Document_And_Entity_Informatio
Document And Entity Information | 12 Months Ended |
Dec. 31, 2014 | |
Document Information [Line Items] | |
Document Type | 40-F |
Amendment Flag | FALSE |
Document Period End Date | 31-Dec-14 |
Document Fiscal Year Focus | 2014 |
Document Fiscal Period Focus | FY |
Trading Symbol | CRME |
Entity Registrant Name | Cardiome Pharma Corp |
Entity Central Index Key | 1036141 |
Current Fiscal Year End Date | -19 |
Entity Well-known Seasoned Issuer | No |
Entity Voluntary Filers | No |
Entity Current Reporting Status | Yes |
Entity Common Stock, Shares Outstanding | 16,591,002 |
Entity Filer Category | Non-accelerated Filer |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $12,708 | $10,984 |
Restricted cash (note 6) | 2,320 | 2,323 |
Accounts receivable, net of allowance for doubtful accounts of $596 (2013 - $325) | 9,504 | 6,674 |
Inventories (note 7) | 5,335 | 6,597 |
Prepaid expenses and other assets | 1,703 | 1,749 |
Deferred tax assets (note 15) | 439 | 0 |
Assets, Current | 32,009 | 28,327 |
Property and equipment (note 8) | 811 | 618 |
Intangible assets (note 9) | 16,156 | 18,069 |
Goodwill (note 4) | 318 | 318 |
Other assets | 821 | 0 |
Assets | 50,115 | 47,332 |
Current liabilities: | ||
Accounts payable and accrued liabilities (note 10) | 13,388 | 14,003 |
Current portion of long-term debt (note 11) | 1,714 | 0 |
Current portion of deferred consideration (note 4) | 3,044 | 3,688 |
Liabilities, Current | 18,146 | 17,691 |
Long-term debt (note 11) | 10,286 | 0 |
Deferred consideration (note 4) | 4,544 | 6,997 |
Liabilities | 32,976 | 24,688 |
Stockholders' equity: | ||
Common stock Authorized - unlimited number with no par value Issued and outstanding - 16,591,002 (2013 - 14,958,277) (note 12(a)) | 284,760 | 272,083 |
Additional paid-in capital | 34,229 | 33,349 |
Deficit | -318,973 | -300,746 |
Accumulated other comprehensive income | 17,123 | 17,958 |
Stockholders' Equity Attributable to Parent | 17,139 | 22,644 |
Liabilities and Equity | $50,115 | $47,332 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Allowance for Doubtful Accounts Receivable, Current | $596 | $325 |
Common Stock, No Par Value | $0 | $0 |
Common Stock, Shares, Issued | 16,591,002 | 14,958,277 |
Common Stock, Shares, Outstanding | 16,591,002 | 14,958,277 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations and Comprehensive Income (Loss) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue: | ||
Product and royalty revenue | $30,042 | $4,143 |
Licensing and other fees | 0 | 368 |
Revenues | 30,042 | 4,511 |
Cost of goods sold | 10,027 | 936 |
Gross Profit | 20,015 | 3,575 |
Expenses: | ||
Selling, general and administration | 33,813 | 16,446 |
Research and development | 637 | 476 |
Amortization (notes 8 and 9) | 2,150 | 649 |
Acquisition costs (note 4) | 0 | 1,494 |
Restructuring (note 16) | 0 | 1,207 |
Operating Expenses | 36,600 | 20,272 |
Operating loss | -16,585 | -16,697 |
Other expense (income): | ||
Interest expense | 1,483 | 87 |
Other expense (income) | 136 | -633 |
Foreign exchange gain | -26 | -192 |
Gain on settlement of debt (note 11) | 0 | -20,834 |
Nonoperating Income (Expense) | 1,593 | -21,572 |
Earnings (loss) before income taxes | -18,178 | 4,875 |
Income tax expense (note 15) | 49 | 102 |
Net earnings (loss) | -18,227 | 4,773 |
Other comprehensive loss: | ||
Foreign currency translation adjustments | 835 | 227 |
Comprehensive income (loss) | ($19,062) | $4,546 |
Earnings (loss) per common share (note 13) | ||
Basic and diluted | ($1.12) | $0.37 |
Weighted average common shares outstanding | ||
Basic | 16,230,308 | 12,769,844 |
Diluted | 16,230,308 | 12,934,856 |
Consolidated_Statements_of_Sto
Consolidated Statements of Stockholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | Accumulated Other Comprehensive Income (Loss) [Member] |
In Thousands | |||||
Balance at Dec. 31, 2012 | $7,859 | $262,439 | $32,754 | ($305,519) | $18,185 |
Net earnings | 4,773 | 0 | 0 | 4,773 | 0 |
Common stock issued upon exercise of options | 8 | 8 | 0 | 0 | 0 |
Issuance of common stock on acquisition (note 4) | 9,629 | 9,629 | 0 | 0 | 0 |
Reallocation of additional paid in capital arising from stock-based compensation related to exercise of options | 0 | 7 | -7 | 0 | 0 |
Stock-based compensation expense recognized (note 12(e)) | 602 | 0 | 602 | 0 | 0 |
Foreign currency translation adjustments | -227 | 0 | 0 | 0 | -227 |
Balance at Dec. 31, 2013 | 22,644 | 272,083 | 33,349 | -300,746 | 17,958 |
Net earnings | -18,227 | 0 | 0 | -18,227 | 0 |
Issuance of common stock (note 12(b)) | 13,821 | 13,821 | 0 | 0 | 0 |
Share issue costs (note 12(b)) | -1,415 | -1,415 | 0 | 0 | 0 |
Common stock issued upon exercise of options | 148 | 148 | 0 | 0 | 0 |
Reallocation of additional paid in capital arising from stock-based compensation related to exercise of options | 0 | 123 | -123 | 0 | 0 |
Stock-based compensation expense recognized (note 12(e)) | 1,003 | 0 | 1,003 | 0 | 0 |
Foreign currency translation adjustments | -835 | 0 | 0 | 0 | -835 |
Balance at Dec. 31, 2014 | $17,139 | $284,760 | $34,229 | ($318,973) | $17,123 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Operating activities: | ||
Net earnings (loss) for the year | ($18,227) | $4,773 |
Items not affecting cash: | ||
Amortization | 2,150 | 649 |
Amortization of deferred financing fees | 222 | 0 |
Stock-based compensation (note 12(e)) | 1,141 | 645 |
Write-down of property and equipment | 188 | 0 |
Write-down of inventory (note 7) | 1,547 | 0 |
Gain on settlement of debt (note 11) | 0 | -20,834 |
Unrealized foreign exchange gain | -520 | -186 |
Changes in operating assets and liabilities: | ||
Restricted cash | -175 | -2,059 |
Accounts receivable | -3,495 | 448 |
Inventories | -286 | -2,816 |
Prepaid expenses and other assets | -393 | -18 |
Deferred consideration | -558 | 0 |
Accounts payable and accrued liabilities | -121 | 2,630 |
Net cash used in operating activities | -18,527 | -16,768 |
Investing activities: | ||
Restricted cash paid on acquisition (note 4) | 0 | -1,266 |
Restricted cash acquired on acquisition (note 4) | 0 | 1,143 |
Purchase of property and equipment | -522 | -39 |
Increase in intangible assets | -78 | -147 |
Net cash used in investing activities | -600 | -309 |
Financing activities: | ||
Issuance of common stock (note 12(b)) | 13,821 | 0 |
Share issue costs (note 12(b)) | -1,415 | 0 |
Issuance of common stock upon exercise of stock options | 148 | 8 |
Proceeds from issuance of long-term debt (note 11) | 12,000 | 0 |
Financing fees (note 11) | -1,043 | 0 |
Payment of deferred consideration | -2,540 | 0 |
Proceeds from sale of property and equipment | 0 | 149 |
Repayment of long-term debt (note 11) | 0 | -13,000 |
Net cash (used in) provided by financing activities | 20,971 | -12,843 |
Effect of foreign exchange rate changes on cash and cash equivalents | -120 | -99 |
Increase (decrease) in cash and cash equivalents during the year | 1,724 | -30,019 |
Cash and cash equivalents, beginning of year | 10,984 | 41,003 |
Cash and cash equivalents, end of year | 12,708 | 10,984 |
Supplemental cash flow information: | ||
Interest paid | 1,104 | 0 |
Interest received | 46 | 10 |
Net income taxes paid | 332 | 73 |
Non-cash purchase of Correvio (note 4) | $0 | $20,314 |
Basis_of_presentation
Basis of presentation | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation Of Financial Statements [Abstract] | |
Nature of Operations [Text Block] | 1. Basis of presentation: |
Cardiome Pharma Corp. (the “Company”) was incorporated under the Company Act (British Columbia) on December 12, 1986 and was continued under the laws of Canada on March 8, 2002. Cardiome is a specialty pharmaceutical company dedicated to the development and commercialization of cardiovascular therapies that will improve the quality of life and health of patients suffering from heart disease. The Company currently has two marketed, in-hospital, cardiology products, BRINAVESS™ (vernakalant (IV)) and AGGRASTAT®, which are commercially available in numerous markets outside of the United States. | |
The Company has financed its cash requirements primarily from share issuances, payments from research collaborators, licensing fees, draws from a credit facility that was available under the Company’s collaborative agreements and a senior secured term loan facility (note 11). The Company’s ability to realize the carrying value of its assets is dependent on successfully commercializing its products and achieving future profitable operations, the outcome of which cannot be predicted at this time. As a result, in the future it may be necessary for the Company to raise additional funds. These funds may come from sources such as the issuance of shares from treasury, entering into strategic collaboration arrangements, or alternative sources of financing. However, there can be no assurance that the Company will be able to successfully raise sufficient funds to continue the development and commercialization of our products and our operational activities. | |
Summary_of_significant_account
Summary of significant accounting policies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Basis of Presentation and Significant Accounting Policies [Text Block] | 2. Summary of significant accounting policies: | ||
The consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles (“U.S. GAAP”) and are presented in U.S. dollars. The following is a summary of significant accounting policies used in the preparation of these consolidated financial statements: | |||
(a) | Principles of consolidation: | ||
The consolidated financial statements include the accounts of Cardiome Pharma Corp. and its wholly-owned subsidiaries from their respective dates of acquisition of control. All intercompany transactions and balances have been eliminated on consolidation. | |||
(b) | Use of estimates: | ||
The consolidated financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Significant areas requiring the use of estimates relate to accounting for amounts recorded in connection with business combinations, recoverability of inventories, carrying value of intangible assets, revenue recognition, bad debt and doubtful accounts, income taxes, stock-based compensation expense, and commitments and contingencies. The reported amounts and note disclosure are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned course of action. Actual results could differ from those estimates. | |||
(c) | Business combinations: | ||
In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value if fair value can reasonably be estimated. If the acquisition date fair value of an asset acquired or liability assumed that arises from a contingency cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not met, no asset or liability is recognized. 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. Accordingly, the Company may be required to value assets at fair value measures that do not reflect the Company’s intended use of those assets. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in the Company’s consolidated financial statements from the date of acquisition. | |||
(d) | Foreign currency translation: | ||
The net assets of foreign subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using exchange rates at the balance sheet dates. Equity is translated at historical rates and revenue and expenses are translated at exchange rates prevailing during the period. The foreign exchange gains and losses arising from translation are recorded in the foreign currency translation account, which is included in other comprehensive income (loss) and reflected as a separate component of equity. For those subsidiaries where the U.S. dollar has been determined to be the functional currency, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at the period-end exchange rates. Revenues and expenses denominated in foreign currencies are translated at exchange rates prevailing during the period. Foreign exchange gains and losses are recorded in net earnings (loss) for the period. | |||
(e) | Fair value measurements of financial instruments: | ||
Fair value measurements of financial instruments are determined by using a fair value hierarchy that prioritizes the inputs to valuation techniques into three levels according to the relative reliability of the inputs used to estimate the fair values. | |||
The three levels of inputs used to measure fair value are as follows: | |||
Level 1 - Unadjusted quoted prices in active markets for identical financial instruments; | |||
Level 2 - Inputs other than quoted prices that are observable for the financial instrument either directly or indirectly; and | |||
Level 3 - Inputs that are not based on observable market data. | |||
In determining fair value measurements, the most observable inputs are used when available. The fair value hierarchy level at which a financial instrument is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement. | |||
(f) | Cash and cash equivalents: | ||
Cash and cash equivalents include cash and short-term deposits with original maturities of 90 days or less. Short-term deposits are valued at amortized cost. The carrying amounts approximate fair value due to the short-term maturities of these instruments. | |||
