Merit Medical Systems (MMSI) 10-Q 9 May 14 2014 Q1 Quarterly report Financial data

Document_and_Entity_Informatio

Document and Entity Information	3 Months Ended
	Mar. 31, 2014	5-May-14
Document Information [Abstract]	'	'
Entity Registrant Name	'MERIT MEDICAL SYSTEMS INC	'
Entity Central Index Key	'0000856982	'
Current Fiscal Year End Date	'--03-31	'
Entity Filer Category	'Accelerated Filer	'
Document Type	'10-Q	'
Document Period End Date	31-Mar-14	'
Document Fiscal Year Focus	'2014	'
Document Fiscal Period Focus	'Q1	'
Amendment Flag	'false	'
Entity Common Stock, Shares Outstanding	'	42,972,946

CONSOLIDATED_BALANCE_SHEETS

CONSOLIDATED BALANCE SHEETS (USD $)	Mar. 31, 2014	Dec. 31, 2013
CURRENT ASSETS:	'	'
Cash and cash equivalents	$12,591,000	$7,459,000
Trade receivables — net of allowance for uncollectible accounts — 2014 — $908 and 2013 — $840	64,326,000	60,186,000
Employee receivables	190,000	224,000
Other receivables	2,834,000	3,279,000
Inventories	84,730,000	82,378,000
Prepaid expenses	5,767,000	5,121,000
Prepaid income taxes	1,232,000	1,232,000
Deferred income tax assets	5,617,000	5,638,000
Income tax refund receivables	211,000	398,000
Total current assets	177,498,000	165,915,000
PROPERTY AND EQUIPMENT:	'	'
Land and land improvements	16,265,000	16,240,000
Buildings	129,702,000	127,747,000
Manufacturing equipment	141,982,000	136,768,000
Furniture and fixtures	34,105,000	32,327,000
Leasehold improvements	13,712,000	13,692,000
Construction-in-progress	25,582,000	25,172,000
Total property and equipment	361,348,000	351,946,000
Less accumulated depreciation	-113,363,000	-108,676,000
Property and equipment — net	247,985,000	243,270,000
OTHER ASSETS:	'	'
Goodwill	184,505,000	184,505,000
Deferred income tax assets	800,000	800,000
Other assets	14,328,000	13,806,000
Total other assets	316,327,000	319,098,000
TOTAL	741,810,000	728,283,000
CURRENT LIABILITIES:	'	'
Trade payables	27,236,000	26,511,000
Accrued expenses	30,497,000	27,702,000
Current portion of long-term debt	10,000,000	10,000,000
Advances from employees	803,000	292,000
Income taxes payable	912,000	1,089,000
Total current liabilities	69,448,000	65,594,000
LONG-TERM DEBT	244,441,000	238,854,000
DEFERRED INCOME TAX LIABILITIES	2,548,000	2,548,000
LIABILITIES RELATED TO UNRECOGNIZED TAX BENEFITS	2,031,000	2,031,000
DEFERRED COMPENSATION PAYABLE	8,116,000	7,833,000
DEFERRED CREDITS	3,019,000	3,065,000
OTHER LONG-TERM OBLIGATIONS	2,578,000	2,652,000
Total liabilities	332,181,000	322,577,000
COMMITMENTS AND CONTINGENCIES (Notes 5, 9, 10 and 13)	0	0
STOCKHOLDERS’ EQUITY:	'	'
Preferred stock — 5,000 shares authorized as of March 31, 2014 and December 31, 2013; no shares issued	0	0
Common stock, no par value; 100,000 shares authorized; 42,955 and 42,846 shares issued at March 31, 2014 and December 31, 2013, respectively	178,866,000	177,775,000
Retained earnings	229,811,000	226,988,000
Accumulated other comprehensive income	952,000	943,000
Total stockholders’ equity	409,629,000	405,706,000
TOTAL	741,810,000	728,283,000
Developed technology — net of accumulated amortization — 2014 — $20,228 and 2013 — $17,602	'	'
OTHER ASSETS:	'	'
Intangible Assets	88,427,000	91,052,000
Other — net of accumulated amortization — 2014 — $19,938 and 2013 — $18,870	'	'
OTHER ASSETS:	'	'
Intangible Assets	$28,267,000	$28,935,000

CONSOLIDATED_BALANCE_SHEETS_CO

CONSOLIDATED BALANCE SHEETS CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, except Share data, unless otherwise specified
CURRENT ASSETS:	'	'
Trade receivables, allowances (in dollars)	$908	$840
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	42,955,000	42,846,000
Other	'	'
OTHER ASSETS:	'	'
Intangibles, accumulated amortization (in dollars)	19,938	18,870
Developed technology	'	'
OTHER ASSETS:	'	'
Intangibles, accumulated amortization (in dollars)	$20,228	$17,602

