Document and Entity Information
Document and Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2015 | Feb. 22, 2016 | Jun. 30, 2015 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2015 | ||
Document Fiscal Year Focus | 2,015 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CYNO | ||
Entity Registrant Name | CYNOSURE INC | ||
Entity Central Index Key | 885,306 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 22,983,990 | ||
Entity Public Float | $ 870,699,867 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets: | ||
Cash and cash equivalents | $ 108,587 | $ 75,131 |
Short-term marketable securities | 35,412 | 32,055 |
Accounts receivable, net of allowance of $3,181 and $2,949 in 2015 and 2014, respectively | 42,012 | 42,524 |
Inventories | 79,768 | 59,318 |
Prepaid expenses and other current assets | 21,356 | 9,629 |
Total current assets | 287,135 | 218,657 |
Property and equipment, net | 39,706 | 34,256 |
Long-term marketable securities | 38,761 | 26,189 |
Goodwill | 105,807 | 105,764 |
Intangibles, net | 44,317 | 53,583 |
Deferred tax asset | 17,882 | 16,636 |
Other assets | 1,002 | 992 |
Total adjustment to assets | 534,610 | 456,077 |
Current liabilities: | ||
Accounts payable | 33,885 | 20,856 |
Accrued expenses | 45,616 | 42,125 |
Deferred revenue | 24,803 | 10,971 |
Capital lease obligations | 741 | 137 |
Total current liabilities | 105,045 | 74,089 |
Capital lease obligations, net of current portion | 17,372 | 16,088 |
Deferred revenue, net of current portion | 903 | 809 |
Other noncurrent liabilities | $ 6,888 | $ 6,979 |
Commitments and Contingencies (Note 13) | ||
Stockholders' equity: | ||
Preferred stock, $0.001 par value Authorized-5,000 shares as of December 31, 2015 and 2014 Issued-no shares as of December 31, 2015 and 2014 | ||
Class A and Class B common stock, $0.001 par value Authorized-70,000 shares as of December 31, 2015 and 2014 Issued-24,327 Class A shares and no Class B shares at December 31, 2015 Issued-23,253 Class A shares and no Class B shares at December 31, 2014 | $ 24 | $ 23 |
Additional paid-in capital | 387,161 | 355,082 |
Retained earnings | 55,781 | 39,974 |
Accumulated other comprehensive loss | (5,460) | (3,863) |
Treasury stock, 1,628 Class A shares, at cost | (33,104) | (33,104) |
Total stockholders' equity | 404,402 | 358,112 |
Total liabilities and stockholders' equity | $ 534,610 | $ 456,077 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for doubtful accounts receivable | $ 3,181 | $ 2,949 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
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, par value | $ 0.001 | |
Common Stock Class A [Member] | ||
Class A and Class B common stock, shares authorized | 61,500,000 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 24,327,000 | 23,253,000 |
Treasury stock, shares | 1,628,000 | 1,628,000 |
Common Stock Class B [Member] | ||
Class A and Class B common stock, shares authorized | 8,500,000 | |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares issued | 0 | 0 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Statement [Abstract] | |||
Product revenues | $ 276,085 | $ 236,878 | $ 188,271 |
Parts, accessories, service and royalty revenues | 63,377 | 55,491 | 37,739 |
Total revenues | 339,462 | 292,369 | 226,010 |
Cost of revenues | 145,928 | 127,131 | 95,730 |
Gross profit | 193,534 | 165,238 | 130,280 |
Operating expenses: | |||
Sales and marketing | 111,506 | 88,564 | 65,211 |
Research and development | 22,343 | 22,033 | 17,473 |
Amortization of intangible assets acquired | 2,990 | 2,961 | 2,114 |
General and administrative | 30,374 | 30,420 | 51,309 |
Total operating expenses | 167,213 | 143,978 | 136,107 |
Income (loss) from operations | 26,321 | 21,260 | (5,827) |
Interest expense, net | (1,683) | (1,446) | (23) |
Other (expense) income, net | (1,440) | (1,476) | 313 |
Income (loss) before provision (benefit) for income taxes | 23,198 | 18,338 | (5,537) |
Provision (benefit) for income taxes | 7,391 | (13,000) | (3,890) |
Net income (loss) | $ 15,807 | $ 31,338 | $ (1,647) |
Basic net income (loss) per share | $ 0.71 | $ 1.44 | $ (0.09) |
Diluted net income (loss) per share | $ 0.70 | $ 1.41 | $ (0.09) |
Basic weighted average common shares outstanding | 22,286 | 21,824 | 19,325 |
Diluted weighted average common shares outstanding | 22,658 | 22,195 | 19,325 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Statement of Comprehensive Income [Abstract] | |||
Net income (loss) | $ 15,807 | $ 31,338 | $ (1,647) |
Other comprehensive (loss) income components: | |||
Cumulative translation adjustment | (1,558) | (2,318) | 77 |
Unrealized (loss) gain on marketable securities, net of taxes | (39) | (46) | 23 |
Total other comprehensive (loss) income | (1,597) | (2,364) | 100 |
Comprehensive income (loss) | $ 14,210 | $ 28,974 | $ (1,547) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Total | Additional Paid-In Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Loss [Member] | Class A and B Common Stock [Member] | Class A and B Common Stock [Member]Treasury Stock [Member] |
Beginning Balance at Dec. 31, 2012 | $ 197,507 | $ 190,979 | $ 10,283 | $ (1,599) | $ 17 | $ (2,173) |
Beginning Balance, shares at Dec. 31, 2012 | 16,402,000 | (233,000) | ||||
Stock-based compensation expense | 3,694 | 3,694 | ||||
Exercise of stock options | 2,721 | 2,721 | ||||
Exercise of stock options, shares | 203,000 | |||||
Tax benefit from stock-based compensation expense in excess of book deductions | 563 | 563 | ||||
Repurchase of common stock | (15,377) | $ (15,377) | ||||
Repurchase of common stock, shares | (653,000) | |||||
Issuance of common stock associated with acquisition of Palomar | 141,359 | 141,353 | $ 6 | |||
Issuance of common stock associated with acquisition of Palomar, shares | 6,028,000 | |||||
Equity issuance costs associated with acquisition of Palomar | (568) | (568) | ||||
Net income | (1,647) | (1,647) | ||||
Cumulative translation adjustment | 77 | 77 | ||||
Unrealized gain (loss) on marketable securities, net of taxes | 23 | 23 | ||||
Ending Balance at Dec. 31, 2013 | 328,352 | 338,742 | 8,636 | (1,499) | $ 23 | $ (17,550) |
Ending Balance, shares at Dec. 31, 2013 | 22,633,000 | (886,000) | ||||
Stock-based compensation expense | 7,114 | 7,114 | ||||
Exercise of stock options and vesting of restricted stock units | 8,153 | 8,153 | ||||
Exercise of stock options and vesting of restricted stock units, shares | 620,000 | |||||
Tax benefit from stock-based compensation expense in excess of book deductions | 1,073 | 1,073 | ||||
Repurchase of common stock | (15,554) | $ (15,554) | ||||
Repurchase of common stock, shares | (742,000) | |||||
Net income | 31,338 | 31,338 | ||||
Cumulative translation adjustment | (2,318) | (2,318) | ||||
Unrealized gain (loss) on marketable securities, net of taxes | (46) | (46) | ||||
Ending Balance at Dec. 31, 2014 | 358,112 | 355,082 | 39,974 | (3,863) | $ 23 | $ (33,104) |
Ending Balance, shares at Dec. 31, 2014 | 23,253,000 | (1,628,000) | ||||
Stock-based compensation expense | 7,652 | 7,652 | ||||
Exercise of stock options and vesting of restricted stock units | $ 20,163 | 20,162 | $ 1 | |||
Exercise of stock options, shares | 1,039,759 | |||||
Exercise of stock options and vesting of restricted stock units, shares | 1,074,000 | |||||
Tax benefit from stock-based compensation expense in excess of book deductions | $ 4,265 | 4,265 | ||||
Net income | 15,807 | 15,807 | ||||
Cumulative translation adjustment | (1,558) | |||||
Cumulative translation adjustment | (1,558) | (1,558) | ||||
Unrealized gain (loss) on marketable securities, net of taxes | (39) | |||||
Unrealized loss on marketable securities, net of taxes | (39) | (39) | ||||
Ending Balance at Dec. 31, 2015 | $ 404,402 | $ 387,161 | $ 55,781 | $ (5,460) | $ 24 | $ (33,104) |
Ending Balance, shares at Dec. 31, 2015 | 24,327,000 | (1,628,000) |
Consolidated Statements of Sto7
Consolidated Statements of Stockholders' Equity (Parenthetical) | Dec. 31, 2015$ / shares |
Statement of Stockholders' Equity [Abstract] | |
Class A and B Common Stock | $ 0.001 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Operating activities: | |||
Net income (loss) | $ 15,807 | $ 31,338 | $ (1,647) |
Reconciliation of net income (loss) to net cash from operating activities: | |||
Depreciation and amortization | 19,291 | 17,546 | 9,103 |
Impairment loss on assets held for sale | 607 | ||
Stock-based compensation | 7,646 | 7,113 | 3,688 |
Loss on disposal of fixed assets | 60 | 217 | 100 |
Noncash interest expense on capital lease obligations | 1,727 | 1,495 | |
Noncash interest expense on license transfer agreement | 197 | 67 | |
Deferred income taxes | (885) | (15,786) | (5,284) |
Net accretion of marketable securities | 2,266 | 1,675 | 1,448 |
Tax benefit from stock option exercises | (4,265) | (1,073) | (565) |
Changes in operating assets and liabilities, excluding effect of business combinations: | |||
Accounts receivable | (752) | (4,864) | (9,132) |
Inventories | (27,410) | (8,257) | (5,591) |
Net book value of demonstration inventory sold | 845 | 963 | 604 |
Prepaid expenses and other current assets | (7,927) | 1,183 | 540 |
Accounts payable | 13,136 | 5,714 | (2,352) |
Accrued expenses | 3,963 | 3,331 | 11,145 |
Deferred revenue | 14,145 | 1,402 | 816 |
Other noncurrent liabilities | (119) | 42 | (102) |
Net cash from operating activities | 37,725 | 42,106 | 3,378 |
Investing activities: | |||
Purchases of property and equipment | (10,792) | (15,819) | (3,457) |
Proceeds from the sale of property and equipment | 5 | 41 | 25,206 |
Proceeds from the sales and maturities of marketable securities | 44,763 | 32,400 | 84,054 |
Purchases of marketable securities | (63,033) | (56,948) | (23,088) |
Cash paid for acquisitions, net of cash received | (13,235) | (64,978) | |
Increase in other assets | (61) | (117) | (519) |
Net cash (used in) provided by investing activities | (29,118) | (53,678) | 17,218 |
Financing activities: | |||
Excess tax benefit on options exercised | 4,265 | 1,073 | 565 |
Repurchases of common stock | (15,554) | (15,377) | |
Proceeds from stock option exercises | 20,163 | 8,153 | 2,721 |
Acquisition-related equity issuance costs | (568) | ||
Payments on capital lease obligation | (213) | (688) | (320) |
Net cash provided by (used in) financing activities | 24,215 | (7,016) | (12,979) |
Effect of exchange rate changes on cash and cash equivalents | 634 | 64 | (19) |
Net increase (decrease) in cash and cash equivalents | 33,456 | (18,524) | 7,598 |
Cash and cash equivalents, beginning of year | 75,131 | 93,655 | 86,057 |
Cash and cash equivalents, end of year | 108,587 | 75,131 | 93,655 |
Supplemental cash flow information: | |||
Cash paid for interest | 19 | 19 | 25 |
Cash paid for income taxes | 3,670 | 2,899 | 1,030 |
Supplemental noncash investing and financing activities: | |||
Transfer of demonstration equipment from inventory to fixed assets | 6,586 | 4,135 | 6,190 |
Assets acquired under capital lease | $ 357 | $ 239 | 14,828 |
Fair value of shares issued in acquisition | $ 141,359 |
Nature of the Business
Nature of the Business | 12 Months Ended |
Dec. 31, 2015 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of the Business | 1. Nature of the Business Cynosure, Inc. (“Cynosure” or “the Company”) develops, manufactures and markets aesthetic treatment systems that enable plastic surgeons, dermatologists and other medical practitioners to perform non-invasive and minimally invasive procedures to remove hair, treat vascular and benign pigmented lesions, remove multi-colored tattoos, revitalize the skin, reduce fat through laser lipolysis, reduce cellulite, clear nails infected by toe fungus, ablate sweat glands and improve gynecologic health. Cynosure also markets radiofrequency (“RF”) energy sourced medical devices for precision surgical applications such as facial plastic and general surgery, gynecology, ear, nose, and throat procedures, ophthalmology, oral and maxillofacial surgery, podiatry and proctology. Cynosure sells its products through a direct sales force in the United States, Canada, France, Morocco, Germany, Spain, the United Kingdom, Australia, China, Japan and Korea and through international distributors in approximately 120 other countries. Cynosure is a Delaware corporation, incorporated on July 10, 1991, located in Westford, Massachusetts. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | 2. Summary of Significant Accounting Policies Significant accounting policies followed in the preparation of these consolidated financial statements are as follows: Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures at the date of the financial statements and during the reporting period. Components particularly subject to estimation include the allowance for doubtful accounts, inventory reserves, reserve for sales returns, intangible assets, impairment analysis of goodwill and intangibles, deferred tax assets, liabilities and valuation allowances, fair value of stock options and investments and accrued warranties. On an ongoing basis, management evaluates its estimates. Actual results could differ from these estimates. Principles of Consolidation The accompanying consolidated financial statements include the accounts of Cynosure, Inc. and its wholly owned subsidiaries: Cynosure Securities Corporation, Palomar Medical Products, LLC, Cynosure Mexico, S de R.L. de C.V., Cynosure Langen GmbH, Cynosure Hamburg GmbH, S.A.R.L. Cynosure France, Cynosure Maroc SARL, Cynosure UK LTD, Cynosure Spain S.L., Cynosure B.V., Cynosure K.K, Suzhou Cynosure Medical Devices Company Ltd., Cynosure Korea Limited and Cynosure Pty Ltd. All intercompany balances and transactions have been eliminated. Reclassification In November 2015, Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, (“ASU 2015-17”), which simplifies the presentation of deferred income taxes. As a result, Cynosure has presented all deferred tax assets and liabilities as net noncurrent assets in its consolidated balance sheets as of December 31, 2015 and 2014. There was no impact on Cynosure’s results of operations as a result of the adoption of ASU 2015-17. Cash, Cash Equivalents, Short and Long-Term Marketable Securities Cynosure considers all short-term, highly liquid investments with original maturities at the time of purchase of 90 days or less to be cash equivalents. Cynosure accounts for short and long-term marketable securities as available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments—Debt and Equity Securities Topic Fair Value of Financial Instruments Cynosure’s financial instruments consist of cash, cash equivalents, short and long-term marketable securities, accounts receivable and capital leases. The rate implicit within Cynosure’s capital lease obligations approximates market interest rates. Cynosure’s estimate of fair value for financial instruments, other than marketable securities, which are carried at fair value, approximates their carrying value at December 31, 2015 and 2014. ASC 820, Fair Value Measurement Topic Concentration of Credit Risk Financial instruments that subject Cynosure to credit risk consist primarily of cash and cash equivalents, short and long-term marketable securities and accounts receivable. Cynosure places cash and cash equivalents and short and long-term marketable securities in established financial institutions. Cynosure has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements. Cynosure’s accounts receivable balance, net of allowance for doubtful accounts, was $42.0 million as of December 31, 2015, compared to $42.5 million as of December 31, 2014. The allowance for doubtful accounts as of December 31, 2015 and 2014 was $3.2 million and $2.9 million, respectively. Cynosure maintains an allowance for doubtful accounts based upon the aging of its receivable balances, known collectability issues and Cynosure’s historical experience with losses. Cynosure works to mitigate bad debt exposure through its credit evaluation policies, reasonably short payment terms and geographical dispersion of sales. Losses from bad debt have historically been within management’s estimates. Cynosure’s revenue includes export sales to foreign companies located principally in Europe, the Asia/Pacific region and the Middle East. Cynosure obtains letters of credit for foreign sales that the Company considers to be at risk. No customer accounted for 10% or greater of revenue during 2015, 2014 or 2013. No customer accounted for 10% or greater of accounts receivable as of December 31, 2015 or 2014. Accounts receivable allowance activity consisted of the following for the years ended December 31: 2015 2014 2013 (In thousands) Balance at beginning of year $ 2,949 $ 1,803 $ 2,043 Additions 2,599 2,373 1,058 Deductions (2,367 ) (1,227 ) (1,298 ) Balance at end of year $ 3,181 $ 2,949 $ 1,803 Inventory 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: December 31, 2015 2014 (In thousands) Raw materials $ 22,569 $ 16,875 Work in process 3,317 3,526 Finished goods 53,882 38,917 $ 79,768 $ 59,318 Included in finished goods are lasers used for demonstration purposes. Cynosure’s policy is to include demonstration lasers as inventory for a period of up to one year after being used by the sales force at which time the demonstration lasers are either sold or transferred to fixed assets at the lower of cost or market and depreciated over their estimated remaining useful life of three years. Similar to any other finished goods in inventory, Cynosure accounts for such demonstration inventory in accordance with the policy for excess and obsolescence review of Cynosure’s entire inventory. Cynosure’s excess and obsolescence reserve policy is to establish inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for products and market conditions. Cynosure regularly evaluates the ability to realize the value of inventory based on a combination of factors including the following: historical usage rates, forecasted sales or usage, product end of life dates, estimated current and future market values and new product introductions. Cynosure purchases raw material components as well as certain finished goods from sole source suppliers. A delay in the production capabilities of these vendors could cause a delay in Cynosure’s manufacturing, and a possible loss of revenues, which would adversely affect operating results. Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Assets under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the respective lease term. Included in property and equipment are certain lasers that are used for demonstration purposes. Maintenance and repairs are charged to expense as incurred. Cynosure continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. Cynosure evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset. Any write-downs are treated as permanent reductions in the carrying amount of the assets. Based on this evaluation, Cynosure believes that, as of each of the balance sheet dates presented, none of Cynosure’s long-lived assets were impaired. Intangible Assets Cynosure capitalizes and includes in intangible assets the costs of developed technology and patents, customer relationships, trade names and business licenses acquired in a business combination or asset acquisition. Intangible assets are recorded at fair value and stated net of accumulated amortization and impairments. Cynosure amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from five to 23 years. Cynosure evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, Cynosure estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, Cynosure uses market participant assumptions pursuant to ASC 820, Fair Value Measurements Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. Cynosure does not amortize its goodwill, but instead tests for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying value of the asset. Cynosure’s annual test for impairment occurs on the first day of its fourth quarter. Cynosure has adopted Accounting Standards Update (“ASU”) 2011-08 Intangibles—Goodwill and Other, Cynosure has one reporting unit for goodwill impairment testing and has performed a qualitative assessment on that reporting unit. As a result of this assessment, the Company determined that goodwill is not impaired as of December 31, 2015 and 2014. Revenue Recognition and Deferred Revenue Cynosure generates revenue from the sale of non-invasive and minimally invasive laser and light-based aesthetic treatment applications, as well as RF energy based surgical and aesthetic applications. Cynosure offers service and warranty contracts in connection with these sales. Cynosure recognizes revenue from sales of aesthetic treatment systems and parts and accessories in accordance with the Revenue Recognition Topic Cynosure recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. As such, Cynosure recognizes royalty revenues in the quarter reported to the Company by its licensees, or one quarter following the quarter in which sales by Cynosure’s licensees occurred. Royalty revenues also include amounts due from settlements with licensees for back-owed royalties from prior periods. These settlement amounts are considered revenue, when collectability is reasonably assured, because they constitute Cynosure’s ongoing major or central operations. In December 2013, Cynosure completed a comprehensive settlement agreement with Tria Beauty, Inc. (“Tria”), which ended the patent infringement litigation between Tria and Palomar Medical Technologies, Inc. (“Palomar”). Under the agreement, Cynosure was entitled to receive $10.0 million plus future royalty payments. Cynosure paid approximately $2.0 million of this revenue to Massachusetts General Hospital (“MGH”) under an exclusive license agreement between Palomar and MGH, which was recorded as cost of revenues within its consolidated statements of operations. Cynosure recognized $3.0 million, $3.0 million and $4.0 million of this revenue during the years ended December 31, 2015, 2014 and 2013, respectively, which is recorded as royalty revenues within its consolidated statements of operations. Cynosure recognized $0.7 million, $0.8 million and $1.0 million in cost of revenues during the years ended December 31, 2015, 2014 and 2013, respectively, related to this revenue. Multiple-element arrangements are evaluated in accordance with the principles of ASU 2009-13, Revenue Recognition Topic—Multiple Element In accordance with the provisions of ASC 605-45, Revenue Recognitions Topic—Principal Agent Considerations Cynosure collects sales tax from its customers on product sales for which the customer is not tax exempt and remits such taxes to the appropriate governmental authorities. Cynosure presents its sales taxes on a net basis; therefore, these taxes are excluded from revenues. Cynosure records medical device costs billed to its customers as a component of revenue and the underlying expense as a component of cost of revenue. Cost of Revenues Cynosure’s cost of revenues consist primarily of material, labor and manufacturing overhead expenses and includes the cost of components and subassemblies supplied by third party suppliers. Cost of revenues also includes royalties incurred on certain products sold by Cynosure and its licensees, costs incurred in connection with Cynosure’s efforts to litigate or settle additional third-party license agreements, amortization expense related to developed technology and patents intangible assets, service and warranty expenses, as well as salaries and personnel-related expenses, including stock-based compensation, for Cynosure’s operations management team, purchasing and quality control. Product Warranty Costs Cynosure typically provides a one-year system and labor warranty on end-user sales of lasers. Distributor sales of lasers generally include a one-year warranty on systems only. Estimated future costs for initial product warranties are provided for at the time of revenue recognition and recorded as cost of revenues within Cynosure’s consolidated statement of operations. The following table sets forth activity in the accrued warranty account, which is a component of accrued expenses in the consolidated balance sheets: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 8,118 $ 6,651 $ 3,415 Warranty provision related to new sales 13,754 15,104 9,114 Warranty provision assumed from acquisitions — — 1,422 Costs incurred (13,031 ) (13,637 ) (7,300 ) Balance at end of year $ 8,841 $ 8,118 $ 6,651 Research and Development Research and development costs consist of salaries and other personnel-related expenses, including stock-based compensation, for employees primarily engaged in research, development and engineering activities and materials used and other overhead expenses incurred in connection with the design and development of Cynosure’s products and from time to time expenses associated with collaborative research agreements that the Company may enter into. These costs are expensed as incurred. Advertising Costs Cynosure expenses advertising costs as incurred. Advertising costs totaled $1.0 million, $1.2 million and $1.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. Foreign Currency Translation The financial statements of Cynosure’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate prevailing during the period for revenue and expenses. The functional currency for Cynosure’s foreign subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive loss within stockholders’ equity. Certain intercompany and third party foreign currency-denominated transactions generated foreign currency remeasurement (losses) gains of approximately $(1.8 million), $(1.6 million) and $0.3 million during 2015, 2014 and 2013, respectively, which are included in other (expense) income, net, in the consolidated statements of operations. Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the year ended December 31, 2015 were as follows (in thousands): Unrealized Translation Accumulated Balance—December 31, 2014 $ (10 ) $ (3,853 ) $ (3,863 ) Current period other comprehensive loss (39 ) (1,558 ) (1,597 ) Balance—December 31, 2015 $ (49 ) $ (5,411 ) $ (5,460 ) Stock-Based Compensation Cynosure follows the fair value recognition provisions of ASC 718, Stock Compensation Topic 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: Years Ended December 31, 2015 2014 2013 (In thousands) Cost of revenues $ 344 $ 292 $ 174 Sales and marketing 2,059 1,934 1,090 Research and development 1,167 1,007 594 General and administrative 4,076 3,880 1,830 Total stock-based compensation expense $ 7,646 $ 7,113 $ 3,688 As of December 31, 2015, there was $11.9 million of unrecognized compensation expense related to non-vested share awards that is expected to be recognized on a straight-line basis over a weighted average period of 1.7 years. Cash received from option exercises was $20.2 million, $8.2 million and $2.7 million during the years ended December 31, 2015, 2014 and 2013, respectively. Cynosure granted 455,999, 854,180 and 617,510 stock options during the years ended December 31, 2015, 2014 and 2013, respectively. Cynosure uses the Black-Scholes option pricing model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the years ended December 31, 2015, 2014 and 2013 was $12.42, $10.50 and $10.25, respectively, using the following assumptions: Years Ended December 31, 2015 2014 2013 Risk-free interest rate 1.39% - 1.75% 1.41% - 1.80% 0.33% - 1.49% Expected dividend yield — — — Expected term 4.8 years 4.6 years 2 years - 4.8 years Expected volatility 41% - 43% 43% - 44% 44% - 56% 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 for the 2015, 2014 and 2013 periods. Cynosure’s expected term of options granted during the years ended December 31, 2015, 2014 and 2013 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 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 RSUs during the years ended December 31, 2015 and 2014, respectively, to employees which vest annually over a three-year period. Cynosure has been increasingly using RSUs as an equity incentive award for employees. Fair market value was determined using the closing price of Cynosure’s common stock on the date of grant. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the three-year period. Cynosure granted 16,685 and 43,500 RSUs during the years ended December 31, 2015 and 2014, respectively, to non-employee directors which vest quarterly over a one-year period. Fair market value was determined using the closing price of Cynosure’s common stock on the date of grant. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the one-year period. Interest Expense, net Interest expense consists primarily of interest charges on the capital lease of Cynosure’s U.S. operating facility, license transfer agreement acquired from Ellman International, Inc. (“Ellman”) and interest earned on Cynosure’s short and long-term marketable securities consisting of state and municipal bonds, and U.S. government agencies and treasuries. Cynosure expects interest expense to remain consistent in 2016 as compared to 2015. Income Taxes Cynosure provides for income taxes in accordance with ASC 740, Accounting for Income Taxes Cynosure evaluates at the end of each reporting period whether some or all of the undistributed earnings of its foreign subsidiaries are permanently reinvested. Cynosure recognizes deferred income tax liabilities to the extent that management asserts that undistributed earnings of its foreign subsidiaries are not permanently reinvested or will not be permanently reinvested in the future. Cynosure’s position is based upon several factors including the Company’s evaluation of its and its subsidiaries’ financial requirements, the short term and long term operational and fiscal objectives of the Company, and the tax consequences associated with the repatriation of earnings. Cynosure accounts for uncertain tax positions following the provisions of ASC 740. ASC 740 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. Net Income (Loss) per Share Basic net income (loss) per share is determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share is determined by dividing net income (loss) 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 RSUs based on the treasury stock method. For the years ended December 31, 2015, 2014 and 2013, there were no outstanding Class B shares, and Cynosure may not issue Class B shares in the future. The reconciliation of basic and diluted weighted average shares outstanding for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands, except per share data): Years Ended December 31, 2015 2014 2013 Net income (loss) $ 15,807 $ 31,338 $ (1,647 ) Basic weighted average common shares outstanding 22,286 21,824 19,325 Weighted average common stock equivalents 372 371 — Diluted weighted average common shares outstanding 22,658 22,195 19,325 Basic net income (loss) per share $ 0.71 $ 1.44 $ (0.09 ) Diluted net income (loss) per share $ 0.70 $ 1.41 $ (0.09 ) For the years ended December 31, 2015 and 2014, approximately 0.7 million shares and 0.5 million shares, respectively, of Cynosure’s Class A common stock issuable pursuant to options and RSUs were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. For the year ended December 31, 2013, the number of basic and diluted weighted average shares outstanding was the same because any increase in the number of shares of common stock equivalents for that period would be antidilutive based on the net loss for the period. During the year ended December 31, 2013, outstanding options to purchase 1.3 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive. Recent Accounting Pronouncements In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition—Revenue from Contracts with Customers Revenue Recognition In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes December 31, 2014 (as reported) Adjustments December 31, 2014 (revised) Deferred tax asset, current $ 17,228 $ (17,228 ) $ — Deferred tax asset, noncurrent — 16,636 16,636 Other assets, noncurrent 2,047 (1,055 ) 992 Total adjustment to assets $ (1,647 ) Accrued expenses $ 42,426 $ (301 ) $ 42,125 Other noncurrent liabilities 8,325 (1,346 ) 6,979 Total adjustment to liabilities $ (1,647 ) |
Fair Value
Fair Value | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Disclosures [Abstract] | |
Fair Value | 3. 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 December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Money market funds(1) $ 5,785 $ — $ — $ 5,785 State and municipal bonds — 59,786 — 59,786 Treasuries and government agencies — 14,387 — 14,387 Total $ 5,785 $ 74,173 $ — $ 79,958 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 December 31, 2015 and 2014. |
Short and Long-Term Marketable
Short and Long-Term Marketable Securities | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Short and Long-Term Marketable Securities | 4. Short and Long-Term Marketable Securities Cynosure’s available-for-sale securities at December 31, 2015 consisted of approximately $74.2 million in investments in debt securities consisting of state and municipal bonds, and treasuries and government agencies. 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 December 31, 2015, Cynosure’s marketable securities consist of the following (in thousands): Market Amortized Unrealized Unrealized Available-for-Sale Securities: Short-term marketable securities: State and municipal bonds $ 33,914 $ 33,923 $ — $ (9 ) Treasuries and government agencies 1,498 1,500 — (2 ) Total short-term marketable securities $ 35,412 $ 35,423 $ — $ (11 ) Long-term marketable securities: State and municipal bonds $ 25,872 $ 25,916 $ 1 $ (45 ) Treasuries and government agencies 12,889 12,914 — (25 ) Total long-term marketable securities $ 38,761 $ 38,830 $ 1 $ (70 ) Total available-for-sale securities $ 74,173 $ 74,253 $ 1 $ (81 ) Total marketable securities $ 74,173 As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): Market Amortized Unrealized Unrealized 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 ) Corporate obligations and commercial paper 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 December 31, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): Maturities Total Less Than One Year One to Five Years More than five years State and municipal bonds $ 59,786 $ 33,914 $ 25,872 $ — Treasuries and government agencies 14,387 1,498 12,889 — Total available-for-sale debt securities $ 74,173 $ 35,412 $ 38,761 $ — |
Acquisition
Acquisition | 12 Months Ended |
Dec. 31, 2015 | |
Business Combinations [Abstract] | |
Acquisition | 5. Acquisition Ellman International, Inc. On September 5, 2014, Cynosure acquired substantially all of the assets of 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. 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 has assessed 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 third quarter of 2015, Cynosure completed its purchase accounting estimates of the assets acquired and liabilities assumed in connection with the acquisition of the assets of Ellman, and as a result, increased goodwill from $6.6 million at December 31, 2014 to $6.7 million at December 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 $ 2,144 Inventory 3,542 Prepaid expenses and other assets 488 Property and equipment 612 Intangible assets 6,800 Goodwill 6,741 Accounts payable (9 ) Accrued expenses (2,469 ) Deferred revenue (454 ) Other noncurrent liability (4,160 ) Total $ 13,235 |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | 6. Goodwill and Other Intangible Assets Changes to goodwill during the year ended December 31, 2015 were as follows (in thousands): Balance—December 31, 2014 $ 105,764 Ellman acquisition – adjustments during measurement period 143 Translation adjustment (100 ) Balance—December 31, 2015 $ 105,807 Other intangible assets consist of the following at December 31, 2015 and December 31, 2014 (in thousands): Developed Business Customer Trade Other Total December 31, 2015 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,353 $ 69,085 Translation adjustment — — (42 ) — — (42 ) Accumulated amortization (14,055 ) (232 ) (7,799 ) (2,518 ) (122 ) (24,726 ) Balance, December 31, 2015 $ 15,185 $ 152 $ 11,877 $ 15,872 $ 1,231 $ 44,317 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 for the years ended December 31, 2015, 2014 and 2013 was $9.2 million, $8.6 million and $3.1 million, respectively. Cynosure has approximately $56,000 of indefinite-life intangible assets that are included in other intangible assets in the table above. As of December 31, 2015, amortization expense on existing definite-lived intangible assets for the next five years and beyond is as follows (table in thousands): 2016 $ 8,612 2017 6,623 2018 5,107 2019 3,372 2020 2,923 2021 and thereafter 17,624 Total $ 44,261 |