(g) | Allowance for doubtful accounts receivable: | ||
The Company maintains an allowance for accounts receivable for estimated losses that may result from our customers’ inability to pay. The Company estimates an allowance for doubtful accounts receivable primarily based on the credit worthiness of customers, aging of receivable balances and general economic conditions. Amounts later determined and specifically identified to be uncollectible are charged against this allowance. | |||
(h) | Inventories: | ||
Inventories consist of finished goods, unfinished product (work in process) and raw materials and are valued at the lower of cost or estimated net realizable value, determined on a first-in-first-out basis. Cost is defined as all costs that relate to bringing the inventory to its present condition and location under normal operating conditions. Estimated net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. | |||
The components of inventory and inventory purchase commitments are reviewed on a regular basis for excess and obsolete inventory based on estimated future usage and sales, demand from drug distributors and hospitals and economic conditions. Management believes that the estimates used in calculating the inventory provision are reasonable and properly reflect the risk of excess and obsolete inventory. | |||
(i) | Property and equipment: | ||
Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: | |||
Asset | Rate | ||
Laboratory equipment | 5 years | ||
Production equipment | 7 years | ||
Computer equipment | 3-5 years | ||
Software | 3-5 years | ||
Furniture and office equipment | 5-7 years | ||
Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful life or the initial lease term. | |||
(j) | Intangible assets: | ||
Intangible assets are comprised of patent costs, trade name and marketing rights. Patent costs which are associated with the preparation, filing, and obtaining of patents are capitalized. Maintenance costs of patents are expensed as incurred. | |||
The estimated useful life of intangible assets with definite life is the period over which the assets are expected to contribute to future cash flows. When determining the useful life, the Company considers the expected use of the asset, useful life of a related intangible asset, any legal, regulatory or contractual provisions that limit the useful life, any legal, regulatory, or contractual renewal or extension provisions without substantial costs or modifications to the existing terms and conditions, the effects of obsolescence, demand, competition and other economic factors, and the expected level of maintenance expenditures relative to the cost of the asset required to obtain future cash flows from the asset. | |||
Amortization is provided using the straight-line method over the following terms: | |||
Asset | Rate | ||
Patents | over the useful life | ||
Trade name | 10 years | ||
Marketing rights | 10 years | ||
(k) | Other assets: | ||
Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s term loan facility. Amortization of deferred financing fees on the term loan facility is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. | |||
(l) | Goodwill: | ||
Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated as of the date of the business combination to the reporting units that are expected to benefit from the synergies of the business combination. | |||
Goodwill has an indefinite life, is not amortized, and is subject to a two-step impairment test on an annual basis. The first step compares the fair value of the reporting unit to its carrying amount, which includes the goodwill. When the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not to be impaired and the second step of the impairment test is unnecessary. If the carrying amount exceeds the implied fair value of the goodwill, the second step measures the amount of the impairment loss. If the carrying amount exceeds the fair value of the goodwill, an impairment loss is recognized equal to that excess. | |||
(m) | Impairment of long-lived assets: | ||
Long-lived assets, including property and equipment, and intangible assets other than goodwill, are assessed for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company determines whether the carrying value of a long-lived depreciable asset or asset group is recoverable based on its estimates of future asset utilization and undiscounted expected future cash flows the assets are expected to generate. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset. | |||
(n) | Revenue recognition: | ||
Product and royalty revenue | |||
Revenue from sales of products is recognized upon the later of transfer of title or upon shipment of the product to the customer, so long as persuasive evidence of an arrangement exists, the sales price is fixed or determinable, and collection is reasonably assured. Provisions for chargebacks, rebates, sales incentives and returns are provided for in the same period the related sales are recorded. Sales taxes collected from customers in various European markets that must be remitted back to the relevant government authorities are excluded from revenues. Shipping and handling costs are included in cost of sales. | |||
Royalty revenue is recognized on an accrual basis when earned in accordance with the agreement terms, when royalties from the collaborative partner are determinable and collection is reasonably assured, such as upon the receipt of a royalty statement from the collaborative partner. | |||
Licensing and other fees | |||
The Company earns revenue from a collaboration and license agreement from the commercial sale of an approved product. | |||
(o) | Research and development costs: | ||
Research and development costs are expensed in the period incurred. | |||
(p) | Clinical trial expenses: | ||
Clinical trial expenses are a component of research and development costs and include fees paid to contract research organizations, investigators and other vendors who conduct certain product development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to service agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates are based on patient enrollment, services provided and goods delivered, contractual terms and experience with similar contracts. The Company monitors these factors to the extent possible and adjusts its estimates accordingly. Prepaid expenses or accrued liabilities are adjusted if payments to service providers differ from estimates of the amount of service completed in a given period. | |||
(q) | Stock-based compensation and other stock-based payments: | ||
Stock options and restricted share units granted to the Company’s directors, executive officers and employees are accounted for using the fair-value based method. Under this method, compensation expense for stock options is measured at fair value at the date of grant using the Black-Scholes valuation model and is expensed over the award’s vesting period. Stock-based compensation granted to consultants is subject to variable accounting treatment and is re-valued at fair value at each balance sheet date until the underlying service is complete. Compensation expense for restricted share units is measured at fair value at the date of grant, which is the market price of the underlying security, and is expensed over the award’s vesting period using the straight-line method. | |||
(r) | Income taxes: | ||
The Company accounts for income taxes using the liability method of tax allocation. Deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income when a change in tax rates is enacted. Deferred income tax assets are evaluated periodically and if realization is not considered more likely than not, a valuation allowance is provided. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. | |||
(s) | Earnings (loss) per share: | ||
Basic earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method. When the effect of options and other securities convertible into common shares is anti-dilutive, including when the Company has incurred a loss for the period, basic and diluted loss per share are the same. | |||
Diluted earnings per share is calculated using the weighted average number of common shares outstanding during the period, adjusted to include the number of incremental common shares that would have been outstanding if all dilutive potential common shares had been issued. Under the treasury stock method, the number of dilutive shares, if any, is determined by dividing the average market price of shares for the period into the net proceeds of in-the-money options. | |||
(t) | Comparative figures: | ||
Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for the current year. | |||
Recent_accounting_pronouncemen
Recent accounting pronouncements | 12 Months Ended | ||
Dec. 31, 2014 | |||
New Accounting Pronouncements and Changes in Accounting Principles [Abstract] | |||
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | 3 | Recent accounting pronouncements: | |
(a) | Revenue from contracts with customers: | ||
In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2014-09, Revenue from Contracts with Customers, that introduced a new five-step revenue recognition model to be used to determine how an entity should recognize revenue related to the transfer of goods or services to customer in an amount that reflects the consideration the entity is entitled to receive for those goods or services. This ASU also requires disclosures sufficient to enable users to understand the nature, amount, timing and uncertainty of revenue and cash flows arising from contracts with customers, including qualitative and quantitative disclosures about contracts with customers, significant judgments and changes in judgments, and assets recognized from the costs to obtain or fulfill a contract. This standard is effective for fiscal years beginning after December 15, 2016, including interim periods within that reporting period. The Company is currently evaluating the new guidance to determine the impact it will have on our consolidated financial statements. | |||
(b) | Going concern disclosure: | ||
In August 2014, the FASB issued ASU 205-40, Presentation of Financial Statements – Going Concern, Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern, which requires management to assess at each interim and annual reporting period whether substantial doubt exists about the Company’s ability to operate as a going concern. Substantial doubt exists if the Company will be unable to meet its obligations as they become due within one year after the financial statement issue date. If there is substantial doubt, additional disclosures are required. The new standard is effective for annual and interim financial statements for fiscal years beginning after December 15, 2016. | |||
Acquisition_of_Correvio_LLC
Acquisition of Correvio LLC | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Business Combination Disclosure [Text Block] | 4. Acquisition of Correvio LLC: | |||||||
On November 18, 2013, the Company completed the acquisition of Correvio LLC (“Correvio”), a privately held pharmaceutical company headquartered in Geneva, Switzerland, focused on the worldwide marketing, excluding the United States, of AGGRASTAT®, a branded prescription pharmaceutical. The acquisition accelerates the Company’s launch of BRINAVESS™and transformation into a global commercial organization positioned for future growth, reduces BRINAVESS™ build out costs and shortens the time to profitability by providing an established operational and financial infrastructure with significant operating cost synergies. | ||||||||
The Company acquired 100% of Correvio through the purchase of a combination of assets and shares of its subsidiaries in exchange for 19.9% of the Company’s then outstanding shares and deferred consideration of $12,000. The deferred consideration will be repaid monthly at an amount equal to 10% of cash receipts from product sales and any applicable interest accrued at 10% compounded annually. The deferred consideration must be repaid in full by December 1, 2019. | ||||||||
The transaction was accounted using the acquisition method and accordingly, the consideration was allocated to the assets acquired and liabilities assumed on the basis of their respective estimated fair values as of November 18, 2013. The determination of fair value required management to make significant estimates and assumptions. The excess of the purchase price over the final amounts assigned to the assets acquired and liabilities assumed was recorded as goodwill. | ||||||||
The following tables summarize the total consideration transferred and the final amounts of the fair value assigned to the assets acquired and liabilities assumed recognized at the acquisition date: | ||||||||
Consideration | ||||||||
2,481,596 common shares of the Company | 9,629 | -1 | ||||||
Deferred consideration | 10,685 | -2 | ||||||
Cash consideration | 1,266 | |||||||
Fair value of total consideration transferred | $ | 21,580 | ||||||
-1 | The fair value of 19.9% of the Company’s outstanding shares issued on November 18, 2013 (a total of 2,481,596 shares) with a value of $3.88 per share for a total of $9,629 was determined based on the closing price on November 17, 2013. | |||||||
