency translation, tax benefit | 12,000 | -7,000 |
Accumulated other comprehensive income (loss), marketable securities, net of tax | ' | -1,100,000 |
Accumulated other comprehensive income (Loss), marketable securities, tax | ' | $696,000 |
Acquisitions_Purchase_Price_Al
Acquisitions - Purchase Price Allocation (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Oct. 04, 2013 | Oct. 04, 2013 | Jan. 31, 2012 | Nov. 19, 2012 | Dec. 19, 2012 | Sep. 02, 2011 | Oct. 04, 2013 | Oct. 04, 2013 | Jan. 31, 2012 | Nov. 19, 2012 | Dec. 19, 2012 | Sep. 02, 2011 | Oct. 04, 2013 | Oct. 04, 2013 | Jan. 31, 2012 | Nov. 19, 2012 | Dec. 19, 2012 | Sep. 02, 2011 | Oct. 04, 2013 | Oct. 04, 2013 | Jan. 31, 2012 | Nov. 19, 2012 | Dec. 19, 2012 | Jan. 31, 2012 | Nov. 19, 2012 | Dec. 19, 2012 |
In Thousands, unless otherwise specified | Radial Assist | Datascope | Ostial Solutions, LLC | MediGroup | Thomas Medical Products, Inc | Ash | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Customer lists | Customer lists | Customer lists | Customer lists | Customer lists | Customer lists | Trademarks | Trademarks | Trademarks | Trademarks | Trademarks | Non-compete agreements | Non-compete agreements | Non-compete agreements | |||
Radial Assist | Datascope | Ostial Solutions, LLC | MediGroup | Thomas Medical Products, Inc | Ash | Radial Assist | Datascope | Ostial Solutions, LLC | MediGroup | Thomas Medical Products, Inc | Ash | Radial Assist | Datascope | Ostial Solutions, LLC | MediGroup | Thomas Medical Products, Inc | Ostial Solutions, LLC | MediGroup | Thomas Medical Products, Inc | ||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Trade receivables | ' | ' | ' | ' | ' | ' | ' | $6,507 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories | ' | ' | ' | 16 | 478 | ' | 263 | 5,459 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Prepaid expenses | ' | ' | ' | ' | ' | ' | ' | 340 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Property and equipment | ' | ' | ' | ' | ' | ' | 79 | 2,685 | 73 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangibles | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,520 | 18,200 | 10,500 | 2,000 | 43,000 | 3,200 | 20 | 390 | 600 | 110 | 5,000 | 300 | 40 | 320 | 110 | 80 | 1,400 | 10 | 210 | 500 |
Goodwill | 184,505 | 175,108 | 61,144 | 904 | 8,112 | 9,580 | 1,697 | 102,407 | 2,697 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total assets acquired | ' | ' | ' | 2,500 | 27,500 | 20,800 | 4,439 | 167,298 | 6,270 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accounts payable | ' | ' | ' | ' | ' | ' | ' | 588 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued expenses | ' | ' | ' | ' | ' | ' | ' | 1,094 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total liabilities assumed | ' | ' | ' | ' | ' | ' | ' | 1,682 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net assets acquired, net of cash acquired | ' | ' | ' | ' | ' | ' | ' | 165,616 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash acquired | ' | ' | ' | ' | ' | ' | ' | $1,829 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisitions_Pro_Forma_Consoli
Acquisitions - Pro Forma Consolidated Results (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $120,016 | $115,210 | $109,875 | $103,948 | $102,231 | $95,907 | $100,532 | $95,618 | $449,049 | $394,288 | $359,449 |
Sales, Pro Forma | ' | ' | ' | ' | ' | ' | ' | ' | 454,333 | 438,981 | 396,767 |
Net income | ' | ' | ' | ' | ' | ' | ' | ' | 16,570 | 19,710 | 23,044 |
Net income, Pro Forma | ' | ' | ' | ' | ' | ' | ' | ' | $17,112 | $25,075 | $22,033 |
EARNINGS PER COMMON SHARE: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Earnings per common share: basic (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.02 | $0.17 | $0.14 | $0.14 | $0.39 | $0.47 | $0.59 |
Earnings per common share: basic, Pro Forma (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.40 | $0 | $0.56 |
Earnings per common share: diluted (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.01 | $0.17 | $0.14 | $0.14 | $0.39 | $0.46 | $0.58 |
Earnings per common share: diluted, Pro Forma (in dollars per share) | ' | ' | ' | ' | ' | ' | ' | ' | $0.40 | $0 | $0.55 |
Acquisitions_Narrative_Details
Acquisitions - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 1 Months Ended | 0 Months Ended | 1 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Nov. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2012 | Aug. 31, 2012 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 02, 2011 | Sep. 30, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 04, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Apr. 06, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Sep. 10, 2010 | Dec. 31, 2010 | Dec. 31, 2010 | Aug. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 20, 2013 | Sep. 10, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 10, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2010 | Dec. 31, 2010 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Aug. 27, 2012 | Aug. 21, 2012 | Jan. 05, 2012 | 31-May-12 | Jan. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 07, 2012 | 31-May-12 | Dec. 31, 2011 | Jul. 31, 2011 | Jun. 30, 2011 | Dec. 31, 2012 | Dec. 15, 2011 | Jul. 18, 2011 | Jun. 20, 2011 | Dec. 31, 2012 | Dec. 31, 2012 | Dec. 19, 2012 | Sep. 10, 2010 | Aug. 07, 2012 | |
Thomas Medical Products, Inc | Thomas Medical Products, Inc | Thomas Medical Products, Inc | MediGroup | MediGroup | MediGroup | Ostial Solutions, LLC | Ostial Solutions, LLC | Ostial Solutions, LLC | Ostial Solutions, LLC | Ostial Solutions, LLC | Ash | Ash | Ash | Ash | Datascope | Datascope | Radial Assist | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed technology | Developed Technology Rights, Acquired in August 2011, Two | Non-compete agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | Non-compete agreements | License agreements and trademarks | License agreements and trademarks | License agreements and trademarks | License agreements and trademarks | License agreements and trademarks | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Customer Lists | Trademarks | Trademarks | Trademarks | Trademarks | Trademarks | Trademarks | Trademarks | License Agreement Terms | Distribution agreements | Distribution agreements | Distribution agreements | Distribution agreements | Distribution agreements | Distribution agreements | Blockade Medical LLC | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Intellectual Property Rights | Development of Biomaterial Technology | Covered Biliary In-Process Research and Development | Wells Fargo Credit Agreement | Wells Fargo Credit Agreement | Special Membership Units | ||||||||||||