Segment and Geographic Informat
Segment and Geographic Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Segment and Geographic Information | 7. Segment and Geographic Information In accordance with ASC 280, Segment Reporting Topic, The following table represents total revenue by geographic destination: Year Ended December 31, 2015 2014 2013 (In thousands) United States $ 202,485 $ 148,803 $ 111,179 Europe 40,942 50,513 39,529 Asia/Pacific 70,233 64,651 52,574 Other 25,802 28,402 22,728 $ 339,462 $ 292,369 $ 226,010 Total assets by geographic area are as follows: December 31, 2015 2014 (In thousands) United States $ 497,007 $ 419,167 Europe 22,204 23,161 Asia/Pacific 21,139 18,956 Eliminations (5,740 ) (5,207 ) $ 534,610 $ 456,077 Long-lived assets (property and equipment only) by geographic area are as follows: December 31, 2015 2014 (In thousands) United States $ 35,185 $ 30,912 Europe 1,641 1,656 Asia/Pacific 2,880 1,688 $ 39,706 $ 34,256 No individual country within Europe or Asia/Pacific represented greater than 10% of total revenue, assets or long-lived assets for any period presented. |
Balance Sheet Accounts
Balance Sheet Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Balance Sheet Accounts | 8. Balance Sheet Accounts Property and Equipment Property and equipment consists of the following at December 31: Estimated 2015 2014 (In thousands) Equipment 3-5 $ 11,216 $ 9,834 Furniture and fixtures 3-5 2,470 3,008 Computer equipment and software 3 4,902 5,095 Leased equipment 3-4 1,324 1,625 Leased buildings 14 13,327 13,327 Leasehold improvements 5 13,106 12,611 Demonstration equipment 3 22,572 20,246 Construction in-progress 4,163 42 73,080 65,788 Less: Accumulated depreciation and amortization (33,374 ) (31,532 ) $ 39,706 $ 34,256 Depreciation expense relating to property and equipment was $10.1 million, $8.9 million and $6.0 million for the years ended December 31, 2015, 2014 and 2013, respectively. As of December 31, 2015 and 2014, the cost of assets recorded under capitalized leases was approximately $14.7 million and $15.0 million, respectively, and the related accumulated amortization was approximately $2.9 million and $2.4 million, respectively. Amortization expense of assets recorded under capitalized leases is included as a component of depreciation expense. Accrued Expenses Accrued expenses consist of the following at December 31: 2015 2014 (In thousands) Accrued payroll and payroll taxes $ 7,296 $ 7,329 Accrued employee benefits 2,241 1,688 Accrued warranty costs 8,841 8,118 Accrued commissions 8,251 6,457 Accrued income, value-added and sales taxes 7,562 5,491 Accrued royalties 1,346 3,937 Accrued other 10,079 9,105 $ 45,616 $ 42,125 Other Noncurrent Liabilities Other noncurrent liabilities consist of the following at December 31: 2015 2014 (In thousands) Noncurrent deferred rent $ 451 $ 181 Noncurrent tenant improvement allowances 2,432 2,743 License transfer agreement(1) 4,005 4,055 $ 6,888 $ 6,979 (1) On July 31, 2014, prior to Cynosure’s acquisition of Ellman, Ellman agreed to a binding license settlement with its previous owners. Ellman agreed to pay a future fixed payment commitment of $0.3 million in January 2015 and 2016 and $0.4 million each year from December 31, 2016 to December 31, 2028. Cynosure assumed this commitment, which is referred to as a license transfer agreement, as part of its purchase of substantially all of the assets of Ellman. The license transfer agreement was valued at $4.2 million as of the September 5, 2014 acquisition date using an interest rate of 4.75%. The current portion of $0.1 million is included within accrued expenses and the remainder of $4.0 million is classified as a component of other noncurrent liabilities within Cynosure’s December 31, 2015 consolidated balance sheet. |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2015 | |
Equity [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity Common Stock Authorized Cynosure has a dual-class capital structure consisting of $0.001 par value Class A common stock and Class B common stock. Cynosure has authorized 61,500,000 shares of $0.001 par value Class A common stock and 8,500,000 shares of $0.001 par value Class B common stock. As of December 31, 2015, there were 24,326,652 shares of Class A common stock and no shares of Class B common stock issued. The rights, preferences and privileges of Class A common stock are as follows: Voting Rights The holders of Class A common stock will be entitled to one vote per share with respect to each matter presented to Cynosure stockholders on which the holders of common stock are entitled to vote. Conversion Cynosure’s Class A common stock is not convertible into any other shares of Cynosure’s capital stock. Dividends Subject to preferences that may apply to any shares of preferred stock outstanding at the time, the holders of Class A common stock shall be entitled to share equally, on a per share basis, in any dividends that Cynosure’s board of directors may determine to issue from time to time. Liquidation Rights In the event of Cynosure’s liquidation or dissolution, the holders of Class A common stock shall be entitled to share equally, on a per share basis, in all assets remaining after the payment of all debts and other liabilities and subject to the prior rights of any outstanding preferred stock. Preferred Stock Cynosure has authorized 5,000,000 shares of $0.001 par value preferred stock. The Company’s board of directors has full authority to issue this stock and to fix the voting powers, preference rights, qualifications, limitations, or restrictions thereof, including dividend rights, conversion rights, redemption privileges and liquidation preferences and the number of shares constituting any series or designation of such series. Treasury Stock In October 2013, Cynosure announced that its board of directors authorized the repurchase of up to $25 million of its Class A common stock, from time to time, on the open market or in privately negotiated transactions under a stock repurchase program. On April 30, 2014, Cynosure’s board of directors approved an increase of $10 million to the stock repurchase program. The program terminated on November 15, 2015. During the year ended December 31, 2015, Cynosure did not repurchase any shares under this program. As of December 31, 2015, Cynosure has repurchased an aggregate of 1,395,480 shares under this program at an aggregate cost of $30.9 million. In February 2016, Cynosure announced that its board of directors has authorized the repurchase of up to $35 million of its Class A common stock, from time to time, on the open market or in privately negotiated transactions under a new stock repurchase program. This program will terminate on February 1, 2018. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation 2004 Stock Option Plan In October 2004, the Company’s board of directors adopted and the stockholders approved the 2004 Stock Option Plan (the “2004 Plan”). The 2004 Plan provided for the grant of incentive stock options (“ISOs”), as well as nonstatutory options. The board of directors administers the 2004 Plan and had sole discretion to grant options to purchase shares of Cynosure’s common stock. The board of directors determines the term of each option, option price, number of shares for which each option is granted, whether restrictions would be imposed on the shares subject to options and the rate at which each option is exercisable. The exercise price for options granted is determined by the board of directors, except that for ISOs, the exercise price could not be less than the fair market value per share of the underlying common stock on the date granted (110% of fair market value for ISOs granted to holders of more than 10% of the voting stock of Cynosure). The term of the options is set forth in the applicable option agreement, except that in the case of ISOs, the option term cannot exceed ten years. Options granted under the 2004 Plan vested either (i) over a 48-month period at the rate of 25% after the first year and 6.25% each quarter thereafter until fully vested or (ii) over a vesting period determined by the board of directors. As of December 31, 2015, there were no shares available for future grant under the 2004 Plan. 2005 Stock Incentive Plan In August 2005, the Company’s board of directors adopted the 2005 Stock Incentive Plan (the “2005 Plan”), which was approved by Cynosure’s stockholders in December 2005. The 2005 Plan provides for the grant of ISOs, as well as nonstatutory options and RSUs. The board of directors administers the 2005 Plan and has sole discretion to grant options to purchase shares of Cynosure’s common stock and RSUs. The board of directors determines the term of each option and RSU, option price, number of shares for which each option and RSU is granted, whether restrictions would be imposed on the shares subject to options and the rate at which each option is exercisable. The exercise price for options granted is determined by the board of directors, except that for ISOs, the exercise price could not be less than the fair market value per share of the underlying common stock on the date granted (110% of fair market value for ISOs granted to holders of more than 10% of the voting stock of Cynosure). The term of the options and RSUs is set forth in the applicable option agreement, except that in the case of ISOs, the option term cannot exceed ten years. At December 31, 2015 the number of shares of Class A common stock reserved for issuance under the 2005 Plan is 5,588,369 shares. Options granted under the 2005 Plan vest either (i) over a 36-month period at the rate of 8.33% each quarter until fully vested or (ii) over a vesting period determined by the board of directors. RSUs granted to employees under the 2005 Plan vest over a 36-month period at the rate of 33% each year until fully vested, and RSUs granted to non-employee directors under the 2005 Plan vest over a 12-month period at the rate of 25% each quarter until fully vested. As of December 31, 2015, there were 914,089 shares available for future grant under the 2005 Plan. Stock Options Stock option activity under the 2004 Plan and the 2005 Plan is as follows: Number of Exercise Price Weighted- Weighted- Aggregate Vested 1,704,455 $ 4.50 - $36.94 $ 20.62 $ 12,417 Unvested 784,033 11.76 - 31.22 27.09 1,296 Outstanding, December 31, 2014 2,488,488 $ 4.50 - $36.94 $ 22.66 6.78 years $ 13,713 Granted 455,999 30.51 - 41.24 32.47 5,565 Exercised (1,039,759 ) 4.50 - 37.33 19.39 16,983 Forfeited (57,486 ) 4.50 - 37.33 25.43 1,106 Outstanding, December 31, 2015 1,847,242 $ 6.78 - $41.24 $ 26.83 7.33 years $ 32,950 Vested 1,157,284 6.78 - 41.24 24.84 6.51 years 22,950 Unvested 689,958 18.94 - 41.24 30.18 8.69 years 10,000 Vested or expected to vest, December 31, 2015 1,812,974 $ 6.78 - $41.24 $ 26.77 7.30 years $ 32,454 Exercisable, December 31, 2015 1,157,284 $ 6.78 - $41.24 $ 24.84 6.51 years $ 22,950 Restricted Stock Units RSU activity under the 2005 Plan is as follows: Number of Grant Date Fair Weighted- Weighted- Aggregate Vested — $ — $ — $ — Unvested 55,383 21.11 - 29.40 26.14 1,518 Outstanding, December 31, 2014 55,383 $ 21.11 - 29.40 $ 26.14 9.22 years $ 1,518 Granted 103,303 30.51 - 35.37 31.30 4,615 Exercised (33,828 ) 21.11 - 35.37 25.55 1,143 Forfeited (231 ) 30.51 - 30.51 30.51 10 Outstanding, December 31, 2015 124,627 $ 30.51 - 35.37 $ 30.60 8.90 years $ 5,567 Vested — — — — — Unvested 124,627 30.51 - 35.37 30.60 8.90 years 5,567 Vested or expected to vest, December 31, 2015 122,713 $ 29.40 - 35.37 $ 30.59 8.91 years $ 5,482 Exercisable, December 31, 2015 — $ — $ — — $ — The following table summarizes the RSU grant and unrecognized compensation expense as of December 31, 2015. RSUs granted to employees vest annually over a three-year period; Cynosure recognizes the related compensation expense on a straight-line basis over the three-year period. RSUs granted to non-employee directors vest quarterly over a one-year period; Cynosure recognizes the related compensation expense on a straight-line basis over the one-year period. Number of RSUs Unrecognized Weighted As of December 31, 2015 191,643 $ 3,810 1.9 years |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes Income (loss) before income tax provision (benefit) consists of the following: 2015 2014 2013 (In thousands) Domestic $ 20,667 $ 15,424 $ (8,633 ) Foreign 2,531 2,914 3,096 Total $ 23,198 $ 18,338 $ (5,537 ) The provision (benefit) for income taxes consists of: 2015 2014 2013 (In thousands) Current: Federal $ 6,133 $ 734 $ 732 State 1,404 577 214 Foreign 920 1,306 890 Total current 8,457 2,617 1,836 Deferred: Federal 701 (13,032 ) (5,406 ) State (1,234 ) (1,398 ) (304 ) Foreign (533 ) (1,187 ) (16 ) Total deferred (1,066 ) (15,617 ) (5,726 ) $ 7,391 $ (13,000 ) $ (3,890 ) A reconciliation of the federal statutory rate to Cynosure’s effective tax rate is as follows for the years ended December 31: 2015 2014 2013 Income tax provision at federal statutory rate: 35.0 % 35.0 % 35.0 % (Decrease) increase in tax resulting from - State taxes, net of federal benefit 0.2 0.8 (3.1 ) Nondeductible expenses 4.2 7.2 (11.9 ) Tax-exempt interest income — (0.2 ) 0.5 Effect of foreign taxes (1.4 ) (0.6 ) 2.7 Stock-based compensation 0.1 0.1 (0.1 ) Research and development credit (2.4 ) (2.7 ) 25.8 Change in uncertain tax positions — (0.3 ) 4.8 Change in valuation allowance (3.0 ) (108.8 ) 162.0 Change in control payments — 1.6 (128.8 ) Unremitted earnings 1.4 — — Domestic manufacturing deduction (2.0 ) — — Transaction costs — — (13.6 ) Other (0.2 ) (3.0 ) (3.1 ) Effective income tax rate 31.9 % (70.9 )% 70.2 % In 2015, Cynosure recorded an income tax provision of $7.4 million, representing an effective tax rate of 31.9%. The effective tax rate, in comparison to the U.S. statutory rate of 35%, is favorably impacted by the jurisdictional mix of worldwide earnings, the domestic manufacturing deduction, federal research credits and the release of a valuation allowance against certain foreign deferred tax assets. The effective tax rate is unfavorably impacted by non-deductible expenses and the deferred tax liability provided on unremitted foreign earnings that are not considered indefinitely reinvested. The Company continues to be profitable in most of their foreign jurisdictions and as a result, the foreign earnings of certain jurisdictions have exceeded their working capital needs. The Company has recorded a $0.3 million tax provision for the portion of foreign earnings that are not considered indefinitely reinvested. In addition, the Company recorded a tax benefit of $0.7 million for the release of a valuation allowance previously maintained against the net deferred tax assets of Palomar Japan K.K. and Palomar Germany. Significant components of Cynosure’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 (In thousands) Deferred tax assets: Accrued expenses and reserves $ 9,002 $ 7,917 Domestic net operating loss & tax credit carry-forwards 12,500 15,873 Foreign net operating loss carry-forwards 1,851 2,011 Stock-based compensation 5,561 6,829 Capital leases 6,694 5,955 Other deferred tax assets 3,105 2,368 Gross deferred tax assets $ 38,713 $ 40,953 Valuation allowance (251 ) (977 ) Total deferred tax assets (after valuation allowance) $ 38,462 $ 39,976 Long-term deferred tax liabilities: Intangible assets $ (12,733 ) $ (15,358 ) Fixed assets (6,782 ) (7,135 ) Other deferred tax liabilities (1,097 ) (847 ) Total long-term deferred tax liabilities $ (20,612 ) $ (23,340 ) Net deferred tax assets $ 17,850 $ 16,636 Cynosure’s valuation allowance decreased by $0.7 million during 2015, which is primarily attributable to the release of a valuation allowance previously maintained against the net deferred tax assets of Palomar Japan K.K. and Palomar Germany. The Company has considered several sources of taxable income in making its valuation allowance assessment including taxable income in carryback years, the future reversals of existing taxable temporary differences, tax planning strategies and forecasted future income. As of December 31, 2015, a full valuation allowance is maintained on the net deferred tax assets of its subsidiary in Mexico. At December 31, 2015, Cynosure has domestic federal net operating loss carryforwards of approximately $18.7 million, federal tax credit carryforwards of $5.6 million and state tax credit carryforwards of $3.0 million that are available to reduce future taxable income. Utilization of the net operating losses and tax credits acquired as a result of the Palomar acquisition are subject to an annual limitation due to the ownership change limitations set forth under Internal Revenue Code Sections 381, 382 and 383. At December 31, 2015, none of the federal net operating loss carryforwards, $0.7 