Document_and_Entity_Informatio
Document and Entity Information | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | FALSE | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | CYNO | |
Entity Registrant Name | CYNOSURE INC | |
Entity Central Index Key | 885306 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 22,160,724 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $71,914 | $75,131 |
Short-term marketable securities | 24,585 | 32,055 |
Accounts receivable, net | 45,311 | 42,524 |
Inventories | 68,209 | 59,318 |
Prepaid expenses and other current assets | 10,580 | 9,629 |
Deferred income taxes | 17,144 | 17,228 |
Total current assets | 237,743 | 235,885 |
Property and equipment, net | 35,523 | 34,256 |
Long-term marketable securities | 30,082 | 26,189 |
Goodwill | 105,877 | 105,764 |
Intangibles, net | 51,272 | 53,583 |
Other assets | 1,966 | 2,047 |
Total assets | 462,463 | 457,724 |
Current liabilities: | ||
Accounts payable | 27,062 | 20,856 |
Accrued expenses | 38,875 | 42,426 |
Deferred revenue | 11,575 | 10,971 |
Capital lease obligation | 135 | 137 |
Total current liabilities | 77,647 | 74,390 |
Capital lease obligation, net of current portion | 16,563 | 16,088 |
Deferred revenue, net of current portion | 839 | 809 |
Other noncurrent liabilities | 7,924 | 8,325 |
Commitments and contingencies | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value Authorized - 5,000 shares Issued - none | ||
Class A and Class B common stock, $0.001 par value Authorized - 70,000 shares Issued - 23,335 Class A shares and no Class B shares at March 31, 2015; Issued - 23,253 Class A shares and no Class B shares at December 31, 2014 | 23 | 23 |
Additional paid-in capital | 357,834 | 355,082 |
Retained earnings | 39,966 | 39,974 |
Accumulated other comprehensive loss | -5,229 | -3,863 |
Treasury stock, 1,628 Class A shares, at cost | -33,104 | -33,104 |
Total stockholders' equity | 359,490 | 358,112 |
Total liabilities and stockholders' equity | $462,463 | $457,724 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Preferred stock, par value | $0.00 | $0.00 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Class A and Class B common stock, shares authorized | 70,000,000 | 70,000,000 |
Common Stock Class A [Member] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 23,335,000 | 23,253,000 |
Treasury stock, shares | 1,628,000 | 1,628,000 |
Common Stock Class B [Member] | ||
Common stock, par value | $0.00 | $0.00 |
Common stock, shares issued | 0 | 0 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Statement [Abstract] | ||
Product revenues | $56,502 | $49,701 |
Parts, accessories, service and royalty revenues | 18,410 | 12,303 |
Total revenues | 74,912 | 62,004 |
Cost of revenues | 32,139 | 26,609 |
Gross profit | 42,773 | 35,395 |
Operating expenses: | ||
Sales and marketing | 25,696 | 20,122 |
Research and development | 5,958 | 5,574 |
Amortization of intangible assets acquired | 736 | 713 |
General and administrative | 8,330 | 7,640 |
Total operating expenses | 40,720 | 34,049 |
Income from operations | 2,053 | 1,346 |
Interest expense, net | -402 | -349 |
Other (expense) income, net | -1,663 | 66 |
(Loss) income before provision for income taxes | -12 | 1,063 |
(Benefit) provision for income taxes | -4 | 374 |
Net (loss) income | ($8) | $689 |
Basic net (loss) income per share | $0 | $0.03 |
Diluted net (loss) income per share | $0 | $0.03 |
Basic weighted average common shares outstanding | 21,664 | 21,978 |
Diluted weighted average common shares outstanding | 21,664 | 22,568 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive (Loss) Income (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Net (loss) income | ($8) | $689 |
Other comprehensive loss components: | ||
Cumulative translation adjustment | -1,379 | -49 |
Unrealized gain (loss) on marketable securities, net of taxes | 13 | -6 |
Total other comprehensive loss | -1,366 | -55 |
Comprehensive (loss) income | ($1,374) | $634 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net (loss) income | ($8) | $689 |
Reconciliation of net (loss) income to net cash used in operating activities: | ||
Depreciation and amortization | 4,686 | 4,241 |
Stock-based compensation expense | 1,820 | 1,466 |
Loss on disposal of fixed assets | 5 | 32 |
Noncash interest expense on capital lease obligations | 395 | 366 |
Noncash interest expense on license transfer agreement | 51 | |
Deferred income taxes | 21 | 44 |
Net accretion of marketable securities | 514 | 240 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -3,698 | -3,617 |
Inventories | -10,963 | -2,732 |
Net book value of demonstration inventory sold | 94 | 126 |
Prepaid expenses and other current assets | -1,290 | 260 |
Accounts payable | 6,321 | 3,103 |
Tax benefit from the exercise of stock options | -27 | -382 |
Accrued expenses | -3,056 | -4,748 |
Deferred revenue | 779 | -8 |
Other noncurrent liabilities | -402 | |
Net cash used in operating activities | -4,758 | -920 |
Investing activities: | ||
Purchases of property and equipment | -2,814 | -4,394 |
Proceeds from the sales and maturities of marketable securities | 13,150 | 3,565 |
Purchases of marketable securities | -10,081 | -17,083 |
Decrease in other noncurrent assets | -19 | -127 |
Net cash provided by (used in) investing activities | 236 | -18,039 |
Financing activities: | ||
Excess tax benefit on options exercised | 27 | 382 |
Proceeds from stock option exercises | 901 | 7,340 |
Payments on capital lease obligation | -73 | -311 |
Net cash provided by financing activities | 855 | 7,411 |
Effect of exchange rate changes on cash and cash equivalents | 450 | -77 |
Net decrease in cash and cash equivalents | -3,217 | -11,625 |
Cash and cash equivalents, beginning of the period | 75,131 | 93,655 |
Cash and cash equivalents, end of the period | 71,914 | 82,030 |
Supplemental cash flow information | ||
Cash paid for interest | 5 | 5 |
Cash paid for income taxes | 515 | 810 |
Supplemental noncash investing and financing activities | ||
Transfer of demonstration equipment from inventory to fixed assets | 2,108 | 556 |
Assets acquired under capital lease | 151 | |
Net effect of acquisition-related opening balance sheet adjustments | $140 | $115 |
Interim_Consolidated_Financial
Interim Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Interim Consolidated Financial Statements | Note 1 — Interim Consolidated Financial Statements |
The accompanying unaudited interim consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (U.S. GAAP) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Cynosure, Inc. (Cynosure) for the year ended December 31, 2014. In the opinion of management, all adjustments (consisting of normal recurring adjustments) considered necessary for a fair presentation of the financial position, results of operations, and cash flows as of the dates and for the periods presented have been included. The results of operations for the three months ended March 31, 2015 may not be indicative of the results that may be expected for the year ending December 31, 2015, or any other period. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Stock-Based Compensation | Note 2 — Stock-Based Compensation | ||||||||
Cynosure recorded stock-based compensation expense of $1.8 million and $1.5 million for the three months ended March 31, 2015 and 2014, respectively. As of March 31, 2015 and 2014, respectively, Cynosure had $26,000 and $25,000 of stock-based compensation expense capitalized as a part of inventory. | |||||||||
Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective share-based payments, as follows: | |||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Cost of revenues | $ | 68 | $ | 65 | |||||
Sales and marketing | 475 | 443 | |||||||
Research and development | 257 | 228 | |||||||
General and administrative | 1,020 | 730 | |||||||
Total stock-based compensation expense | $ | 1,820 | $ | 1,466 | |||||
Cash received from option exercises was $0.9 million and $7.3 million during the three months ended March 31, 2015 and 2014, respectively. | |||||||||