Thomas Medical Products, Inc | MediGroup | Ostial Solutions, LLC | Ash | BioSphere | Datascope | Radial Assist | Thomas Medical Products, Inc | MediGroup | Ostial Solutions, LLC | Thomas Medical Products, Inc | MediGroup | Ostial Solutions, LLC | Ash | Datascope | Radial Assist | Thomas Medical Products, Inc | MediGroup | Ostial Solutions, LLC | Datascope | Radial Assist | Blockade Medical LLC | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Business Acquisition [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $120,016,000 | $115,210,000 | $109,875,000 | $103,948,000 | $102,231,000 | $95,907,000 | $100,532,000 | $95,618,000 | $449,049,000 | $394,288,000 | $359,449,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to acquire businesses | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 167,000,000 | ' | ' | 4,000,000 | ' | ' | ' | 6,500,000 | 10,000,000 | ' | ' | ' | 5,000,000 | ' | ' | 27,500,000 | ' | 2,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Income before tax | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 51,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,600,000 | 191,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | '8 years | '8 years | '15 years | '15 years | ' | '10 years | '10 years | ' | ' | ' | '3 years | '7 years | '5 years | '4 years | '10 years | ' | ' | ' | ' | ' | ' | '12 years | '8 years | '8 years | '2 years | '6 years | '6 years | ' | ' | '15 years | '15 years | '15 years | '15 years | '15 years | '3 years | '10 years | '12 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average useful life | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '8 years 6 months 18 days | ' | ' | '8 years 1 month 24 days | ' | ' | ' | ' | '14 years 7 months 6 days | ' | ' | ' | '9 years | ' | ' | '10 years | '10 years 0 months 27 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term debt issuance costs | ' | ' | ' | ' | ' | ' | ' | ' | 798,000 | 3,706,000 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3,700,000 | 798,000 | ' |
Payments to acquire intangible assets | ' | ' | ' | ' | ' | ' | ' | ' | 1,617,000 | 1,460,000 | 2,077,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 500,000 | ' | ' | 500,000 | ' | ' | ' | ' | ' | 350,000 | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 750,000 | 250,000 | ' | 1,000,000 | 1,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liabilities, Current | 27,702,000 | ' | ' | ' | 27,269,000 | ' | ' | ' | 27,702,000 | 27,269,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,029,000 | 1,035,000 | ' | ' | ' | 700,000 | 250,000 | 3,783,000 | 2,733,000 | ' | 20,626,000 | 20,468,000 | ' | ' | ' | ' | ' | ' | ' | 7,622,000 | 7,311,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5,176,000 | 5,176,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Accrued Liability, Current, Due Date in Relation to First Commercial Sale | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Liabilities incurred | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 445,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,900,000 | ' | ' | 169,000 | ' | ' | ' | ' | 457,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Goodwill, Period Increase (Decrease) | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 381,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired receivables | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 6,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Estimated uncollectible trade receivables acquired | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 34,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquisition-related costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, payment, 2013 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, payment, 2014 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, payment, 2015 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2016 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2017 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2018 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2019 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2020 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2021 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment, 2022 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 150,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Potential payment, annual increase in net sales, minimum percent | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 8.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 403,000 | ' | ' | 4,300,000 | ' | 4,300,000 | ' | ' | 1,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Intangible assets purchased | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 91,052,000 | 87,332,000 | ' | ' | ' | ' | ' | ' | ' | ' | 630,000 | 875,000 | ' | ' | ' | ' | ' | 2,534,000 | 1,872,000 | ' | 9,669,000 | 12,430,000 | 95,000 | ' | ' | ' | ' | ' | ' | 5,778,000 | 5,949,000 | ' | ' | ' | ' | ' | 750,000 | 250,000 | 2,500,000 | ' | ' | 3,396,000 | 3,875,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration, potential payment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 13,500,000 | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cost method investments, special membership units | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 422,594 |
Cost method investments, ownership percentage | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 11.90% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Payments to Acquire Investments | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Acquired in-process research and development | ' | ' | ' | ' | ' | ' | ' | ' | 0 | 2,450,000 | 5,838,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 2,000,000 | 1,000,000 | 1,000,000 | 4,900,000 | ' | ' | ' | 500,000 | 400,000 | ' | ' | ' |