million of the federal tax credit carryforwards and $0.1 million of the state tax credit carryforwards relate to excess stock based compensation tax benefits for which the benefit will be recorded to additional paid-in capital when recognized. The federal net operating losses begin to expire in 2024. The federal and state tax credits begin to expire in 2018 and 2017, respectively. At December 31, 2015, Cynosure has foreign net operating losses of approximately $6.2 million in Germany, Mexico, Japan, France, Morocco and Spain that are available to reduce future income. Foreign net operating losses in Germany and France do not expire. Mexican, Moroccan and Japanese net operating losses will begin to expire in 2019. Spanish net operating losses will begin to expire in 2029. As of December 31, 2015, the Company has provided U.S. income taxes and foreign withholding taxes on approximately $2.7 million of unremitted earnings which are not indefinitely invested. The Company has not provided U.S. income taxes or foreign withholding taxes on unremitted foreign earnings of approximately $15.9 million as such amounts are considered to be indefinitely reinvested in the business. The accumulated earnings in the foreign subsidiaries are primarily utilized to fund working capital requirements as Cynosure’s subsidiaries continue to expand their operations, to service existing obligations and to fund future foreign acquisitions. Due to the complexities of the U.S. tax law, including the effect of the U.S. foreign tax credits, it is not practicable to estimate the amount of income taxes payable on the unremitted earnings that are considered indefinitely reinvested. ASC 740 clarifies the accounting for uncertainty in income taxes recognized in an enterprise’s financial statements by prescribing a minimum recognition threshold and measurement of a tax position taken or expected to be taken in a tax return. The aggregate changes in gross unrecognized tax benefits during the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 810 $ 1,701 $ 586 Increases for tax positions taken during current period — — 76 Increases for acquired tax positions taken in prior periods — — 1,625 Decreases for acquired tax positions within measurement window — (815 ) — Decreases for tax positions taken in prior periods — (76 ) (398 ) Decreases for lapse in statutes — — (188 ) Balance at end of year $ 810 $ 810 $ 1,701 At December 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. At December 31, 2013, Cynosure had gross tax-effected unrecognized tax benefits of $1.7 million of which $0.1 million, 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, and the amount of interest and penalties recorded as of December 31, 2015 and 2014 in the statements of operations and balance sheet was immaterial. 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 tax examinations for years prior to 2012. With few exceptions, Cynosure is no longer subject to U.S. state and local income tax examinations by tax authorities for years before 2011. Additionally, certain non-U.S. jurisdictions are no longer subject for income tax examinations by tax authorities for years before 2011. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2015 | |
Postemployment Benefits [Abstract] | |
401(k) Plan | 12. 401(k) Plan Cynosure sponsors the Cynosure 401(k) defined contribution plan. Participation in the plan is available to all employees of Cynosure who meet certain eligibility requirements. The 401(k) plan is qualified under Section 401(k) of the Internal Revenue Code, and is subject to contribution limitations as set annually by the Internal Revenue Service. Employer matching contributions are at Cynosure’s discretion. Cynosure’s contributions to this plan totaled approximately $1.3 million, $0.9 million and $0.6 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 13. Commitments and Contingencies Lease Commitments Cynosure leases the land portion of its U.S. operating facility and certain foreign facilities under noncancelable 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 years ended December 31, 2015, 2014 and 2013 was approximately $2.1 million, $3.2 million and $2.4 million, respectively. The 2014 period rent expense includes rent expense on the former Palomar Medical Technologies, Inc. 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 (in thousands): Operating Capital 2016 $ 2,170 $ 2,393 2017 1,987 2,790 2018 1,770 2,685 2019 1,470 2,630 2020 594 2,620 Thereafter 2,248 18,338 Total minimum lease payments $ 10,239 $ 31,456 Less amount representing interest (13,343 ) Present value of obligations under capital leases $ 18,113 Current portion of capital lease obligations 741 Capital lease obligations, net of current portion $ 17,372 Purchase Commitments Cynosure has entered into two distribution agreements with a contract manufacturer that expire in October 2019 and November 2021. Each agreement automatically renews for additional one-year terms unless either party provides notice of termination at least six months prior to the expiration of the initial term or any subsequent renewal term. The distribution agreements have annual minimum purchase obligations and may be terminated by the contract manufacturer if Cynosure does not meet the annual minimum purchase obligations. The future annual minimum purchase obligations can be reduced if Cynosure exceeds the purchase limits in a given year as stated in the distribution agreement. 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 FASB’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 December 31, 2015 and at the time of the filing, and as such, Cynosure has not recorded or disclosed any material loss contingencies. |
Summary Selected Quarterly Fina
Summary Selected Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary Selected Quarterly Financial Data (Unaudited) | 14. Summary Selected Quarterly Financial Data (Unaudited) The following table sets forth certain unaudited consolidated quarterly statements of operations data for the eight quarters ended December 31, 2015. This information is unaudited, but in the opinion of management, it has been prepared on the same basis as the audited consolidated financial statements and all necessary adjustments, consisting only of normal recurring adjustments, have been included in the amounts stated below to state fairly the unaudited consolidated quarterly results of operations. The results of operations for any quarter are not necessarily indicative of the results of operations for any future period. Quarter Ended March 31, June 30, Sept. 30, Dec. 31, (In thousands, except per share data) Revenues $ 74,912 $ 83,694 $ 78,414 $ 102,442 Gross profit $ 42,773 $ 47,356 $ 44,405 $ 59,000 Income from operations $ 2,053 $ 7,641 $ 4,835 $ 11,792 Net (loss) income $ (8 ) $ 5,358 $ 3,229 $ 7,228 Basic net (loss) income per share $ (0.00 ) $ 0.24 $ 0.14 $ 0.32 Diluted net (loss) income per share $ (0.00 ) $ 0.24 $ 0.14 $ 0.31 Quarter Ended March 31, June 30, Sept. 30, Dec. 31, (In thousands, except per share data) Revenues $ 62,004 $ 72,573 $ 71,530 $ 86,262 Gross profit $ 35,395 $ 40,693 $ 40,298 $ 48,852 Income from operations $ 1,346 $ 6,398 $ 5,250 $ 8,266 Net income(1) $ 689 $ 4,575 $ 3,074 $ 23,000 Basic net income per share(1) $ 0.03 $ 0.21 $ 0.14 $ 1.06 Diluted net income per share(1) $ 0.03 $ 0.20 $ 0.14 $ 1.05 (1) Net income and basic and diluted net income per share data for the quarter ended December 31, 2014 include an income tax benefit of $19.9 million resulting from the release of substantially all of the valuation allowance maintained against Cynosure’s net U.S. deferred tax asset. |
Summary of Significant Accoun23
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Management Estimates | Management Estimates The preparation of financial statements in conformity with accounting principles generally accepted in the United States (“U.S. GAAP”) requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, and the related disclosures at the date of the financial statements and during the reporting period. Components particularly subject to estimation include the allowance for doubtful accounts, inventory reserves, reserve for sales returns, intangible assets, impairment analysis of goodwill and intangibles, deferred tax assets, liabilities and valuation allowances, fair value of stock options and investments and accrued warranties. On an ongoing basis, management evaluates its estimates. Actual results could differ from these estimates. |
Principles of Consolidation | Principles of Consolidation The accompanying consolidated financial statements include the accounts of Cynosure, Inc. and its wholly owned subsidiaries: Cynosure Securities Corporation, Palomar Medical Products, LLC, Cynosure Mexico, S de R.L. de C.V., Cynosure Langen GmbH, Cynosure Hamburg GmbH, S.A.R.L. Cynosure France, Cynosure Maroc SARL, Cynosure UK LTD, Cynosure Spain S.L., Cynosure B.V., Cynosure K.K, Suzhou Cynosure Medical Devices Company Ltd., Cynosure Korea Limited and Cynosure Pty Ltd. All intercompany balances and transactions have been eliminated. |
Reclassification | Reclassification In November 2015, Financial Accounting Standards Board (the “FASB”) issued ASU No. 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes, (“ASU 2015-17”), which simplifies the presentation of deferred income taxes. As a result, Cynosure has presented all deferred tax assets and liabilities as net noncurrent assets in its consolidated balance sheets as of December 31, 2015 and 2014. There was no impact on Cynosure’s results of operations as a result of the adoption of ASU 2015-17. |
Cash, Cash Equivalents, Short and Long-Term Marketable Securities | Cash, Cash Equivalents, Short and Long-Term Marketable Securities Cynosure considers all short-term, highly liquid investments with original maturities at the time of purchase of 90 days or less to be cash equivalents. Cynosure accounts for short and long-term marketable securities as available-for-sale in accordance with Accounting Standards Codification (“ASC”) 320, Investments—Debt and Equity Securities Topic |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Cynosure’s financial instruments consist of cash, cash equivalents, short and long-term marketable securities, accounts receivable and capital leases. The rate implicit within Cynosure’s capital lease obligations approximates market interest rates. Cynosure’s estimate of fair value for financial instruments, other than marketable securities, which are carried at fair value, approximates their carrying value at December 31, 2015 and 2014. ASC 820, Fair Value Measurement Topic |
Concentration of Credit Risk | Concentration of Credit Risk Financial instruments that subject Cynosure to credit risk consist primarily of cash and cash equivalents, short and long-term marketable securities and accounts receivable. Cynosure places cash and cash equivalents and short and long-term marketable securities in established financial institutions. Cynosure has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements. Cynosure’s accounts receivable balance, net of allowance for doubtful accounts, was $42.0 million as of December 31, 2015, compared to $42.5 million as of December 31, 2014. The allowance for doubtful accounts as of December 31, 2015 and 2014 was $3.2 million and $2.9 million, respectively. Cynosure maintains an allowance for doubtful accounts based upon the aging of its receivable balances, known collectability issues and Cynosure’s historical experience with losses. Cynosure works to mitigate bad debt exposure through its credit evaluation policies, reasonably short payment terms and geographical dispersion of sales. Losses from bad debt have historically been within management’s estimates. Cynosure’s revenue includes export sales to foreign companies located principally in Europe, the Asia/Pacific region and the Middle East. Cynosure obtains letters of credit for foreign sales that the Company considers to be at risk. No customer accounted for 10% or greater of revenue during 2015, 2014 or 2013. No customer accounted for 10% or greater of accounts receivable as of December 31, 2015 or 2014. Accounts receivable allowance activity consisted of the following for the years ended December 31: 2015 2014 2013 (In thousands) Balance at beginning of year $ 2,949 $ 1,803 $ 2,043 Additions 2,599 2,373 1,058 Deductions (2,367 ) (1,227 ) (1,298 ) Balance at end of year $ 3,181 $ 2,949 $ 1,803 |
Inventory | Inventory 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: December 31, 2015 2014 (In thousands) Raw materials $ 22,569 $ 16,875 Work in process 3,317 3,526 Finished goods 53,882 38,917 $ 79,768 $ 59,318 Included in finished goods are lasers used for demonstration purposes. Cynosure’s policy is to include demonstration lasers as inventory for a period of up to one year after being used by the sales force at which time the demonstration lasers are either sold or transferred to fixed assets at the lower of cost or market and depreciated over their estimated remaining useful life of three years. Similar to any other finished goods in inventory, Cynosure accounts for such demonstration inventory in accordance with the policy for excess and obsolescence review of Cynosure’s entire inventory. Cynosure’s excess and obsolescence reserve policy is to establish inventory reserves when conditions exist that suggest that inventory may be in excess of anticipated demand or is obsolete based upon assumptions about future demand for products and market conditions. Cynosure regularly evaluates the ability to realize the value of inventory based on a combination of factors including the following: historical usage rates, forecasted sales or usage, product end of life dates, estimated current and future market values and new product introductions. Cynosure purchases raw material components as well as certain finished goods from sole source suppliers. A delay in the production capabilities of these vendors could cause a delay in Cynosure’s manufacturing, and a possible loss of revenues, which would adversely affect operating results. |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of the assets. Assets under capital leases and leasehold improvements are amortized using the straight-line method over the shorter of the estimated useful life of the asset or the respective lease term. Included in property and equipment are certain lasers that are used for demonstration purposes. Maintenance and repairs are charged to expense as incurred. Cynosure continually evaluates whether events or circumstances have occurred that indicate that the estimated remaining useful life of its long-lived assets may warrant revision or that the carrying value of these assets may be impaired. Cynosure evaluates the realizability of its long-lived assets based on profitability and cash flow expectations for the related asset. Any write-downs are treated as permanent reductions in the carrying amount of the assets. Based on this evaluation, Cynosure believes that, as of each of the balance sheet dates presented, none of Cynosure’s long-lived assets were impaired. |
Intangible Assets | Intangible Assets Cynosure capitalizes and includes in intangible assets the costs of developed technology and patents, customer relationships, trade names and business licenses acquired in a business combination or asset acquisition. Intangible assets are recorded at fair value and stated net of accumulated amortization and impairments. Cynosure amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from five to 23 years. Cynosure evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, Cynosure estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, Cynosure uses market participant assumptions pursuant to ASC 820, Fair Value Measurements |
Goodwill | Goodwill Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. Cynosure does not amortize its goodwill, but instead tests for impairment at least annually and more frequently whenever events or changes in circumstances indicate that the fair value of the asset may be less than its carrying value of the asset. Cynosure’s annual test for impairment occurs on the first day of its fourth quarter. Cynosure has adopted Accounting Standards Update (“ASU”) 2011-08 Intangibles—Goodwill and Other, Cynosure has one reporting unit for goodwill impairment testing and has performed a qualitative assessment on that reporting unit. As a result of this assessment, the Company determined that goodwill is not impaired as of December 31, 2015 and 2014. |