Cynosure granted 319,509 and 657,240 stock options during the three months ended March 31, 2015 and 2014, respectively. Cynosure utilizes the Black-Scholes model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the three months ended March 31, 2015 and 2014 was $11.78 and $11.23, respectively, using the following assumptions: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 1.39% - 1.53% | 1.44% - 1.76% | |||||||
Expected dividend yield | — | — | |||||||
Expected term | 4.8 years | 4.6 years | |||||||
Expected volatility | 43% | 43% - 44% | |||||||
Estimated forfeiture rate | 5% | 5% | |||||||
Option-pricing models require the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. Cynosure’s estimated expected stock price volatility is based on its own historical volatility. Cynosure’s expected term of options represents the weighted average period of time that options granted are expected to be outstanding giving consideration to vesting schedules and Cynosure’s historical exercise patterns. The risk-free interest rate for the expected term of the option is based on the U.S. Treasury yield curve in effect at the time of grant. The dividend yield of zero is based on the fact that Cynosure has never paid cash dividends and has no present intention to pay cash dividends. | |||||||||
Cynosure granted 86,618 and 44,840 restricted stock units during the three months ended March 31, 2015 and 2014, respectively, to employees at a fair market value of its common stock on the date of grant and which vest annually over a three-year period. Cynosure is recognizing the related compensation expense on a straight-line basis over the three-year period. |
Inventories
Inventories | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Note 3 — Inventories | ||||||||
Cynosure states all inventories at the lower of cost or market, determined on a first-in, first-out method. Inventory includes material, labor and overhead and consists of the following: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 18,415 | $ | 16,875 | |||||
Work in process | 4,344 | 3,526 | |||||||
Finished goods | 45,450 | 38,917 | |||||||
$ | 68,209 | $ | 59,318 | ||||||
Fair_Value
Fair Value | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | Note 4 — Fair Value | ||||||||||||||||
U.S. GAAP establishes a framework for measuring fair value under generally accepted accounting principles and enhances disclosures about fair value measurements. Fair value is defined as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: | |||||||||||||||||
• | Level 1 — Quoted prices in active markets for identical assets or liabilities. | ||||||||||||||||
• | Level 2 — Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable markets data for substantially the full term of the assets or liabilities. | ||||||||||||||||
• | Level 3 — Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||||||
The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of March 31, 2015 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds(1) | $ | 5,531 | $ | — | $ | — | $ | 5,531 | |||||||||
State and municipal bonds | — | 46,359 | — | 46,359 | |||||||||||||
Treasuries and government agencies | — | 8,299 | — | 8,299 | |||||||||||||
Equity securities | 9 | — | — | 9 | |||||||||||||
Total | $ | 5,540 | $ | 54,658 | $ | — | $ | 60,198 | |||||||||
The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of December 31, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds(1) | $ | 1,753 | $ | — | $ | — | $ | 1,753 | |||||||||
State and municipal bonds | — | 47,744 | — | 47,744 | |||||||||||||
Treasuries and government agencies | — | 8,486 | — | 8,486 | |||||||||||||
Corporate obligations and commercial paper | — | 2,001 | — | 2,001 | |||||||||||||
Equity securities | 13 | — | — | 13 | |||||||||||||
Total | $ | 1,766 | $ | 58,231 | $ | — | $ | 59,997 | |||||||||
-1 | Included in cash and cash equivalents at March 31, 2015 and December 31, 2014. | ||||||||||||||||
During the three months ended March 31, 2015, there were no significant transfers in and out of Level 1 and Level 2. Cynosure did not have any Level 3 financial assets at March 31, 2015 or December 31, 2014. |
Short_and_LongTerm_Marketable_
Short and Long-Term Marketable Securities | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Short and Long-Term Marketable Securities | Note 5 — Short and Long-Term Marketable Securities | ||||||||||||||||
Cynosure’s available-for-sale securities at March 31, 2015 consist of approximately $54.7 million of investments in debt securities consisting of state and municipal bonds, treasuries and government agencies and approximately $9,000 in equity securities. All investments in available-for-sale securities are recorded at fair market value, with any unrealized gains and losses reported as a separate component of accumulated other comprehensive loss. | |||||||||||||||||
As of March 31, 2015, Cynosure’s marketable securities consist of the following (in thousands): | |||||||||||||||||
Market | Amortized | Unrealized | Unrealized | ||||||||||||||
Value | Cost | Gains | Losses | ||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 23,576 | $ | 23,571 | $ | 5 | $ | — | |||||||||
Treasuries and government agencies | 1,000 | 1,000 | — | — | |||||||||||||
Equity securities | 9 | 13 | — | (4 | ) | ||||||||||||
Total short-term marketable securities | $ | 24,585 | $ | 24,584 | $ | 5 | $ | (4 | ) | ||||||||
Long-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 22,783 | $ | 22,786 | $ | 6 | $ | (9 | ) | ||||||||
Treasuries and government agencies | 7,299 | 7,299 | 3 | (3 | ) | ||||||||||||
Total long-term marketable securities | $ | 30,082 | $ | 30,085 | $ | 9 | $ | (12 | ) | ||||||||
Total available-for-sale securities | $ | 54,667 | $ | 54,669 | $ | 14 | $ | (16 | ) | ||||||||
Total marketable securities | $ | 54,667 | |||||||||||||||
As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): | |||||||||||||||||
Market | Amortized | Unrealized | Unrealized | ||||||||||||||
Value | Cost | Gains | Losses | ||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 26,041 | $ | 26,033 | $ | 8 | $ | — | |||||||||
Treasuries and government agencies | 4,000 | 4,000 | — | — | |||||||||||||
Corporate obligations and commercial paper | 2,001 | 2,001 | — | — | |||||||||||||
Equity securities | 13 | 18 | — | (5 | ) | ||||||||||||
Total short-term marketable securities | $ | 32,055 | $ | 32,052 | $ | 8 | $ | (5 | ) | ||||||||
Long-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 21,703 | $ | 21,721 | $ | 2 | $ | (20 | ) | ||||||||
Treasuries and government agencies | 4,486 | 4,500 | — | (14 | ) | ||||||||||||
Total long-term marketable securities | $ | 26,189 | $ | 26,221 | $ | 2 | $ | (34 | ) | ||||||||
Total available-for-sale securities | $ | 58,244 | $ | 58,273 | $ | 10 | $ | (39 | ) | ||||||||
Total marketable securities | $ | 58,244 | |||||||||||||||
As of March 31, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): | |||||||||||||||||
Maturities | |||||||||||||||||
Total | Less | One to | More | ||||||||||||||
Than | Five | than | |||||||||||||||
One | Years | Five | |||||||||||||||
Year | Years | ||||||||||||||||
State and municipal bonds | $ | 46,359 | $ | 23,576 | $ | 22,783 | $ | — | |||||||||
Treasuries and government agencies | 8,299 | 1,000 | 7,299 | — | |||||||||||||
Total available-for-sale debt securities | $ | 54,658 | $ | 24,576 | $ | 30,082 | $ | — | |||||||||
Acquisition
Acquisition | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Acquisition | Note 6 — Acquisition | ||||
Ellman International, Inc. | |||||
On September 5, 2014, Cynosure acquired substantially all of the assets of Ellman International, Inc. (Ellman) for $13.2 million in cash. In addition, Cynosure assumed current liabilities associated with normal working capital and certain contractual liabilities. The purchase price was based primarily on the net working capital on the date of purchase plus an amount to retire all of Ellman’s long term debt on the date of sale. Cynosure also assumed a license transfer agreement as part of the purchase valued at $4.2 million, which is classified as a liability. The acquisition complements Cynosure’s aesthetic treatment platform with radiofrequency energy sources and accessory products. The acquisition of substantially all of the assets of Ellman was considered a business acquisition for accounting purposes. | |||||