CONSOLIDATED_STATEMENTS_OF_OPE

CONSOLIDATED STATEMENTS OF OPERATIONS (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Statement [Abstract]	'	'
NET SALES	$119,236	$103,948
COST OF SALES	67,193	60,955
GROSS PROFIT	52,043	42,993
OPERATING EXPENSES:	'	'
Selling, general, and administrative	36,774	32,128
Research and development	8,780	9,108
Total operating expenses	45,554	41,236
INCOME FROM OPERATIONS	6,489	1,757
OTHER INCOME (EXPENSE):	'	'
Interest income	67	57
Interest (expense)	-2,606	-1,539
Other (expense) — net	-64	-63
Other expense — net	-2,603	-1,545
INCOME BEFORE INCOME TAXES	3,886	212
INCOME TAX EXPENSE (BENEFIT)	1,063	-459
NET INCOME	$2,823	$671
EARNINGS PER COMMON SHARE:	'	'
Basic (in dollars per share)	$0.07	$0.02
Diluted (in dollars per share)	$0.07	$0.02
AVERAGE COMMON SHARES:	'	'
Basic (in shares)	42,865	42,520
Diluted (in shares)	43,234	42,835

CONSOLIDATED_STATEMENTS_OF_COM

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Net income	$2,823	$671
Other comprehensive income (loss):	'	'
Interest rate swap, net of tax effect of $30, ($143)	-47	225
Foreign currency translation adjustment, net of tax effect of $52, $8	56	-224
Total other comprehensive income	9	1
Total comprehensive income	$2,832	$672

CONSOLIDATED_STATEMENTS_OF_COM1

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME (Parenthetical) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Comprehensive Income [Abstract]	'	'
Interest rate swap, tax effect	($30)	$143
Foreign currency translation adjustment, tax effect	($52)	($8)

CONSOLIDATED_STATEMENTS_OF_CAS

CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
CASH FLOWS FROM OPERATING ACTIVITIES:	'	'
Net income	$2,823	$671
Adjustments to reconcile net income to net cash provided by operating activities:	'	'
Depreciation and amortization	8,702	7,683
Losses on sales and/or abandonment of property and equipment	91	7
Write-off of patents and intangible assets	34	2
Amortization of deferred credits	-45	-32
Amortization of long-term debt issuance costs	247	199
Deferred income taxes	21	2
Excess tax benefits from stock-based compensation	-168	-53
Stock-based compensation expense	339	459
Changes in operating assets and liabilities, net of effects from acquisitions:	'	'
Trade receivables	-4,115	-1,473
Employee receivables	35	-18
Other receivables	439	-586
Inventories	-2,352	2,149
Prepaid expenses	-651	-1,242
Prepaid income taxes	0	17
Income tax refund receivables	192	-782
Other assets	-847	-377
Trade payables	-485	-2,084
Accrued expenses	2,868	-2,280
Advances from employees	509	90
Income taxes payable	91	-34
Deferred compensation payable	282	281
Other long-term obligations	-50	294
Total adjustments	5,137	2,222
Net cash provided by operating activities	7,960	2,893
Capital expenditures for:	'	'
Property and equipment	-8,708	-19,961
Intangible assets	-433	-394
Proceeds from the sale of property and equipment	18	8
Cash paid in acquisitions, net of cash acquired	0	-1,000
Net cash used in investing activities	-9,123	-21,347
CASH FLOWS FROM FINANCING ACTIVITIES:	'	'
Proceeds from issuance of common stock	803	571
Proceeds from issuance of long-term debt	36,010	34,199
Payments on long-term debt	-30,423	-17,512
Proceeds from industrial assistant grants	0	750
Excess tax benefits from stock-based compensation	168	53
Contingent payments related to acquisitions	-24	-19
Payment of taxes related to an exchange of common stock	-220	0
Net cash provided by financing activities	6,314	18,042
EFFECT OF EXCHANGE RATES ON CASH	-19	-290
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS	5,132	-702
CASH AND CASH EQUIVALENTS:	'	'
Beginning of period	7,459	9,719
End of period	12,591	9,017
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION	'	'
Interest (net of capitalized interest of $126 and $394, respectively)	2,644	1,493
Income taxes	782	403
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES	'	'
Property and equipment purchases in accounts payable	5,180	5,354
Merit common stock surrendered (108 and 0 shares, respectively) in exchange for exercise of stock options	$1,641	$0

CONSOLIDATED_STATEMENTS_OF_CAS1

CONSOLIDATED STATEMENTS OF CASH FLOWS (Parenthetical) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Statement of Cash Flows [Abstract]	'	'
Net capitalized interest	$126	$394
Company's common stock surrendered in exchange for the exercise of stock options (in shares)	108,000	0

Basis_of_Presentation

Basis of Presentation	3 Months Ended
	Mar. 31, 2014
Organization, Consolidation and Presentation of Financial Statements [Abstract]	'
Basis of Presentation	'
	Basis of Presentation. The interim consolidated financial statements of Merit Medical Systems, Inc. ("Merit," "we" or "us") for the three months ended March 31, 2014 and 2013 are not audited. Our consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods, and consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America. In the opinion of management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial position as of March 31, 2014 and our results of operations and cash flows for the three-month periods ended March 31, 2014 and 2013. The results of operations for the three-month period ended March 31, 2014 are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K for the year ended December 31, 2013 filed with the Securities and Exchange Commission (the "SEC").