Revenue Recognition and Deferred Revenue | Revenue Recognition and Deferred Revenue Cynosure generates revenue from the sale of non-invasive and minimally invasive laser and light-based aesthetic treatment applications, as well as RF energy based surgical and aesthetic applications. Cynosure offers service and warranty contracts in connection with these sales. Cynosure recognizes revenue from sales of aesthetic treatment systems and parts and accessories in accordance with the Revenue Recognition Topic Cynosure recognizes royalty revenues when it can reliably estimate such amounts and collectability is reasonably assured. As such, Cynosure recognizes royalty revenues in the quarter reported to the Company by its licensees, or one quarter following the quarter in which sales by Cynosure’s licensees occurred. Royalty revenues also include amounts due from settlements with licensees for back-owed royalties from prior periods. These settlement amounts are considered revenue, when collectability is reasonably assured, because they constitute Cynosure’s ongoing major or central operations. In December 2013, Cynosure completed a comprehensive settlement agreement with Tria Beauty, Inc. (“Tria”), which ended the patent infringement litigation between Tria and Palomar Medical Technologies, Inc. (“Palomar”). Under the agreement, Cynosure was entitled to receive $10.0 million plus future royalty payments. Cynosure paid approximately $2.0 million of this revenue to Massachusetts General Hospital (“MGH”) under an exclusive license agreement between Palomar and MGH, which was recorded as cost of revenues within its consolidated statements of operations. Cynosure recognized $3.0 million, $3.0 million and $4.0 million of this revenue during the years ended December 31, 2015, 2014 and 2013, respectively, which is recorded as royalty revenues within its consolidated statements of operations. Cynosure recognized $0.7 million, $0.8 million and $1.0 million in cost of revenues during the years ended December 31, 2015, 2014 and 2013, respectively, related to this revenue. Multiple-element arrangements are evaluated in accordance with the principles of ASU 2009-13, Revenue Recognition Topic—Multiple Element In accordance with the provisions of ASC 605-45, Revenue Recognitions Topic—Principal Agent Considerations Cynosure collects sales tax from its customers on product sales for which the customer is not tax exempt and remits such taxes to the appropriate governmental authorities. Cynosure presents its sales taxes on a net basis; therefore, these taxes are excluded from revenues. Cynosure records medical device costs billed to its customers as a component of revenue and the underlying expense as a component of cost of revenue. |
Cost of Revenues | Cost of Revenues Cynosure’s cost of revenues consist primarily of material, labor and manufacturing overhead expenses and includes the cost of components and subassemblies supplied by third party suppliers. Cost of revenues also includes royalties incurred on certain products sold by Cynosure and its licensees, costs incurred in connection with Cynosure’s efforts to litigate or settle additional third-party license agreements, amortization expense related to developed technology and patents intangible assets, service and warranty expenses, as well as salaries and personnel-related expenses, including stock-based compensation, for Cynosure’s operations management team, purchasing and quality control. |
Product Warranty Costs | Product Warranty Costs Cynosure typically provides a one-year system and labor warranty on end-user sales of lasers. Distributor sales of lasers generally include a one-year warranty on systems only. Estimated future costs for initial product warranties are provided for at the time of revenue recognition and recorded as cost of revenues within Cynosure’s consolidated statement of operations. The following table sets forth activity in the accrued warranty account, which is a component of accrued expenses in the consolidated balance sheets: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 8,118 $ 6,651 $ 3,415 Warranty provision related to new sales 13,754 15,104 9,114 Warranty provision assumed from acquisitions — — 1,422 Costs incurred (13,031 ) (13,637 ) (7,300 ) Balance at end of year $ 8,841 $ 8,118 $ 6,651 |
Research and Development | Research and Development Research and development costs consist of salaries and other personnel-related expenses, including stock-based compensation, for employees primarily engaged in research, development and engineering activities and materials used and other overhead expenses incurred in connection with the design and development of Cynosure’s products and from time to time expenses associated with collaborative research agreements that the Company may enter into. These costs are expensed as incurred. |
Advertising Costs | Advertising Costs Cynosure expenses advertising costs as incurred. Advertising costs totaled $1.0 million, $1.2 million and $1.1 million for the years ended December 31, 2015, 2014 and 2013, respectively. |
Foreign Currency Translation | Foreign Currency Translation The financial statements of Cynosure’s foreign subsidiaries are translated from local currency into U.S. dollars using the current exchange rate at the balance sheet date for assets and liabilities, and the average exchange rate prevailing during the period for revenue and expenses. The functional currency for Cynosure’s foreign subsidiaries is considered to be the local currency for each entity and, accordingly, translation adjustments for these subsidiaries are included in accumulated other comprehensive loss within stockholders’ equity. Certain intercompany and third party foreign currency-denominated transactions generated foreign currency remeasurement (losses) gains of approximately $(1.8 million), $(1.6 million) and $0.3 million during 2015, 2014 and 2013, respectively, which are included in other (expense) income, net, in the consolidated statements of operations. |
Accumulated Other Comprehensive Loss | Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the year ended December 31, 2015 were as follows (in thousands): Unrealized Translation Accumulated Balance—December 31, 2014 $ (10 ) $ (3,853 ) $ (3,863 ) Current period other comprehensive loss (39 ) (1,558 ) (1,597 ) Balance—December 31, 2015 $ (49 ) $ (5,411 ) $ (5,460 ) |
Stock-Based Compensation | Stock-Based Compensation Cynosure follows the fair value recognition provisions of ASC 718, Stock Compensation Topic 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: Years Ended December 31, 2015 2014 2013 (In thousands) Cost of revenues $ 344 $ 292 $ 174 Sales and marketing 2,059 1,934 1,090 Research and development 1,167 1,007 594 General and administrative 4,076 3,880 1,830 Total stock-based compensation expense $ 7,646 $ 7,113 $ 3,688 As of December 31, 2015, there was $11.9 million of unrecognized compensation expense related to non-vested share awards that is expected to be recognized on a straight-line basis over a weighted average period of 1.7 years. Cash received from option exercises was $20.2 million, $8.2 million and $2.7 million during the years ended December 31, 2015, 2014 and 2013, respectively. Cynosure granted 455,999, 854,180 and 617,510 stock options during the years ended December 31, 2015, 2014 and 2013, respectively. Cynosure uses the Black-Scholes option pricing model to determine the weighted average fair value of options. The weighted average fair value of the options granted during the years ended December 31, 2015, 2014 and 2013 was $12.42, $10.50 and $10.25, respectively, using the following assumptions: Years Ended December 31, 2015 2014 2013 Risk-free interest rate 1.39% - 1.75% 1.41% - 1.80% 0.33% - 1.49% Expected dividend yield — — — Expected term 4.8 years 4.6 years 2 years - 4.8 years Expected volatility 41% - 43% 43% - 44% 44% - 56% 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 for the 2015, 2014 and 2013 periods. Cynosure’s expected term of options granted during the years ended December 31, 2015, 2014 and 2013 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 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 RSUs during the years ended December 31, 2015 and 2014, respectively, to employees which vest annually over a three-year period. Cynosure has been increasingly using RSUs as an equity incentive award for employees. Fair market value was determined using the closing price of Cynosure’s common stock on the date of grant. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the three-year period. Cynosure granted 16,685 and 43,500 RSUs during the years ended December 31, 2015 and 2014, respectively, to non-employee directors which vest quarterly over a one-year period. Fair market value was determined using the closing price of Cynosure’s common stock on the date of grant. Cynosure is recognizing related compensation expense, net of estimated forfeitures, on a straight-line basis over the one-year period. |
Interest Expense, net | Interest Expense, net Interest expense consists primarily of interest charges on the capital lease of Cynosure’s U.S. operating facility, license transfer agreement acquired from Ellman International, Inc. (“Ellman”) and interest earned on Cynosure’s short and long-term marketable securities consisting of state and municipal bonds, and U.S. government agencies and treasuries. Cynosure expects interest expense to remain consistent in 2016 as compared to 2015. |
Income Taxes | Income Taxes Cynosure provides for income taxes in accordance with ASC 740, Accounting for Income Taxes Cynosure evaluates at the end of each reporting period whether some or all of the undistributed earnings of its foreign subsidiaries are permanently reinvested. Cynosure recognizes deferred income tax liabilities to the extent that management asserts that undistributed earnings of its foreign subsidiaries are not permanently reinvested or will not be permanently reinvested in the future. Cynosure’s position is based upon several factors including the Company’s evaluation of its and its subsidiaries’ financial requirements, the short term and long term operational and fiscal objectives of the Company, and the tax consequences associated with the repatriation of earnings. Cynosure accounts for uncertain tax positions following the provisions of ASC 740. ASC 740 clarifies the accounting for income taxes, by prescribing a minimum recognition threshold a tax position is required to meet before being recognized in the financial statements. ASC 740 also provides guidance on de-recognition, measurement, classification, interest and penalties, accounting in interim periods, disclosure and transition. |
Net Income (Loss) per Share | Net Income (Loss) per Share Basic net income (loss) per share is determined by dividing net income (loss) by the weighted average common shares outstanding during the period. Diluted net income (loss) per share is determined by dividing net income (loss) 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 RSUs based on the treasury stock method. For the years ended December 31, 2015, 2014 and 2013, there were no outstanding Class B shares, and Cynosure may not issue Class B shares in the future. The reconciliation of basic and diluted weighted average shares outstanding for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands, except per share data): Years Ended December 31, 2015 2014 2013 Net income (loss) $ 15,807 $ 31,338 $ (1,647 ) Basic weighted average common shares outstanding 22,286 21,824 19,325 Weighted average common stock equivalents 372 371 — Diluted weighted average common shares outstanding 22,658 22,195 19,325 Basic net income (loss) per share $ 0.71 $ 1.44 $ (0.09 ) Diluted net income (loss) per share $ 0.70 $ 1.41 $ (0.09 ) For the years ended December 31, 2015 and 2014, approximately 0.7 million shares and 0.5 million shares, respectively, of Cynosure’s Class A common stock issuable pursuant to options and RSUs were excluded from the calculation of diluted weighted average common shares outstanding as their effect was antidilutive. For the year ended December 31, 2013, the number of basic and diluted weighted average shares outstanding was the same because any increase in the number of shares of common stock equivalents for that period would be antidilutive based on the net loss for the period. During the year ended December 31, 2013, outstanding options to purchase 1.3 million shares were excluded from the computation of diluted earnings per share because their inclusion would have been antidilutive. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In May 2014, the FASB issued guidance codified in ASC 606, Revenue Recognition—Revenue from Contracts with Customers Revenue Recognition In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements—Going Concern In April 2015, the FASB issued ASU 2015-05, Intangibles—Goodwill and Other—Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement. In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory In November 2015, the FASB issued ASU 2015-17, Income Taxes: Balance Sheet Classification of Deferred Taxes December 31, 2014 (as reported) Adjustments December 31, 2014 (revised) Deferred tax asset, current $ 17,228 $ (17,228 ) $ — Deferred tax asset, noncurrent — 16,636 16,636 Other assets, noncurrent 2,047 (1,055 ) 992 Total adjustment to assets $ (1,647 ) Accrued expenses $ 42,426 $ (301 ) $ 42,125 Other noncurrent liabilities 8,325 (1,346 ) 6,979 Total adjustment to liabilities $ (1,647 ) |
Summary of Significant Accoun24
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Accounting Policies [Abstract] | |
Accounts Receivable Allowance Activity | Accounts receivable allowance activity consisted of the following for the years ended December 31: 2015 2014 2013 (In thousands) Balance at beginning of year $ 2,949 $ 1,803 $ 2,043 Additions 2,599 2,373 1,058 Deductions (2,367 ) (1,227 ) (1,298 ) Balance at end of year $ 3,181 $ 2,949 $ 1,803 |
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: December 31, 2015 2014 (In thousands) Raw materials $ 22,569 $ 16,875 Work in process 3,317 3,526 Finished goods 53,882 38,917 $ 79,768 $ 59,318 |
Activity in the 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: Years Ended December 31, 2015 2014 2013 (In thousands) Balance at beginning of year $ 8,118 $ 6,651 $ 3,415 Warranty provision related to new sales 13,754 15,104 9,114 Warranty provision assumed from acquisitions — — 1,422 Costs incurred (13,031 ) (13,637 ) (7,300 ) Balance at end of year $ 8,841 $ 8,118 $ 6,651 |
Changes to Accumulated Other Comprehensive Loss | Changes to accumulated other comprehensive loss during the year ended December 31, 2015 were as follows (in thousands): Unrealized Translation Accumulated Balance—December 31, 2014 $ (10 ) $ (3,853 ) $ (3,863 ) Current period other comprehensive loss (39 ) (1,558 ) (1,597 ) Balance—December 31, 2015 $ (49 ) $ (5,411 ) $ (5,460 ) |
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: Years Ended December 31, 2015 2014 2013 (In thousands) Cost of revenues $ 344 $ 292 $ 174 Sales and marketing 2,059 1,934 1,090 Research and development 1,167 1,007 594 General and administrative 4,076 3,880 1,830 Total stock-based compensation expense $ 7,646 $ 7,113 $ 3,688 |
Summary of Share-Based compensation Arrangement Fair Value Assumptions | The weighted average fair value of the options granted during the years ended December 31, 2015, 2014 and 2013 was $12.42, $10.50 and $10.25, respectively, using the following assumptions: Years Ended December 31, 2015 2014 2013 Risk-free interest rate 1.39% - 1.75% 1.41% - 1.80% 0.33% - 1.49% Expected dividend yield — — — Expected term 4.8 years 4.6 years 2 years - 4.8 years Expected volatility 41% - 43% 43% - 44% 44% - 56% |
Schedule of Reconciliation of Basic and Diluted Shares | The reconciliation of basic and diluted weighted average shares outstanding for the years ended December 31, 2015, 2014 and 2013 is as follows (in thousands, except per share data): Years Ended December 31, 2015 2014 2013 Net income (loss) $ 15,807 $ 31,338 $ (1,647 ) Basic weighted average common shares outstanding 22,286 21,824 19,325 Weighted average common stock equivalents 372 371 — Diluted weighted average common shares outstanding 22,658 22,195 19,325 Basic net income (loss) per share $ 0.71 $ 1.44 $ (0.09 ) Diluted net income (loss) per share $ 0.70 $ 1.41 $ (0.09 ) |
Summary of Retrospectively Adjusted Tax | Cynosure has summarized in the table below (in thousands) the information that has been retrospectively adjusted in the December 31, 2014 balance sheet included within this Annual Report. There was no impact on Cynosure’s results of operations as a result of the adoption of ASU 2015-17. December 31, 2014 (as reported) Adjustments December 31, 2014 (revised) Deferred tax asset, current $ 17,228 $ (17,228 ) $ — Deferred tax asset, noncurrent — 16,636 16,636 Other assets, noncurrent 2,047 (1,055 ) 992 Total adjustment to assets $ (1,647 ) Accrued expenses $ 42,426 $ (301 ) $ 42,125 Other noncurrent liabilities 8,325 (1,346 ) 6,979 Total adjustment to liabilities $ (1,647 ) |
Fair Value (Tables)
Fair Value (Tables) | 12 Months Ended |
Dec. 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 December 31, 2015 (in thousands): Level 1 Level 2 Level 3 Total Money market funds(1) $ 5,785 $ — $ — $ 5,785 State and municipal bonds — 59,786 — 59,786 Treasuries and government agencies — 14,387 — 14,387 Total $ 5,785 $ 74,173 $ — $ 79,958 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 December 31, 2015 and 2014. |
Short and Long-Term Marketabl26
Short and Long-Term Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Marketable Securities | As of December 31, 2015, Cynosure’s marketable securities consist of the following (in thousands): Market Amortized Unrealized Unrealized Available-for-Sale Securities: Short-term marketable securities: State and municipal bonds $ 33,914 $ 33,923 $ — $ (9 ) Treasuries and government agencies 1,498 1,500 — (2 ) Total short-term marketable securities $ 35,412 $ 35,423 $ — $ (11 ) Long-term marketable securities: State and municipal bonds $ 25,872 $ 25,916 $ 1 $ (45 ) Treasuries and government agencies 12,889 12,914 — (25 ) Total long-term marketable securities $ 38,761 $ 38,830 $ 1 $ (70 ) Total available-for-sale securities $ 74,173 $ 74,253 $ 1 $ (81 ) Total marketable securities $ 74,173 As of December 31, 2014, Cynosure’s marketable securities consist of the following (in thousands): Market Amortized Unrealized Unrealized 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 ) Corporate obligations and commercial paper 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 December 31, 2015, Cynosure’s available-for-sale debt securities mature as follows (in thousands): Maturities Total Less Than One Year One to Five Years More than five years State and municipal bonds $ 59,786 $ 33,914 $ 25,872 $ — Treasuries and government agencies 14,387 1,498 12,889 — Total available-for-sale debt securities $ 74,173 $ 35,412 $ 38,761 $ — |
Acquisition (Tables)
Acquisition (Tables) | 12 Months Ended |