Cynosure is assessing the fair value of the assets acquired and liabilities assumed. Pro forma financial information was filed with the Securities and Exchange Commission within the applicable time period. Cynosure has allocated the purchase price to the net tangible and intangible assets based on their estimated fair values as of September 5, 2014. During the fourth quarter of 2014, Cynosure completed its fair value procedures on the intangible assets, fixed assets and the license transfer agreement acquired in the Ellman acquisition. As such, the fair value of the accounts receivable, inventory, prepaid and other assets acquired, along with the accounts payable, accrued expenses and deferred revenue assumed presented in the table below are provisional and will be finalized in a later period once the fair value procedures are completed. Goodwill represents the excess of purchase price over the fair value of the net assets acquired. During the first quarter of 2015, Cynosure revised its estimates of the assets acquired and liabilities assumed in the Ellman acquisition, and as a result, increased goodwill from $6.6 million at December 31, 2014 to $6.7 million at March 31, 2015, with the offsetting decrease to inventory. The following table summarizes the estimated fair value as of September 5, 2014 of the net assets acquired (in thousands): | |||||
Purchase price: | |||||
Cash paid | $ | 13,235 | |||
Total | $ | 13,235 | |||
Assets (liabilities) acquired: | |||||
Accounts receivable | 2,147 | ||||
Inventory | 3,542 | ||||
Prepaid and other assets | 488 | ||||
Fixed assets | 612 | ||||
Intangible assets | 6,800 | ||||
Goodwill | 6,738 | ||||
Accounts payable | (9 | ) | |||
Accrued expenses | (2,469 | ) | |||
Deferred revenue | (454 | ) | |||
License transfer agreement | (4,160 | ) | |||
Total | $ | 13,235 | |||
Goodwill_and_Other_Intangible_
Goodwill and Other Intangible Assets | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Goodwill and Other Intangible Assets | Note 7 — Goodwill and Other Intangible Assets | ||||||||||||||||||||||||
Changes to goodwill during the three months ended March 31, 2015 were as follows (in thousands): | |||||||||||||||||||||||||
Balance — December 31, 2014 | $ | 105,764 | |||||||||||||||||||||||
Ellman acquisition | 140 | ||||||||||||||||||||||||
Translation adjustment | (27 | ) | |||||||||||||||||||||||
Balance — March 31, 2015 | $ | 105,877 | |||||||||||||||||||||||
Other intangible assets consisted of the following at March 31, 2015 and December 31, 2014 (in thousands): | |||||||||||||||||||||||||
Developed | Business | Customer | Trade | Other | Total | ||||||||||||||||||||
Technology | Licenses | Relationships | Names | ||||||||||||||||||||||
& Patents | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Cost | $ | 29,240 | $ | 384 | $ | 19,718 | $ | 18,390 | $ | 1,353 | $ | 69,085 | |||||||||||||
Translation adjustment | — | — | (45 | ) | — | — | (45 | ) | |||||||||||||||||
Accumulated amortization | (9,394 | ) | (221 | ) | (6,294 | ) | (1,834 | ) | (25 | ) | (17,768 | ) | |||||||||||||
Balance, March 31, 2015 | $ | 19,846 | $ | 163 | $ | 13,379 | $ | 16,556 | $ | 1,328 | $ | 51,272 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Cost | $ | 29,240 | $ | 384 | $ | 19,718 | $ | 18,390 | $ | 1,338 | $ | 69,070 | |||||||||||||
Translation adjustment | — | 34 | 2 | — | 2 | 38 | |||||||||||||||||||
Accumulated amortization | (7,840 | ) | (252 | ) | (5,818 | ) | (1,607 | ) | (8 | ) | (15,525 | ) | |||||||||||||
Balance, December 31, 2014 | $ | 21,400 | $ | 166 | $ | 13,902 | $ | 16,783 | $ | 1,332 | $ | 53,583 | |||||||||||||
Amortization expense related to developed technology and patents is classified as a component of cost of revenues. Amortization expense related to customer relationships and trade names is classified as a component of amortization of intangible assets acquired. Amortization expense related to business licenses and other is classified as a component of general and administrative expenses. | |||||||||||||||||||||||||
Amortization expense for the three months ended March 31, 2015 and 2014 was $2.2 million and $2.1 million, respectively. Cynosure has approximately $1.0 million of indefinite-life intangible assets that are included in other intangible assets in the table above. As of March 31, 2015, amortization expense on existing intangible assets for the next five years and beyond is as follows (in thousands): | |||||||||||||||||||||||||
Remainder of 2015 | $ | 6,916 | |||||||||||||||||||||||
2016 | 8,428 | ||||||||||||||||||||||||
2017 | 6,439 | ||||||||||||||||||||||||
2018 | 4,923 | ||||||||||||||||||||||||
2019 | 3,188 | ||||||||||||||||||||||||
2020 and thereafter | 20,402 | ||||||||||||||||||||||||
Total | $ | 50,296 | |||||||||||||||||||||||
Warranty_Costs
Warranty Costs | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Guarantees [Abstract] | |||||
Warranty Costs | Note 8 — Warranty Costs | ||||
Cynosure typically provides a one-year parts and labor warranty on end-user sales of lasers. Distributor sales generally include a one-year warranty on parts only. Estimated future costs for initial product warranties are provided for at the time of revenue recognition. The following table sets forth activity in the accrued warranty account, which is a component of accrued expenses in the consolidated balance sheets (in thousands): | |||||
Balance — December 31, 2014 | $ | 8,118 | |||
Warranty provision related to new sales | 2,997 | ||||
Costs incurred | (3,311 | ) | |||
Balance — March 31, 2015 | $ | 7,804 | |||
Segment_Information
Segment Information | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Segment Information | Note 9 — Segment Information | ||||||||
In accordance with Accounting Standards Codification (ASC) 280, Segment Reporting Topic, operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. Cynosure’s chief decision-maker, as defined under ASC 280, is a combination of the Chief Executive Officer and the Chief Financial Officer. Cynosure views its operations and manages its business as one segment, aesthetic treatment products and services. | |||||||||
The following table represents total revenue by geographic area: | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 41,451 | $ | 27,948 | |||||
Europe | 10,657 | 12,133 | |||||||
Asia / Pacific | 16,814 | 15,527 | |||||||
Other | 5,990 | 6,396 | |||||||
Total | $ | 74,912 | $ | 62,004 | |||||
Total assets by geographic area are as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 427,998 | $ | 420,513 | |||||
Europe | 20,796 | 23,235 | |||||||
Asia / Pacific | 19,269 | 19,182 | |||||||
Eliminations | (5,600 | ) | (5,206 | ) | |||||
Total | $ | 462,463 | $ | 457,724 | |||||
Long-lived assets (property and equipment only) by geographic area are as follows: | |||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 31,339 | $ | 30,912 | |||||
Europe | 1,453 | 1,656 | |||||||
Asia / Pacific | 2,731 | 1,688 | |||||||
Total | $ | 35,523 | $ | 34,256 | |||||
No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, total assets or long-lived assets for any period presented. |
Net_Loss_Income_Per_Common_Sha
Net (Loss) Income Per Common Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Net (Loss) Income Per Common Share | Note 10 — Net (Loss) Income Per Common Share | ||||||||
Basic net (loss) income per share is determined by dividing net (loss) income by the weighted average common shares outstanding during the period. Diluted net (loss) income per share is determined by dividing net (loss) income by the diluted weighted average shares outstanding during the period. Diluted weighted average shares reflect the dilutive effect, if any, of common stock options and restricted stock units based on the treasury stock method. | |||||||||
A reconciliation of basic and diluted shares is as follows (in thousands, except per share data): | |||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net (loss) income | $ | (8 | ) | $ | 689 | ||||
Basic weighted average common shares outstanding | 21,664 | 21,978 | |||||||