Inventories

Inventories	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Inventories	'
	Inventories. Inventories are stated at the lower of cost or market. Inventories at March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14		31-Dec-13
	Finished goods	$	43,692	$	43,364
	Work-in-process	9,662		6,222
	Raw materials	31,376		32,792
	Total	$	84,730	$	82,378

Stockbased_Compensation

Stock-based Compensation	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Stock-Based Compensation	'
	Stock-Based Compensation. Stock-based compensation expense before income tax expense for the three-month periods ended March 31, 2014 and 2013, consisted of the following (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Cost of goods sold	$	43	$	54
	Research and development	16		25
	Selling, general, and administrative	280		380
	Stock-based compensation expense before taxes	$	339	$	459
	As of March 31, 2014, the total remaining unrecognized compensation cost related to non-vested stock options, net of expected forfeitures, was approximately $3.5 million and is expected to be recognized over a weighted average period of 3.0 years.
	We did not grant any stock-based awards during the three months ended March 31, 2014. During the three-months ended March 31, 2013, we granted awards representing 50,000 shares of our common stock. We use the Black-Scholes methodology to value the stock-based compensation expense for options. In applying the Black-Scholes methodology to our outstanding option grants, we used the following assumptions:
		Three Months Ended
		March 31,
		2013
	Risk-free interest rate	0.65%
	Expected option life	4.2 years
	Expected dividend yield	—%
	Expected price volatility	40.20%
	For purposes of the foregoing analysis, 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. The expected term of the stock options is determined using the historical exercise behavior of employees. The expected price volatility is 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.

Earnings_Per_Common_Share_EPS

Earnings Per Common Share (EPS)	3 Months Ended
	Mar. 31, 2014
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
	Period ended March 31, 2014
	Basic EPS	$	2,823	42,865	$	0.07
	Effect of dilutive stock options and warrants			369
	Diluted EPS	$	2,823	43,234	$	0.07
	Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive			362
	Period ended March 31, 2013
	Basic EPS	$	671	42,520	$	0.02
	Effect of dilutive stock options and warrants			315
	Diluted EPS	$	671	42,835	$	0.02
	Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive			1,696

Acquisitions

Acquisitions	3 Months Ended
	Mar. 31, 2014
Business Combinations [Abstract]	'
Acquisitions	'
	Acquisitions. 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 consolidated statements of income included in our Annual Report on Form 10-K for the year ended December 31, 2013, filed with the SEC on March 12, 2014 (the "2013 Form 10-K"), 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 consolidated statements of income included in the 2013 Form 10-K, 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 9). 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.
	The following table summarizes our unaudited consolidated results of operations for the three-month period ended March 31, 2013, as well as unaudited pro forma consolidated results of operations as though the Datascope acquisition had occurred on January 1, 2013 (in thousands, except per common share amounts):
		Three Months Ended
		31-Mar-13
		As Reported		Pro Forma
	Net sales	$	103,948	$	105,709
	Net income	671		851
	Earnings per common share:
	Basic	$	0.02	$	0.02
	Diluted	$	0.02	$	0.02
	The unaudited pro forma information set forth above is for informational purposes only and includes adjustments for 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 Datascope acquisition had occurred on January 1, 2013, 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.
	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 12). The goodwill recognized from these acquisitions is expected to be deductible for income tax purposes.

Segment_Reporting

Segment Reporting	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Segment Reporting	'
	Segment Reporting. 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 Products, Inc. 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). Financial information relating to our reportable operating segments and reconciliations to the consolidated totals is as follows (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Revenues
	Cardiovascular	$	114,907	$	99,754
	Endoscopy	4,329		4,194
	Total Revenues	119,236		103,948
	Operating income
	Cardiovascular	6,396		1,628
	Endoscopy	93		129
	Total operating income	$	6,489	$	1,757

Recent_Accounting_Pronouncemen

Recent Accounting Pronouncements (Notes)	3 Months Ended
	Mar. 31, 2014
Accounting Changes and Error Corrections [Abstract]	'
Recent Accounting Pronouncements	'
	Recent Accounting Pronouncements. 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 did not have a material effect on our consolidated financial position or results of operations.

Income_Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2014
Income Tax Disclosure [Abstract]	'
Income Taxes	'
	Income Taxes. Our overall effective tax rate for the three months ended March 31, 2014 was 27.4% compared to (217.2)% for the three months ended March 31, 2013. Our provision for income taxes for the three months ended March 31, 2014 totaled $1.1 million of expense compared to $459,000 of benefit for the corresponding period of 2013. This fluctuation was primarily driven by an increase in income before tax in 2014 and a discrete tax benefit of approximately $500,000 recognized during the first quarter of 2013 associated with the 2012 federal research and development credit. On January 2, 2013, the American Taxpayer Relief Act of 2012, which included 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 for 2012 as a discrete item in the first quarter of 2013, the period in which the reinstatement was enacted.