Dec. 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 $ 2,144 Inventory 3,542 Prepaid expenses and other assets 488 Property and equipment 612 Intangible assets 6,800 Goodwill 6,741 Accounts payable (9 ) Accrued expenses (2,469 ) Deferred revenue (454 ) Other noncurrent liability (4,160 ) Total $ 13,235 |
Goodwill and Other Intangible28
Goodwill and Other Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Changes to Goodwill | Changes to goodwill during the year ended December 31, 2015 were as follows (in thousands): Balance—December 31, 2014 $ 105,764 Ellman acquisition – adjustments during measurement period 143 Translation adjustment (100 ) Balance—December 31, 2015 $ 105,807 |
Schedule of Components of Other Intangible Assets | Other intangible assets consist of the following at December 31, 2015 and December 31, 2014 (in thousands): Developed Business Customer Trade Other Total December 31, 2015 Cost $ 29,240 $ 384 $ 19,718 $ 18,390 $ 1,353 $ 69,085 Translation adjustment — — (42 ) — — (42 ) Accumulated amortization (14,055 ) (232 ) (7,799 ) (2,518 ) (122 ) (24,726 ) Balance, December 31, 2015 $ 15,185 $ 152 $ 11,877 $ 15,872 $ 1,231 $ 44,317 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 December 31, 2015, amortization expense on existing definite-lived intangible assets for the next five years and beyond is as follows (table in thousands): 2016 $ 8,612 2017 6,623 2018 5,107 2019 3,372 2020 2,923 2021 and thereafter 17,624 Total $ 44,261 |
Segment and Geographic Inform29
Segment and Geographic Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Segment Reporting [Abstract] | |
Schedule of Total Revenue by Geographic Destination | The following table represents total revenue by geographic destination: Year Ended December 31, 2015 2014 2013 (In thousands) United States $ 202,485 $ 148,803 $ 111,179 Europe 40,942 50,513 39,529 Asia/Pacific 70,233 64,651 52,574 Other 25,802 28,402 22,728 $ 339,462 $ 292,369 $ 226,010 |
Schedule of Total Assets by Geographic Area | Total assets by geographic area are as follows: December 31, 2015 2014 (In thousands) United States $ 497,007 $ 419,167 Europe 22,204 23,161 Asia/Pacific 21,139 18,956 Eliminations (5,740 ) (5,207 ) $ 534,610 $ 456,077 |
Schedule of Long-Lived Assets (Property and Equipment Only) by Geographic Area | Long-lived assets (property and equipment only) by geographic area are as follows: December 31, 2015 2014 (In thousands) United States $ 35,185 $ 30,912 Europe 1,641 1,656 Asia/Pacific 2,880 1,688 $ 39,706 $ 34,256 |
Balance Sheet Accounts (Tables)
Balance Sheet Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Text Block [Abstract] | |
Property and Equipment | Property and equipment consists of the following at December 31: Estimated 2015 2014 (In thousands) Equipment 3-5 $ 11,216 $ 9,834 Furniture and fixtures 3-5 2,470 3,008 Computer equipment and software 3 4,902 5,095 Leased equipment 3-4 1,324 1,625 Leased buildings 14 13,327 13,327 Leasehold improvements 5 13,106 12,611 Demonstration equipment 3 22,572 20,246 Construction in-progress 4,163 42 73,080 65,788 Less: Accumulated depreciation and amortization (33,374 ) (31,532 ) $ 39,706 $ 34,256 |
Accrued Expenses | Accrued expenses consist of the following at December 31: 2015 2014 (In thousands) Accrued payroll and payroll taxes $ 7,296 $ 7,329 Accrued employee benefits 2,241 1,688 Accrued warranty costs 8,841 8,118 Accrued commissions 8,251 6,457 Accrued income, value-added and sales taxes 7,562 5,491 Accrued royalties 1,346 3,937 Accrued other 10,079 9,105 $ 45,616 $ 42,125 |
Other Noncurrent Liabilities | Other noncurrent liabilities consist of the following at December 31: 2015 2014 (In thousands) Noncurrent deferred rent $ 451 $ 181 Noncurrent tenant improvement allowances 2,432 2,743 License transfer agreement(1) 4,005 4,055 $ 6,888 $ 6,979 (1) On July 31, 2014, prior to Cynosure’s acquisition of Ellman, Ellman agreed to a binding license settlement with its previous owners. Ellman agreed to pay a future fixed payment commitment of $0.3 million in January 2015 and 2016 and $0.4 million each year from December 31, 2016 to December 31, 2028. Cynosure assumed this commitment, which is referred to as a license transfer agreement, as part of its purchase of substantially all of the assets of Ellman. The license transfer agreement was valued at $4.2 million as of the September 5, 2014 acquisition date using an interest rate of 4.75%. The current portion of $0.1 million is included within accrued expenses and the remainder of $4.0 million is classified as a component of other noncurrent liabilities within Cynosure’s December 31, 2015 consolidated balance sheet. |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |
Stock Option Activity | Stock Options Stock option activity under the 2004 Plan and the 2005 Plan is as follows: Number of Exercise Price Weighted- Weighted- Aggregate Vested 1,704,455 $ 4.50 - $36.94 $ 20.62 $ 12,417 Unvested 784,033 11.76 - 31.22 27.09 1,296 Outstanding, December 31, 2014 2,488,488 $ 4.50 - $36.94 $ 22.66 6.78 years $ 13,713 Granted 455,999 30.51 - 41.24 32.47 5,565 Exercised (1,039,759 ) 4.50 - 37.33 19.39 16,983 Forfeited (57,486 ) 4.50 - 37.33 25.43 1,106 Outstanding, December 31, 2015 1,847,242 $ 6.78 - $41.24 $ 26.83 7.33 years $ 32,950 Vested 1,157,284 6.78 - 41.24 24.84 6.51 years 22,950 Unvested 689,958 18.94 - 41.24 30.18 8.69 years 10,000 Vested or expected to vest, December 31, 2015 1,812,974 $ 6.78 - $41.24 $ 26.77 7.30 years $ 32,454 Exercisable, December 31, 2015 1,157,284 $ 6.78 - $41.24 $ 24.84 6.51 years $ 22,950 |
Summary of RSUs Activity under 2005 Plan | Restricted Stock Units RSU activity under the 2005 Plan is as follows: Number of Grant Date Fair Weighted- Weighted- Aggregate Vested — $ — $ — $ — Unvested 55,383 21.11 - 29.40 26.14 1,518 Outstanding, December 31, 2014 55,383 $ 21.11 - 29.40 $ 26.14 9.22 years $ 1,518 Granted 103,303 30.51 - 35.37 31.30 4,615 Exercised (33,828 ) 21.11 - 35.37 25.55 1,143 Forfeited (231 ) 30.51 - 30.51 30.51 10 Outstanding, December 31, 2015 124,627 $ 30.51 - 35.37 $ 30.60 8.90 years $ 5,567 Vested — — — — — Unvested 124,627 30.51 - 35.37 30.60 8.90 years 5,567 Vested or expected to vest, December 31, 2015 122,713 $ 29.40 - 35.37 $ 30.59 8.91 years $ 5,482 Exercisable, December 31, 2015 — $ — $ — — $ — |
Summary of RSU Grant and Unrecognized Compensation Expense | The following table summarizes the RSU grant and unrecognized compensation expense as of December 31, 2015. Number of RSUs Unrecognized Weighted As of December 31, 2015 191,643 $ 3,810 1.9 years |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Income Tax Disclosure [Abstract] | |
Income (Loss) Before Income Tax Provision (Benefit) | Income (loss) before income tax provision (benefit) consists of the following: 2015 2014 2013 (In thousands) Domestic $ 20,667 $ 15,424 $ (8,633 ) Foreign 2,531 2,914 3,096 Total $ 23,198 $ 18,338 $ (5,537 ) |
Provision (Benefit) for Income Taxes | The provision (benefit) for income taxes consists of: 2015 2014 2013 (In thousands) Current: Federal $ 6,133 $ 734 $ 732 State 1,404 577 214 Foreign 920 1,306 890 Total current 8,457 2,617 1,836 Deferred: Federal 701 (13,032 ) (5,406 ) State (1,234 ) (1,398 ) (304 ) Foreign (533 ) (1,187 ) (16 ) Total deferred (1,066 ) (15,617 ) (5,726 ) $ 7,391 $ (13,000 ) $ (3,890 ) |
Reconciliation of Federal Statutory Rate | A reconciliation of the federal statutory rate to Cynosure’s effective tax rate is as follows for the years ended December 31: 2015 2014 2013 Income tax provision at federal statutory rate: 35.0 % 35.0 % 35.0 % (Decrease) increase in tax resulting from - State taxes, net of federal benefit 0.2 0.8 (3.1 ) Nondeductible expenses 4.2 7.2 (11.9 ) Tax-exempt interest income — (0.2 ) 0.5 Effect of foreign taxes (1.4 ) (0.6 ) 2.7 Stock-based compensation 0.1 0.1 (0.1 ) Research and development credit (2.4 ) (2.7 ) 25.8 Change in uncertain tax positions — (0.3 ) 4.8 Change in valuation allowance (3.0 ) (108.8 ) 162.0 Change in control payments — 1.6 (128.8 ) Unremitted earnings 1.4 — — Domestic manufacturing deduction (2.0 ) — — Transaction costs — — (13.6 ) Other (0.2 ) (3.0 ) (3.1 ) Effective income tax rate 31.9 % (70.9 )% 70.2 % |
Significant Components of Deferred Tax Assets and Liabilities | Significant components of Cynosure’s deferred tax assets and liabilities as of December 31, 2015 and 2014 are as follows: 2015 2014 (In thousands) Deferred tax assets: Accrued expenses and reserves $ 9,002 $ 7,917 Domestic net operating loss & tax credit carry-forwards 12,500 15,873 Foreign net operating loss carry-forwards 1,851 2,011 Stock-based compensation 5,561 6,829 Capital leases 6,694 5,955 Other deferred tax assets 3,105 2,368 Gross deferred tax assets $ 38,713 $ 40,953 Valuation allowance (251 ) (977 ) Total deferred tax assets (after valuation allowance) $ 38,462 $ 39,976 Long-term deferred tax liabilities: Intangible assets $ (12,733 ) $ (15,358 ) Fixed assets (6,782 ) (7,135 ) Other deferred tax liabilities (1,097 ) (847 ) Total long-term deferred tax liabilities $ (20,612 ) $ (23,340 ) Net deferred tax assets $ 17,850 $ 16,636 |
Changes in Gross Unrecognized Tax Benefits | The aggregate changes in gross unrecognized tax benefits during the years ended December 31, 2015, 2014 and 2013 were as follows (in thousands): 2015 2014 2013 Balance at beginning of year $ 810 $ 1,701 $ 586 Increases for tax positions taken during current period — — 76 Increases for acquired tax positions taken in prior periods — — 1,625 Decreases for acquired tax positions within measurement window — (815 ) — Decreases for tax positions taken in prior periods — (76 ) (398 ) Decreases for lapse in statutes — — (188 ) Balance at end of year $ 810 $ 810 $ 1,701 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 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 (in thousands): Operating Capital 2016 $ 2,170 $ 2,393 2017 1,987 2,790 2018 1,770 2,685 2019 1,470 2,630 2020 594 2,620 Thereafter 2,248 18,338 Total minimum lease payments $ 10,239 $ 31,456 Less amount representing interest (13,343 ) Present value of obligations under capital leases $ 18,113 Current portion of capital lease obligations 741 Capital lease obligations, net of current portion $ 17,372 |
Summary Selected Quarterly Fi34
Summary Selected Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Quarterly Financial Information Disclosure [Abstract] | |
Unaudited Consolidated Quarterly Results of Operations | The results of operations for any quarter are not necessarily indicative of the results of operations for any future period. Quarter Ended March 31, June 30, Sept. 30, Dec. 31, (In thousands, except per share data) Revenues $ 74,912 $ 83,694 $ 78,414 $ 102,442 Gross profit $ 42,773 $ 47,356 $ 44,405 $ 59,000 Income from operations $ 2,053 $ 7,641 $ 4,835 $ 11,792 Net (loss) income $ (8 ) $ 5,358 $ 3,229 $ 7,228 Basic net (loss) income per share $ (0.00 ) $ 0.24 $ 0.14 $ 0.32 Diluted net (loss) income per share $ (0.00 ) $ 0.24 $ 0.14 $ 0.31 Quarter Ended March 31, June 30, Sept. 30, Dec. 31, (In thousands, except per share data) Revenues $ 62,004 $ 72,573 $ 71,530 $ 86,262 Gross profit $ 35,395 $ 40,693 $ 40,298 $ 48,852 Income from operations $ 1,346 $ 6,398 $ 5,250 $ 8,266 Net income(1) $ 689 $ 4,575 $ 3,074 $ 23,000 Basic net income per share(1) $ 0.03 $ 0.21 $ 0.14 $ 1.06 Diluted net income per share(1) $ 0.03 $ 0.20 $ 0.14 $ 1.05 (1) Net income and basic and diluted net income per share data for the quarter ended December 31, 2014 include an income tax benefit of $19.9 million resulting from the release of substantially all of the valuation allowance maintained against Cynosure’s net U.S. deferred tax asset. |
Nature of the Business - Additi
Nature of the Business - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015Country | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Number of countries using international distributors | 120 |
Date of incorporation | Jul. 10, 1991 |
Summary of Significant Accoun36
Summary of Significant Accounting Policies - Additional Information (Detail) | 12 Months Ended | ||
Dec. 31, 2015USD ($)CustomerReporting_Unit$ / sharesshares | Dec. 31, 2014USD ($)CustomerReporting_Unit$ / sharesshares | Dec. 31, 2013USD ($)Customer$ / sharesshares | |
Summary Of Significant Accounting Policies [Line Items] | |||
Liquid investments with original maturities | 90 days | ||
Significant off-balance-sheet risk or concentration of credit risk, Description | Cynosure has no significant off-balance-sheet risk or concentration of credit risk, such as foreign exchange contracts, options contracts, or other foreign hedging arrangements. | ||
Accounts receivable, net | $ 42,012,000 | $ 42,524,000 | |
Allowance for doubtful accounts receivable | $ 3,181,000 | $ 2,949,000 | |
Number of major customer revenue | Customer | 0 | 0 | 0 |
Number of major customer accounts receivable | Customer | 0 | 0 | |
Laser transferred to fixed assets useful life | 3 years | ||
Long lived assets impairment | $ 0 | ||
Goodwill impairment | $ 0 | $ 0 | |
Number of reporting unit | Reporting_Unit | 1 | 1 | |
Warrant expiration period | 1 year | ||
Shipping and handling billing earned | $ 1,400,000 | $ 1,000,000 | $ 600,000 |
Shipping and handling cost | $ 1,700,000 | 1,100,000 | 600,000 |
Standard product warranty period | 1 year | ||
Advertising costs | $ 1,000,000 | 1,200,000 | 1,100,000 |
Foreign currency remeasurement (losses) gain | (1,800,000) | (1,600,000) | 300,000 |
Stock-based compensation expense | 7,646,000 | 7,113,000 | 3,688,000 |
Stock-based compensation expense capitalized to inventory | 29,000 | 23,000 | |
Unrecognized compensation expense related to non-vested share awards | $ 11,900,000 | ||
Share based compensation period | 1 year 8 months 12 days | ||
Cash received from option exercises | $ 20,200,000 | $ 8,200,000 | $ 2,700,000 |
Stock options granted | shares | 455,999 | 854,180 | 617,510 |
Weighted average fair value of the options granted | $ / shares | $ 12.42 | $ 10.50 | $ 10.25 |
Cash dividend yield | 0.00% | ||
Stock option and RSU's excluded from computation of earning per share | shares | 700,000 | 500,000 | 1,300,000 |
Common Stock Class B [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Common Stock, shares outstanding | shares | 0 | 0 | 0 |
Settlement Agreement [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Amount to be received | $ 10,000,000 | ||
Amount to be paid | 2,000,000 | ||
Royalty revenue | $ 3,000,000 | $ 3,000,000 | 4,000,000 |
Cost of royalty revenue | $ 700,000 | $ 800,000 | $ 1,000,000 |
Restricted Stock Units (RSUs) [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share based compensation period | 3 years | ||
Granted restricted stock units to employees | shares | 86,618 | 44,840 | |
Vested period | 3 years | ||
Restricted Stock Units (RSUs) [Member] | Non Employee Directors [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Share based compensation period | 1 year | ||
Granted restricted stock units to employees | shares | 16,685 | 43,500 | |
Vested period | 1 year | ||
Maximum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Laser held as inventory period | 1 year | ||
Intangible assets Amortization over the estimated useful lives | 23 years | ||
Minimum [Member] | |||
Summary Of Significant Accounting Policies [Line Items] | |||
Intangible assets Amortization over the estimated useful lives | 5 years |
Summary of Significant Accoun37
Summary of Significant Accounting Policies - Accounts Receivable Allowance Activity (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accounting Policies [Abstract] | |||
Balance at beginning of year | $ 2,949 | $ 1,803 | $ 2,043 |
Additions | 2,599 | 2,373 | 1,058 |
Deductions | (2,367) | (1,227) | (1,298) |
Balance at end of year | $ 3,181 | $ 2,949 | $ 1,803 |
Summary of Significant Accoun38
Summary of Significant Accounting Policies - Inventories (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 22,569 | $ 16,875 |
Work in process | 3,317 | 3,526 |
Finished goods | 53,882 | 38,917 |
Inventories, Total | $ 79,768 | $ 59,318 |
Summary of Significant Accoun39
Summary of Significant Accounting Policies - Activity in the Accrued Warranty Account (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Guarantees [Abstract] | |||
Balance at beginning of year | $ 8,118 | $ 6,651 | $ 3,415 |
Warranty provision related to new sales | 13,754 | 15,104 | 9,114 |
Warranty provision assumed from acquisitions | 1,422 | ||
Costs incurred | (13,031) | (13,637) | (7,300) |
Balance at end of year | $ 8,841 | $ 8,118 | $ 6,651 |
Summary of Significant Accoun40
Summary of Significant Accounting Policies - Changes to Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | $ 358,112 | $ 328,352 | $ 197,507 |
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | (1,597) | (2,364) | 100 |
Ending Balance | 404,402 | 358,112 | 328,352 |
Accumulated Other Comprehensive Loss [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,863) | (1,499) | (1,599) |
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | (1,597) | ||
Ending Balance | (5,460) | (3,863) | $ (1,499) |
Translation Adjustment [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (3,853) | ||
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | (1,558) | ||
Ending Balance | (5,411) | (3,853) | |
Unrealized Gain on Marketable Securities, Net of Taxes [Member] | |||
Accumulated Other Comprehensive Income (Loss) [Line Items] | |||
Beginning Balance | (10) | ||
Accumulated Other Comprehensive Loss, Current period other comprehensive loss | (39) | ||
Ending Balance | $ (49) | $ (10) |
Summary of Significant Accoun41
Summary of Significant Accounting Policies - Summary of Stock-Based Compensation Expenses (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 7,646 | $ 7,113 | $ 3,688 |
Cost of Revenues [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 344 | 292 | 174 |
Sales and Marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 2,059 | 1,934 | 1,090 |