Adjustment related to previous acquisitions | ' | ' | ' | ' | ' | ' | ' | ' | 381,000 | 280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 280,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Research and development, contingent consideration, liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,000,000 | 1,000,000 | 3,500,000 | ' | ' | ' | ' | ' |
Research and development, contingent consideration, discounted liability | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $968,000 | ' | ' | $989,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ' | ' |
Finished goods | $43,364 | $48,233 |
Work-in-process | 6,222 | 6,051 |
Raw materials | 32,792 | 30,315 |
Total | $82,378 | $84,599 |
Goodwill_and_Intangible_Assets2
Goodwill and Intangible Assets - Goodwill (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Goodwill [Line Items] | ' | ' |
Accumulated impairment loss | $8,344 | ' |
Goodwill [Roll Forward] | ' | ' |
Goodwill balance at January 1 | 175,108 | 61,144 |
Adjustment related to previous acquisitions | 381 | 280 |
Additions as the result of acquisitions | 9,016 | 113,684 |
Goodwill balance at December 31 | $184,505 | $175,108 |
Goodwill_and_Intangible_Assets3
Goodwill and Intangible Assets - Other Intangible Assets (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Aug. 21, 2012 | Jan. 05, 2012 | Dec. 31, 2013 | Dec. 20, 2013 | Sep. 10, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 05, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
Other | Other | Patents | Patents | Distribution agreements | Distribution agreements | Distribution agreements | Distribution agreements | License agreements and trademarks | License agreements and trademarks | License agreements and trademarks | License agreements and trademarks | Trademarks | Trademarks | Non-compete agreements | Non-compete agreements | Customer lists | Customer lists | Customer lists | Royalty agreements | Royalty agreements | |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets, Gross | $47,805,000 | $44,833,000 | $9,302,000 | $7,843,000 | $5,176,000 | $5,176,000 | ' | ' | $3,783,000 | $700,000 | $250,000 | $2,733,000 | $7,622,000 | $7,311,000 | $1,029,000 | $1,035,000 | $20,626,000 | $20,468,000 | ' | $267,000 | $267,000 |
Accumulated Amortization | -18,870,000 | -14,034,000 | -2,374,000 | -2,045,000 | -1,780,000 | -1,301,000 | ' | ' | -1,249,000 | ' | ' | -861,000 | -1,844,000 | -1,362,000 | -399,000 | -160,000 | -10,957,000 | -8,038,000 | ' | -267,000 | -267,000 |
Net Carrying Amount | $28,935,000 | $30,799,000 | $6,928,000 | $5,798,000 | $3,396,000 | $3,875,000 | $250,000 | $2,500,000 | $2,534,000 | ' | ' | $1,872,000 | $5,778,000 | $5,949,000 | $630,000 | $875,000 | $9,669,000 | $12,430,000 | $95,000 | $0 | $0 |
Goodwill_and_Intangible_Assets4
Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | ' |
2014 | $15,189 |
2015 | 14,751 |
2016 | 14,094 |
2017 | 13,678 |
2018 | $13,158 |
Goodwill_and_Intangible_Assets5
Goodwill and Intangible Assets - Narrative (Details) (USD $) | 12 Months Ended | 3 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2013 | Dec. 31, 2013 | |
Ostial Solutions, LLC | Thomas Medical Products, Inc | ||||
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Goodwill, Period Increase (Decrease) | ' | ' | ' | ' | $381,000 |
Goodwill impairment charge | 8,089,000 | ' | ' | ' | ' |
Accumulated impairment loss | 8,344,000 | ' | ' | ' | ' |
Aggregate amortization expense | 14,200,000 | 7,500,000 | 6,000,000 | ' | ' |
Intangible asset impairment charges | 8,089,000 | 0 | 0 | 8,100,000 | ' |
Contingent consideration benefit | ' | ' | ' | $3,800,000 | ' |
Income_Taxes_Domestic_and_Fore
Income Taxes - Domestic and Foreign (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Domestic | ' | ' | ' | ' | ' | ' | ' | ' | $5,435 | $15,958 | $21,123 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 14,404 | 11,660 | 11,752 |
INCOME BEFORE INCOME TAXES | $10,916 | $8,391 | $6,780 | $1,757 | $4,330 | $9,082 | $8,222 | $8,007 | $19,839 | $27,618 | $32,875 |
Income_Taxes_Components_of_Inc
Income Taxes - Components of Income Tax Expense (Benefit) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Current expense (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | ($747) | $5,350 | $5,662 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 333 | 1,014 | 1,001 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | 2,324 | 995 | 1,491 |
Total current expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,910 | 7,359 | 8,154 |
Deferred expense (benefit): | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Federal | ' | ' | ' | ' | ' | ' | ' | ' | 1,089 | 871 | 1,121 |
State | ' | ' | ' | ' | ' | ' | ' | ' | 278 | -343 | 74 |
Foreign | ' | ' | ' | ' | ' | ' | ' | ' | -8 | 21 | 482 |
Total deferred expense | ' | ' | ' | ' | ' | ' | ' | ' | 1,359 | 549 | 1,677 |
Total | $1,642 | $833 | $1,253 | ($459) | $1,209 | $1,811 | $2,719 | $2,169 | $3,269 | $7,908 | $9,831 |
Income_Taxes_Effective_Income_
Income Taxes - Effective Income Tax Rate Reconciliation (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Computed federal income tax expense at statutory rate of 35% | ' | ' | ' | ' | ' | ' | ' | ' | $6,943 | $9,667 | $11,506 |
State income taxes | ' | ' | ' | ' | ' | ' | ' | ' | 397 | 436 | 699 |
Tax credits | ' | ' | ' | ' | ' | ' | ' | ' | -1,385 | -779 | -778 |
Production activity deduction | ' | ' | ' | ' | ' | ' | ' | ' | 0 | -388 | -425 |
Foreign tax rate differential | ' | ' | ' | ' | ' | ' | ' | ' | -2,374 | -1,419 | -1,297 |
Uncertain tax positions | ' | ' | ' | ' | ' | ' | ' | ' | -520 | -42 | 281 |
Deferred compensation insurance assets | ' | ' | ' | ' | ' | ' | ' | ' | -358 | -155 | 88 |
Other — including the effect of graduated rates | ' | ' | ' | ' | ' | ' | ' | ' | 566 | 588 | -243 |
Total | $1,642 | $833 | $1,253 | ($459) | $1,209 | $1,811 | $2,719 | $2,169 | $3,269 | $7,908 | $9,831 |
Income_Taxes_Deferred_Tax_Asse
Income Taxes - Deferred Tax Assets and Liabilities (Details) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Net Operating Loss Carryforwards Used In The Current Period | $3,800,000 | $8,600,000 |