Longterm_Debt

Long-term Debt	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Long-term Debt	'
	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 March 31, 2014, 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 March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14			31-Dec-13
	Term loan	$	90,000		$	92,500
	Revolving credit loans	164,441			156,354
	Total long-term debt	254,441			248,854
	Less current portion	10,000			10,000
	Long-term portion	$	244,441		$	238,854
	Future minimum principal payments on our long-term debt as of March 31, 2014, were as follows (in thousands):
	Years Ending		Future Minimum
	December 31		Principal Payments
	2014		$	7,500
	2015		10,000
	2016		10,000
	2017		226,941
	Total future minimum principal payments		$	254,441
	As of March 31, 2014, we had outstanding borrowings of approximately $254.4 million under the Credit Agreement, with available borrowings of approximately $26.6 million, based on the leverage ratio in the terms of the Credit Agreement. Our interest rate as of March 31, 2014 was a fixed rate of 4.23% on $143.7 million as a result of an interest rate swap (see Note 10), a variable floating rate of 3.41% on $109.3 million and a variable floating rate of 3.49% on approximately $1.4 million. 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, variable floating rate of 3.42% on $101.5 million and a variable floating rate of 3.50% on approximately $2.4 million.

Derivatives

Derivatives	3 Months Ended
	Mar. 31, 2014
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'
Derivatives	'
	Derivatives.
	Interest Rate Swap. 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.
	As of March 31, 2014, our interest rate swap qualified as a cash flow hedge. The fair value of our interest rate swap at March 31, 2014 was an asset of approximately $1.1 million, which was offset by approximately $438,000 in deferred taxes. During the three months ended March 31, 2014 and 2013, the amount reclassified from accumulated other comprehensive income to earnings due to hedge effectiveness was included in interest expense in the accompanying consolidated statements of income and was not material.
	Foreign Currency Forward Contracts. On February 28, 2014, we forecasted a net foreign currency exposure for March 31, 2014 (representing the difference between Euro and GBP-denominated receivables and Euro-denominated payables) of approximately 966,000 Euros and 652,000 GBPs. In order to partially offset such risks at February 28, 2014, we entered into a 30-day forward contract for the Euro and GBP with a notional amount of approximately 966,000 Euros and notional amount of 652,000 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 the end of each month. The effect on our consolidated statements of income for the three months ended March 31, 2014 and 2013 of all forward contracts, and the fair value of our open positions as of March 31, 2014, were not material.

Fair_Value_Measurements

Fair Value Measurements

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013, 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-Mar-14

(Level 1)

(Level 2)

(Level 3)

Interest rate swap (1)

$

1,126

$

—

$

1,126

$

—

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

$

—

(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 5 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 three months ended March 31, 2014 were as follows (in thousands):

Three Months Ended

Three Months Ended

March 31,

March 31,

2014

2013

Beginning balance

$

2,526

$

6,697

Fair value adjustments recorded to (income) expense during the period

11

16

Contingent payments made

(24

)

(19

)

Ending balance

$

2,513

$

6,694

The recurring Level 3 measurement of our contingent consideration liability includes the following significant unobservable inputs at March 31, 2014 (amount in thousands):

Contingent consideration liability

Fair value at March 31, 2014

Valuation technique

Unobservable inputs

Range

Revenue-based payments

$

2,265

Discounted cash flow

Discount rate

11% - 15%

Probability of milestone payment

90%

Projected year of payments

2014-2028

Other payments

$

248

Discounted cash flow

Discount rate

5.40%

Probability of milestone payment

100%

Projected year of payments

2014-2016

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 March 31, 2014, approximately $2.1 million was included in other long-term obligations and $407,000 was included in accrued expenses in our consolidated balance sheet. 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. 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 three-month periods ended March 31, 2014 and 2013, we had losses of approximately $34,000 and $2,000, respectively, related to the measurement of non-financial assets at fair value on a nonrecurring basis subsequent to their initial recognition.

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).

Goodwill_and_Intangible_Assets

Goodwill and Intangible Assets	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Goodwill and Intangible Assets	'
	Goodwill and Intangible Assets. There were no changes in the carrying amount of goodwill for the three months ended March 31, 2014.
	Other intangible assets at March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14
		Gross Carrying		Accumulated			Net Carrying
		Amount		Amortization			Amount
	Patents	$	9,702	$	(2,430	)	$	7,272
	Distribution agreements	5,176		(1,900		)	3,276
	License agreements	3,783		(1,360		)	2,423
	Trademarks	7,622		(1,968		)	5,654
	Covenants not to compete	1,029		(458		)	571
	Customer lists	20,626		(11,555		)	9,071
	Royalty agreements	267		(267		)	—
	Total	$	48,205	$	(19,938	)	$	28,267
		December 31, 2013
		Gross Carrying		Accumulated			Net 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
	Aggregate amortization expense for the three-month periods ended March 31, 2014 and 2013, was approximately $3.7 million and $3.5 million respectively.
	Estimated amortization expense for the intangible assets for the next five years consists of the following as of March 31, 2014 (in thousands):
	Year Ending December 31
	Remaining 2014	$	11,423
	2015	14,796
	2016	14,061
	2017	13,677
	2018	13,140

Commitments_and_Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2014
Commitments and Contingencies Disclosure [Abstract]	'
Commitments and Contingencies	'
	Commitments and Contingencies. 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 disputes 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 "Purchasing Agreement") we entered into with Specialized Health Products, Inc., which was subsequently acquired by Bard. Our complaint alleges that Bard improperly terminated the Purchasing 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.