Research and Development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | 1,167 | 1,007 | 594 |
General and Administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 4,076 | $ 3,880 | $ 1,830 |
Summary of Significant Accoun42
Summary of Significant Accounting Policies - Summary of Share-Based Compensation Arrangement Fair Value Assumptions (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used [Line Items] | |||
Risk-free interest rate Minimum | 1.39% | 1.41% | 0.33% |
Risk-free interest rate Maximum | 1.75% | 1.80% | 1.49% |
Expected dividend yield | 0.00% | 0.00% | 0.00% |
Expected term | 4 years 9 months 18 days | 4 years 7 months 6 days | |
Expected volatility Minimum | 41.00% | 43.00% | 44.00% |
Expected volatility Maximum | 43.00% | 44.00% | 56.00% |
Minimum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used [Line Items] | |||
Expected term | 2 years | ||
Maximum [Member] | |||
Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Method Used [Line Items] | |||
Expected term | 4 years 9 months 18 days |
Summary of Significant Accoun43
Summary of Significant Accounting Policies - Schedule of Reconciliation of Basic and Diluted Shares (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Earnings Per Share [Abstract] | |||||||||||
Net income (loss) | $ 7,228 | $ 3,229 | $ 5,358 | $ (8) | $ 23,000 | $ 3,074 | $ 4,575 | $ 689 | $ 15,807 | $ 31,338 | $ (1,647) |
Basic weighted average common shares outstanding | 22,286 | 21,824 | 19,325 | ||||||||
Weighted average common stock equivalents | 372 | 371 | |||||||||
Diluted weighted average common shares outstanding | 22,658 | 22,195 | 19,325 | ||||||||
Basic net income (loss) per share | $ 0.32 | $ 0.14 | $ 0.24 | $ 0 | $ 1.06 | $ 0.14 | $ 0.21 | $ 0.03 | $ 0.71 | $ 1.44 | $ (0.09) |
Diluted net income (loss) per share | $ 0.31 | $ 0.14 | $ 0.24 | $ 0 | $ 1.05 | $ 0.14 | $ 0.20 | $ 0.03 | $ 0.70 | $ 1.41 | $ (0.09) |
Summary of Significant Accoun44
Summary of Significant Accounting Policies - Summary of Retrospectively Adjusted Tax (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components Of Deferred Tax Asset And Liabilities [Line Items] | ||
Other assets, noncurrent | $ 1,002 | $ 992 |
Total adjustment to assets | 534,610 | 456,077 |
Accrued expenses | 45,616 | 42,125 |
Other noncurrent liabilities | $ 6,888 | 6,979 |
As Reported [Member] | ||
Components Of Deferred Tax Asset And Liabilities [Line Items] | ||
Deferred tax asset, current | 17,228 | |
Other assets, noncurrent | 2,047 | |
Accrued expenses | 42,426 | |
Other noncurrent liabilities | 8,325 | |
Adjustments [Member] | ||
Components Of Deferred Tax Asset And Liabilities [Line Items] | ||
Deferred tax asset, current | (17,228) | |
Deferred tax asset, noncurrent | 16,636 | |
Other assets, noncurrent | (1,055) | |
Total adjustment to assets | (1,647) | |
Accrued expenses | (301) | |
Other noncurrent liabilities | (1,346) | |
Total adjustment to liabilities | (1,647) | |
Revised [Member] | ||
Components Of Deferred Tax Asset And Liabilities [Line Items] | ||
Deferred tax asset, noncurrent | 16,636 | |
Other assets, noncurrent | 992 | |
Accrued expenses | 42,125 | |
Other noncurrent liabilities | $ 6,979 |
Fair Value - Measurement of Fai
Fair Value - Measurement of Fair Value Hierarchy for Financial Assets (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | $ 79,958 | $ 59,997 |
Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,785 | 1,766 |
Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 74,173 | 58,231 |
Money Market Funds [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Fair value of financial assets | 5,785 | 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 | 5,785 | 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 | 59,786 | 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 | 59,786 | 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 | 14,387 | 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 | $ 14,387 | 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 | 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 | $ 13 |
Short and Long-Term Marketabl46
Short and Long-Term Marketable Securities - Additional Information (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Investments, Debt and Equity Securities [Abstract] | |
Available for sale securities in debt | $ 74,173 |
Short and Long-Term Marketabl47
Short and Long-Term Marketable Securities - Schedule of Marketable Securities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | $ 74,173 | $ 58,244 |
Amortized Cost | 74,253 | 58,273 |
Unrealized Gains | 1 | 10 |
Unrealized Losses | (81) | (39) |
Total marketable securities | 74,173 | 58,244 |
Short-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 35,412 | 32,055 |
Amortized Cost | 35,423 | 32,052 |
Unrealized Gains | 8 | |
Unrealized Losses | (11) | (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 | 33,914 | 26,041 |
Amortized Cost | 33,923 | 26,033 |
Unrealized Gains | 8 | |
Unrealized Losses | (9) | |
Short-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 1,498 | 4,000 |
Amortized Cost | 1,500 | 4,000 |
Unrealized Losses | (2) | |
Short-Term Marketable Securities [Member] | Equity Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 13 | |
Amortized Cost | 18 | |
Unrealized Losses | (5) | |
Long-Term Marketable Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 38,761 | 26,189 |
Amortized Cost | 38,830 | 26,221 |
Unrealized Gains | 1 | 2 |
Unrealized Losses | (70) | (34) |
Long-Term Marketable Securities [Member] | Corporate Obligations and Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 4,486 | |
Amortized Cost | 4,500 | |
Unrealized Losses | (14) | |
Long-Term Marketable Securities [Member] | State and Municipal Bonds [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 25,872 | 21,703 |
Amortized Cost | 25,916 | 21,721 |
Unrealized Gains | 1 | 2 |
Unrealized Losses | (45) | $ (20) |
Long-Term Marketable Securities [Member] | Treasuries and Government Agencies [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Market Value | 12,889 | |
Amortized Cost | 12,914 | |
Unrealized Losses | $ (25) |
Short and Long-Term Marketabl48
Short and Long-Term Marketable Securities - Schedule of Available-for-Sale Debt Securities Mature (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Schedule of Available-for-sale Securities [Line Items] | |
Total | $ 74,173 |
Less Than One Year | 35,412 |
One to Five Years | 38,761 |
More than Five Years | 0 |
State and Municipal Bonds [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 59,786 |
Less Than One Year | 33,914 |
One to Five Years | 25,872 |
More than Five Years | 0 |
Treasuries and Government Agencies [Member] | |
Schedule of Available-for-sale Securities [Line Items] | |
Total | 14,387 |
Less Than One Year | 1,498 |
One to Five Years | 12,889 |
More than Five Years | $ 0 |
Acquisitions - Additional Infor
Acquisitions - Additional Information (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Business Acquisition [Line Items] | |||
Goodwill | $ 105,807 | $ 105,764 | |
Ellman International, Inc. (Ellman) [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid | $ 13,235 | ||
Business acquisition effective date of acquisition | Sep. 5, 2014 | ||
Goodwill | 6,741 | $ 6,700 | $ 6,600 |
Ellman International, Inc. (Ellman) [Member] | Licensing Agreements [Member] | |||
Business Acquisition [Line Items] | |||
Value of license transfer agreement | $ 4,200 |
Acquisitions - Estimated Fair V
Acquisitions - Estimated Fair Value of Net Assets Acquired (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 |
Assets (liabilities) acquired: | |||
Goodwill | $ 105,807 | $ 105,764 | |
Ellman International, Inc. (Ellman) [Member] | |||
Business Acquisition [Line Items] | |||
Cash paid | $ 13,235 | ||
Total | 13,235 | ||
Assets (liabilities) acquired: | |||
Accounts receivable | 2,144 | ||
Inventory | 3,542 | ||
Prepaid expenses and other assets | 488 | ||
Property and equipment | 612 | ||
Intangible assets | 6,800 | ||
Goodwill | 6,741 | $ 6,700 | $ 6,600 |
Accounts payable | (9) | ||
Accrued expenses | (2,469) | ||
Deferred revenue | (454) | ||
Other noncurrent liability | (4,160) | ||
Total | $ 13,235 |
Goodwill and Other Intangible51
Goodwill and Other Intangible Assets - Schedule of Changes to Goodwill (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($) | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Balance-December 31, 2014 | $ 105,764 |
Ellman acquisition - adjustments during measurement period | 143 |
Translation adjustment | (100) |
Balance-December 31, 2015 | $ 105,807 |
Goodwill and Other Intangible52
Goodwill and Other Intangible Assets - Schedule of Components of Other Intangible Assets (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 69,085 | $ 69,070 |
Translation adjustment | (42) | 38 |
Accumulated amortization | (24,726) | (15,525) |
Other intangible assets, net | 44,317 | 53,583 |
Developed Technology & Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 29,240 | 29,240 |
Accumulated amortization | (14,055) | (7,840) |
Other intangible assets, net | 15,185 | 21,400 |
Business Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 384 | 384 |
Translation adjustment | 34 | |
Accumulated amortization | (232) | (252) |
Other intangible assets, net | 152 | 166 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 19,718 | 19,718 |
Translation adjustment | (42) | 2 |
Accumulated amortization | (7,799) | (5,818) |
Other intangible assets, net | 11,877 | 13,902 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 18,390 | 18,390 |
Accumulated amortization | (2,518) | (1,607) |
Other intangible assets, net | 15,872 | 16,783 |
Other [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 1,353 | 1,338 |
Translation adjustment | 2 | |
Accumulated amortization | (122) | (8) |
Other intangible assets, net | $ 1,231 | $ 1,332 |
Goodwill and Other Intangible53
Goodwill and Other Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 9,200 | $ 8,600 | $ 3,100 |
Indefinite-life intangible assets | $ 56,000 |
Goodwill and Other Intangible54
Goodwill and Other Intangible Assets - Schedule of Amortization Expenses on Intangible Assets (Detail) $ in Thousands | Dec. 31, 2015USD ($) |
Goodwill and Intangible Assets Disclosure [Abstract] | |
2,016 | $ 8,612 |
2,017 | 6,623 |
2,018 | 5,107 |
2,019 | 3,372 |
2,020 | 2,923 |
2021 and thereafter | 17,624 |
Total | $ 44,261 |
Segment and Geographic Inform55
Segment and Geographic Information - Additional Information (Detail) | 12 Months Ended |
Dec. 31, 2015SegmentCountry | |
Segment Reporting [Abstract] | |
Number of operating segments | Segment | 1 |
Number of individual countries with greater than 10% of total revenue, total assets or total long lived assets | Country | 0 |
Percentage of total revenue | 10.00% |
Segment and Geographic Inform56
Segment and Geographic Information - Schedule of Total Revenue by Geographic Destination (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 102,442 | $ 78,414 | $ 83,694 | $ 74,912 | $ 86,262 | $ 71,530 | $ 72,573 | $ 62,004 | $ 339,462 | $ 292,369 | $ 226,010 |
United States [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 202,485 | 148,803 | 111,179 | ||||||||
Europe [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 40,942 | 50,513 | 39,529 | ||||||||
Asia Pacific [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | 70,233 | 64,651 | 52,574 | ||||||||
Other [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenues | $ 25,802 | $ 28,402 | $ 22,728 |
Segment and Geographic Inform57
Segment and Geographic Information - Schedule of Total Assets by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ 534,610 | $ 456,077 |
Reportable Geographical Components [Member] | United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 497,007 | 419,167 |
Reportable Geographical Components [Member] | Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 22,204 | 23,161 |
Reportable Geographical Components [Member] | Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | 21,139 | 18,956 |
Eliminations [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Total assets | $ (5,740) | $ (5,207) |
Segment and Geographic Inform58
Segment and Geographic Information - Schedule of Long-Lived Assets (Property and Equipment Only) by Geographic Area (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 39,706 | $ 34,256 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 35,185 | 30,912 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | 1,641 | 1,656 |
Asia Pacific [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Long-lived assets | $ 2,880 | $ 1,688 |
Balance Sheet Accounts - Proper
Balance Sheet Accounts - Property and Equipment (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 73,080 | $ 65,788 |
Less: Accumulated depreciation and amortization | (33,374) | (31,532) |
Property and Equipment, Net | 39,706 | 34,256 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 11,216 | 9,834 |
Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 2,470 | 3,008 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Property, Plant and Equipment, Gross | $ 4,902 | 5,095 |
Leased Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 1,324 | 1,625 |
Leased Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Leased Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 4 years | |
Leased Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 14 years | |
Property, Plant and Equipment, Gross | $ 13,327 | 13,327 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 5 years | |
Property, Plant and Equipment, Gross | $ 13,106 | 12,611 |
Demonstration Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Useful Life | 3 years | |
Property, Plant and Equipment, Gross | $ 22,572 | 20,246 |
Construction in-Progress [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, Plant and Equipment, Gross | $ 4,163 | $ 42 |
Balance Sheet Accounts - Additi
Balance Sheet Accounts - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance Sheet Related Disclosures [Abstract] | |||
Depreciation expenses | $ 10.1 | $ 8.9 | $ 6 |
Cost of assets recorded under capitalized leases | 14.7 | 15 | |
Related accumulated amortization | $ 2.9 | $ 2.4 |
Balance Sheet Accounts - Accrue
Balance Sheet Accounts - Accrued Expenses (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Accrued payroll and payroll taxes | $ 7,296 | $ 7,329 |
Accrued employee benefits | 2,241 | 1,688 |
Accrued warranty costs | 8,841 | 8,118 |
Accrued commissions | 8,251 | 6,457 |
Accrued income, value-added and sales taxes | 7,562 | 5,491 |
Accrued royalties | 1,346 | 3,937 |
Accrued other | 10,079 | 9,105 |
Accrued Expenses, Total | $ 45,616 | $ 42,125 |
Balance Sheet Accounts - Other
Balance Sheet Accounts - Other Noncurrent Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Balance Sheet Related Disclosures [Abstract] | ||
Noncurrent deferred rent | $ 451 | $ 181 |
Noncurrent tenant improvement allowances | 2,432 | 2,743 |
License transfer agreement | 4,005 | 4,055 |
Total other noncurrent liabilities | $ 6,888 | $ 6,979 |
Balance Sheet Accounts - Othe63
Balance Sheet Accounts - Other Noncurrent Liabilities (Parenthetical) (Detail) - USD ($) $ in Thousands | Sep. 05, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Other Non Current Liabilities [Line Items] | ||||
Accrued expenses, current | $ 45,616 | $ 42,125 | ||
Ellman International, Inc. (Ellman) [Member] | ||||
Other Non Current Liabilities [Line Items] | ||||
Future fixed license commitment payment amount, 2015 | 300 | |||
Future fixed payment license commitment, expiration date | Dec. 31, 2028 | |||
Future fixed license commitment payment amount, 2016 | 300 | |||
Future fixed license commitment payment amount, thereafter | 400 | |||
Business acquisition effective date of acquisition | Sep. 5, 2014 | |||
Licensing Agreements [Member] | Ellman International, Inc. (Ellman) [Member] | ||||
Other Non Current Liabilities [Line Items] | ||||
Value of license transfer agreement | $ 4,200 | |||
Accrued expenses, current | 100 | |||
Other noncurrent liabilities | $ 4,000 | |||
Interest rate on present value of the financial commitment | 4.75% |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) | Feb. 29, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Apr. 30, 2014 | Oct. 31, 2013 |
Schedule Of Equity [Line Items] | |||||
Common stock, par value | $ 0.001 | ||||
Class A and Class B common stock, shares authorized | 70,000,000 | 70,000,000 | |||
Preferred stock, par value | $ 0.001 | $ 0.001 | |||
Preferred stock, shares authorized | 5,000,000 | 5,000,000 | |||
Common Stock Class A [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Class A and Class B common stock, shares authorized | 61,500,000 | ||||
Common stock, shares issued | 24,327,000 | 23,253,000 | |||
Number of shares authorized to be repurchased | $ 25,000,000 | ||||
Increase in shares authorized to be repurchased | $ 10,000,000 | ||||
Expiration date of program | Nov. 15, 2015 | ||||
Treasury stock repurchased | 0 | ||||
Aggregate treasury stock repurchased | 1,395,480 | ||||
Treasury stock acquired aggregate cost | $ 30,900,000 | ||||
Stock repurchase authorization description | In October 2013, Cynosure announced that its board of directors authorized the repurchase of up to $25 million of its Class A common stock, from time to time, on the open market or in privately negotiated transactions under a stock repurchase program. On April 30, 2014, Cynosure's board of directors approved an increase of $10 million to the stock repurchase program. The program terminated on November 15, 2015. | ||||
Common Stock Class A [Member] | Subsequent Event [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Number of shares authorized to be repurchased | $ 35,000,000 | ||||
Expiration date of program | Feb. 1, 2018 | ||||
Common Stock Class B [Member] | |||||
Schedule Of Equity [Line Items] | |||||