Weighted average common equivalent shares | — | 590 | |||||||
Diluted weighted average common shares outstanding | 21,664 | 22,568 | |||||||
Basic net (loss) income per share | $ | (0.00 | ) | $ | 0.03 | ||||
Diluted net (loss) income per share | $ | (0.00 | ) | $ | 0.03 | ||||
For the three months ended March 31, 2015, the number of basic and diluted weighted average shares outstanding was the same, as any increase in the number of shares of common stock equivalents for the three months ended March 31, 2015 would be antidilutive based on the net loss for the period. For the three months ended March 31, 2015, outstanding options and restricted stock units to purchase 1.7 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive. | |||||||||
For the three months ended March 31, 2014, approximately 1.1 million weighted average stock options and restricted stock units to purchase shares of the Company’s Class A common stock were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. |
Accumulated_Other_Comprehensiv
Accumulated Other Comprehensive Loss | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Accumulated Other Comprehensive Loss | Note 11 — Accumulated Other Comprehensive Loss | ||||||||||||
Changes to accumulated other comprehensive loss during the three months ended March 31, 2015 were as follows (in thousands): | |||||||||||||
Unrealized | Translation | Accumulated | |||||||||||
(Loss) Gain on | Adjustment | Other | |||||||||||
Marketable | Comprehensive | ||||||||||||
Securities, net | Loss | ||||||||||||
of taxes | |||||||||||||
Balance — December 31, 2014 | $ | (10 | ) | $ | (3,853 | ) | $ | (3,863 | ) | ||||
Current period other comprehensive loss | 13 | (1,379 | ) | (1,366 | ) | ||||||||
Balance — March 31, 2015 | $ | 3 | $ | (5,232 | ) | $ | (5,229 | ) |
Income_Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Note 12 — Income Taxes |
During the three months ended March 31, 2015 and 2014, Cynosure recorded an income tax benefit of $4,000 and an income tax provision of $374,000, respectively. The income tax benefit for the three months ended March 31, 2015 is primarily attributable to applying the Company’s estimated annual effective tax rate to its year-to-date worldwide loss. | |
At March 31, 2015 and December 31, 2014, Cynosure had gross tax-effected unrecognized tax benefits of $0.8 million of which the entire amount, if recognized, would favorably impact the effective tax rate. Cynosure classifies interest and penalties related to income taxes as a component of its provision for income taxes. Cynosure does not expect any material changes in the amounts of unrecognized tax benefits over the next 12 months. | |
Cynosure files income tax returns in the U.S. federal jurisdiction, and in various state and foreign jurisdictions. Cynosure is no longer subject to U.S. federal income tax examinations by tax authorities for years before 2011. With few exceptions, Cynosure is no longer subject to U.S. state tax examinations for years before 2010. Additionally, certain non-U.S. jurisdictions are no longer subject to income tax examinations by tax authorities for years before 2010. |
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Commitments and Contingencies | Note 13 — Commitments and Contingencies | ||||||||||||||||||||
Lease Commitments | |||||||||||||||||||||
Cynosure leases the land portion of its U.S. operating facility and certain foreign facilities under non-cancellable operating lease agreements expiring through May 2027. These leases are non-cancellable and typically contain renewal options. Certain leases contain rent escalation clauses for which Cynosure recognizes the expense on a straight-line basis. Rent expense for the three months ended March 31, 2015 and 2014 was approximately $0.5 million and $1.0 million, respectively. The 2014 period rent expense includes approximately $0.5 million incurred on the former Palomar Medical Technologies, Inc. (Palomar) headquarters, which Cynosure occupied through July 2014. | |||||||||||||||||||||
Cynosure leases the buildings portion of its U.S. operating facility and certain equipment and vehicles under capital lease agreements with payments due through May 2027. Commitments under Cynosure’s lease arrangements are as follows as of March 31, 2015, and reflect the impact of an April 2015 amendment on Cynosure’s U.S. operating facility lease (in thousands): | |||||||||||||||||||||
Operating | Capital | ||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||
Remainder of 2015 | $ | 1,428 | $ | 145 | |||||||||||||||||
2016 | 1,850 | 2,327 | |||||||||||||||||||
2017 | 1,845 | 2,719 | |||||||||||||||||||
2018 | 1,800 | 2,626 | |||||||||||||||||||
2019 | 1,389 | 2,611 | |||||||||||||||||||
Thereafter | 2,842 | 20,947 | |||||||||||||||||||
Total minimum lease payments | $ | 11,154 | $ | 31,375 | |||||||||||||||||
Less amount representing interest | (14,677 | ) | |||||||||||||||||||
Present value of obligations under capital leases | $ | 16,698 | |||||||||||||||||||
Current portion of capital lease obligations | 135 | ||||||||||||||||||||
Capital lease obligations, net of current portion | $ | 16,563 | |||||||||||||||||||
Contractual Obligations | |||||||||||||||||||||
Cynosure’s significant outstanding contractual obligations relate to its capital leases from its facilities leases, including the buildings portion of its U.S. operating facility, and equipment financings. Cynosure’s leases are non-cancellable and typically contain renewal options. Certain leases contain rent escalation clauses for which Cynosure recognizes the expense on a straight-line basis. Cynosure has summarized in the table below its fixed contractual cash obligations as of March 31, 2015. The table below reflects the impact of the April 2015 amendment on Cynosure’s U.S. operating facility lease. | |||||||||||||||||||||
Total | Less Than | One to | Three to | More than | |||||||||||||||||
One Year | Three Years | Five Years | Five Years | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Capital lease obligations, including interest | $ | 31,375 | $ | 727 | $ | 5,121 | $ | 5,209 | $ | 20,318 | |||||||||||
Operating leases | 11,154 | 1,890 | 3,682 | 2,953 | 2,629 | ||||||||||||||||
Total contractual obligations | $ | 42,529 | $ | 2,617 | $ | 8,803 | $ | 8,162 | $ | 22,947 | |||||||||||
Contingencies | |||||||||||||||||||||
Cynosure continually assesses litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss, which could be estimated. In accordance with the Financial Accounting Standards Board’s guidance on accounting for contingencies, Cynosure accrues for all direct costs associated with the estimated resolution of contingencies at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely, Cynosure accrues the minimum amount of the range. In cases where Cynosure believes that a reasonably possible loss exists, Cynosure discloses the facts and circumstances of the litigation, including an estimable range, if possible. In management’s opinion, Cynosure is not currently involved in any legal proceedings, which, individually or in the aggregate, could have a material effect on Cynosure’s financial statements. Cynosure believes that contingent losses associated with any current litigation were remote as of March 31, 2015 and at the time of the filing of this Quarterly Report on Form 10-Q, and as such, Cynosure has not recorded or disclosed any material loss contingencies. |
Recent_Accounting_Pronouncemen
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Changes and Error Corrections [Abstract] | |
Recent Accounting Pronouncements | Note 14 — Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers, which amends the guidance in ASC 605, Revenue Recognition. This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The new guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. ASC 606 was originally scheduled to be effective for interim and annual periods beginning after December 15, 2016. In April 2015, the Financial Accounting Standards Board proposed a one-year deferral of the effective date for ASC 606. Under the proposal, the standard would be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. Cynosure is currently evaluating the impact of the provisions of ASC 606. |