-2 | The fair value of the deferred consideration of $12,000 incurred by the Company on November 18, 2013 adjusted by post-closing adjustments of $1,315. The fair value of deferred consideration was based on significant inputs that are not observable in the market (Level 3 inputs) including forecasted cash receipts from product sales and an estimated discount factor. | |||||||
Final allocation of purchase price: | ||||||||
Assets acquired | ||||||||
Restricted cash and deposits | $ | 1,274 | ||||||
Accounts receivable | 6,142 | |||||||
Inventories | 3,781 | |||||||
Prepaid expense and other assets | 960 | |||||||
Property and equipment | 413 | |||||||
Identifiable intangible assets | 16,961 | |||||||
Goodwill | 318 | |||||||
Liabilities assumed | ||||||||
Accounts payable and accrued liabilities | 8,162 | |||||||
Deferred rent | 107 | |||||||
Fair value of net assets acquired | $ | 21,580 | ||||||
The following table provides the components of the identifiable intangible assets acquired that are subject to amortization: | ||||||||
Estimated | ||||||||
useful life | ||||||||
Marketing rights | 10 years | $ | 15,830 | |||||
Trade name | 10 years | 1,131 | ||||||
$ | 16,961 | |||||||
Correvio’s results of operations and estimated fair value of assets acquired and liabilities assumed have been included in the Company’s financial statements from the date of acquisition and include revenue of $3,805 and net losses of $275 to the Company for the period from November 18, 2013 to December 31, 2013. | ||||||||
The following unaudited supplemental pro forma data presents the Company’s operating results as if the acquisition had been completed on January 1, 2013. The pro forma financial information is presented for information purposes only and is not indicative of the results of operations that would have been achieved if the acquisition had actually occurred on January 1, 2013. The pro forma financial information presented includes amortization charges for acquired tangible and intangible assets, based on the values assigned in the purchase price allocation. | ||||||||
2013 | ||||||||
Pro forma information | ||||||||
Revenue | $ | 30,775 | ||||||
Net earnings | 2,169 | |||||||
Basic earnings per share | $ | 0.15 | ||||||
Diluted earnings per share | $ | 0.14 | ||||||
Financial_instruments
Financial instruments | 12 Months Ended | ||
Dec. 31, 2014 | |||
Investments, All Other Investments [Abstract] | |||
Financial Instruments Disclosure [Text Block] | 5. Financial instruments: | ||
Financial instruments consist primarily of cash and cash equivalents, restricted cash, accounts receivable, accounts payable and accrued liabilities, long-term debt and deferred consideration. The fair values of cash and cash equivalents, restricted cash, accounts receivable, and accounts payable and accrued liabilities approximate carrying values because of their short-term nature. At December 31, 2014, the carrying value of the Company’s long-term debt and deferred consideration approximate their fair value based on current market borrowing rates. The long-term debt is classified as Level 2 of the fair value hierarchy. The deferred consideration is classified as Level 3 of the fair value hierarchy. | |||
The Company’s financial instruments are exposed to certain financial risks, including credit risk and market risk. | |||
(a) | Credit risk: | ||
Credit risk is the risk of financial loss to the Company if a partner or counterparty to a financial instrument fails to meet its contractual obligations and arises principally from the Company’s cash and cash equivalents and accounts receivable. The carrying amount of the financial assets represents the maximum credit exposure. | |||
The Company limits its exposure to credit risk on cash and cash equivalents by placing these financial instruments with high-credit quality financial institutions. | |||
The Company is subject to credit risk related to its accounts receivable. The majority of the Company’s accounts receivable arise from product sales which are primarily due from drug distributors and hospitals. The Company monitors the creditworthiness of its customers so that it can properly assess and respond to changes in their credit profile. | |||
(b) | Market risk: | ||
Market risk is the risk that changes in market prices, such as foreign currency exchange rates and interest rates will affect the Company’s income or the value of the financial instruments held. | |||
(i) | Foreign currency risk: | ||
Foreign currency risk is the risk that the fair value of future cash flows of a financial instrument will fluctuate because of changes in foreign exchange rates. The Company is exposed to foreign currency risks as a portion of the Company’s cash and cash equivalents, accounts receivable, accounts payable and accrued liabilities, revenue, and operating expenses are denominated in other than U.S. dollars. The Company manages foreign currency risk by holding cash and cash equivalents in foreign currencies to support foreign currency forecasted cash outflows. The Company has not entered into any forward foreign exchange contracts. | |||
(ii) | Interest rate risk: | ||
Interest rate risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market interest rates. Financial instruments that potentially subject the Company to interest rate risk include cash and cash equivalents. | |||
The Company is exposed to interest rate cash flow risk on its cash and cash equivalents and on its long term debt as these instruments bear interest based on current market rates. | |||
Restricted_cash
Restricted cash | 12 Months Ended |
Dec. 31, 2014 | |
Cash and Cash Equivalents [Abstract] | |
Restricted Assets Disclosure [Text Block] | 6. Restricted cash: |
At December 31, 2014, restricted cash included $1,000 (2013 - $1,000) relating to amounts held in escrow in a non-interest bearing account in connection with the acquisition of Correvio (note 4). This amount will be released from escrow upon the Company’s payment of all amounts owing under the deferred consideration liability plus all applicable accrued interest. | |
The Company also held restricted cash relating to deposits which are pledged as collateral for bank guarantees for sales contracts with various hospitals and health authorities and for value-added tax liabilities of $1,320 (2013 - $1,158) and nil (2013 - $165), respectively. Average interest rates on these deposits range from nil to 0.01% (2013 - nil to 0.01%). | |
Inventories
Inventories | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Inventory Disclosure [Text Block] | 7 | Inventories: | ||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Finished goods | $ | 1,815 | $ | 1,941 | ||||
Work in process | 1,013 | 3,052 | ||||||
Raw materials | 2,449 | 1,546 | ||||||
Inventory consigned to others | 58 | 58 | ||||||
$ | 5,335 | $ | 6,597 | |||||
During the year ended December 31, 2014, the Company had a write-down of $1,547 (2013 – nil) in inventory. | ||||||||
Property_and_equipment
Property and equipment | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment Disclosure [Text Block] | 8. Property and equipment: | ||||||||||
Accumulated | Net book | ||||||||||
2014 | Cost | amortization | value | ||||||||
Laboratory equipment | $ | 625 | $ | 542 | $ | 83 | |||||
Production equipment | 96 | 16 | 80 | ||||||||
Software | 110 | 46 | 64 | ||||||||
Computer equipment | 200 | 111 | 89 | ||||||||
Leasehold improvements | 416 | 30 | 386 | ||||||||
Furniture and office equipment | 122 | 13 | 109 | ||||||||
$ | 1,569 | $ | 758 | $ | 811 | ||||||
Accumulated | Net book | ||||||||||
2013 | Cost | amortization | value | ||||||||
Laboratory equipment | $ | 629 | $ | 488 | $ | 141 | |||||
Production equipment | 286 | - | 286 | ||||||||
Software | 96 | 13 | 83 | ||||||||
Computer equipment | 144 | 87 | 57 | ||||||||
Leasehold improvements | 39 | 17 | 22 | ||||||||
Furniture and office equipment | 39 | 10 | 29 | ||||||||
$ | 1,233 | $ | 615 | $ | 618 | ||||||
Amortization expense for the year ended December 31, 2014 amounted to $143 (2013 - $104). | |||||||||||
Intangible_assets
Intangible assets | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Intangible Assets Disclosure [Text Block] | 9. Intangible assets: | ||||||||||
Accumulated | Net book | ||||||||||
2014 | Cost | amortization | value | ||||||||
Marketing rights | $ | 15,830 | $ | 1,782 | $ | 14,048 | |||||
Trade name | 1,131 | 127 | 1,004 | ||||||||
Patents | 4,273 | 3,169 | 1,104 | ||||||||
$ | 21,234 | $ | 5,078 | $ | 16,156 | ||||||
Accumulated | Net book | ||||||||||
2013 | Cost | amortization | value | ||||||||
Marketing rights | $ | 15,830 | $ | 199 | $ | 15,631 | |||||
Trade name | 1,131 | 14 | 1,117 | ||||||||
Patents | 4,179 | 2,858 | 1,321 | ||||||||
$ | 21,140 | $ | 3,071 | $ | 18,069 | ||||||
Amortization expense for the year ended December 31, 2014 amounted to $2,007 (2013 - $545). | |||||||||||
The estimated aggregate amortization expense for intangible assets held at December 31, 2014, for each of the five succeeding years is expected as follows: | |||||||||||
2015 | $ | 1,972 | |||||||||
2016 | 1,885 | ||||||||||
2017 | 1,867 | ||||||||||
2018 | 1,835 | ||||||||||
2019 | 1,813 | ||||||||||
Accounts_payable_and_accrued_l
Accounts payable and accrued liabilities | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Accounts Payable, Accrued Liabilities, and Other Liabilities Disclosure, Current [Text Block] | 10. Accounts payable and accrued liabilities: | |||||||
Accounts payable and accrued liabilities comprise: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Trade accounts payable | $ | 5,474 | $ | 5,719 | ||||
Employee-related accruals | 2,719 | 3,367 | ||||||
Restructuring (note 16) | - | 732 | ||||||
Interest payable (notes 4 and 11) | 291 | 125 | ||||||
Other accrued liabilities | 4,904 | 4,060 | ||||||
$ | 13,388 | $ | 14,003 | |||||
Long_term_debt
Long term debt | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Debt Disclosure [Text Block] | 11. Long term debt: | ||||
(a) | Merck | ||||
Pursuant to collaboration agreements with Merck Sharp & Dohme Corp. (“Merck”) signed in 2009, Merck granted the Company an interest-bearing credit facility of up to $100,000, secured by a first priority interest to the Company’s patents and all associated proceeds. On September 25, 2012, Merck terminated the agreements. | |||||
In December 2012, the Company agreed to settle its debt obligation by way of a $20,000 settlement amount to settle its outstanding debt of $50,000 plus accrued interest of $2,164. The Company paid $7,000 on December 31, 2012 and $13,000 on March 1, 2013, extinguishing all outstanding debt obligations to Merck. The Company recorded a gain on debt settlement of $20,834 for the year ended December 31, 2013. | |||||
(b) | MidCap | ||||
On July 18, 2014, the Company closed a senior, secured term loan facility with MidCap Financial, LLC for up to $22,000 consisting of two tranches bearing interest at a rate of LIBOR plus 8%. Interest is payable on a monthly basis. The first tranche of $12,000 is available for working capital and general corporate purposes. The second tranche of up to $10,000 is available to support a product or company acquisition. The loan carries a term of 48 months and is secured by substantially all of the assets of the Company. At December 31, 2014, the Company has drawn $12,000 of the first tranche of the loan facility. Future repayments are as follows: | |||||
2015 | $ | 1,714 | |||
2016 | 4,114 | ||||
2017 | 4,114 | ||||
2018 | 2,058 | ||||
Total repayments | $ | 12,000 | |||
Stockholders_equity
Stockholders' equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Shareholders' Equity and Share-based Payments [Text Block] | 12. Stockholders’ equity: | ||||||||||||||||
(a) | Authorized: | ||||||||||||||||
The authorized share capital of the Company consists of an unlimited number of common shares without par value and an unlimited number of preferred shares without par value issuable in series. | |||||||||||||||||
(b) | Issued and outstanding: | ||||||||||||||||
Number | |||||||||||||||||
Common shares | of shares | ||||||||||||||||
Balance, December 31, 2012 | 12,470,335 | ||||||||||||||||
Issued on acquisition of Correvio (note 4) | 2,481,596 | ||||||||||||||||
Issued for cash upon exercise of options | 5,192 | ||||||||||||||||
Issued upon exercise of options in cashless transaction | 1,154 | ||||||||||||||||
Balance, December 31, 2013 | 14,958,277 | ||||||||||||||||
Issued through at-the-market offering | 30,513 | ||||||||||||||||
Issued through common share offering | 1,500,000 | ||||||||||||||||
Issued upon exercise of options in cashless transaction | 32,212 | ||||||||||||||||
Issued for cash upon exercise of options | 70,000 | ||||||||||||||||
Balance, December 31, 2014 | 16,591,002 | ||||||||||||||||
(i) | On February 18, 2014, the Company completed a prospectus supplement under which the Company may issue common shares in one or more at-the-market (“ATM”) offerings up to an aggregate of $8,900. During the year ended December 31, 2014, the Company issued 30,513 common shares under the ATM program for gross proceeds of $289. | ||||||||||||||||