Common stock, par value | $ 0.001 | $ 0.001 | |||
Class A and Class B common stock, shares authorized | 8,500,000 | ||||
Common stock, shares issued | 0 | 0 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - shares | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2015 | Dec. 31, 2014 | |
2004 Stock Option Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation fair market value percentage | 110.00% | |||||
Stock based compensation voting stock percentage | 10.00% | |||||
Stock option exceed in year | 10 years | |||||
Option granted period | 48 months | |||||
Stock option plan vested in percentage | 6.25% | 6.25% | 6.25% | 6.25% | 25.00% | |
Shares available for future grant | 0 | 0 | ||||
2005 Stock Incentive Plan [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Stock based compensation fair market value percentage | 110.00% | |||||
Stock based compensation voting stock percentage | 10.00% | |||||
Stock option exceed in year | 10 years | |||||
Option granted period | 36 months | |||||
Stock option plan vested in percentage | 8.33% | 8.33% | 8.33% | 8.33% | ||
2005 Stock Incentive Plan [Member] | Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option granted period | 36 months | |||||
Stock option plan vested in percentage | 33.00% | |||||
2005 Stock Incentive Plan [Member] | Non Employee [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Option granted period | 12 months | |||||
Stock option plan vested in percentage | 25.00% | 25.00% | 25.00% | 25.00% | ||
2005 Stock Incentive Plan [Member] | Common Stock Class A [Member] | ||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||
Shares available for future grant | 914,089 | 914,089 | ||||
Common stock shares reserved for future issuance under stock based plan | 5,588,369 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Option Activity (Detail) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ||
Granted, Number of Options | 455,999 | |
Exercised, Number of Options | (1,039,759) | |
Forfeited, Number of Options | (57,486) | |
Outstanding, Number of Options, Beginning Balance | 2,488,488 | |
Outstanding, Weighted-Average Exercise Price, Beginning balance | $ 22.66 | |
Outstanding, Aggregate Intrinsic Value, Beginning balance | $ 13,713 | |
Outstanding, Number of Options, Ending balance | 1,847,242 | |
Vested, Number of Options | 1,157,284 | 1,704,455 |
Unvested, Number of Options | 689,958 | 784,033 |
Vested or expected to vest, Number of Options | 1,812,974 | |
Exercisable, Number of Options | 1,157,284 | |
Granted, Exercise Price Range, Lower Limit | $ 30.51 | |
Exercise, Exercise Price Range, Lower Limit | 4.50 | |
Forfeited, Exercise Price Range, Lower Limit | 4.50 | |
Outstanding, Exercise Price Range, Lower Limit Beginning Balance | 6.78 | $ 4.50 |
Vested, Exercise Price Range, Lower Limit | 6.78 | 4.50 |
Unvested, Exercise Price Range, Lower Limit | 18.94 | 11.76 |
Vested or expected to vest, Exercise Price Range, Lower Limit | 6.78 | |
Exercisable, Exercise Price Range, Lower Limit | 6.78 | |
Granted, Exercise Price Range, Upper Limit | 41.24 | |
Exercised, Exercise Price Range, Upper Limit | 37.33 | |
Forfeited, Exercise Price Range, Upper Limit | 37.33 | |
Outstanding, Exercise Price Range, Upper Limit Beginning Balance | 41.24 | 36.94 |
Vested, Exercise Price Range, Upper Limit | 41.24 | 36.94 |
Unvested, Exercise Price Range, Upper Limit | 41.24 | 31.22 |
Vested or expected to vest, Exercise Price Range, Upper Limit | 41.24 | |
Exercisable, Exercise Price Range, Upper Limit | 41.24 | |
Granted, Weighted-Average Exercise Price | 32.47 | |
Exercise, Weighted-Average Exercise Price | 19.39 | |
Forfeited, Weighted-Average Exercise Price | 25.43 | |
Outstanding, Weighted-Average Exercise Price, Ending balance | 26.83 | |
Vested, Weighted-Average Exercise Price | 24.84 | 20.62 |
Unvested, Weighted-Average Exercise Price | 30.18 | $ 27.09 |
Vested or expected to vest, Weighted-Average Exercise Price | 26.77 | |
Exercisable, Weighted average exercise price | $ 24.84 | |
Outstanding Weighted-Average Remaining Contractual Life, Beginning balance | 7 years 3 months 29 days | 6 years 9 months 11 days |
Vested, Weighted-Average Remaining Contractual Life | 6 years 6 months 4 days | |
Unvested, Weighted-Average Remaining Contractual Life | 8 years 8 months 9 days | |
Vested or expected to vest, Weighted-Average Remaining Contractual Life | 7 years 3 months 18 days | |
Exercisable, Weighted-Average Remaining Contractual Life | 6 years 6 months 4 days | |
Granted, Aggregate Intrinsic Value | $ 5,565 | |
Exercise, Aggregate Intrinsic Value | 16,983 | |
Forfeited, Aggregate Intrinsic Value | 1,106 | |
Outstanding, Aggregate Intrinsic Value, Ending balance | 32,950 | |
Vested, Aggregate Intrinsic Value | 22,950 | $ 12,417 |
Unvested, Aggregate Intrinsic value | 10,000 | $ 1,296 |
Vested or expected to vest, Aggregate Intrinsic value | 32,454 | |
Exercisable, Aggregate Intrinsic Value | $ 22,950 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of RSUs Activity under 2005 Plan (Detail) - RSUs activity under the 2015 Plan [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Outstanding, Number of RSU's, Beginning Balance | 55,383 | |||
Granted, Number of RSU's | 103,303 | |||
Exercised, Number of RSU's | (33,828) | |||
Forfeited, Number of RSU's | (231) | |||
Outstanding, Number of RSU's, Ending balance | 124,627 | 55,383 | ||
Vested, Number of RSU's | 0 | 0 | ||
Unvested, Number of RSU's | 124,627 | 55,383 | ||
Vested or expected to vest, Number of RSU's | 122,713 | |||
Exercisable, Number of RSU's | 0 | |||
Outstanding, Grant Date Fair Value Range, Beginning Balance | $ 21.11 | |||
Granted, Grant Date Fair Value Range, Lower Limit | 30.51 | |||
Exercised, Grant Date Fair Value Range, Lower Limit | 21.11 | |||
Forfeited, Grant Date Fair Value Range, Lower Limit | 30.51 | |||
Outstanding, Grant Date Fair Value Range, Ending Balance, Lower Limit | 30.51 | $ 21.11 | ||
Unvested, Grant Date Fair Value Range, Lower Limit | 30.51 | 21.11 | ||
Vested or expected to vest, Grant Date Fair Value Range, Lower Limit | $ 29.40 | |||
Outstanding, Grant Date Fair Value Range, Beginning Balance | 29.40 | |||
Granted, Grant Date Fair Value Range, Upper Limit | 35.37 | |||
Exercised, Grant Date Fair Value Range, Upper Limit | 35.37 | |||
Forfeited, Grant Date Fair Value Range, Upper Limit | 30.51 | |||
Outstanding, Grant Date Fair Value Range, Ending Balance, Upper Limit | 35.37 | 29.40 | ||
Vested, Grant Date Fair Value Range, Upper Limit | 0 | 0 | ||
Unvested, Grant Date Fair Value Range, Upper Limit | 35.37 | 29.40 | ||
Vested or expected to vest, Grant Date Fair Value Range, Upper Limit | 35.37 | |||
Exercisable, Grant Date Fair Value Range, Upper Limit | 0 | |||
Beginning balance, outstanding, weighted average grant date fair value | 26.14 | |||
Granted, weighted average grant date fair value | 31.30 | |||
Exercised, weighted average grant date fair value | 25.55 | |||
Forfeited, weighted average grant date fair value | 30.51 | |||
Ending balance, outstanding, , weighted average grant date fair value | 30.60 | 26.14 | ||
Vested, weighted average grant date fair value | 0 | 0 | ||
Unvested, weighted average grant date fair value | $ 26.14 | $ 26.14 | 30.60 | $ 26.14 |
Vested or expected to vest, weighted average grant date fair value | 30.59 | |||
Exercisable, weighted average grant date fair value | $ 0 | |||
Weighted average remaining contractual life, outstanding | 8 years 10 months 24 days | 9 years 2 months 19 days | ||
Weighted average remaining contractual life, unvested | 8 years 10 months 24 days | |||
Weighted average remaining contractual life, vested or expected to vest | 8 years 10 months 28 days | |||
Aggregate intrinsic Value,Beginning balance | $ 1,518 | |||
Aggregate intrinsic Value,Granted | 4,615 | |||
Aggregate intrinsic Value,Exercised | 1,143 | |||
Forfeited , weighted average remaining contractual life | 10 | |||
Aggregate intrinsic Value,Ending balance | 5,567 | $ 1,518 | ||
Aggregate intrinsic Value,Vested | 0 | $ 0 | ||
Aggregate intrinsic Value,Unvested | $ 5,567 | $ 1,518 | ||
Vested or expected to vest , weighted average remaining contractual life | $ 5,482 | |||
Aggregate intrinsic Value,Exercisable | $ 0 |
Stock-Based Compensation - Su68
Stock-Based Compensation - Summary of RSU Grant and Unrecognized Compensation Expense (Detail) $ in Thousands | 12 Months Ended |
Dec. 31, 2015USD ($)shares | |
Share-based Compensation Arrangement by Share-based Payment Award, Options Outstanding, Weighted Average Exercise Price, and Additional Disclosures [Abstract] | |
Number of RSUs Granted | shares | 191,643 |
Unrecognized Stock- based compensation | $ | $ 3,810 |
Weighted Average period for Recognition of unrecognized compensation | 1 year 10 months 24 days |
Income Taxes - Income (Loss) Be
Income Taxes - Income (Loss) Before Income Tax Provision (Benefit) (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ 20,667 | $ 15,424 | $ (8,633) |
Foreign | 2,531 | 2,914 | 3,096 |
Income (loss) before provision (benefit) for income taxes | $ 23,198 | $ 18,338 | $ (5,537) |
Income Taxes - Provision (Benef
Income Taxes - Provision (Benefit) for Income Taxes (Detail) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current: | |||
Federal | $ 6,133 | $ 734 | $ 732 |
State | 1,404 | 577 | 214 |
Foreign | 920 | 1,306 | 890 |
Total current | 8,457 | 2,617 | 1,836 |
Deferred: | |||
Federal | 701 | (13,032) | (5,406) |
State | (1,234) | (1,398) | (304) |
Foreign | (533) | (1,187) | (16) |
Total deferred | (1,066) | (15,617) | (5,726) |
Income tax expense (benefits) | $ 7,391 | $ (13,000) | $ (3,890) |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Federal Statutory Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | |||
Income tax provision at federal statutory rate: | 35.00% | 35.00% | 35.00% |
(Decrease) increase in tax resulting from - | |||
State taxes, net of federal benefit | 0.20% | 0.80% | (3.10%) |
Nondeductible expenses | 4.20% | 7.20% | (11.90%) |
Tax-exempt interest income | (0.20%) | 0.50% | |
Effect of foreign taxes | (1.40%) | (0.60%) | 2.70% |
Stock-based compensation | 0.10% | 0.10% | (0.10%) |
Research and development credit | (2.40%) | (2.70%) | 25.80% |
Change in uncertain tax positions | (0.30%) | 4.80% | |
Change in valuation allowance | (3.00%) | (108.80%) | 162.00% |
Change in control payments | 1.60% | (128.80%) | |
Unremitted earnings | 1.40% | ||
Domestic manufacturing deduction | (2.00%) | ||
Transaction costs | (13.60%) | ||
Other | (0.20%) | (3.00%) | (3.10%) |
Effective income tax rate | 31.90% | (70.90%) | 70.20% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
(Benefit) provision for income taxes | $ 7,391,000 | $ (13,000,000) | $ (3,890,000) | |
Effective tax rate | 31.90% | (70.90%) | 70.20% | |
U.S. statutory income tax rate | 35.00% | 35.00% | 35.00% | |
Tax provision for foreign earnings not considered indefinitely reinvested | $ 300,000 | |||
Tax benefits related to release of valuation allowance | $ 19,900,000 | |||
Decrease in income tax valuation allowance | 700,000 | |||
Undistributed earnings of foreign subsidiaries | 15,900,000 | |||
Unrecognized tax benefits | 810,000 | $ 810,000 | $ 1,701,000 | $ 586,000 |
Unrecognized tax benefit if recognized would impact effective tax rate | $ 100,000 | |||
Non-U.S. Jurisdictions [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forward | 6,200,000 | |||
United States [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forward | 18,700,000 | |||
Tax credit carry-forwards | $ 5,600,000 | |||
Net operating loss carry-forwards, expiration start year | 2,024 | |||
Tax credits, expiration start year | 2,018 | |||
U.S. State Tax [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Tax credit carry-forwards | $ 3,000,000 | |||
Tax credits, expiration start year | 2,017 | |||
Withholding Tax [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Undistributed earnings of foreign subsidiaries | $ 2,700,000 | |||
Japan [Member] | Non-U.S. Jurisdictions [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forwards, expiration start year | 2,019 | |||
Mexican [Member] | Non-U.S. Jurisdictions [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forwards, expiration start year | 2,019 | |||
Spain [Member] | Non-U.S. Jurisdictions [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forwards, expiration start year | 2,029 | |||
Stock Based Compensation Tax Benefit [Member] | U.S. State Tax [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Tax credit carry-forwards | $ 100,000 | |||
Palomar Medical Technologies, Inc. [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Tax benefits related to release of valuation allowance | 700,000 | |||
Palomar Medical Technologies, Inc. [Member] | Stock Based Compensation Tax Benefit [Member] | United States [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forward | 0 | |||
Palomar Medical Technologies, Inc. [Member] | Stock Based Compensation Tax Benefit [Member] | U.S. State Tax [Member] | ||||
Deferred Tax Assets And Liabilities Classification [Line Items] | ||||
Net operating loss carry-forward | $ 700,000 |
Income Taxes - Significant Comp
Income Taxes - Significant Components of Deferred Tax Assets and Liabilities (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred tax assets: | ||
Accrued expenses and reserves | $ 9,002 | $ 7,917 |
Domestic net operating loss & tax credit carry-forwards | 12,500 | 15,873 |
Foreign net operating loss carry-forwards | 1,851 | 2,011 |
Stock-based compensation | 5,561 | 6,829 |
Capital leases | 6,694 | 5,955 |
Other deferred tax assets | 3,105 | 2,368 |
Gross deferred tax assets | 38,713 | 40,953 |
Valuation allowance | (251) | (977) |
Total deferred tax assets (after valuation allowance) | 38,462 | 39,976 |
Long-term deferred tax liabilities: | ||
Intangible assets | (12,733) | (15,358) |
Fixed assets | (6,782) | (7,135) |
Other deferred tax liabilities | (1,097) | (847) |
Total long-term deferred tax liabilities | (20,612) | (23,340) |
Net deferred tax assets | $ 17,850 | $ 16,636 |
Income Taxes - Changes in Gross
Income Taxes - Changes in Gross Unrecognized Tax Benefits (Detail) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Reconciliation of Unrecognized Tax Benefits, Excluding Amounts Pertaining to Examined Tax Returns [Roll Forward] | ||
Balance at beginning of year | $ 1,701 | $ 586 |
Increases for tax positions taken during current period | 76 | |
Increases for acquired tax positions taken in prior periods | 1,625 | |
Decreases for acquired tax positions within measurement window | (815) | |
Decreases for tax positions taken in prior periods | (76) | (398) |
Decreases for lapse in statutes | (188) | |
Balance at end of year | $ 810 | $ 1,701 |
401(k) Plans - Additional Infor
401(k) Plans - Additional Information (Detail) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Schedule Of Sale Of Subsidiary [Abstract] | |||
Total contributions to this plan | $ 1.3 | $ 0.9 | $ 0.6 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) $ in Millions | 12 Months Ended | ||
Dec. 31, 2015USD ($)Distribution | Dec. 31, 2014USD ($) | Dec. 31, 2013USD ($) | |
Loss Contingencies [Line Items] | |||
Operating lease rent expense | $ | $ 2.1 | $ 3.2 | $ 2.4 |
Operating lease expiration period | 2027-05 | ||
Number of distribution agreements | Distribution | 2 | ||
October Two Thousand And Nineteen [Member] | |||
Loss Contingencies [Line Items] | |||
Distribution agreements expiration period | 2019-10 | ||
Renewal term of automatic purchase commitment | 1 year | ||
November Two Thousand Twenty One [Member] | |||
Loss Contingencies [Line Items] | |||
Distribution agreements expiration period | 2021-11 | ||
Renewal term of automatic purchase commitment | 1 year |
Commitments and Contingencies77
Commitments and Contingencies - Operating Facility, Certain Equipment and Vehicles Under Operating Lease and Capital Lease Agreements with Payments (Detail) - USD ($) $ in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Commitments and Contingencies Disclosure [Abstract] | ||
2,016 | $ 2,170 | |
2,017 | 1,987 | |
2,018 | 1,770 | |
2,019 | 1,470 | |
2,020 | 594 | |
Thereafter | 2,248 | |
Total minimum lease payments | 10,239 | |
2,016 | 2,393 | |
2,017 | 2,790 | |
2,018 | 2,685 | |
2,019 | 2,630 | |
2,020 | 2,620 | |
Thereafter | 18,338 | |
Total minimum lease payments | 31,456 | |
Less amount representing interest | (13,343) | |
Present value of obligations under capital leases | 18,113 | |
Current portion of capital lease obligations | 741 | $ 137 |
Capital lease obligations, net of current portion | $ 17,372 | $ 16,088 |
Summary Selected Quarterly Fi78
Summary Selected Quarterly Financial Data (Unaudited) - Unaudited Consolidated Quarterly Results of Operations (Detail) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 102,442 | $ 78,414 | $ 83,694 | $ 74,912 | $ 86,262 | $ 71,530 | $ 72,573 | $ 62,004 | $ 339,462 | $ 292,369 | $ 226,010 |
Gross profit | 59,000 | 44,405 | 47,356 | 42,773 | 48,852 | 40,298 | 40,693 | 35,395 | 193,534 | 165,238 | 130,280 |
Income from operations | 11,792 | 4,835 | 7,641 | 2,053 | 8,266 | 5,250 | 6,398 | 1,346 | 26,321 | 21,260 | (5,827) |
Net (loss) income | $ 7,228 | $ 3,229 | $ 5,358 | $ (8) | $ 23,000 | $ 3,074 | $ 4,575 | $ 689 | $ 15,807 | $ 31,338 | $ (1,647) |
Basic net (loss) income per share | $ 0.32 | $ 0.14 | $ 0.24 | $ 0 | $ 1.06 | $ 0.14 | $ 0.21 | $ 0.03 | $ 0.71 | $ 1.44 | $ (0.09) |
Diluted net (loss) income per share | $ 0.31 | $ 0.14 | $ 0.24 | $ 0 | $ 1.05 | $ 0.14 | $ 0.20 | $ 0.03 | $ 0.70 | $ 1.41 | $ (0.09) |
Summary Selected Quarterly Fi79
Summary Selected Quarterly Financial Data (Unaudited) - Unaudited Consolidated Quarterly Results of Operations (Parenthetical) (Detail) $ in Millions | 12 Months Ended |
Dec. 31, 2014USD ($) | |
Quarterly Financial Information Disclosure [Abstract] | |
Tax benefits related to release of valuation allowance | $ 19.9 |