Inventories_Tables

Inventories (Tables)	3 Months Ended
	Mar. 31, 2014
Inventory Disclosure [Abstract]	'
Schedule of Inventory	'
	Inventories at March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14		31-Dec-13
	Finished goods	$	43,692	$	43,364
	Work-in-process	9,662		6,222
	Raw materials	31,376		32,792
	Total	$	84,730	$	82,378

Stockbased_Compensation_Tables

Stock-based Compensation (Tables)	3 Months Ended
	Mar. 31, 2014
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs	'
	Stock-based compensation expense before income tax expense for the three-month periods ended March 31, 2014 and 2013, consisted of the following (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Cost of goods sold	$	43	$	54
	Research and development	16		25
	Selling, general, and administrative	280		380
	Stock-based compensation expense before taxes	$	339	$	459
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions	'
	In applying the Black-Scholes methodology to our outstanding option grants, we used the following assumptions:
		Three Months Ended
		March 31,
		2013
	Risk-free interest rate	0.65%
	Expected option life	4.2 years
	Expected dividend yield	—%
	Expected price volatility	40.20%

Earnings_Per_Common_Share_EPS_

Earnings Per Common Share (EPS) (Tables)	3 Months Ended
	Mar. 31, 2014
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
	Period ended March 31, 2014
	Basic EPS	$	2,823	42,865	$	0.07
	Effect of dilutive stock options and warrants			369
	Diluted EPS	$	2,823	43,234	$	0.07
	Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive			362
	Period ended March 31, 2013
	Basic EPS	$	671	42,520	$	0.02
	Effect of dilutive stock options and warrants			315
	Diluted EPS	$	671	42,835	$	0.02
	Stock options excluded from the calculation of common stock equivalents as the impact was anti-dilutive			1,696

Acquisitions_Tables

Acquisitions (Tables)	3 Months Ended
	Mar. 31, 2014
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
Business Acquisition, Pro Forma Information	'
	The following table summarizes our unaudited consolidated results of operations for the three-month period ended March 31, 2013, as well as unaudited pro forma consolidated results of operations as though the Datascope acquisition had occurred on January 1, 2013 (in thousands, except per common share amounts):
		Three Months Ended
		31-Mar-13
		As Reported		Pro Forma
	Net sales	$	103,948	$	105,709
	Net income	671		851
	Earnings per common share:
	Basic	$	0.02	$	0.02
	Diluted	$	0.02	$	0.02
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

Segment_Reporting_Tables

Segment Reporting (Tables)	3 Months Ended
	Mar. 31, 2014
Segment Reporting [Abstract]	'
Schedule of Segment Reporting Information, by Segment	'
	Financial information relating to our reportable operating segments and reconciliations to the consolidated totals is as follows (in thousands):
		Three Months Ended
		March 31,
		2014		2013
	Revenues
	Cardiovascular	$	114,907	$	99,754
	Endoscopy	4,329		4,194
	Total Revenues	119,236		103,948
	Operating income
	Cardiovascular	6,396		1,628
	Endoscopy	93		129
	Total operating income	$	6,489	$	1,757

Longterm_Debt_Tables

Long-term Debt (Tables)	3 Months Ended
	Mar. 31, 2014
Debt Disclosure [Abstract]	'
Schedule of Long-term Debt Instruments	'
	In summary, principal balances under our long-term debt as of March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14			31-Dec-13
	Term loan	$	90,000		$	92,500
	Revolving credit loans	164,441			156,354
	Total long-term debt	254,441			248,854
	Less current portion	10,000			10,000
	Long-term portion	$	244,441		$	238,854
Schedule of Maturities of Long-term Debt	'
	Future minimum principal payments on our long-term debt as of March 31, 2014, were as follows (in thousands):
	Years Ending		Future Minimum
	December 31		Principal Payments
	2014		$	7,500
	2015		10,000
	2016		10,000
	2017		226,941
	Total future minimum principal payments		$	254,441

Fair_Value_Measurements_Tables

Fair Value Measurements (Tables)

3 Months Ended

Mar. 31, 2014

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 March 31, 2014 and December 31, 2013, 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-Mar-14

(Level 1)

(Level 2)

(Level 3)

Interest rate swap (1)

$

1,126

$

—

$

1,126

$

—

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

$

—

(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 three months ended March 31, 2014 were as follows (in thousands):

Three Months Ended

Three Months Ended

March 31,

March 31,

2014

2013

Beginning balance

$

2,526

$

6,697

Fair value adjustments recorded to (income) expense during the period

11

16

Contingent payments made

(24

)