Commitments_and_Contingencies_
Commitments and Contingencies (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Contingencies | Contingencies |
Cynosure continually assesses litigation to determine if an unfavorable outcome would lead to a probable loss or reasonably possible loss, which could be estimated. In accordance with the Financial Accounting Standards Board’s guidance on accounting for contingencies, Cynosure accrues for all direct costs associated with the estimated resolution of contingencies at the earliest date at which it is deemed probable that a liability has been incurred and the amount of such liability can be reasonably estimated. If the estimate of a probable loss is a range and no amount within the range is more likely, Cynosure accrues the minimum amount of the range. In cases where Cynosure believes that a reasonably possible loss exists, Cynosure discloses the facts and circumstances of the litigation, including an estimable range, if possible. In management’s opinion, Cynosure is not currently involved in any legal proceedings, which, individually or in the aggregate, could have a material effect on Cynosure’s financial statements. Cynosure believes that contingent losses associated with any current litigation were remote as of March 31, 2015 and at the time of the filing of this Quarterly Report on Form 10-Q, and as such, Cynosure has not recorded or disclosed any material loss contingencies. | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In May 2014, the Financial Accounting Standards Board issued guidance codified in ASC 606, Revenue Recognition — Revenue from Contracts with Customers, which amends the guidance in ASC 605, Revenue Recognition. This new revenue standard creates a single source of revenue guidance for all companies in all industries and is more principles-based than the current revenue guidance. The new guidance must be adopted using either a full retrospective approach for all periods presented in the period of adoption or a modified retrospective approach. ASC 606 was originally scheduled to be effective for interim and annual periods beginning after December 15, 2016. In April 2015, the Financial Accounting Standards Board proposed a one-year deferral of the effective date for ASC 606. Under the proposal, the standard would be effective for public entities for interim and annual reporting periods beginning after December 15, 2017. Cynosure is currently evaluating the impact of the provisions of ASC 606. |
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||
Summary of Stock-Based Compensation Expenses | Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individual holding the respective share-based payments, as follows: | ||||||||
Three Months | |||||||||
Ended March 31, | |||||||||
2015 | 2014 | ||||||||
(In thousands) | |||||||||
Cost of revenues | $ | 68 | $ | 65 | |||||
Sales and marketing | 475 | 443 | |||||||
Research and development | 257 | 228 | |||||||
General and administrative | 1,020 | 730 | |||||||
Total stock-based compensation expense | $ | 1,820 | $ | 1,466 | |||||
Summary of Share-Based compensation Arrangement Fair Value Assumptions | The weighted average fair value of the options granted during the three months ended March 31, 2015 and 2014 was $11.78 and $11.23, respectively, using the following assumptions: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Risk-free interest rate | 1.39% - 1.53% | 1.44% - 1.76% | |||||||
Expected dividend yield | — | — | |||||||
Expected term | 4.8 years | 4.6 years | |||||||
Expected volatility | 43% | 43% - 44% | |||||||
Estimated forfeiture rate | 5% | 5% |
Inventories_Tables
Inventories (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Inventory Disclosure [Abstract] | |||||||||
Inventories | Inventory includes material, labor and overhead and consists of the following: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
Raw materials | $ | 18,415 | $ | 16,875 | |||||
Work in process | 4,344 | 3,526 | |||||||
Finished goods | 45,450 | 38,917 | |||||||
$ | 68,209 | $ | 59,318 | ||||||
Fair_Value_Tables
Fair Value (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Measurement of Fair Value Hierarchy for Financial Assets | The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of March 31, 2015 (in thousands): | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds(1) | $ | 5,531 | $ | — | $ | — | $ | 5,531 | |||||||||
State and municipal bonds | — | 46,359 | — | 46,359 | |||||||||||||
Treasuries and government agencies | — | 8,299 | — | 8,299 | |||||||||||||
Equity securities | 9 | — | — | 9 | |||||||||||||
Total | $ | 5,540 | $ | 54,658 | $ | — | $ | 60,198 | |||||||||
The following table represents Cynosure’s fair value hierarchy for its financial assets (cash equivalents and marketable securities) measured at fair value as of December 31, 2014 (in thousands): | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Money market funds(1) | $ | 1,753 | $ | — | $ | — | $ | 1,753 | |||||||||
State and municipal bonds | — | 47,744 | — | 47,744 | |||||||||||||
Treasuries and government agencies | — | 8,486 | — | 8,486 | |||||||||||||
Corporate obligations and commercial paper | — | 2,001 | — | 2,001 | |||||||||||||
Equity securities | 13 | — | — | 13 | |||||||||||||
Total | $ | 1,766 | $ | 58,231 | $ | — | $ | 59,997 | |||||||||
-1 | Included in cash and cash equivalents at March 31, 2015 and December 31, 2014. |
Short_and_LongTerm_Marketable_1
Short and Long-Term Marketable Securities (Tables) | 3 Months Ended | ||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||
Investments, Debt and Equity Securities [Abstract] | |||||||||||||||||
Schedule of Marketable Securities | As of March 31, 2015, Cynosure’s marketable securities consist of the following (in thousands): | ||||||||||||||||
Market | Amortized | Unrealized | Unrealized | ||||||||||||||
Value | Cost | Gains | Losses | ||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 23,576 | $ | 23,571 | $ | 5 | $ | — | |||||||||
Treasuries and government agencies | 1,000 | 1,000 | — | — | |||||||||||||
Equity securities | 9 | 13 | — | (4 | ) | ||||||||||||
Total short-term marketable securities | $ | 24,585 | $ | 24,584 | $ | 5 | $ | (4 | ) | ||||||||
Long-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 22,783 | $ | 22,786 | $ | 6 | $ | (9 | ) | ||||||||
Treasuries and government agencies | 7,299 | 7,299 | 3 | (3 | ) | ||||||||||||
Total long-term marketable securities | $ | 30,082 | $ | 30,085 | $ | 9 | $ | (12 | ) | ||||||||
Total available-for-sale securities | $ | 54,667 | $ | 54,669 | $ | 14 | $ | (16 | ) | ||||||||
Total marketable securities | $ | 54,667 | |||||||||||||||
As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): | |||||||||||||||||
Market | Amortized | Unrealized | Unrealized | ||||||||||||||
Value | Cost | Gains | Losses | ||||||||||||||
Available-for-Sale Securities: | |||||||||||||||||
Short-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 26,041 | $ | 26,033 | $ | 8 | $ | — | |||||||||
Treasuries and government agencies | 4,000 | 4,000 | — | — | |||||||||||||
Corporate obligations and commercial paper | 2,001 | 2,001 | — | — | |||||||||||||
Equity securities | 13 | 18 | — | (5 | ) | ||||||||||||
Total short-term marketable securities | $ | 32,055 | $ | 32,052 | $ | 8 | $ | (5 | ) | ||||||||
Long-term marketable securities: | |||||||||||||||||
State and municipal bonds | $ | 21,703 | $ | 21,721 | $ | 2 | $ | (20 | ) | ||||||||
Treasuries and government agencies | 4,486 | 4,500 | — | (14 | ) | ||||||||||||
Total long-term marketable securities | $ | 26,189 | $ | 26,221 | $ | 2 | $ | (34 | ) | ||||||||
Total available-for-sale securities | $ | 58,244 | $ | 58,273 | $ | 10 | $ | (39 | ) | ||||||||
Total marketable securities | $ | 58,244 | |||||||||||||||
Schedule of Available-for-Sale Debt Securities Mature | As of March 31, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): | ||||||||||||||||
Maturities | |||||||||||||||||
Total | Less | One to | More | ||||||||||||||
Than | Five | than | |||||||||||||||
One | Years | Five | |||||||||||||||
Year | Years | ||||||||||||||||