Deferred income tax assets: | ' | ' |
Allowance for uncollectible accounts receivable | 342,000 | 348,000 |
Accrued compensation expense | 5,001,000 | 3,954,000 |
Inventory differences | 2,317,000 | 1,949,000 |
Net operating loss carry-forwards | 18,060,000 | 19,622,000 |
Deferred revenue | 280,000 | 237,000 |
Stock-based compensation expense | 2,704,000 | 2,465,000 |
Uncertain tax positions | 559,000 | 709,000 |
Federal research and development credit carry-forward | 569,000 | 0 |
Other | 3,197,000 | 3,762,000 |
Total deferred income tax assets | 33,029,000 | 33,046,000 |
Deferred income tax liabilities: | ' | ' |
Prepaid expenses | -751,000 | -757,000 |
Property and equipment | -21,893,000 | -19,001,000 |
Intangible assets | -3,837,000 | -4,107,000 |
Other | -1,295,000 | -1,116,000 |
Total deferred income tax liabilities | -27,776,000 | -24,981,000 |
Valuation allowance | -1,363,000 | -1,225,000 |
Net deferred income tax assets | 3,890,000 | 6,840,000 |
Reported as: | ' | ' |
Deferred income tax assets - Current | 5,638,000 | 4,976,000 |
Deferred income tax assets - Long-term | 800,000 | 4,237,000 |
Deferred income tax liabilities - Long-term | ($2,548,000) | ($2,373,000) |
Income_Taxes_Summary_of_Income
Income Taxes - Summary of Income Tax Contingencies (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ' | ' | ' |
Unrecognized tax benefits, opening balance | $2,776,000 | $3,113,000 | $2,952,000 |
Gross increases in tax positions taken in a prior year | 107,000 | 83,000 | 347,000 |
Gross increases in tax positions taken in the current year | 236,000 | 260,000 | 865,000 |
Settlements with taxing authorities | 0 | 0 | -507,000 |
Lapse of applicable statute of limitations | -990,000 | -680,000 | -544,000 |
Unrecognized tax benefits, ending balance | $2,129,000 | $2,776,000 | $3,113,000 |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' | ' | ' |
Valuation Allowance, Deferred Tax Asset, Change in Amount | ' | ' | $138,000 | $864,000 | $361,000 | ' |
U.S federal net operating loss carryforwards | 52,000,000 | 56,000,000 | 52,000,000 | 56,000,000 | ' | ' |
Net Operating Loss Carryforwards Utilization | ' | ' | '13 years | ' | ' | ' |
Net Operating Loss Carryforwards Used In The Current Period | ' | ' | 3,800,000 | 8,600,000 | ' | ' |
non-U.S. net operating loss carryforwards | 125,000 | 150,000 | 125,000 | 150,000 | ' | ' |
Tax Credit Research And Development | ' | ' | 600,000 | ' | ' | ' |
Unrecognized Tax Benefits Gross Including Interest and Penalties | 2,300,000 | 2,900,000 | 2,300,000 | 2,900,000 | ' | ' |
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 1,700,000 | 2,200,000 | 1,700,000 | 2,200,000 | ' | ' |
Deferred Tax Asset, Reduction in Valuation Allowance, Noncurrent | ' | ' | 236,000 | ' | ' | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued | ' | 139,000 | ' | 139,000 | 161,000 | ' |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Expense | ' | ' | 22,000 | 215,000 | ' | 12,000 |
Settlements with taxing authorities | ' | ' | 0 | 0 | -507,000 | ' |
Estimated change in unrecognized tax benefit in next twelve months, lower bound | 200,000 | ' | 200,000 | ' | ' | ' |
Estimated change in unrecognized tax benefit in next twelve months, upper bound | $600,000 | ' | $600,000 | ' | ' | ' |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate, Percent | 35.00% | 35.00% | ' | ' | 35.00% | ' |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Payroll taxes | $1,816 | $1,893 |
Payroll | 3,474 | 3,141 |
Bonuses | 5,273 | 5,778 |
Commissions | 984 | 894 |
Vacation | 6,280 | 5,066 |
Royalties | 1,221 | 1,368 |
Value-added tax | 1,469 | 1,158 |
Other accrued expenses | 7,185 | 7,971 |
Total | $27,702 | $27,269 |
Revolving_Credit_Facility_and_2
Revolving Credit Facility and Long-Term Debt - Narrative (Details) (USD $) | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 04, 2013 | Sep. 30, 2010 | Dec. 19, 2012 | Dec. 31, 2013 | Dec. 19, 2012 | Dec. 31, 2013 | |
Credit Agreement | Credit Agreement | Base Rate | Base Rate | London Interbank Offered Rate (LIBOR) Market Index Rate | London Interbank Offered Rate (LIBOR) Market Index Rate | London Interbank Offered Rate (LIBOR) | London Interbank Offered Rate (LIBOR) | Federal Funds Rate | Variable Rate 1 | Variable Rate 1 | Variable Rate 2 | Variable Rate 2 | Revolving Credit Facility | Revolving Credit Facility | Term Loan | Bridge Loan | Bridge Loan | Bridge Loan | |
quarter | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Credit Agreement | Wells Fargo | Credit Agreement | Base Rate | London Interbank Offered Rate (LIBOR) Market Index Rate | London Interbank Offered Rate (LIBOR) Market Index Rate | ||
Credit Agreement | Credit Agreement | Credit Agreement | |||||||||||||||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Amount Outstanding | $248,900,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Maximum Borrowing Capacity | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 215,000,000 | 125,000,000 | 100,000,000 | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | ' | 1.00% | 0.25% | 2.00% | 1.25% | 2.00% | 1.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | 2.00% | 1.25% |
Debt Instrument, Basis Spread on Base Rate | ' | ' | ' | ' | ' | ' | ' | 0.01 | 0.005 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Current Quarter, Maximum | 4.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Quarter One, Maximum | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Quarter Two, Maximum | 3.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Quarter Three, Maximum | 3.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Quarter Four, Maximum | 3.25 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Year Two, Maximum | 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Year Three, Maximum | 2.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Year Four, Maximum | 2.5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated EBITDA to Fixed Charges Ratio, Number of Consecutive Quarters | 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated EBITDA to Fixed Charges Ratio, Minimum | 1.75 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Net Income, Maximum | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Facility Capital Expenditures, Next Twelve Months, Maximum | 30,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Covenant Terms, Consolidated Total Leverage Ratio, Minimum | ' | ' | ' | 2.25 | ' | 2.25 | ' | 2.25 | ' | ' | ' | ' | ' | ' | ' | ' | 2.25 | ' | ' |