On March 11, 2014, the Company completed a prospectus offering of 1,500,000 common shares from treasury at CAD $10.00 per common share for net proceeds of $12,369. Additionally, 1,500,000 common shares were sold in a secondary offering from CarCor Investment Holdings LLC, the shareholder from which the Company purchased Correvio, at CAD $10.00 per common share for net proceeds of $12,720. The Company did not receive any of the proceeds of the sale of common shares by CarCor Investment Holdings LLC. | |||||||||||||||||
(c) | Stock options: | ||||||||||||||||
Under the terms of the Company’s incentive stock option plan (the “Plan”), the Company may grant options to directors, executive officers, employees and consultants of the Company. The Plan provides for granting of options at the fair market value of the Company’s common shares at the grant date. Options generally vest over periods of up to four years with an expiry term of five years and generally vest in equal amounts at the end of each month. On June 16, 2014, shareholders approved an amendment to the Plan (the “Amended Plan”) whereby the maximum number of shares available for issue under the Amended Plan is a rolling number equal to a maximum of 12.5% of the issued common shares outstanding at the time of grant. Prior to this amendment, the number of shares available for issuance was a specified, fixed amount. Under the Amended Plan, the maximum number of stock options issuable to insiders continues to be restricted to 10% of the issued and outstanding common shares of the Company. | |||||||||||||||||
Details of the stock option transactions for the years ended December 31, 2014 and 2013 is summarized as follows: | |||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | Aggregate | |||||||||||||||
average | remaining | intrinsic | |||||||||||||||
exercise price | contractual life | value | |||||||||||||||
Number | (CAD$) | (years) | (CAD$) | ||||||||||||||
Outstanding as at December 31, 2012 | 1,118,112 | 14.64 | 2.94 | 67 | |||||||||||||
Options granted | 545,000 | 3.28 | |||||||||||||||
Options exercised | -6,710 | 1.7 | |||||||||||||||
Options forfeited | -245,226 | 22.53 | |||||||||||||||
Options expired | -209,264 | 33.4 | |||||||||||||||
Outstanding as at December 31, 2013 | 1,201,912 | 4.68 | 3.71 | 4,400 | |||||||||||||
Options granted | 260,000 | 8.27 | |||||||||||||||
Options exercised | -111,155 | 2.17 | |||||||||||||||
Options forfeited | -11,335 | 7.48 | |||||||||||||||
Options expired | -61,132 | 24.03 | |||||||||||||||
Outstanding as at December 31, 2014 | 1,278,290 | 4.68 | 3.34 | 8,411 | |||||||||||||
Exercisable as at December 31, 2014 | 700,920 | 4.38 | 2.94 | 5,150 | |||||||||||||
The outstanding options expire at various dates ranging from May 25, 2015 to September 25, 2019. | |||||||||||||||||
At December 31, 2014, stock options to executive officers and directors, employees and consultants were outstanding as follows: | |||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
average | average | average | |||||||||||||||
remaining | exercise | exercise | |||||||||||||||
Range of | contractual | price | price | ||||||||||||||
exercise prices (CAD$) | Number | life (years) | (CAD$) | Number | (CAD$) | ||||||||||||
$1.65 to $1.67 | 272,000 | 3.22 | 1.65 | 132,550 | 1.65 | ||||||||||||
$1.68 to $2.08 | 226,845 | 2.74 | 1.7 | 186,681 | 1.7 | ||||||||||||
$2.09 to $3.78 | 230,000 | 2.51 | 2.45 | 191,750 | 2.45 | ||||||||||||
$3.79 to $43.20 | 549,445 | 4.01 | 8.34 | 189,939 | 10.88 | ||||||||||||
1,278,290 | 3.34 | 4.68 | 700,920 | 4.38 | |||||||||||||
A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2014 is as follows: | |||||||||||||||||
Number | Weighted average | ||||||||||||||||
of | grant-date fair value | ||||||||||||||||
Non-vested options | options | (U.S.$) | |||||||||||||||
Non-vested at December 31, 2013 | 599,474 | 2.1 | |||||||||||||||
Granted | 260,000 | 4.55 | |||||||||||||||
Vested | -269,409 | 2.58 | |||||||||||||||
Forfeited | -11,195 | 3.98 | |||||||||||||||
Expired | -1,500 | 12.6 | |||||||||||||||
Non-vested at December 31, 2014 | 577,370 | 3.19 | |||||||||||||||
As of December 31, 2014, there was $1,023 (2013 - $1,349) of total unrecognized compensation cost related to non-vested stock options. That cost is expected to be recognized over a weighted average period of 1.6 years (2013 – 1.6 years). | |||||||||||||||||
The aggregate intrinsic value of stock options exercised during the year ended December 31, 2014 was $666 (2013 - $32). | |||||||||||||||||
The aggregate fair value of vested options during the year ended December 31, 2014 was $696 (2013 - $444). | |||||||||||||||||
For the year ended December 31, 2014, cash received relating to the exercise of stock options was $148 (2013 - $8). | |||||||||||||||||
(d) | Restricted stock plan: | ||||||||||||||||
During 2014, the Company established a treasury-based Restricted Share Unit Plan (the “RSU Plan”) to provide long-term incentives to certain executives and other key employees and to support the objective of employee share ownership through the granting of restricted share units (“RSUs”). There is no exercise price and no monetary payment is required from the employees to the Company upon grant of the RSUs or upon the subsequent issuance of shares to settle the award. The vested RSUs may be settled through the issuance of common shares from treasury, by the delivery of common shares purchased on the open market, in cash or in any combination of the foregoing, at the option of the Company. Vesting of RSUs is conditional upon the expiry of a time-based vesting period. The duration of the vesting period and other vesting terms applicable to the grant of the RSUs are determined at the time of the grant. The maximum number of RSU’s issuable under the RSU Plan is 413,001. As at December 31, 2014, the Company approved 59,500 RSUs which are not yet considered to be granted under GAAP criteria. | |||||||||||||||||
(e) | Stock-based compensation: | ||||||||||||||||
The estimated fair value of options granted to executive officers and directors, and employees is amortized over the vesting period. For the year ended December 31, 2014, stock-based compensation expense of $1,141 (2013 - $645) is recorded in selling, general and administration expenses. | |||||||||||||||||
The weighted average fair value of stock options granted during the year ended December 31, 2014 was $4.55 (2013 - $2.17). The estimated fair value of the stock options granted was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: | |||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield | - | - | |||||||||||||||
Expected volatility | 87.5 | % | 82.7 | % | |||||||||||||
Risk-free interest rate | 1.1 | % | 1.3 | % | |||||||||||||
Expected average life of the options | 3.3 years | 3.7 years | |||||||||||||||
Estimated forfeiture rate | 0.5 | % | 13.4 | % | |||||||||||||
There is no dividend yield as the Company has not paid, and does not plan to pay, dividends on its common shares. The expected volatility is based on the historical share price volatility of the Company’s daily share closing prices over a period equal to the expected life of each option grant. The risk-free interest rate is based on yields from Canadian government bond yields with a term equal to the expected term of the options being valued. The expected life of options represents the period of time that the options are expected to be outstanding based on the contractual term of the options and on historical data of option holder exercise and post-vesting employment termination behaviour. Forfeitures are estimated at the time of grant and, if necessary, management revises that estimate if actual forfeitures differ and adjusts stock-based compensation expense accordingly. | |||||||||||||||||
Basic_and_diluted_earnings_los
Basic and diluted earnings (loss) per share | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Earnings Per Share [Text Block] | 13 | Basic and diluted earnings (loss) per share: | ||||||
Reconciliations between basic and diluted earnings (loss) per shares are set forth below: | ||||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Net earnings (loss) | $ | -18,227 | $ | 4,773 | ||||
Weighted average number of common shares for basic earnings (loss) per share | 16,230,308 | 12,769,844 | ||||||
Dilutive effect of options | - | 165,012 | ||||||
Diluted weighted average number of common shares for diluted earnings per share | 16,230,308 | 12,934,856 | ||||||
Basic and diluted earnings (loss) per share | $ | -1.12 | $ | 0.37 | ||||
Commitments
Commitments | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Commitments Disclosure [Text Block] | 14. Commitments: | ||||
(a) | Operating leases: | ||||
The Company has entered into operating leases for office space. Future minimum payments under the various operating leases are as follows: | |||||
2015 | $ | 489 | |||
2016 | 425 | ||||
2017 | 334 | ||||
2018 | 337 | ||||
2019 | 286 | ||||
Thereafter | 1,079 | ||||
Total minimum payments required | $ | 2,950 | |||
Rent expense for the year ended December 31, 2014 was $599 (2013 - $129), net of sublease income of $127 (2013 - $651). | |||||
(b) | Commitments for clinical and other agreements: | ||||
The Company entered into various clinical and other agreements requiring it to fund future expenditures of $4,032 (2013 - $3,997) between 2015 and 2018. | |||||
(c) | Purchase commitments: | ||||
In connection with the acquisition of Correvio (note 4), the Company has purchase commitments with certain suppliers who assist in the production of AGGRASTAT®. The commitments currently extend until the end of 2016. The amount of the purchase commitment is based on physical quantities manufactured; however there is a minimum purchase obligation of $1,180 for 2015 and $1,180 for 2016. The total amount purchased under this obligation was $2,148 for the year ended December 31, 2014 (2013 - $1,832). | |||||
Income_taxes
Income taxes | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Income Tax Disclosure [Text Block] | 15. Income taxes: | ||||||||
The components of earnings (loss) before income taxes consist of the following: | |||||||||
2014 | 2013 | ||||||||
Canadian | $ | -6,042 | $ | 12,245 | |||||
Foreign | -12,136 | -7,370 | |||||||
Earnings (loss) before income taxes | $ | -18,178 | $ | 4,875 | |||||
The reconciliation of income tax computed at statutory tax rates to income tax expense (recovery), using a 26.0% (2013 – 25.8%) statutory tax rate, is: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Income (loss) before income taxes | $ | -18,178 | $ | 4,875 | |||||
Statutory tax rate | 26 | % | 25.8 | % | |||||
Income tax expense (recovery) at Canadian statutory income tax rates | $ | -4,726 | $ | 1,229 | |||||
Change in valuation allowance | 1,524 | 405 | |||||||
Permanent and other differences | 369 | -185 | |||||||
Tax rate differences | 1,445 | -1,347 | |||||||
Foreign exchange adjustments and other differences | 1,437 | - | |||||||
Income tax expense | $ | 49 | $ | 102 | |||||
Significant components of the Company’s deferred tax assets are shown below: | |||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Tax loss carryforwards | $ | 71,914 | $ | 70,054 | |||||
Research and development deductions and investment tax credits | 29,126 | 29,146 | |||||||
Tax values of depreciable assets in excess of accounting values | 2,719 | 2,485 | |||||||
Share issue costs and other | 406 | 517 | |||||||
Total deferred tax assets | 104,165 | 102,202 | |||||||
Valuation allowance | -103,726 | -102,202 | |||||||
Net deferred tax assets | $ | 439 | $ | - | |||||
At December 31, 2014, the Company has investment tax credits of $17,934 (2013 - $18,454) available to reduce deferred income taxes otherwise payable. | |||||||||
The Company also has total loss carryforwards of $301,791 (2013 - $292,754) available to offset future taxable income in Canada in the amount of $164,917 (2013 - $159,656), in Switzerland in the amount of $91,249 (2013 - $85,842), in the United States in the amount of $44,596 (2013 - $45,316), and in the United Kingdom in the amount of $1,029 (2013 - $1,061). | |||||||||
The Company’s Canadian federal and provincial investment tax credits and non-capital losses for income tax purposes expire as follows: | |||||||||
Investment | Non-capital | ||||||||
tax credits | losses | ||||||||
2015 | $ | 343 | $ | 11,673 | |||||
2016 | 1,064 | 7,596 | |||||||
2017 | 975 | 3,460 | |||||||
2018 | 158 | 35,288 | |||||||
2019 | 501 | 6,290 | |||||||
Thereafter | 14,893 | 237,484 | |||||||
$ | 17,934 | $ | 301,791 | ||||||
The amount of liability for unrecognized tax benefits under U.S. GAAP as of December 31, 2014 is nil (2013 - nil). | |||||||||
The Company recognizes interest and penalties related to income taxes in interest and other income. To date, the Company has not incurred any significant interest and penalties. The Company is subject to assessments by various taxation authorities which may interpret tax legislations and tax filing positions differently from the Company. The Company provides for such differences when it is likely that a taxation authority will not sustain the Company’s filing position and the amount of the tax exposure can be reasonably estimated. As at December 31, 2014, a provision of nil (2013 - nil) has been made in the financial statements for estimated tax liabilities. Tax years ranging from 2004 to 2012 remain subject to examination in the various countries we operate in. | |||||||||