State and municipal bonds | $ | 46,359 | $ | 23,576 | $ | 22,783 | $ | — | |||||||||
Treasuries and government agencies | 8,299 | 1,000 | 7,299 | — | |||||||||||||
Total available-for-sale debt securities | $ | 54,658 | $ | 24,576 | $ | 30,082 | $ | — | |||||||||
Acquisition_Tables
Acquisition (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Business Combinations [Abstract] | |||||
Estimated Fair Value of Net Assets Acquired | The following table summarizes the estimated fair value as of September 5, 2014 of the net assets acquired (in thousands): | ||||
Purchase price: | |||||
Cash paid | $ | 13,235 | |||
Total | $ | 13,235 | |||
Assets (liabilities) acquired: | |||||
Accounts receivable | 2,147 | ||||
Inventory | 3,542 | ||||
Prepaid and other assets | 488 | ||||
Fixed assets | 612 | ||||
Intangible assets | 6,800 | ||||
Goodwill | 6,738 | ||||
Accounts payable | (9 | ) | |||
Accrued expenses | (2,469 | ) | |||
Deferred revenue | (454 | ) | |||
License transfer agreement | (4,160 | ) | |||
Total | $ | 13,235 | |||
Goodwill_and_Other_Intangible_1
Goodwill and Other Intangible Assets (Tables) | 3 Months Ended | ||||||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||||||||||||||
Schedule of Changes to Goodwill | Changes to goodwill during the three months ended March 31, 2015 were as follows (in thousands): | ||||||||||||||||||||||||
Balance — December 31, 2014 | $ | 105,764 | |||||||||||||||||||||||
Ellman acquisition | 140 | ||||||||||||||||||||||||
Translation adjustment | (27 | ) | |||||||||||||||||||||||
Balance — March 31, 2015 | $ | 105,877 | |||||||||||||||||||||||
Schedule of Components of Other Intangible Assets | Other intangible assets consisted of the following at March 31, 2015 and December 31, 2014 (in thousands): | ||||||||||||||||||||||||
Developed | Business | Customer | Trade | Other | Total | ||||||||||||||||||||
Technology | Licenses | Relationships | Names | ||||||||||||||||||||||
& Patents | |||||||||||||||||||||||||
March 31, 2015 | |||||||||||||||||||||||||
Cost | $ | 29,240 | $ | 384 | $ | 19,718 | $ | 18,390 | $ | 1,353 | $ | 69,085 | |||||||||||||
Translation adjustment | — | — | (45 | ) | — | — | (45 | ) | |||||||||||||||||
Accumulated amortization | (9,394 | ) | (221 | ) | (6,294 | ) | (1,834 | ) | (25 | ) | (17,768 | ) | |||||||||||||
Balance, March 31, 2015 | $ | 19,846 | $ | 163 | $ | 13,379 | $ | 16,556 | $ | 1,328 | $ | 51,272 | |||||||||||||
December 31, 2014 | |||||||||||||||||||||||||
Cost | $ | 29,240 | $ | 384 | $ | 19,718 | $ | 18,390 | $ | 1,338 | $ | 69,070 | |||||||||||||
Translation adjustment | — | 34 | 2 | — | 2 | 38 | |||||||||||||||||||
Accumulated amortization | (7,840 | ) | (252 | ) | (5,818 | ) | (1,607 | ) | (8 | ) | (15,525 | ) | |||||||||||||
Balance, December 31, 2014 | $ | 21,400 | $ | 166 | $ | 13,902 | $ | 16,783 | $ | 1,332 | $ | 53,583 | |||||||||||||
Schedule of Amortization Expenses on Intangible Assets | As of March 31, 2015, amortization expense on existing intangible assets for the next five years and beyond is as follows (in thousands): | ||||||||||||||||||||||||
Remainder of 2015 | $ | 6,916 | |||||||||||||||||||||||
2016 | 8,428 | ||||||||||||||||||||||||
2017 | 6,439 | ||||||||||||||||||||||||
2018 | 4,923 | ||||||||||||||||||||||||
2019 | 3,188 | ||||||||||||||||||||||||
2020 and thereafter | 20,402 | ||||||||||||||||||||||||
Total | $ | 50,296 | |||||||||||||||||||||||
Warranty_Costs_Tables
Warranty Costs (Tables) | 3 Months Ended | ||||
Mar. 31, 2015 | |||||
Guarantees [Abstract] | |||||
Schedule of Activity in Accrued Warranty Account | The following table sets forth activity in the accrued warranty account, which is a component of accrued expenses in the consolidated balance sheets (in thousands): | ||||
Balance — December 31, 2014 | $ | 8,118 | |||
Warranty provision related to new sales | 2,997 | ||||
Costs incurred | (3,311 | ) | |||
Balance — March 31, 2015 | $ | 7,804 | |||
Segment_Information_Tables
Segment Information (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of Total Revenue by Geographic Area | The following table represents total revenue by geographic area: | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 41,451 | $ | 27,948 | |||||
Europe | 10,657 | 12,133 | |||||||
Asia / Pacific | 16,814 | 15,527 | |||||||
Other | 5,990 | 6,396 | |||||||
Total | $ | 74,912 | $ | 62,004 | |||||
Schedule of Total Assets by Geographic Area | Total assets by geographic area are as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 427,998 | $ | 420,513 | |||||
Europe | 20,796 | 23,235 | |||||||
Asia / Pacific | 19,269 | 19,182 | |||||||
Eliminations | (5,600 | ) | (5,206 | ) | |||||
Total | $ | 462,463 | $ | 457,724 | |||||
Schedule of Long-Lived Assets by Geographic Area | Long-lived assets (property and equipment only) by geographic area are as follows: | ||||||||
March 31, | December 31, | ||||||||
2015 | 2014 | ||||||||
(in thousands) | |||||||||
United States | $ | 31,339 | $ | 30,912 | |||||
Europe | 1,453 | 1,656 | |||||||
Asia / Pacific | 2,731 | 1,688 | |||||||
Total | $ | 35,523 | $ | 34,256 | |||||
Net_Loss_Income_Per_Common_Sha1
Net (Loss) Income Per Common Share (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Reconciliation of Basic and Diluted Shares | A reconciliation of basic and diluted shares is as follows (in thousands, except per share data): | ||||||||
Three Months Ended | |||||||||
March 31, | |||||||||
2015 | 2014 | ||||||||
Net (loss) income | $ | (8 | ) | $ | 689 | ||||
Basic weighted average common shares outstanding | 21,664 | 21,978 | |||||||
Weighted average common equivalent shares | — | 590 | |||||||
Diluted weighted average common shares outstanding | 21,664 | 22,568 | |||||||
Basic net (loss) income per share | $ | (0.00 | ) | $ | 0.03 | ||||
Diluted net (loss) income per share | $ | (0.00 | ) | $ | 0.03 | ||||
Accumulated_Other_Comprehensiv1
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended | ||||||||||||
Mar. 31, 2015 | |||||||||||||
Equity [Abstract] | |||||||||||||
Changes to Accumulated Other Comprehensive Loss | Changes to accumulated other comprehensive loss during the three months ended March 31, 2015 were as follows (in thousands): | ||||||||||||
Unrealized | Translation | Accumulated | |||||||||||
(Loss) Gain on | Adjustment | Other | |||||||||||
Marketable | Comprehensive | ||||||||||||
Securities, net | Loss | ||||||||||||
of taxes | |||||||||||||
Balance — December 31, 2014 | $ | (10 | ) | $ | (3,853 | ) | $ | (3,863 | ) | ||||
Current period other comprehensive loss | 13 | (1,379 | ) | (1,366 | ) | ||||||||
Balance — March 31, 2015 | $ | 3 | $ | (5,232 | ) | $ | (5,229 | ) |
Commitments_and_Contingencies_1
Commitments and Contingencies (Tables) | 3 Months Ended | ||||||||||||||||||||
Mar. 31, 2015 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Operating Facility, Certain Equipment and Vehicles Under Operating Lease and Capital Lease Agreements with Payments | Cynosure leases the buildings portion of its U.S. operating facility and certain equipment and vehicles under capital lease agreements with payments due through May 2027. Commitments under Cynosure’s lease arrangements are as follows as of March 31, 2015, and reflect the impact of an April 2015 amendment on Cynosure’s U.S. operating facility lease (in thousands): | ||||||||||||||||||||
Operating | Capital | ||||||||||||||||||||
Leases | Leases | ||||||||||||||||||||
Remainder of 2015 | $ | 1,428 | $ | 145 | |||||||||||||||||
2016 | 1,850 | 2,327 | |||||||||||||||||||
2017 | 1,845 | 2,719 | |||||||||||||||||||
2018 | 1,800 | 2,626 | |||||||||||||||||||
2019 | 1,389 | 2,611 | |||||||||||||||||||
Thereafter | 2,842 | 20,947 | |||||||||||||||||||
Total minimum lease payments | $ | 11,154 | $ | 31,375 | |||||||||||||||||
Less amount representing interest | (14,677 | ) | |||||||||||||||||||
Present value of obligations under capital leases | $ | 16,698 | |||||||||||||||||||
Current portion of capital lease obligations | 135 | ||||||||||||||||||||
Capital lease obligations, net of current portion | $ | 16,563 | |||||||||||||||||||
Summary of Fixed Contractual Cash Obligations | Cynosure has summarized in the table below its fixed contractual cash obligations as of March 31, 2015. The table below reflects the impact of the April 2015 amendment on Cynosure’s U.S. operating facility lease. | ||||||||||||||||||||