Line of Credit Facility, Remaining Borrowing Capacity | 34,600,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate | 4.23% | 2.98% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Fixed Interest, Amount | 145,000,000 | 150,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate | ' | ' | ' | ' | ' | ' | ' | ' | ' | 3.42% | 2.22% | 3.50% | 2.31% | ' | ' | ' | ' | ' | ' |
Long-term Debt, Percentage Bearing Variable Interest, Amount | ' | ' | ' | ' | ' | ' | ' | ' | ' | $101,500,000 | $87,000,000 | $2,354,000 | $566,000 | ' | ' | ' | ' | ' | ' |
Revolving_Credit_Facility_and_3
Revolving Credit Facility and Long-Term Debt - Principal Balances under Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Line of Credit Facility [Line Items] | ' | ' |
Total long-term debt | $248,854 | $237,566 |
Less current portion | 10,000 | 10,000 |
Long-term portion | 238,854 | 227,566 |
Term Loan | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total long-term debt | 92,500 | 100,000 |
Revolving Credit Facility | ' | ' |
Line of Credit Facility [Line Items] | ' | ' |
Total long-term debt | $156,354 | $137,566 |
Revolving_Credit_Facility_and_4
Revolving Credit Facility and Long-Term Debt - Future Minimum Payments on Long-term Debt (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
2014 | $10,000 | ' |
2015 | 10,000 | ' |
2016 | 10,000 | ' |
2017 | 218,854 | ' |
Total long-term debt | $248,854 | $237,566 |
Derivatives_Interest_Rate_Swap
Derivatives - Interest Rate Swap (Details) (USD $) | 12 Months Ended | |||
Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 19, 2012 | |
Derivative Instruments and Hedging Activities Disclosure [Abstract] | ' | ' | ' | ' |
Derivative, Fixed Interest Rate | ' | ' | ' | 0.98% |
Interest rate swap | ' | ($1,200,000) | ($700,000) | ' |
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax | ' | 468,000 | 1,788,000 | ' |
Notional Amount of Interest Rate Cash Flow Hedge Derivatives | 55,000,000 | ' | ' | 150,000,000 |
Derivative, Cash Received on Hedge | $28,000 | ' | ' | ' |
Derivatives_Foreign_Currency_F
Derivatives - Foreign Currency Forward Contracts (Details) | 12 Months Ended | 0 Months Ended | |||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Nov. 29, 2013 | Nov. 30, 2012 | Nov. 29, 2013 | Nov. 30, 2012 |
USD ($) | USD ($) | USD ($) | 30 Day Forward Contract EURO | 30 Day Forward Contract EURO | 30 Day Forward Contract GBP | 30 Day Forward Contract GBP | |
EUR (€) | EUR (€) | GBP (£) | GBP (£) | ||||
Derivatives, Fair Value [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Forward Contract Term | ' | ' | ' | '30 days | '30 days | '30 days | '30 days |
Derivative, Notional Amount | ' | ' | ' | € 494 | € 527 | £ 847 | £ 565 |
Gain (Loss) on Foreign Currency Derivative Instruments Not Designated as Hedging Instruments | ($202) | ($11) | $221 | ' | ' | ' | ' |
Commitments_and_Contingencies_1
Commitments and Contingencies - Schedule of Future Minimum Rental Payments for Operating Leases (Details) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | ' |
2014 | $6,569 |
2015 | 5,956 |
2016 | 4,974 |
2017 | 4,122 |
2018 | 4,073 |
Thereafter | 36,067 |
Total minimum lease payments | $61,761 |
Commitments_and_Contingencies_2
Commitments and Contingencies (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Commitments and Contingencies Disclosure [Abstract] | ' | ' | ' | ' | ' |
Proceeds from sale-leaseback transaction | $24,000,000 | ' | $24,000,000 | $0 | $0 |
Lessee Leasing Arrangements, Operating Leases, Term of Contract | ' | '19 years 10 months | ' | ' | ' |
Operating Leases, Rent Expense | ' | ' | 5,500,000 | 4,800,000 | 4,100,000 |
Irish Grants Related to Research and Development, Training and Hiring | ' | ' | 1,176,000 | 424,000 | 261,000 |
Deferred Credits and Other Liabilities | 3,100,000 | 3,000,000 | 3,100,000 | 3,000,000 | ' |
Irish Grants Related to Purchased Property Plant and Equipment | ' | ' | 139,000 | 174,000 | 106,000 |
Refundable Irish Grants if Operations Cease | $5,000,000 | ' | $5,000,000 | ' | ' |
Earnings_Per_Common_Share_EPS_1
Earnings Per Common Share (EPS) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share, Basic and Diluted [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Income, Basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | $16,570 | $19,710 | $23,044 |
Shares, Basic EPS | ' | ' | ' | ' | ' | ' | ' | ' | 42,607,000 | 42,176,000 | 39,086,000 |
Basic (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.02 | $0.17 | $0.14 | $0.14 | $0.39 | $0.47 | $0.59 |
Effect of dilutive stock options and warrants | ' | ' | ' | ' | ' | ' | ' | ' | 277,000 | 434,000 | 647,000 |
Net Income, Diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | $16,570 | $19,710 | $23,044 |
Shares, Diluted EPS | ' | ' | ' | ' | ' | ' | ' | ' | 42,884,000 | 42,610,000 | 39,733,000 |
Diluted (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.01 | $0.17 | $0.14 | $0.14 | $0.39 | $0.46 | $0.58 |
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount | ' | ' | ' | ' | ' | ' | ' | ' | 1,823,000 | 1,588,000 | 909,000 |
Employee_Stock_Purchase_Plan_S2
Employee Stock Purchase Plan Stock Options and Warrants - Long Term Incentive Plans (Details) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
2006 Incentive Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 1,100 |
Employee Stock Purchase Plan Qualified | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 229 |
Share Based Compensation Arrangement Employee Stock Purchase Plan Percentage of Market Price Purchase Date | 95.00% |
Employee Stock Purchase Plan Non Qualified | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Available for Grant | 60 |
Stock Options | 2006 Incentive Plan | Minimum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '3 years |
Stock Option Contractual Life | '7 years |
Stock Options | 2006 Incentive Plan | Maximum | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '5 years |
Stock Option Contractual Life | '10 years |