Restructuring
Restructuring | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||
Restructuring, Impairment, and Other Activities Disclosure [Text Block] | 16 | Restructuring: | |||||||||
In connection with the acquisition of Correvio in November 2013, the Company terminated several employees as part of integrating Correvio’s operations. | |||||||||||
In March and July of 2012, the Company reduced its workforce, exited redundant leased facilities and terminated certain contracts. The workforce reduction initiative was completed in 2012, with the related liability substantially paid out in the first quarter of 2013. Idle-use expense and other charges recognized in the year ended December 31, 2012 included lease termination costs. The liability associated with idle-use expense and other charges, which is related to redundant leased facilities, has been fully settled. | |||||||||||
The following tables summarize the provisions related to the restructuring for years ended December 31, 2014 and 2013: | |||||||||||
Employee | Idle-use | Total | |||||||||
termination | expense and | ||||||||||
benefits | other charges | ||||||||||
Balance at December 31, 2012 | $ | 320 | $ | 247 | $ | 567 | |||||
Restructuring expense recognized | 1,336 | - | 1,336 | ||||||||
Revisions to prior accruals | -12 | -117 | -129 | ||||||||
Payments made | -926 | -30 | -956 | ||||||||
Non-cash items | - | -86 | -86 | ||||||||
Balance at December 31, 2013 | 718 | 14 | 732 | ||||||||
Payments made | -718 | - | -718 | ||||||||
Non-cash items | - | -14 | -14 | ||||||||
Balance at December 31, 2014 | $ | - | $ | - | $ | - | |||||
Related_party_transactions
Related party transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions Disclosure [Text Block] | 17. Related party transactions: |
The Company incurred expenses for services provided by a law firm in which a director of one of the Company’s wholly owned subsidiaries is a partner. The amounts charged are recorded at their exchange amounts and are subject to normal trade terms. For the year ended December 31, 2014, the Company incurred legal fees of $145 (2013 - $174) for services provided by the law firm relating to general corporate matters. Included in accounts payable and accrued liabilities at December 31, 2014 is $52 (2013 - $66) owing to the legal firm. | |
The Company also incurred expenses for services provided by an accounting firm in which a director of one of the Company’s wholly owned subsidiaries is a director. The amounts charged are recorded at their exchange amounts and are subject to normal trade terms. For the year ended December 31, 2014, the Company incurred accounting fees of $64 (2013 - $91) for services provided by the accounting firm relating to general corporate matters. Included in accounts payable and accrued liabilities at December 31, 2014 is $8 (2013 - $25) owing to the accounting firm. | |
Contingencies
Contingencies | 12 Months Ended | ||
Dec. 31, 2014 | |||
Commitments and Contingencies Disclosure [Abstract] | |||
Contingencies Disclosure [Text Block] | 18. Contingencies: | ||
(a) | The Company may, from time to time, be subject to claims and legal proceedings brought against it in the normal course of business. Such matters are subject to many uncertainties. Management believes that adequate provisions have been made in the accounts where required and the ultimate resolution of such contingencies will not have a material adverse effect on the consolidated financial position of the Company. | ||
(b) | The Company entered into indemnification agreements with all officers and directors. The maximum potential amount of future payments required under these indemnification agreements is unlimited. However, the Company maintains appropriate liability insurance that limits the exposure and enables the Company to recover any future amounts paid, less any deductible amounts pursuant to the terms of the respective policies, the amounts of which are not considered material. | ||
(c) | The Company has entered into license and research agreements with third parties that include indemnification provisions that are customary in the industry. These indemnification provisions generally require the Company to compensate the other party for certain damages and costs incurred as a result of third party claims or damages arising from these transactions. In some cases, the maximum potential amount of future payments that could be required under these indemnification provisions is unlimited. These indemnification provisions may survive termination of the underlying agreement. The nature of the indemnification obligations prevents the Company from making a reasonable estimate of the maximum potential amount it could be required to pay. Historically, the Company has not made any indemnification payments under such agreements and no amount has been accrued in the accompanying consolidated financial statements with respect to these indemnification obligations. | ||
Segmented_information
Segmented information | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment Reporting Disclosure [Text Block] | 19. Segmented information: | ||||||||||||
During 2013, the Company began recognizing revenue from product sales at which time management began to measure the Company’s operations by the geographic area in which such products are sold. | |||||||||||||
Year ended December 31, 2014 | Europe | Rest of World | Total | ||||||||||
Revenue | 14,308 | 15,734 | 30,042 | ||||||||||
Cost of goods sold | 5,037 | 4,990 | 10,027 | ||||||||||
Gross margin | 9,271 | 10,744 | 20,015 | ||||||||||
Gross margin % | 65 | % | 68 | % | 67 | % | |||||||
Year ended December 31, 2013 | Europe | Rest of World | Total | ||||||||||
Revenue | $ | 1,897 | $ | 2,614 | $ | 4,511 | |||||||
Cost of goods sold | 622 | 314 | 936 | ||||||||||
Gross margin | 1,275 | 2,300 | 3,575 | ||||||||||
Gross margin % | 67 | % | 88 | % | 79 | % | |||||||
During the years ended December 31, 2014 and 2013, we had two customers that accounted for more than 10% of our revenue. In 2014, these customers accounted for 23% and 19% of our revenue, respectively (2013 – 25% and 22%, respectively). | |||||||||||||
Property and equipment by geographic area were as follows: | |||||||||||||
As at December 31 | 2014 | 2013 | |||||||||||
Europe | $ | 118 | $ | 132 | |||||||||
Rest of World | 693 | 486 | |||||||||||
$ | 811 | $ | 618 | ||||||||||
Summary_of_significant_account1
Summary of significant accounting policies (Policies) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Consolidation, Policy [Policy Text Block] | (a) | Principles of consolidation: | |
The consolidated financial statements include the accounts of Cardiome Pharma Corp. and its wholly-owned subsidiaries from their respective dates of acquisition of control. All intercompany transactions and balances have been eliminated on consolidation. | |||
Use Of Estimates, Policy [Policy Text Block] | (b) | Use of estimates: | |
The consolidated financial statements have been prepared in conformity with U.S. GAAP, which requires management to make estimates and assumptions that affect the reported amounts in the consolidated financial statements. Significant areas requiring the use of estimates relate to accounting for amounts recorded in connection with business combinations, recoverability of inventories, carrying value of intangible assets, revenue recognition, bad debt and doubtful accounts, income taxes, stock-based compensation expense, and commitments and contingencies. The reported amounts and note disclosure are determined using management’s best estimates based on assumptions that reflect the most probable set of economic conditions and planned course of action. Actual results could differ from those estimates. | |||
Business Combinations Policy [Policy Text Block] | (c) | Business combinations: | |
In a business combination, the acquisition method of accounting requires that the assets acquired and liabilities assumed be recorded as of the date of the acquisition at their respective fair values with limited exceptions. Assets acquired and liabilities assumed in a business combination that arise from contingencies are recognized at fair value if fair value can reasonably be estimated. If the acquisition date fair value of an asset acquired or liability assumed that arises from a contingency cannot be determined, the asset or liability is recognized if probable and reasonably estimable; if these criteria are not met, no asset or liability is recognized. 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. Accordingly, the Company may be required to value assets at fair value measures that do not reflect the Company’s intended use of those assets. Any excess of the purchase price (consideration transferred) over the estimated fair values of net assets acquired is recorded as goodwill. Transaction costs and costs to restructure the acquired company are expensed as incurred. The operating results of the acquired business are reflected in the Company’s consolidated financial statements from the date of acquisition. | |||
Foreign Currency Transactions and Translations Policy [Policy Text Block] | (d) | Foreign currency translation: | |
The net assets of foreign subsidiaries where the local currencies have been determined to be the functional currencies are translated into U.S. dollars using exchange rates at the balance sheet dates. Equity is translated at historical rates and revenue and expenses are translated at exchange rates prevailing during the period. The foreign exchange gains and losses arising from translation are recorded in the foreign currency translation account, which is included in other comprehensive income (loss) and reflected as a separate component of equity. For those subsidiaries where the U.S. dollar has been determined to be the functional currency, non-monetary foreign currency assets and liabilities are translated using historical rates, while monetary assets and liabilities are translated at the period-end exchange rates. Revenues and expenses denominated in foreign currencies are translated at exchange rates prevailing during the period. Foreign exchange gains and losses are recorded in net earnings (loss) for the period. | |||
Fair Value Of Financial Instruments, Policy [Policy Text Block] | (e) | Fair value measurements of financial instruments: | |
Fair value measurements of financial instruments are determined by using a fair value hierarchy that prioritizes the inputs to valuation techniques into three levels according to the relative reliability of the inputs used to estimate the fair values. | |||
The three levels of inputs used to measure fair value are as follows: | |||
Level 1 - Unadjusted quoted prices in active markets for identical financial instruments; | |||
Level 2 - Inputs other than quoted prices that are observable for the financial instrument either directly or indirectly; and | |||
Level 3 - Inputs that are not based on observable market data. | |||
In determining fair value measurements, the most observable inputs are used when available. The fair value hierarchy level at which a financial instrument is categorized is determined on the basis of the lowest level input that is significant to the fair value measurement. | |||
Cash and Cash Equivalents, Policy [Policy Text Block] | (f) | Cash and cash equivalents: | |
Cash and cash equivalents include cash and short-term deposits with original maturities of 90 days or less. Short-term deposits are valued at amortized cost. The carrying amounts approximate fair value due to the short-term maturities of these instruments. | |||
Receivables, Trade and Other Accounts Receivable, Allowance for Doubtful Accounts, Policy [Policy Text Block] | (g) | Allowance for doubtful accounts receivable: | |
The Company maintains an allowance for accounts receivable for estimated losses that may result from our customers’ inability to pay. The Company estimates an allowance for doubtful accounts receivable primarily based on the credit worthiness of customers, aging of receivable balances and general economic conditions. Amounts later determined and specifically identified to be uncollectible are charged against this allowance. | |||
Inventory, Policy [Policy Text Block] | (h) | Inventories: | |
Inventories consist of finished goods, unfinished product (work in process) and raw materials and are valued at the lower of cost or estimated net realizable value, determined on a first-in-first-out basis. Cost is defined as all costs that relate to bringing the inventory to its present condition and location under normal operating conditions. Estimated net realizable value is the estimated selling price in the ordinary course of business, less the estimated costs of completion and selling expenses. | |||
The components of inventory and inventory purchase commitments are reviewed on a regular basis for excess and obsolete inventory based on estimated future usage and sales, demand from drug distributors and hospitals and economic conditions. Management believes that the estimates used in calculating the inventory provision are reasonable and properly reflect the risk of excess and obsolete inventory. | |||