(19

)

Ending balance

$

2,513

$

6,694

Fair Value Inputs, Liabilities, Quantitative Information

'

The recurring Level 3 measurement of our contingent consideration liability includes the following significant unobservable inputs at March 31, 2014 (amount in thousands):

Contingent consideration liability

Fair value at March 31, 2014

Valuation technique

Unobservable inputs

Range

Revenue-based payments

$

2,265

Discounted cash flow

Discount rate

11% - 15%

Probability of milestone payment

90%

Projected year of payments

2014-2028

Other payments

$

248

Discounted cash flow

Discount rate

5.40%

Probability of milestone payment

100%

Projected year of payments

2014-2016

Goodwill_and_Intangible_Assets1

Goodwill and Intangible Assets (Tables)	3 Months Ended
	Mar. 31, 2014
Goodwill and Intangible Assets Disclosure [Abstract]	'
Other intangible assets	'
	Other intangible assets at March 31, 2014 and December 31, 2013, consisted of the following (in thousands):
		31-Mar-14
		Gross Carrying		Accumulated			Net Carrying
		Amount		Amortization			Amount
	Patents	$	9,702	$	(2,430	)	$	7,272
	Distribution agreements	5,176		(1,900		)	3,276
	License agreements	3,783		(1,360		)	2,423
	Trademarks	7,622		(1,968		)	5,654
	Covenants not to compete	1,029		(458		)	571
	Customer lists	20,626		(11,555		)	9,071
	Royalty agreements	267		(267		)	—
	Total	$	48,205	$	(19,938	)	$	28,267
		December 31, 2013
		Gross Carrying		Accumulated			Net 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
Estimated amortization expense	'
	Estimated amortization expense for the intangible assets for the next five years consists of the following as of March 31, 2014 (in thousands):
	Year Ending December 31
	Remaining 2014	$	11,423
	2015	14,796
	2016	14,061
	2017	13,677
	2018	13,140

Inventories_Details

Inventories (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Inventory Disclosure [Abstract]	'	'
Finished goods	$43,692	$43,364
Work-in-process	9,662	6,222
Raw materials	31,376	32,792
Total	$84,730	$82,378

Stockbased_Compensation_Alloca

Stock-based Compensation - Allocation of Recognized Period Costs (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Allocated Share-based Compensation Expense	$339	$459
Cost of goods sold	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Allocated Share-based Compensation Expense	43	54
Research and development	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Allocated Share-based Compensation Expense	16	25
Selling, general, and administrative	'	'
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]	'	'
Allocated Share-based Compensation Expense	$280	$380

Stockbased_Compensation_Fair_V

Stock-based Compensation - Fair Value Calculation Assumptions (Details)	3 Months Ended
	Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'
Risk-free interest rate, minimum	0.65%
Expected option life	'4 years 2 months 12 days
Expected dividend yield	0.00%
Expected price volatility, minimum	40.20%

Stockbased_Compensation_Stockb

Stock-based Compensation - Stock-based Compensation (Narrative) (Details) (USD $)	3 Months Ended
In Millions, except Share data in Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Disclosure of Compensation Related Costs, Share-based Payments [Abstract]	'	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$3.50	'
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	'3 years	'
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	'	50

Earnings_Per_Common_Share_EPS_1

Earnings Per Common Share (EPS) (Details) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Earnings Per Share, Basic and Diluted [Abstract]	'	'
Net Income, Basic EPS	$2,823	$671
Shares, Basic EPS	42,865,000	42,520,000
Basic (in dollars per share)	$0.07	$0.02
Effect of dilutive stock options and warrants	369,000	315,000
Net Income, Diluted EPS	$2,823	$671
Shares, Diluted EPS	43,234,000	42,835,000
Diluted (in dollars per share)	$0.07	$0.02
Antidilutive Securities Excluded from Computation of Earnings Per Share, Amount	362,000	1,696,000

Acquisitions_Purchase_Price_Al

Acquisitions - Purchase Price Allocation (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013	Oct. 04, 2013
In Thousands, unless otherwise specified			Radial Assist	Datascope	Developed technology	Developed technology	Customer lists	Customer lists	Trademarks	Trademarks
					Radial Assist	Datascope	Radial Assist	Datascope	Radial Assist	Datascope
Business Acquisition [Line Items]	'	'	'	'	'	'	'	'	'	'
Inventories	'	'	$16	$478	'	'	'	'	'	'
Intangibles	'	'	'	'	1,520	18,200	20	390	40	320
Goodwill	184,505	184,505	904	8,112	'	'	'	'	'	'
Total assets acquired	'	'	$2,500	$27,500	'	'	'	'	'	'