Performance Shares | 2006 Incentive Plan | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Award vesting period | '1 year |
Employee_Stock_Purchase_Plan_S3
Employee Stock Purchase Plan Stock Options and Warrants - Allocation of Recognized Period Costs (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,467,000 | $1,917,000 | $1,644,000 |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized | 4,200,000 | ' | ' |
Employee Service Share-based Compensation, Nonvested Awards, Total Compensation Cost Not yet Recognized, Period for Recognition | '3 years 3 months 11 days | ' | ' |
Cost of goods sold | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 145,000 | 245,000 | 241,000 |
Research and development | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | 87,000 | 119,000 | 86,000 |
Selling, general, and administrative | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' |
Allocated Share-based Compensation Expense | $1,235,000 | $1,553,000 | $1,317,000 |
Employee_Stock_Purchase_Plan_S4
Employee Stock Purchase Plan Stock Options and Warrants - Fair Value Calculation Assumptions (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate, minimum | 0.65% | 0.54% | 0.68% |
Risk-free interest rate, maximum | 1.16% | 0.95% | ' |
Risk-free interest rate | ' | ' | 1.34% |
Expected option life | ' | ' | '6 years |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected price volatility, minimum | 34.08% | 42.01% | ' |
Expected price volatility, maximum | 41.67% | 44.56% | ' |
Expected price volatility | ' | ' | 45.29% |
Stock-based compensation grants | 348 | 128 | 844 |
Stock-based compensation grants, total fair value | $1,400 | $700 | $4,300 |
Minimum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected option life | '4 years 2 months 12 days | '4 years 2 months 12 days | '4 years 2 months 12 days |
Expected price volatility | ' | ' | 42.11% |
Maximum | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected option life | '6 years | '6 years | ' |
Employee_Stock_Purchase_Plan_S5
Employee Stock Purchase Plan Stock Options and Warrants - Stock Option Activity (Details) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ' | ' |
Total intrinsic value of stock options exercised | $1,649 | $3,472 | $9,433 |
Cash received from stock option exercises | 3,281 | 3,325 | 7,197 |
Excess tax benefit from the exercise of stock options | 259 | 877 | 3,122 |
Number of Shares | ' | ' | ' |
Beginning balance (in shares) | 3,535 | ' | ' |
Granted (in shares) | 348 | 128 | 844 |
Exercised (in shares) | -368 | ' | ' |
Forfeited/expired (in shares) | -507 | ' | ' |
Outstanding at December 31 (in shares) | 3,008 | 3,535 | ' |
Exercisable (in shares) | 2,075 | ' | ' |
Ending vested and expected to vest (in shares) | 2,991 | ' | ' |
Weighted Average Exercise Price | ' | ' | ' |
Beginning balance (in dollars per share) | $12.14 | $12.55 | ' |
Granted (in dollars per share) | $12.08 | ' | ' |
Exercised (in shares) | $10.10 | ' | ' |
Forfeited/expired (in shares) | $16.43 | ' | ' |
Outstanding at December 31 (in dollars per share) | $12.14 | $12.55 | ' |
Exercisable (in dollars per share) | $11.73 | ' | ' |
Ending vested and expected to vest (in dollars per share) | $12.14 | ' | ' |
Outstanding, Remaining Contractual Term | '2 years 11 months 1 day | ' | ' |
Outstanding, Intrinsic Value | 10,823 | ' | ' |
Exercisable, Remaining Contractual Term | '1 year 10 months 10 days | ' | ' |
Exercisable, Intrinsic Value | 8,312 | ' | ' |
Ending vested and expected to vest, Remaining Contractual Term | '2 years 10 months 29 days | ' | ' |
Ending vested and expected to vest, Intrinsic Value | $10,772 | ' | ' |
Weighted average grant-date fair value of options granted | $4.01 | $5.31 | $5.28 |
Employee_Stock_Purchase_Plan_S6
Employee Stock Purchase Plan Stock Options and Warrants - Options Outstanding (Details) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise | $9.58 |
Range of Exercise | $15.12 |
Number Outstanding | 3,008 |
Number Exercisable | 2,075 |
$7.65 - $9.70 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise | $9.58 |
Range of Exercise | $11.05 |
Number Outstanding | 764 |
Weighted Average Remaining Contractual Life (in years) | '1 year 11 months 5 days |
Weighted Average Exercise Price | $9.96 |
Number Exercisable | 639 |
Weighted Average Exercise Price | $9.97 |
$9.71 - $11.53 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise | $11.41 |
Range of Exercise | $12.02 |
Number Outstanding | 859 |
Weighted Average Remaining Contractual Life (in years) | '1 year 3 months 0 days |
Weighted Average Exercise Price | $11.68 |
Number Exercisable | 859 |
Weighted Average Exercise Price | $11.68 |
$12.02 - $13.75 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise | $12.10 |
Range of Exercise | $13.75 |
Number Outstanding | 1,094 |
Weighted Average Remaining Contractual Life (in years) | '4 years 10 months 24 days |
Weighted Average Exercise Price | $13.53 |
Number Exercisable | 367 |
Weighted Average Exercise Price | $13.60 |
$13.82 - $17.34 | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' |
Range of Exercise | $13.77 |
Range of Exercise | $15.12 |
Number Outstanding | 291 |
Weighted Average Remaining Contractual Life (in years) | '3 years 0 months 0 days |
Weighted Average Exercise Price | $14.03 |
Number Exercisable | 210 |
Weighted Average Exercise Price | $14.08 |
Segment_Reporting_and_Foreign_2
Segment Reporting and Foreign Operations - Sales by Business Segment (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $120,016 | $115,210 | $109,875 | $103,948 | $102,231 | $95,907 | $100,532 | $95,618 | $449,049 | $394,288 | $359,449 | ' |
% Change | 13.89% | ' | ' | ' | 10.00% | ' | ' | ' | 13.89% | 10.00% | ' | 21.00% |
Cardiovascular Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 432,124 | 378,493 | 347,430 | ' |
% Change | 14.17% | ' | ' | ' | 9.00% | ' | ' | ' | 14.17% | 9.00% | ' | 21.00% |
Cardiovascular Segment | Stand Alone Devices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 125,445 | 114,242 | 101,959 | ' |
% Change | 9.81% | ' | ' | ' | 12.05% | ' | ' | ' | 9.81% | 12.05% | ' | 15.00% |