Property, Plant and Equipment, Policy [Policy Text Block] | (i) | Property and equipment: | |
Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: | |||
Asset | Rate | ||
Laboratory equipment | 5 years | ||
Production equipment | 7 years | ||
Computer equipment | 3-5 years | ||
Software | 3-5 years | ||
Furniture and office equipment | 5-7 years | ||
Leasehold improvements are amortized on a straight-line basis over the lesser of their estimated useful life or the initial lease term. | |||
Intangible Assets, Finite-Lived, Policy [Policy Text Block] | (j) | Intangible assets: | |
Intangible assets are comprised of patent costs, trade name and marketing rights. Patent costs which are associated with the preparation, filing, and obtaining of patents are capitalized. Maintenance costs of patents are expensed as incurred. | |||
The estimated useful life of intangible assets with definite life is the period over which the assets are expected to contribute to future cash flows. When determining the useful life, the Company considers the expected use of the asset, useful life of a related intangible asset, any legal, regulatory or contractual provisions that limit the useful life, any legal, regulatory, or contractual renewal or extension provisions without substantial costs or modifications to the existing terms and conditions, the effects of obsolescence, demand, competition and other economic factors, and the expected level of maintenance expenditures relative to the cost of the asset required to obtain future cash flows from the asset. | |||
Amortization is provided using the straight-line method over the following terms: | |||
Asset | Rate | ||
Patents | over the useful life | ||
Trade name | 10 years | ||
Marketing rights | 10 years | ||
Other Assets [Policy Text Block] | (k) | Other assets: | |
Deferred financing fees represent the unamortized costs incurred on issuance of the Company’s term loan facility. Amortization of deferred financing fees on the term loan facility is provided on the effective interest rate method over the term of the facility based on amounts available under the facilities. | |||
Goodwill and Intangible Assets, Goodwill, Policy [Policy Text Block] | (l) | Goodwill: | |
Goodwill represents the excess of the purchase price of an acquired enterprise over the fair value assigned to assets acquired and liabilities assumed in a business combination. Goodwill is allocated as of the date of the business combination to the reporting units that are expected to benefit from the synergies of the business combination. | |||
Goodwill has an indefinite life, is not amortized, and is subject to a two-step impairment test on an annual basis. The first step compares the fair value of the reporting unit to its carrying amount, which includes the goodwill. When the fair value of a reporting unit exceeds its carrying amount, goodwill of the reporting unit is considered not to be impaired and the second step of the impairment test is unnecessary. If the carrying amount exceeds the implied fair value of the goodwill, the second step measures the amount of the impairment loss. If the carrying amount exceeds the fair value of the goodwill, an impairment loss is recognized equal to that excess. | |||
Impairment Of Long Lived Assets [Policy Text Block] | (m) | Impairment of long-lived assets: | |
Long-lived assets, including property and equipment, and intangible assets other than goodwill, are assessed for potential impairment when there is evidence that events or changes in circumstances indicate that the carrying amount of an asset may not be recovered. The Company determines whether the carrying value of a long-lived depreciable asset or asset group is recoverable based on its estimates of future asset utilization and undiscounted expected future cash flows the assets are expected to generate. If the total of the expected undiscounted future cash flows is less than the carrying amount of the asset, a loss is recognized for the excess of the carrying amount over the fair value of the asset. | |||
Revenue Recognition, Policy [Policy Text Block] | (n) | Revenue recognition: | |
Product and royalty revenue | |||
Revenue from sales of products is recognized upon the later of transfer of title or upon shipment of the product to the customer, so long as persuasive evidence of an arrangement exists, the sales price is fixed or determinable, and collection is reasonably assured. Provisions for chargebacks, rebates, sales incentives and returns are provided for in the same period the related sales are recorded. Sales taxes collected from customers in various European markets that must be remitted back to the relevant government authorities are excluded from revenues. Shipping and handling costs are included in cost of sales. | |||
Royalty revenue is recognized on an accrual basis when earned in accordance with the agreement terms, when royalties from the collaborative partner are determinable and collection is reasonably assured, such as upon the receipt of a royalty statement from the collaborative partner. | |||
Licensing and other fees | |||
The Company earns revenue from a collaboration and license agreement from the commercial sale of an approved product. | |||
Research and Development Expense, Policy [Policy Text Block] | (o) | Research and development costs: | |
Research and development costs are expensed in the period incurred. | |||
Clinical Trial Expenses [Policy Text Block] | (p) | Clinical trial expenses: | |
Clinical trial expenses are a component of research and development costs and include fees paid to contract research organizations, investigators and other vendors who conduct certain product development activities on the Company’s behalf. The amount of clinical trial expenses recognized in a period related to service agreements are based on estimates of the work performed using an accrual basis of accounting. These estimates are based on patient enrollment, services provided and goods delivered, contractual terms and experience with similar contracts. The Company monitors these factors to the extent possible and adjusts its estimates accordingly. Prepaid expenses or accrued liabilities are adjusted if payments to service providers differ from estimates of the amount of service completed in a given period. | |||
Stock-based compensation and other stock-based payments | (q) | Stock-based compensation and other stock-based payments: | |
Stock options and restricted share units granted to the Company’s directors, executive officers and employees are accounted for using the fair-value based method. Under this method, compensation expense for stock options is measured at fair value at the date of grant using the Black-Scholes valuation model and is expensed over the award’s vesting period. Stock-based compensation granted to consultants is subject to variable accounting treatment and is re-valued at fair value at each balance sheet date until the underlying service is complete. Compensation expense for restricted share units is measured at fair value at the date of grant, which is the market price of the underlying security, and is expensed over the award’s vesting period using the straight-line method. | |||
Income Tax, Policy [Policy Text Block] | (r) | Income taxes: | |
The Company accounts for income taxes using the liability method of tax allocation. Deferred income taxes are recognized for the deferred income tax consequences attributable to differences between the carrying values of assets and liabilities and their respective income tax bases. Deferred income tax assets and liabilities are measured using enacted income tax rates expected to apply to taxable income in the years in which temporary differences are expected to be recovered or settled. The effect on deferred income tax assets and liabilities of a change in tax rates is included in income when a change in tax rates is enacted. Deferred income tax assets are evaluated periodically and if realization is not considered more likely than not, a valuation allowance is provided. Income tax credits, such as investment tax credits, are included as part of the provision for income taxes. | |||
Earnings Per Share, Policy [Policy Text Block] | (s) | Earnings (loss) per share: | |
Basic earnings (loss) per share is calculated by dividing net earnings (loss) by the weighted average number of common shares outstanding during the period. Diluted earnings per share is computed using the treasury stock method. When the effect of options and other securities convertible into common shares is anti-dilutive, including when the Company has incurred a loss for the period, basic and diluted loss per share are the same. | |||
Diluted earnings per share is calculated using the weighted average number of common shares outstanding during the period, adjusted to include the number of incremental common shares that would have been outstanding if all dilutive potential common shares had been issued. Under the treasury stock method, the number of dilutive shares, if any, is determined by dividing the average market price of shares for the period into the net proceeds of in-the-money options. | |||
Reclassification, Policy [Policy Text Block] | (t) | Comparative figures: | |
Certain comparative figures have been reclassified to conform with the financial statement presentation adopted for the current year. | |||
Summary_of_significant_account2
Summary of significant accounting policies (Tables) | 12 Months Ended | ||
Dec. 31, 2014 | |||
Accounting Policies [Abstract] | |||
Schedule Of Property Plant and Equipment Estimated Useful Life [Table Text Block] | Property and equipment are recorded at cost less accumulated amortization. Amortization is provided using the straight-line method over the following terms: | ||
Asset | Rate | ||
Laboratory equipment | 5 years | ||
Production equipment | 7 years | ||
Computer equipment | 3-5 years | ||
Software | 3-5 years | ||
Furniture and office equipment | 5-7 years | ||
Finite Lived Intangible Assets Estimated Useful Life [Table Text Block] | Amortization is provided using the straight-line method over the following terms: | ||
Asset | Rate | ||
Patents | over the useful life | ||
Trade name | 10 years | ||
Marketing rights | 10 years | ||
Acquisition_of_Correvio_LLC_Ta
Acquisition of Correvio LLC (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Business Combinations [Abstract] | ||||||||
Schedule Of Business Acquisition Consideration [Table Text Block] | The following tables summarize the total consideration transferred and the final amounts of the fair value assigned to the assets acquired and liabilities assumed recognized at the acquisition date: | |||||||
Consideration | ||||||||
2,481,596 common shares of the Company | 9,629 | -1 | ||||||
Deferred consideration | 10,685 | -2 | ||||||
Cash consideration | 1,266 | |||||||
Fair value of total consideration transferred | $ | 21,580 | ||||||
-1 | The fair value of 19.9% of the Company’s outstanding shares issued on November 18, 2013 (a total of 2,481,596 shares) with a value of $3.88 per share for a total of $9,629 was determined based on the closing price on November 17, 2013. | |||||||
-2 | The fair value of the deferred consideration of $12,000 incurred by the Company on November 18, 2013 adjusted by post-closing adjustments of $1,315. The fair value of deferred consideration was based on significant inputs that are not observable in the market (Level 3 inputs) including forecasted cash receipts from product sales and an estimated discount factor. | |||||||
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed [Table Text Block] | Final allocation of purchase price: | |||||||
Assets acquired | ||||||||
Restricted cash and deposits | $ | 1,274 | ||||||
Accounts receivable | 6,142 | |||||||
Inventories | 3,781 | |||||||
Prepaid expense and other assets | 960 | |||||||
Property and equipment | 413 | |||||||
Identifiable intangible assets | 16,961 | |||||||
Goodwill | 318 | |||||||
Liabilities assumed | ||||||||
Accounts payable and accrued liabilities | 8,162 | |||||||
Deferred rent | 107 | |||||||
Fair value of net assets acquired | $ | 21,580 | ||||||
Schedule of Finite-Lived Intangible Assets Acquired as Part of Business Combination [Table Text Block] | The following table provides the components of the identifiable intangible assets acquired that are subject to amortization: | |||||||
Estimated | ||||||||
useful life | ||||||||
Marketing rights | 10 years | $ | 15,830 | |||||
Trade name | 10 years | 1,131 | ||||||
$ | 16,961 | |||||||
Business Acquisition, Pro Forma Information [Table Text Block] | The pro forma financial information presented includes amortization charges for acquired tangible and intangible assets, based on the values assigned in the purchase price allocation. | |||||||
2013 | ||||||||
Pro forma information | ||||||||
Revenue | $ | 30,775 | ||||||
Net earnings | 2,169 | |||||||
Basic earnings per share | $ | 0.15 | ||||||
Diluted earnings per share | $ | 0.14 | ||||||
Inventories_Tables
Inventories (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Inventory, Net [Abstract] | ||||||||