Acquisitions_Pro_Forma_Consoli

Acquisitions - Pro Forma Consolidated Results (Details) (USD $)	3 Months Ended
In Thousands, except Per Share data, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Business Combinations [Abstract]	'	'
Revenues	$119,236	$103,948
Sales, Pro Forma	'	105,709
Net income	2,823	671
Net income, Pro Forma	'	$851
EARNINGS PER COMMON SHARE:	'	'
Earnings per common share: basic (in dollars per share)	$0.07	$0.02
Earnings per common share: basic, Pro Forma (in dollars per share)	'	$0.02
Earnings per common share: diluted (in dollars per share)	$0.07	$0.02
Earnings per common share: diluted, Pro Forma (in dollars per share)	'	$0.02

Acquisitions_Narrative_Details

Acquisitions - Narrative (Details) (USD $)	0 Months Ended	12 Months Ended
	Oct. 04, 2013	Dec. 31, 2013
Datascope	'	'
Business Acquisition [Line Items]	'	'
Payments to acquire businesses	$27,500,000	'
Income before tax	'	1,600,000
Weighted average useful life	'	'10 years
Radial Assist	'	'
Business Acquisition [Line Items]	'	'
Payments to acquire businesses	'	2,500,000
Income before tax	'	191,000
Weighted average useful life	'	'10 years 0 months 27 days
Developed technology | Datascope	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'10 years
Developed technology | Radial Assist	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'10 years
Customer Lists | Datascope	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'6 years
Customer Lists | Radial Assist	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'6 years
Trademarks | Datascope	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'15 years
Trademarks | Radial Assist	'	'
Business Acquisition [Line Items]	'	'
Useful life	'	'15 years
Wells Fargo Credit Agreement	'	'
Business Acquisition [Line Items]	'	'
Long-term debt issuance costs	$798,000	'

Segment_Reporting_Sales_by_Bus

Segment Reporting - Sales by Business Segment (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Revenue from External Customer [Line Items]	'	'
Revenues	$119,236	$103,948
Operating Income (Loss)	6,489	1,757
Cardiovascular Segment	'	'
Revenue from External Customer [Line Items]	'	'
Revenues	114,907	99,754
Operating Income (Loss)	6,396	1,628
Endoscopy Segment	'	'
Revenue from External Customer [Line Items]	'	'
Revenues	4,329	4,194
Operating Income (Loss)	$93	$129

Income_Taxes_Narrative_Details

Income Taxes - Narrative (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Income Tax Disclosure [Abstract]	'	'
Effective Income Tax Rate Reconciliation, Percent	27.40%	-217.20%
Income Tax Expense (Benefit)	$1,063	($459)
Tax Credit Research And Development	$500	'

Longterm_Debt_Narrative_Detail

Long-term Debt - Narrative (Details) (USD $)

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

0 Months Ended

3 Months Ended

Mar. 31, 2014

Dec. 31, 2013

Dec. 19, 2012

Mar. 31, 2014

Dec. 19, 2012

Mar. 31, 2014

Dec. 19, 2012

Mar. 31, 2014

Mar. 31, 2014

Mar. 31, 2014

Dec. 31, 2013

Mar. 31, 2014

Dec. 31, 2013

Oct. 04, 2013

Sep. 30, 2010

Dec. 19, 2012

Mar. 31, 2014

Dec. 19, 2012

Mar. 31, 2014

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

$254,400,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

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

26,600,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Percentage Bearing Fixed Interest, Percentage Rate

4.23%

4.23%

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Percentage Bearing Fixed Interest, Amount

143,700,000

145,000,000

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

'

Long-term Debt, Percentage Bearing Variable Interest, Percentage Rate

'

'

'

'

'

'

'

'

'

3.41%

3.42%

3.49%

3.50%

'

'

'

'

'

'

Long-term Debt, Percentage Bearing Variable Interest, Amount

'

'

'

'

'

'

'

'

'

$109,300,000

$101,500,000

$1,441,000

$2,354,000

'

'

'

'

'

'

Longterm_Debt_Principal_Balanc

Long-term Debt - Principal Balances under Long-term Debt (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Line of Credit Facility [Line Items]	'	'
Total long-term debt	$254,441	$248,854
Less current portion	10,000	10,000
Long-term portion	244,441	238,854
Term Loan	'	'
Line of Credit Facility [Line Items]	'	'
Total long-term debt	90,000	92,500
Revolving Credit Facility	'	'
Line of Credit Facility [Line Items]	'	'
Total long-term debt	$164,441	$156,354

Longterm_Debt_Future_Minimum_P

Long-term Debt - Future Minimum Payments on Long-term Debt (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Debt Disclosure [Abstract]	'	'
2014	$7,500	'
2015	10,000	'
2016	10,000	'
2017	226,941	'
Total long-term debt	$254,441	$248,854

Derivatives_Interest_Rate_Swap

Derivatives - Interest Rate Swap (Details) (USD $)	Mar. 31, 2014	Dec. 19, 2012
Derivative Instruments and Hedging Activities Disclosure [Abstract]	'	'
Notional Amount of Interest Rate Cash Flow Hedge Derivatives	'	$150,000,000
Derivative, Fixed Interest Rate	'	0.98%
Derivative, Quarterly Percentage Reduction of Notional Amount by Minimum Principal Payment	'	50.00%
Interest Rate Cash Flow Hedge Asset at Fair Value	1,100,000	'
Accumulated Other Comprehensive Income (Loss), Cumulative Changes in Net Gain (Loss) from Cash Flow Hedges, Tax	$438,000	'