Cardiovascular Segment | Custom Kit And Procedures Trays | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 103,700 | 94,586 | 91,532 | ' |
% Change | 9.64% | ' | ' | ' | 3.34% | ' | ' | ' | 9.64% | 3.34% | ' | 11.00% |
Cardiovascular Segment | Inflation Devices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 66,182 | 68,979 | 67,353 | ' |
% Change | -4.05% | ' | ' | ' | 2.41% | ' | ' | ' | -4.05% | 2.41% | ' | 8.00% |
Cardiovascular Segment | Catheters | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 75,131 | 64,878 | 55,357 | ' |
% Change | 15.80% | ' | ' | ' | 17.20% | ' | ' | ' | 15.80% | 17.20% | ' | 23.00% |
Cardiovascular Segment | Embolization Devices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 33,395 | 33,870 | 31,229 | ' |
% Change | -1.40% | ' | ' | ' | 8.46% | ' | ' | ' | -1.40% | 8.46% | ' | 247.00% |
Cardiovascular Segment | Electrophysiology | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 28,271 | 1,938 | 0 | ' |
% Change | 1358.77% | ' | ' | ' | 0.00% | ' | ' | ' | 1358.77% | 0.00% | ' | 0.00% |
Endoscopy Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,925 | 15,795 | 12,019 | ' |
Endoscopy Segment | Endoscopy Devices | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | $16,925 | $15,795 | $12,019 | ' |
% Change | 7.15% | ' | ' | ' | 31.00% | ' | ' | ' | 7.15% | 31.00% | ' | 33.00% |
Segment_Reporting_and_Foreign_3
Segment Reporting and Foreign Operations - Foreign Sales (Details) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' |
Foreign Sales Percent of Total Sales | 37.00% | 37.00% | 35.00% |
Foreign Sales | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' |
Revenue, Net | $166 | $146.30 | $125.90 |
Segment_Reporting_and_Foreign_4
Segment Reporting and Foreign Operations - Long-lived Assets by Geographic Area (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
In Thousands, unless otherwise specified | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-Lived Assets | $243,270 | $234,803 | $179,140 |
United States | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-Lived Assets | 178,130 | 176,644 | 134,393 |
Ireland | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-Lived Assets | 50,274 | 48,182 | 36,008 |
Other Foreign Countries | ' | ' | ' |
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' |
Long-Lived Assets | $14,866 | $9,977 | $8,739 |
Segment_Reporting_and_Foreign_5
Segment Reporting and Foreign Operations - Operating Income (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | $120,016 | $115,210 | $109,875 | $103,948 | $102,231 | $95,907 | $100,532 | $95,618 | $449,049 | $394,288 | $359,449 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 166,523 | 152,351 | 132,278 |
Impairment of goodwill | ' | ' | ' | ' | ' | ' | ' | ' | 8,089 | ' | ' |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 27,844 | 29,641 | 33,190 |
Total other expense - net | ' | ' | ' | ' | ' | ' | ' | ' | -8,005 | -2,023 | -315 |
Income tax expense | 1,642 | 833 | 1,253 | -459 | 1,209 | 1,811 | 2,719 | 2,169 | 3,269 | 7,908 | 9,831 |
NET INCOME | ' | ' | ' | ' | ' | ' | ' | ' | 16,570 | 19,710 | 23,044 |
Cardiovascular Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 432,124 | 378,493 | 347,430 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 157,479 | 142,089 | 122,600 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | 26,597 | 30,411 | 38,010 |
Endoscopy Segment | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Segment Reporting Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Revenues | ' | ' | ' | ' | ' | ' | ' | ' | 16,925 | 15,795 | 12,019 |
Operating expenses | ' | ' | ' | ' | ' | ' | ' | ' | 9,044 | 10,262 | 9,678 |
Operating income (loss) | ' | ' | ' | ' | ' | ' | ' | ' | $1,247 | ($770) | ($4,820) |
Segment_Reporting_and_Foreign_6
Segment Reporting and Foreign Operations - Assets (Details) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Assets | $728,283 | $705,309 | $447,017 |
Depreciation and amortization | 32,542 | 22,534 | 19,194 |
Capital expenditures | 59,505 | 64,643 | 59,195 |
Cardiovascular Segment | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Assets | 716,659 | 692,689 | 434,747 |
Depreciation and amortization | 31,594 | 21,441 | 18,219 |
Capital expenditures | 59,421 | 64,059 | 58,775 |
Endoscopy Segment | ' | ' | ' |
Segment Reporting, Asset Reconciling Item [Line Items] | ' | ' | ' |
Assets | 11,624 | 12,620 | 12,270 |
Depreciation and amortization | 948 | 1,093 | 975 |
Capital expenditures | $84 | $584 | $420 |
Royalty_Agreements_Details
Royalty Agreements (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Datascope Royalty Agreement | ' | ' | ' |
Royalty Agreements [Line Items] | ' | ' | ' |
Current Royalty Rate | 5.00% | ' | ' |
Minimum Royalty Payment | $50,000 | ' | ' |
Royalty Expense | 50,000 | ' | ' |
BioSphere APHP Royalty | ' | ' | ' |
Royalty Agreements [Line Items] | ' | ' | ' |
Current Royalty Rate | 5.00% | ' | ' |
Future Royalty Rate | 2.50% | ' | ' |
Royalty Expense | $1,300,000 | $1,400,000 | $1,300,000 |
Employee_Benefit_Plans_Details
Employee Benefit Plans (Details) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Defined Contribution Pension and Other Postretirement Plans Disclosure [Abstract] | ' | ' | ' |
Minimum Years Of Age | '18 years | ' | ' |
Minimum Service Requirement | '90 days | ' | ' |
Defined Contribution Plan, Cost Recognized | $400,000 | $1,500,000 | $1,200,000 |
Defined Contribution Plan Percentage Minimum Foreign Employees | 3.00% | ' | ' |
Defined Contribution Plan Percentage Maximum Foreign Employees | 31.00% | ' | ' |
Defined Contribution Plan Percentage Minimum Foreign Management | 10.00% | ' | ' |
Defined Contribution Plan Foreign, Cost Recognized | $748,000 | $724,000 | $469,000 |
Quarterly_Results_of_Operation2
Quarterly Results of Operations (Unaudited) (Details) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net sales | $120,016 | $115,210 | $109,875 | $103,948 | $102,231 | $95,907 | $100,532 | $95,618 | $449,049 | $394,288 | $359,449 |
Gross profit | 53,359 | 51,030 | 46,985 | 42,993 | 45,463 | 45,335 | 47,024 | 44,170 | 194,367 | 181,992 | 165,468 |
Income from operations | 10,916 | 8,391 | 6,780 | 1,757 | 4,330 | 9,082 | 8,222 | 8,007 | 19,839 | 27,618 | 32,875 |