Schedule of Inventory, Current [Table Text Block] | December 31, | December 31, | ||||||
2014 | 2013 | |||||||
Finished goods | $ | 1,815 | $ | 1,941 | ||||
Work in process | 1,013 | 3,052 | ||||||
Raw materials | 2,449 | 1,546 | ||||||
Inventory consigned to others | 58 | 58 | ||||||
$ | 5,335 | $ | 6,597 | |||||
Property_and_equipment_Tables
Property and equipment (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Property, Plant and Equipment [Abstract] | |||||||||||
Property, Plant and Equipment [Table Text Block] | Accumulated | Net book | |||||||||
2014 | Cost | amortization | value | ||||||||
Laboratory equipment | $ | 625 | $ | 542 | $ | 83 | |||||
Production equipment | 96 | 16 | 80 | ||||||||
Software | 110 | 46 | 64 | ||||||||
Computer equipment | 200 | 111 | 89 | ||||||||
Leasehold improvements | 416 | 30 | 386 | ||||||||
Furniture and office equipment | 122 | 13 | 109 | ||||||||
$ | 1,569 | $ | 758 | $ | 811 | ||||||
Accumulated | Net book | ||||||||||
2013 | Cost | amortization | value | ||||||||
Laboratory equipment | $ | 629 | $ | 488 | $ | 141 | |||||
Production equipment | 286 | - | 286 | ||||||||
Software | 96 | 13 | 83 | ||||||||
Computer equipment | 144 | 87 | 57 | ||||||||
Leasehold improvements | 39 | 17 | 22 | ||||||||
Furniture and office equipment | 39 | 10 | 29 | ||||||||
$ | 1,233 | $ | 615 | $ | 618 | ||||||
Intangible_assets_Tables
Intangible assets (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||
Schedule of Finite-Lived Intangible Assets [Table Text Block] | Accumulated | Net book | |||||||||
2014 | Cost | amortization | value | ||||||||
Marketing rights | $ | 15,830 | $ | 1,782 | $ | 14,048 | |||||
Trade name | 1,131 | 127 | 1,004 | ||||||||
Patents | 4,273 | 3,169 | 1,104 | ||||||||
$ | 21,234 | $ | 5,078 | $ | 16,156 | ||||||
Accumulated | Net book | ||||||||||
2013 | Cost | amortization | value | ||||||||
Marketing rights | $ | 15,830 | $ | 199 | $ | 15,631 | |||||
Trade name | 1,131 | 14 | 1,117 | ||||||||
Patents | 4,179 | 2,858 | 1,321 | ||||||||
$ | 21,140 | $ | 3,071 | $ | 18,069 | ||||||
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | The estimated aggregate amortization expense for intangible assets held at December 31, 2014, for each of the five succeeding years is expected as follows: | ||||||||||
2015 | $ | 1,972 | |||||||||
2016 | 1,885 | ||||||||||
2017 | 1,867 | ||||||||||
2018 | 1,835 | ||||||||||
2019 | 1,813 | ||||||||||
Accounts_payable_and_accrued_l1
Accounts payable and accrued liabilities (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Payables and Accruals [Abstract] | ||||||||
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | Accounts payable and accrued liabilities comprise: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Trade accounts payable | $ | 5,474 | $ | 5,719 | ||||
Employee-related accruals | 2,719 | 3,367 | ||||||
Restructuring (note 16) | - | 732 | ||||||
Interest payable (notes 4 and 11) | 291 | 125 | ||||||
Other accrued liabilities | 4,904 | 4,060 | ||||||
$ | 13,388 | $ | 14,003 | |||||
Long_term_debt_Tables
Long term debt (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Debt Disclosure [Abstract] | |||||
Schedule of Maturities of Long-term Debt [Table Text Block] | Future repayments are as follows: | ||||
2015 | $ | 1,714 | |||
2016 | 4,114 | ||||
2017 | 4,114 | ||||
2018 | 2,058 | ||||
Total repayments | $ | 12,000 | |||
Stockholders_equity_Tables
Stockholders' equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Equity [Abstract] | |||||||||||||||||
Schedule of Common Stock Outstanding Roll Forward [Table Text Block] | Number | ||||||||||||||||
Common shares | of shares | ||||||||||||||||
Balance, December 31, 2012 | 12,470,335 | ||||||||||||||||
Issued on acquisition of Correvio (note 4) | 2,481,596 | ||||||||||||||||
Issued for cash upon exercise of options | 5,192 | ||||||||||||||||
Issued upon exercise of options in cashless transaction | 1,154 | ||||||||||||||||
Balance, December 31, 2013 | 14,958,277 | ||||||||||||||||
Issued through at-the-market offering | 30,513 | ||||||||||||||||
Issued through common share offering | 1,500,000 | ||||||||||||||||
Issued upon exercise of options in cashless transaction | 32,212 | ||||||||||||||||
Issued for cash upon exercise of options | 70,000 | ||||||||||||||||
Balance, December 31, 2014 | 16,591,002 | ||||||||||||||||
(i) | On February 18, 2014, the Company completed a prospectus supplement under which the Company may issue common shares in one or more at-the-market (“ATM”) offerings up to an aggregate of $8,900. During the year ended December 31, 2014, the Company issued 30,513 common shares under the ATM program for gross proceeds of $289. | ||||||||||||||||
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Details of the stock option transactions for the years ended December 31, 2014 and 2013 is summarized as follows: | ||||||||||||||||
Weighted | |||||||||||||||||
Weighted | average | Aggregate | |||||||||||||||
average | remaining | intrinsic | |||||||||||||||
exercise price | contractual life | value | |||||||||||||||
Number | (CAD$) | (years) | (CAD$) | ||||||||||||||
Outstanding as at December 31, 2012 | 1,118,112 | 14.64 | 2.94 | 67 | |||||||||||||
Options granted | 545,000 | 3.28 | |||||||||||||||
Options exercised | -6,710 | 1.7 | |||||||||||||||
Options forfeited | -245,226 | 22.53 | |||||||||||||||
Options expired | -209,264 | 33.4 | |||||||||||||||
Outstanding as at December 31, 2013 | 1,201,912 | 4.68 | 3.71 | 4,400 | |||||||||||||
Options granted | 260,000 | 8.27 | |||||||||||||||
Options exercised | -111,155 | 2.17 | |||||||||||||||
Options forfeited | -11,335 | 7.48 | |||||||||||||||
Options expired | -61,132 | 24.03 | |||||||||||||||
Outstanding as at December 31, 2014 | 1,278,290 | 4.68 | 3.34 | 8,411 | |||||||||||||
Exercisable as at December 31, 2014 | 700,920 | 4.38 | 2.94 | 5,150 | |||||||||||||
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | At December 31, 2014, stock options to executive officers and directors, employees and consultants were outstanding as follows: | ||||||||||||||||
Options outstanding | Options exercisable | ||||||||||||||||
Weighted | Weighted | Weighted | |||||||||||||||
average | average | average | |||||||||||||||
remaining | exercise | exercise | |||||||||||||||
Range of | contractual | price | price | ||||||||||||||
exercise prices (CAD$) | Number | life (years) | (CAD$) | Number | (CAD$) | ||||||||||||
$1.65 to $1.67 | 272,000 | 3.22 | 1.65 | 132,550 | 1.65 | ||||||||||||
$1.68 to $2.08 | 226,845 | 2.74 | 1.7 | 186,681 | 1.7 | ||||||||||||
$2.09 to $3.78 | 230,000 | 2.51 | 2.45 | 191,750 | 2.45 | ||||||||||||
$3.79 to $43.20 | 549,445 | 4.01 | 8.34 | 189,939 | 10.88 | ||||||||||||
1,278,290 | 3.34 | 4.68 | 700,920 | 4.38 | |||||||||||||
Schedule Of Nonvested Option Activity [Table Text Block] | A summary of the Company’s non-vested stock option activity and related information for the year ended December 31, 2014 is as follows: | ||||||||||||||||
Number | Weighted average | ||||||||||||||||
of | grant-date fair value | ||||||||||||||||
Non-vested options | options | (U.S.$) | |||||||||||||||
Non-vested at December 31, 2013 | 599,474 | 2.1 | |||||||||||||||
Granted | 260,000 | 4.55 | |||||||||||||||
Vested | -269,409 | 2.58 | |||||||||||||||
Forfeited | -11,195 | 3.98 | |||||||||||||||
Expired | -1,500 | 12.6 | |||||||||||||||
Non-vested at December 31, 2014 | 577,370 | 3.19 | |||||||||||||||
Schedule of Share-based Payment Award, Stock Options, Valuation Assumptions [Table Text Block] | The estimated fair value of the stock options granted was determined using the Black-Scholes option pricing model with the following weighted-average assumptions: | ||||||||||||||||
December 31, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Dividend yield | - | - | |||||||||||||||
Expected volatility | 87.5 | % | 82.7 | % | |||||||||||||
Risk-free interest rate | 1.1 | % | 1.3 | % | |||||||||||||
Expected average life of the options | 3.3 years | 3.7 years | |||||||||||||||
Estimated forfeiture rate | 0.5 | % | 13.4 | % | |||||||||||||
Basic_and_diluted_earnings_los1
Basic and diluted earnings (loss) per share (Tables) | 12 Months Ended | |||||||
Dec. 31, 2014 | ||||||||
Earnings Per Share [Abstract] | ||||||||
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Reconciliations between basic and diluted earnings (loss) per shares are set forth below: | |||||||
December 31, | December 31, | |||||||
2014 | 2013 | |||||||
Net earnings (loss) | $ | -18,227 | $ | 4,773 | ||||
Weighted average number of common shares for basic earnings (loss) per share | 16,230,308 | 12,769,844 | ||||||
Dilutive effect of options | - | 165,012 | ||||||
Diluted weighted average number of common shares for diluted earnings per share | 16,230,308 | 12,934,856 | ||||||
Basic and diluted earnings (loss) per share | $ | -1.12 | $ | 0.37 | ||||
Commitments_Tables
Commitments (Tables) | 12 Months Ended | ||||
Dec. 31, 2014 | |||||
Commitments and Contingencies Disclosure [Abstract] | |||||
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Future minimum payments under the various operating leases are as follows: | ||||
2015 | $ | 489 | |||
2016 | 425 | ||||
2017 | 334 | ||||
2018 | 337 | ||||
2019 | 286 | ||||
Thereafter | 1,079 | ||||
Total minimum payments required | $ | 2,950 | |||
Income_taxes_Tables
Income taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2014 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | The components of earnings (loss) before income taxes consist of the following: | ||||||||
2014 | 2013 | ||||||||
Canadian | $ | -6,042 | $ | 12,245 | |||||
Foreign | -12,136 | -7,370 | |||||||
Earnings (loss) before income taxes | $ | -18,178 | $ | 4,875 | |||||
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | The reconciliation of income tax computed at statutory tax rates to income tax expense (recovery), using a 26.0% (2013 – 25.8%) statutory tax rate, is: | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Income (loss) before income taxes | $ | -18,178 | $ | 4,875 | |||||
Statutory tax rate | 26 | % | 25.8 | % | |||||
Income tax expense (recovery) at Canadian statutory income tax rates | $ | -4,726 | $ | 1,229 | |||||
Change in valuation allowance | 1,524 | 405 | |||||||
Permanent and other differences | 369 | -185 | |||||||
Tax rate differences | 1,445 | -1,347 | |||||||
Foreign exchange adjustments and other differences | 1,437 | - | |||||||
Income tax expense | $ | 49 | $ | 102 | |||||
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | Significant components of the Company’s deferred tax assets are shown below: | ||||||||
December 31, | December 31, | ||||||||
2014 | 2013 | ||||||||
Deferred tax assets: | |||||||||
Tax loss carryforwards | $ | 71,914 | $ | 70,054 | |||||
Research and development deductions and investment tax credits | 29,126 | 29,146 | |||||||
Tax values of depreciable assets in excess of accounting values | 2,719 | 2,485 | |||||||
Share issue costs and other | 406 | 517 | |||||||
Total deferred tax assets | 104,165 | 102,202 | |||||||
Valuation allowance | -103,726 | -102,202 | |||||||
Net deferred tax assets | $ | 439 | $ | - | |||||
Investment Tax Credits and Non-Capital Losses [Table Text Block] | The Company’s Canadian federal and provincial investment tax credits and non-capital losses for income tax purposes expire as follows: | ||||||||
Investment | Non-capital | ||||||||
tax credits | losses | ||||||||
2015 | $ | 343 | $ | 11,673 | |||||
2016 | 1,064 | 7,596 | |||||||
2017 | 975 | 3,460 | |||||||
2018 | 158 | 35,288 | |||||||
2019 | 501 | 6,290 | |||||||
Thereafter | 14,893 | 237,484 | |||||||
$ | 17,934 | $ | 301,791 | ||||||
Restructuring_Tables
Restructuring (Tables) | 12 Months Ended | ||||||||||
Dec. 31, 2014 | |||||||||||
Restructuring and Related Activities [Abstract] | |||||||||||
Schedule of Restructuring and Related Costs [Table Text Block] | The following tables summarize the provisions related to the restructuring for years ended December 31, 2014 and 2013: | ||||||||||
Employee | Idle-use | Total | |||||||||
termination | expense and | ||||||||||
benefits | other charges | ||||||||||
Balance at December 31, 2012 | $ | 320 | $ | 247 | $ | 567 | |||||
Restructuring expense recognized | 1,336 | - | 1,336 | ||||||||
Revisions to prior accruals | -12 | -117 | -129 | ||||||||
Payments made | -926 | -30 | -956 | ||||||||
Non-cash items | - | -86 | -86 | ||||||||
Balance at December 31, 2013 | 718 | 14 | 732 | ||||||||
Payments made | -718 | - | -718 | ||||||||
Non-cash items | - | -14 | -14 | ||||||||
Balance at December 31, 2014 | $ | - | $ | - | $ | - | |||||
Segmented_information_Tables
Segmented information (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Schedule of Segment Reporting Information, by Segment [Table Text Block] | During 2013, the Company began recognizing revenue from product sales at which time management began to measure the Company’s operations by the geographic area in which such products are sold. | ||||||||||||
Year ended December 31, 2014 | Europe | Rest of World | Total | ||||||||||
Revenue | 14,308 | 15,734 | 30,042 | ||||||||||
Cost of goods sold | 5,037 | 4,990 | 10,027 | ||||||||||
Gross margin | 9,271 | 10,744 | 20,015 | ||||||||||
Gross margin % | 65 | % | 68 | % | 67 | % | |||||||