Total | Less Than | One to | Three to | More than | |||||||||||||||||
One Year | Three Years | Five Years | Five Years | ||||||||||||||||||
(In thousands) | |||||||||||||||||||||
Capital lease obligations, including interest | $ | 31,375 | $ | 727 | $ | 5,121 | $ | 5,209 | $ | 20,318 | |||||||||||
Operating leases | 11,154 | 1,890 | 3,682 | 2,953 | 2,629 | ||||||||||||||||
Total contractual obligations | $ | 42,529 | $ | 2,617 | $ | 8,803 | $ | 8,162 | $ | 22,947 | |||||||||||
StockBased_Compensation_Additi
Stock-Based Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Stock-based compensation expense | $1,820,000 | $1,466,000 |
Stock-based compensation expense capitalized to inventory | 26,000 | 25,000 |
Cash received from option exercises | $900,000 | $7,300,000 |
Stock options granted | 319,509 | 657,240 |
Weighted average fair value of the options granted | $11.78 | $11.23 |
Cash dividend yield | 0.00% | |
Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Granted restricted stock units to employees | 86,618 | 44,840 |
Vested period | 3 years | |
Share based compensation period | 3 years |
StockBased_Compensation_Summar
Stock-Based Compensation - Summary of Stock-Based Compensation Expenses (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $1,820 | $1,466 |
Cost of Revenues [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 68 | 65 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 475 | 443 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | 257 | 228 |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | ||
Total stock-based compensation expense | $1,020 | $730 |
StockBased_Compensation_Summar1
Stock-Based Compensation - Summary of Share-Based Compensation Arrangement Fair Value Assumptions (Detail) | 3 Months Ended | |
Mar. 31, 2015 | Mar. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Risk-free interest rate Minimum | 1.39% | 1.44% |
Risk-free interest rate Maximum | 1.53% | 1.76% |
Expected dividend yield | 0.00% | 0.00% |
Expected term | 4 years 9 months 18 days | 4 years 7 months 6 days |
Expected volatility Minimum | 43.00% | 43.00% |
Expected volatility Maximum | 44.00% | |
Estimated forfeiture rate | 5.00% | 5.00% |
Inventories_Inventories_Detail
Inventories - Inventories (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw materials | $18,415 | $16,875 |
Work in process | 4,344 | 3,526 |
Finished goods | 45,450 | 38,917 |
Inventories, Total | $68,209 | $59,318 |
Fair_Value_Measurement_of_Fair
Fair Value - Measurement of Fair Value Hierarchy for Financial Assets (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $60,198 | $59,997 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,540 | 1,766 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 54,658 | 58,231 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,531 | 1,753 |
Money Market Funds [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,531 | 1,753 |
State and Municipal Bonds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 46,359 | 47,744 |
State and Municipal Bonds [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 46,359 | 47,744 |
Treasuries and Government Agencies [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 8,299 | 8,486 |
Treasuries and Government Agencies [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 8,299 | 8,486 |
Corporate Obligations and Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,001 | |
Corporate Obligations and Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 2,001 | |
Equity Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 9 | 13 |
Equity Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $9 | $13 |
Short_and_LongTerm_Marketable_2
Short and Long-Term Marketable Securities - Additional Information (Detail) (USD $) | Mar. 31, 2015 |
Investments, Debt and Equity Securities [Abstract] | |
Available for sale securities in debt | $54,658,000 |
Available for sale securities in equity | $9,000 |
Short_and_LongTerm_Marketable_3
Short and Long-Term Marketable Securities - Schedule of Marketable Securities (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | $54,667 | $58,244 |
Amortized Cost | 54,669 | 58,273 |
Unrealized Gains | 14 | 10 |
Unrealized Losses | -16 | -39 |
Total marketable securities | 54,667 | 58,244 |
Short-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 24,585 | 32,055 |
Amortized Cost | 24,584 | 32,052 |
Unrealized Gains | 5 | 8 |
Unrealized Losses | -4 | -5 |
Short-Term Marketable Securities [Member] | Corporate Obligations and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 2,001 | |
Amortized Cost | 2,001 | |
Short-Term Marketable Securities [Member] | State and Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 23,576 | 26,041 |
Amortized Cost | 23,571 | 26,033 |
Unrealized Gains | 5 | 8 |
Short-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 1,000 | 4,000 |
Amortized Cost | 1,000 | 4,000 |
Short-Term Marketable Securities [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 9 | 13 |
Amortized Cost | 13 | 18 |
Unrealized Losses | -4 | -5 |
Long-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 30,082 | 26,189 |
Amortized Cost | 30,085 | 26,221 |
Unrealized Gains | 9 | 2 |
Unrealized Losses | -12 | -34 |
Long-Term Marketable Securities [Member] | State and Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 22,783 | 21,703 |
Amortized Cost | 22,786 | 21,721 |
Unrealized Gains | 6 | 2 |
Unrealized Losses | -9 | -20 |
Long-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 7,299 | 4,486 |
Amortized Cost | 7,299 | 4,500 |
Unrealized Gains | 3 | |
Unrealized Losses | ($3) | ($14) |
Short_and_LongTerm_Marketable_4
Short and Long-Term Marketable Securities - Schedule of Available-for-Sale Debt Securities Mature (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | $54,658 |
Less Than One Year | 24,576 |
One to Five Years | 30,082 |
More than Five Years | 0 |
State and Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 46,359 |
Less Than One Year | 23,576 |
One to Five Years | 22,783 |
More than Five Years | 0 |
Treasuries and Government Agencies [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 8,299 |
Less Than One Year | 1,000 |
One to Five Years | 7,299 |
More than Five Years | $0 |
Acquisition_Additional_Informa
Acquisition - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | Sep. 05, 2014 | |
Business Acquisition [Line Items] | |||
Goodwill | $140,000 | ||
Ellman International, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash consideration | 13,200,000 | ||
Business acquisition effective date of acquisition | 5-Sep-14 | ||
License transfer agreement purchase price | 4,200,000 | ||
Goodwill | $6,700,000 | $6,600,000 |
Acquisition_Estimated_Fair_Val
Acquisition - Estimated Fair Value of Net Assets Acquired (Detail) (USD $) | 0 Months Ended | ||
In Thousands, unless otherwise specified | Sep. 05, 2014 | Mar. 31, 2015 | Dec. 31, 2014 |
Assets (liabilities) acquired: | |||
Goodwill | $105,877 | $105,764 | |
Ellman International, Inc. [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid | 13,235 | ||
Total | 13,235 | ||
Assets (liabilities) acquired: | |||
Accounts receivable | 2,147 | ||
Inventory | 3,542 | ||
Prepaid and other assets | 488 | ||
Fixed assets | 612 | ||
Intangible assets | 6,800 | ||
Goodwill | 6,738 | ||
Accounts payable | -9 | ||
Accrued expenses | -2,469 | ||
Deferred revenue | -454 | ||
License transfer agreement | -4,160 | ||
Total | $13,235 |
Goodwill_and_Other_Intangible_2
Goodwill and Other Intangible Assets - Schedule of Changes to Goodwill (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance - December 31, 2014 | $105,764 |
Ellman acquisition | 140 |
Translation adjustment | -27 |
Balance - March 31, 2015 | $105,877 |
Goodwill_and_Other_Intangible_3
Goodwill and Other Intangible Assets - Schedule of Components of Other Intangible Assets (Detail) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $69,085 | $69,070 |
Translation adjustment | -45 | 38 |
Accumulated amortization | -17,768 | -15,525 |
Other intangible assets, net | 51,272 | 53,583 |