Income tax expense | 1,642 | 833 | 1,253 | -459 | 1,209 | 1,811 | 2,719 | 2,169 | 3,269 | 7,908 | 9,831 |
Net income | $6,540 | $5,607 | $3,752 | $671 | $641 | $7,226 | $6,095 | $5,748 | ' | ' | ' |
Basic (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.02 | $0.17 | $0.14 | $0.14 | $0.39 | $0.47 | $0.59 |
Diluted (in dollars per share) | $0.15 | $0.13 | $0.09 | $0.02 | $0.01 | $0.17 | $0.14 | $0.14 | $0.39 | $0.46 | $0.58 |
Fair_Value_Measurements_Financ
Fair Value Measurements - Financial Assets and (Liabilities) Carried at Fair Value (Details) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 | |
In Thousands, unless otherwise specified | |||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swap | $1,200 | $700 | |
Fair Value, Measurements, Recurring | Estimate of Fair Value, Fair Value Disclosure | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swap | 1,203 | [1] | ' |
Marketable securities | ' | -1,788 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 1 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swap | 0 | [1] | ' |
Marketable securities | ' | 0 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 2 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swap | 1,203 | [1] | ' |
Marketable securities | ' | -1,788 | |
Fair Value, Measurements, Recurring | Fair Value, Inputs, Level 3 | ' | ' | |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | |
Interest rate swap | 0 | [1] | ' |
Marketable securities | ' | $0 | |
[1] | The fair value of the interest rate swap is determined based on forward yield curves. |
Fair_Value_Measurements_Liabil
Fair Value Measurements - Liability Measured on Recurring Basis, Unobservable Input Reconciliation (Details) (Contingent Consideration, USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Contingent Consideration | ' | ' |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | ' | ' |
Beginning balance | $6,697 | $1,290 |
Contingent consideration liability recorded as the result of acquisitions (see Note 2) | 0 | 4,704 |
Initial purchase price adjustments finalized over the period (see Note 2) | 0 | 280 |
Fair value adjustments recorded to (income) expense during the period | -4,094 | 480 |
Contingent payments made | -77 | -57 |
Ending balance | $2,526 | $6,697 |
Fair_Value_Measurements_Fair_V
Fair Value Measurements - Fair Value Inputs, Liabilities, Quantitative Information (Details) (Contingent Consideration, USD $) | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | Income Approach Valuation Technique | Income Approach Valuation Technique | Minimum | Minimum | Maximum | Maximum | Revenue-based Payments | Revenue-based Payments | Other Payments | Other Payments | |||
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Income Approach Valuation Technique | Income Approach Valuation Technique | Income Approach Valuation Technique | Income Approach Valuation Technique | ||||||||
Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | Fair Value, Inputs, Level 3 | ||||||||||
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Discount rate | ' | ' | ' | 5.40% | ' | 11.00% | 10.00% | 15.00% | 14.50% | ' | ' | ' | ' |
Contingent consideration liability | $2,526 | $6,697 | $1,290 | ' | ' | ' | ' | ' | ' | $2,282 | $6,370 | $244 | $327 |
Probability of milestone payment | ' | ' | ' | 90.00% | 90.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Fair_Value_Measurements_Narrat
Fair Value Measurements - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | ||||||||
Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2013 | Sep. 30, 2013 | |
Other Long-term Obligations | Other Long-term Obligations | Accrued Liabilities | Accrued Liabilities | Ostial Solutions, LLC | Ostial Solutions, LLC | |||||
Developed technology | Other | |||||||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Contingent consideration liability | ' | ' | ' | ' | $2,300,000 | $5,900,000 | ' | ' | ' | ' |
Contingent consideration liability | ' | ' | ' | ' | ' | ' | 274,000 | 723,000 | ' | ' |
Other Asset Impairment Charges | ' | 8,208,000 | 55,000 | 103,000 | ' | ' | ' | ' | ' | ' |
Goodwill impairment charge | ' | 8,089,000 | ' | ' | ' | ' | ' | ' | ' | ' |
Finite-lived Intangible Assets, Fair Value Disclosure | ' | ' | ' | ' | ' | ' | ' | ' | 1,500,000 | 160,000 |
Impairment of cost-method investment | $2,368,000 | $0 | $2,368,000 | $0 | ' | ' | ' | ' | ' | ' |
Stockholders_Equity_Details
Stockholders' Equity (Details) (USD $) | 0 Months Ended | 12 Months Ended |
Jun. 22, 2011 | Dec. 31, 2011 | |
Stockholders' Equity Note [Abstract] | ' | ' |
Issuance of common stock, net of offering costs, shares | 5,520,000 | ' |
Issuance of common stock, net of offering costs | $87,700,000 | $87,700,000 |
Underwriting Discounts and Commissions | 4,600,000 | ' |
Other Indirect Cost In Connection With Public Offering | $127,000 | ' |
Schedule_II_Valuation_and_qual1
Schedule II - Valuation and qualifying accounts (Details) (USD $) | 12 Months Ended | ||||||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2009 | |||
Allowance for Doubtful Accounts [Member] | ' | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | |||
Balance at Beginning of Year | ($892) | ' | ($464) | ($593) | |||
Additions Charged to Costs and Expenses | -376 | [1] | -545 | [1] | -12 | [1] | ' |
Deduction | 428 | [2] | 117 | [2] | 141 | [2] | ' |
Balance at End of Year | -840 | -892 | ' | -593 | |||
Valuation Allowance of Deferred Tax Assets [Member] | ' | ' | ' | ' | |||
Movement in Valuation Allowances and Reserves [Roll Forward] | ' | ' | ' | ' | |||
Balance at Beginning of Year | -1,225 | ' | -361 | 0 | |||
Additions Charged to Costs and Expenses | -138 | [3] | -864 | [3] | -361 | [3] | ' |
Deduction | 0 | 0 | 0 | ' | |||
Balance at End of Year | ($1,363) | ($1,225) | ' | $0 | |||
[1] | We record a bad debt provision based upon historical experience and a review of individual customer balances. | ||||||
[2] | When an individual customer balance becomes impaired and is deemed uncollectible a deduction is made against the allowance for uncollectible accounts. | ||||||
[3] | We record a valuation allowance against a deferred tax asset when it is determined that it is more likely than not that the deferred tax asset will not be realized. |