Derivatives_Foreign_Currency_F

Derivatives - Foreign Currency Forward Contracts (Details)	0 Months Ended
In Thousands, unless otherwise specified	Feb. 28, 2014	Feb. 28, 2014
	30 Day Forward Contract EURO	30 Day Forward Contract GBP
	EUR (€)	GBP (£)
Derivatives, Fair Value [Line Items]	'	'
Derivative, Notional Amount	€ 966	£ 652
Forward Contract Term	'30 days	'30 days

Fair_Value_Measurements_Financ

Fair Value Measurements - Financial Assets and (Liabilities) Carried at Fair Value (Details) (Fair Value, Measurements, Recurring, USD $)	Mar. 31, 2014		Dec. 31, 2013
In Thousands, unless otherwise specified
Estimate of Fair Value, Fair Value Disclosure	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Interest rate swap	$1,126	[1]	$1,203
Fair Value, Inputs, Level 1	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Interest rate swap	0	[1]	0
Fair Value, Inputs, Level 2	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Interest rate swap	1,126	[1]	1,203
Fair Value, Inputs, Level 3	'		'
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'		'
Interest rate swap	$0	[1]	$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 $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Contingent Consideration	'	'
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items]	'	'
Beginning balance	$2,526	$6,697
Fair value adjustments recorded to (income) expense during the period	11	16
Contingent payments made	-24	-19
Ending balance	$2,513	$6,694

Fair_Value_Measurements_Fair_V

Fair Value Measurements - Fair Value Inputs, Liabilities, Quantitative Information (Details) (Contingent Consideration, USD $)	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2013	Dec. 31, 2012	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified					Income Approach Valuation Technique	Minimum	Maximum	Revenue-based Payments	Revenue-based Payments	Other Payments	Other Payments
					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%	15.00%	'	'	'	'
Contingent consideration liability	$2,513	$2,526	$6,694	$6,697	'	'	'	$2,265	'	$248	'
Probability of milestone payment	'	'	'	'	'	'	'	'	90.00%	'	100.00%

Fair_Value_Measurements_Narrat

Fair Value Measurements - Narrative (Details) (USD $)	3 Months Ended
	Mar. 31, 2014	Mar. 31, 2013	Mar. 31, 2014	Dec. 31, 2013	Mar. 31, 2014	Dec. 31, 2013
			Other Long-term Obligations	Other Long-term Obligations	Accrued Liabilities	Accrued Liabilities
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items]	'	'	'	'	'	'
Other Asset Impairment Charges	$34,000	$2,000	'	'	'	'
Contingent consideration liability	'	'	2,100,000	2,300,000	'	'
Contingent consideration liability	'	'	'	'	$407,000	$274,000

Goodwill_and_Intangible_Assets2

Goodwill and Intangible Assets - Other Intangible Assets (Details) (USD $)	Mar. 31, 2014	Dec. 31, 2013
In Thousands, unless otherwise specified
Other	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	$48,205	$47,805
Accumulated Amortization	-19,938	-18,870
Net Carrying Amount	28,267	28,935
Patents	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	9,702	9,302
Accumulated Amortization	-2,430	-2,374
Net Carrying Amount	7,272	6,928
Distribution agreements	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	5,176	5,176
Accumulated Amortization	-1,900	-1,780
Net Carrying Amount	3,276	3,396
License agreements and trademarks	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	3,783	3,783
Accumulated Amortization	-1,360	-1,249
Net Carrying Amount	2,423	2,534
Trademarks	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	7,622	7,622
Accumulated Amortization	-1,968	-1,844
Net Carrying Amount	5,654	5,778
Non-compete agreements	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	1,029	1,029
Accumulated Amortization	-458	-399
Net Carrying Amount	571	630
Customer lists	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	20,626	20,626
Accumulated Amortization	-11,555	-10,957
Net Carrying Amount	9,071	9,669
Royalty agreements	'	'
Finite-Lived Intangible Assets [Line Items]	'	'
Finite-Lived Intangible Assets, Gross	267	267
Accumulated Amortization	-267	-267
Net Carrying Amount	$0	$0

Goodwill_and_Intangible_Assets3

Goodwill and Intangible Assets - Future Amortization Expense (Details) (USD $)	Mar. 31, 2014
In Thousands, unless otherwise specified
Goodwill and Intangible Assets Disclosure [Abstract]	'
2014	$11,423
2015	14,796
2016	14,061
2017	13,677
2018	$13,140

Goodwill_and_Intangible_Assets4

Goodwill and Intangible Assets - Narrative (Details) (USD $)	3 Months Ended
In Millions, unless otherwise specified	Mar. 31, 2014	Mar. 31, 2013
Goodwill and Intangible Assets Disclosure [Abstract]	'	'
Aggregate amortization expense	$3.70	$3.50