Developed Technology and Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 29,240 | 29,240 |
Accumulated amortization | -9,394 | -7,840 |
Other intangible assets, net | 19,846 | 21,400 |
Business Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 384 | 384 |
Translation adjustment | 34 | |
Accumulated amortization | -221 | -252 |
Other intangible assets, net | 163 | 166 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 19,718 | 19,718 |
Translation adjustment | -45 | 2 |
Accumulated amortization | -6,294 | -5,818 |
Other intangible assets, net | 13,379 | 13,902 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,390 | 18,390 |
Accumulated amortization | -1,834 | -1,607 |
Other intangible assets, net | 16,556 | 16,783 |
Other Intangible Assets [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,353 | 1,338 |
Translation adjustment | 2 | |
Accumulated amortization | -25 | -8 |
Other intangible assets, net | $1,328 | $1,332 |
Goodwill_and_Other_Intangible_4
Goodwill and Other Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
Amortization expense | $2.20 | $2.10 |
Indefinite-life intangible assets | $1 |
Goodwill_and_Other_Intangible_5
Goodwill and Other Intangible Assets - Schedule of Amortization Expenses on Intangible Assets (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Remainder of 2015 | $6,916 |
2016 | 8,428 |
2017 | 6,439 |
2018 | 4,923 |
2019 | 3,188 |
2020 and Thereafter | 20,402 |
Total | $50,296 |
Warranty_Costs_Additional_Info
Warranty Costs - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Guarantees [Abstract] | |
Warranty on end-user sales | 1 year |
Warranty_Costs_Schedule_of_Act
Warranty Costs - Schedule of Activity in Accrued Warranty Account (Detail) (USD $) | 3 Months Ended |
In Thousands, unless otherwise specified | Mar. 31, 2015 |
Guarantees [Abstract] | |
Balance, beginning of period | $8,118 |
Warranty provision related to new sales | 2,997 |
Costs incurred | -3,311 |
Balance, end of period | $7,804 |
Segment_Information_Additional
Segment Information - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2015 | |
Country | |
Segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 1 |
Number of individual countries with greater than 10% of total revenue, total assets or long lived assets | 0 |
Percentage of total revenue | 10.00% |
Segment_Information_Schedule_o
Segment Information - Schedule of Total Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $74,912 | $62,004 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 41,451 | 27,948 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 10,657 | 12,133 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | 16,814 | 15,527 |
Other [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total revenues | $5,990 | $6,396 |
Segment_Information_Schedule_o1
Segment Information - Schedule of Total Assets by Geographic Area (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $462,463 | $457,724 |
Reportable Geographical Components [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 427,998 | 420,513 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 20,796 | 23,235 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 19,269 | 19,182 |
Eliminations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | ($5,600) | ($5,206) |
Segment_Information_Schedule_o2
Segment Information - Schedule of Long-Lived Assets by Geographic Area (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets,Property Plant and Equipment | $35,523 | $34,256 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets,Property Plant and Equipment | 31,339 | 30,912 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets,Property Plant and Equipment | 1,453 | 1,656 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets,Property Plant and Equipment | $2,731 | $1,688 |
Net_Loss_Income_Per_Common_Sha2
Net (Loss) Income Per Common Share - Schedule of Reconciliation of Basic and Diluted Shares (Detail) (USD $) | 3 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Earnings Per Share [Abstract] | ||
Net (loss) income | ($8) | $689 |
Basic weighted average common shares outstanding | 21,664 | 21,978 |
Weighted average common equivalent shares | 590 | |
Diluted weighted average common shares outstanding | 21,664 | 22,568 |
Basic net (loss) income per share | $0 | $0.03 |
Diluted net (loss) income per share | $0 | $0.03 |
Net_Loss_Income_Per_Common_Sha3
Net (Loss) Income Per Common Share - Additional Information (Detail) (Stock Options and Restricted Stock Units [Member]) | 3 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Stock Options and Restricted Stock Units [Member] | ||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | ||
Outstanding options and restricted stock units to purchase common shares | 1.7 | 1.1 |
Accumulated_Other_Comprehensiv2
Accumulated Other Comprehensive Loss - Changes to Accumulated Other Comprehensive Loss (Detail) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | ||
Unrealized (Loss) Gain on Marketable Securities, net of taxes, Beginning Balance | ($10) | |
Unrealized (Loss) Gain on Marketable Securities, net of taxes, Current period other comprehensive loss | 13 | -6 |
Unrealized (Loss) Gain on Marketable Securities, net of taxes, Ending Balance | 3 | |
Translation Adjustment, Beginning Balance | -3,853 | |
Translation Adjustment, Current period other comprehensive loss | -1,379 | -49 |
Translation Adjustment, Ending Balance | -5,232 | |
Accumulated Other Comprehensive Loss, Beginning Balance | -3,863 | |
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | -1,366 | -55 |
Accumulated Other Comprehensive Loss, Ending Balance | ($5,229) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 3 Months Ended | ||
Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 | |
Income Tax Disclosure [Abstract] | |||
(Benefit) provision for income taxes | ($4,000) | $374,000 | |
Unrecognized tax benefits | $800,000 | $800,000 |
Commitments_and_Contingencies_2
Commitments and Contingencies - Additional Information (Detail) (USD $) | 3 Months Ended | 1 Months Ended | |
In Millions, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Jul. 31, 2014 |
Loss Contingencies [Line Items] | |||
Operating lease rent expense | $0.50 | $1 | |
Operating lease expiration period | 2027-05 | ||
Former Palomar Medical Technologies, Inc. (Palomar) [Member] | |||
Loss Contingencies [Line Items] | |||
Operating lease rent expense | $0.50 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Operating Facility, Certain Equipment and Vehicles Under Operating Lease and Capital Lease Agreements with Payments (Detail) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Commitments and Contingencies Disclosure [Abstract] | ||
Remainder of 2015 | $1,428 | |
2016 | 1,850 | |
2017 | 1,845 | |
2018 | 1,800 | |
2019 | 1,389 | |
Thereafter | 2,842 | |
Total minimum lease payments | 11,154 | |
Remainder of 2015 | 145 | |
2016 | 2,327 | |
2017 | 2,719 | |
2018 | 2,626 | |
2019 | 2,611 | |
Thereafter | 20,947 | |
Total minimum lease payments | 31,375 | |
Less amount representing interest | -14,677 | |
Present value of obligations under capital leases | 16,698 | |
Current portion of capital lease obligations | 135 | 137 |
Capital lease obligations, net of current portion | $16,563 | $16,088 |
Commitments_and_Contingencies_4
Commitments and Contingencies - Summary of Fixed Contractual Cash Obligations (Detail) (USD $) | Mar. 31, 2015 |
In Thousands, unless otherwise specified | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | $31,375 |
Operating leases | 11,154 |
Total contractual obligations | 42,529 |
Less Than One Year [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 727 |
Operating leases | 1,890 |
Total contractual obligations | 2,617 |
One To Three Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 5,121 |
Operating leases | 3,682 |
Total contractual obligations | 8,803 |
Three To Five Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 5,209 |
Operating leases | 2,953 |
Total contractual obligations | 8,162 |
More Than Five Years [Member] | |
Contractual Obligation [Line Items] | |
Capital lease obligations, including interest | 20,318 |
Operating leases | 2,629 |
Total contractual obligations | $22,947 |