Year ended December 31, 2013 | Europe | Rest of World | Total | ||||||||||
Revenue | $ | 1,897 | $ | 2,614 | $ | 4,511 | |||||||
Cost of goods sold | 622 | 314 | 936 | ||||||||||
Gross margin | 1,275 | 2,300 | 3,575 | ||||||||||
Gross margin % | 67 | % | 88 | % | 79 | % | |||||||
Property and equipment by geographic area were as follows: | |||||||||||||
As at December 31 | 2014 | 2013 | |||||||||||
Europe | $ | 118 | $ | 132 | |||||||||
Rest of World | 693 | 486 | |||||||||||
$ | 811 | $ | 618 | ||||||||||
Summary_of_significant_account3
Summary of significant accounting policies (Details) | 12 Months Ended |
Dec. 31, 2014 | |
Laboratory Equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Production equipment [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Computer Equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Computer Equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Software [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 3 years |
Software [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and office equipment [Member] | Minimum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 5 years |
Furniture and office equipment [Member] | Maximum [Member] | |
Property, Plant and Equipment [Line Items] | |
Property, Plant and Equipment, Useful Life | 7 years |
Summary_of_significant_account4
Summary of significant accounting policies (Details 1) | 12 Months Ended |
Dec. 31, 2014 | |
Patents [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Assets, Amortization Method | over the useful life |
Trade Names [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Marketing rights [Member] | |
Finite-Lived Intangible Assets [Line Items] | |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Summary_of_significant_account5
Summary of significant accounting policies (Details Textual) | 12 Months Ended |
Dec. 31, 2014 | |
Investment Maturity Period | 90 days or less |
Acquisition_of_Correvio_LLC_De
Acquisition of Correvio LLC (Details) (USD $) | 11 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Nov. 18, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
2,481,596 common shares of the Company | $9,629 | [1] | $9,629 | |
Deferred consideration | 10,685 | [2] | ||
Cash consideration | 1,266 | 0 | 1,266 | |
Fair value of total consideration transferred | $21,580 | |||
[1] | The fair value of 19.9% of the Company's outstanding shares issued on November 18, 2013 (a total of 2,481,596 shares) with a value of $3.88 per share for a total of $9,629 was determined based on the closing price on November 17, 2013. | |||
[2] | The fair value of the deferred consideration of $12,000 incurred by the Company on November 18, 2013 adjusted by post-closing adjustments of $1,315. The fair value of deferred consideration was based on significant inputs that are not observable in the market (Level 3 inputs) including forecasted cash receipts from product sales and an estimated discount factor. |
Acquisition_of_Correvio_LLC_De1
Acquisition of Correvio LLC (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Nov. 18, 2013 |
In Thousands, unless otherwise specified | |||
Assets acquired | |||
Restricted cash and deposits | $1,274 | ||
Accounts receivable | 6,142 | ||
Inventories | 3,781 | ||
Prepaid expense and other assets | 960 | ||
Property and equipment | 413 | ||
Identifiable intangible assets | 16,961 | ||
Goodwill | 318 | 318 | 318 |
Liabilities assumed | |||
Accounts payable and accrued liabilities | 8,162 | ||
Deferred rent | 107 | ||
Fair value of net assets acquired | $21,580 |
Acquisition_of_Correvio_LLC_De2
Acquisition of Correvio LLC (Details 2) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $16,961 |
Trade Names [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | 1,131 |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Marketing rights [Member] | |
Acquired Finite-Lived Intangible Assets [Line Items] | |
Finite-lived Intangible Assets Acquired | $15,830 |
Finite-Lived Intangible Asset, Useful Life | 10 years |
Acquisition_of_Correvio_LLC_De3
Acquisition of Correvio LLC (Details 3) (USD $) | 12 Months Ended |
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 |
Pro forma information | |
Revenue | $30,775 |
Net earnings | $2,169 |
Basic earnings per share | $0.15 |
Diluted earnings per share | $0.14 |
Acquisition_of_Correvio_LLC_De4
Acquisition of Correvio LLC (Details Textual) (USD $) | 11 Months Ended | 12 Months Ended | 1 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Nov. 18, 2013 | Dec. 31, 2013 | Dec. 31, 2013 | |
Business Acquisition [Line Items] | ||||
Business Acquisition, Equity Interest Issued or Issuable, Number of Shares | 2,481,596 | 2,481,596 | ||
Estimated Post Closing Adjustments | $1,315 | |||
Business Acquisition Equity Interest Issued Or Issuable Price Per Share | $3.88 | |||
Business Combination, Consideration Transferred, Equity Interests Issued and Issuable | 9,629 | [1] | 9,629 | |
Correvio LLC [Member] | ||||
Business Acquisition [Line Items] | ||||
Business Acquisition, Percentage of Voting Interests Acquired | 100.00% | |||
Business Combination Equity Interests Issued Percentage | 19.90% | |||
Business Combinations Deferred Consideration Liability | 12,000 | |||
Business Combination, Pro Forma Information, Revenue of Acquiree since Acquisition Date, Actual | 3,805 | |||
Business Combination, Pro Forma Information, Earnings or Loss of Acquiree since Acquisition Date, Actual | $275 | |||
Business Acquisition Percentage of Product Sales | 10.00% | |||
Business Acquisition Percentage Of Interest Accrued | 10.00% | |||
[1] | The fair value of 19.9% of the Company's outstanding shares issued on November 18, 2013 (a total of 2,481,596 shares) with a value of $3.88 per share for a total of $9,629 was determined based on the closing price on November 17, 2013. |
Restricted_cash_Details_Textua
Restricted cash (Details Textual) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Maximum [Member] | ||
Weighted Average Rate Foreign Deposit, Time Deposit | 0.01% | 0.01% |
Minimum [Member] | ||
Weighted Average Rate Foreign Deposit, Time Deposit | 0.00% | 0.00% |
Restricted Cash Held In Escrow [Member] | ||
Restricted Cash and Cash Equivalents, Current | 1,000 | 1,000 |
Bank Guarantees For Sales Contracts With Various Hospitals And Health Authorities [Member] | ||
Restricted Cash and Cash Equivalents, Current | 1,320 | 1,158 |
Value Added Tax Liabilities [Member] | ||
Restricted Cash and Cash Equivalents, Current | 0 | 165 |
Inventories_Details
Inventories (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finished goods | $1,815 | $1,941 |
Work in process | 1,013 | 3,052 |
Raw materials | 2,449 | 1,546 |
Inventory consigned to others | 58 | 58 |
Total | $5,335 | $6,597 |
Inventories_Details_Textual
Inventories (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Inventory Write-down | $1,547 | $0 |
Property_and_equipment_Details
Property and equipment (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ||
Cost | $1,569 | $1,233 |
Accumulated Amortization | 758 | 615 |
Net book value | 811 | 618 |
Laboratory Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 625 | 629 |
Accumulated Amortization | 542 | 488 |
Net book value | 83 | 141 |
Production Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 96 | 286 |
Accumulated Amortization | 16 | 0 |
Net book value | 80 | 286 |
Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 110 | 96 |
Accumulated Amortization | 46 | 13 |
Net book value | 64 | 83 |
Computer Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 200 | 144 |
Accumulated Amortization | 111 | 87 |
Net book value | 89 | 57 |
Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 416 | 39 |
Accumulated Amortization | 30 | 17 |
Net book value | 386 | 22 |
Furniture and office equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Cost | 122 | 39 |
Accumulated Amortization | 13 | 10 |
Net book value | $109 | $29 |
Property_and_equipment_Details1
Property and equipment (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amortization expense | $143 | $104 |
Intangible_assets_Details
Intangible assets (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $21,234 | $21,140 |
Accumulated amortization | 5,078 | 3,071 |
Net book value | 16,156 | 18,069 |
Marketing rights [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Marketing rights, Cost | 15,830 | 15,830 |
Accumulated amortization | 1,782 | 199 |
Net book value | 14,048 | 15,631 |
Trade Names [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Trade name, Cost | 1,131 | 1,131 |
Accumulated amortization | 127 | 14 |
Net book value | 1,004 | 1,117 |
Patents [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Patents, Cost | 4,273 | 4,179 |
Accumulated amortization | 3,169 | 2,858 |
Net book value | $1,104 | $1,321 |
Intangible_assets_Details_1
Intangible assets (Details 1) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $1,972 |
2016 | 1,885 |
2017 | 1,867 |
2018 | 1,835 |
2019 | $1,813 |
Intangible_assets_Details_Text
Intangible assets (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Amortization of Intangible Assets | $2,007 | $545 |
Accounts_payable_and_accrued_l2
Accounts payable and accrued liabilities (Details) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Trade accounts payable | $5,474 | $5,719 | |
Employee-related accruals | 2,719 | 3,367 | |
Restructuring (note 16) | 0 | 732 | 567 |
Interest payable (notes 4 and 11) | 291 | 125 | |
Other accrued liabilities | 4,904 | 4,060 | |
Total | $13,388 | $14,003 |
Long_term_debt_Details
Long term debt (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $1,714 |
2016 | 4,114 |
2017 | 4,114 |
2018 | 2,058 |
Total repayments | $12,000 |
Long_term_debt_Details_Textual
Long term debt (Details Textual) (USD $) | 6 Months Ended | 12 Months Ended | 2 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jul. 18, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Mar. 01, 2013 | Dec. 31, 2012 | Dec. 31, 2009 |
Debt Instrument [Line Items] | ||||||
Long-term debt | $12,000 | |||||
Repayment of long-term debt (note 11) | 0 | 13,000 | ||||
Gain on settlement of debt (note 11) | 0 | 20,834 | ||||
Debt Instrument, Interest Rate Terms | LIBOR plus 8% | |||||
Final Settlements [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Gain on settlement of debt (note 11) | 20,834 | |||||
Settlements Of Debt [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Long-term debt | 50,000 | |||||
Interest on Debt Instrument Forgiven | 2,164 | |||||
Repayment of long-term debt (note 11) | 13,000 | 7,000 | ||||
Debt Instrument Settlement Amount | 20,000 | |||||
Merck and Co Inc [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 100,000 | |||||
Senior Secured Term Loan Facility [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 22,000 | |||||
Senior Secured Term Loan Facility [Member] | First Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 12,000 | |||||
Senior Secured Term Loan Facility [Member] | Second Tranche [Member] | ||||||
Debt Instrument [Line Items] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | 10,000 |
Stockholders_equity_Details
Stockholders' equity (Details) | 11 Months Ended | 12 Months Ended | |
Nov. 18, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | |
Balance (in shares) | 14,958,277 | 12,470,335 | |
Issued on acquisition of Correvio (note 4) | 2,481,596 | 2,481,596 | |
Issued through at-the-market offering | 30,513 | ||
Issued through common share offering | 1,500,000 | ||
Issued upon exercise of options in cashless transaction | 32,212 | 1,154 | |
Issued for cash upon exercise of options | 70,000 | 5,192 | |
Balance (in shares) | 16,591,002 | 14,958,277 |
Stockholders_equity_Details_1
Stockholders' equity (Details 1) (CAD) | 12 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Oustanding beginning balance, Number | 1,201,912 | 1,118,112 | |
Options granted, Number | 260,000 | 545,000 | |
Options exercised, Number | -111,155 | -6,710 | |
Options forfeited, Number | -11,335 | -245,226 | |
Options expired, Number | -61,132 | -209,264 | |
Oustanding ending balance, Number | 1,278,290 | 1,201,912 | 1,118,112 |
Exercisable, Number | 700,920 | ||
Outstanding beginning balance, Weighted Average Exercise Price | 4.68 | 14.64 | |
Options granted, Weighted average exercise price | 8.27 | 3.28 | |
Options exercised, Weighted Average Exercise Price | 2.17 | 1.7 | |
Options forfeited, Weighted average exercise price | 7.48 | 22.53 | |
Options expired, Weighted average exercise price | 24.03 | 33.4 | |
Outstanding ending balance, Weighted Average Exercise Price | 4.68 | 4.68 | 14.64 |
Exercisable, Weighted average exercise price | 4.38 | ||
Options Outstanding, Weighted average remaining contractual life | 3 years 4 months 2 days | 3 years 8 months 16 days | 2 years 11 months 8 days |
Exercisable, Weighted average remaining contractual life | 2 years 11 months 8 days | ||
Outstanding beginning balance, Aggregate intrinsic value | 4,400 | 67 | |
Outstanding ending balance, Aggregate intrinsic value | 8,411 | 4,400 | 67 |
Exercisable, Aggregate intrinsic value | 5,150 |
Stockholders_equity_Details_2
Stockholders' equity (Details 2) (CAD) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Options outstanding, Number | 1,278,290 | 1,201,912 | 1,118,112 |
Options outstanding, Weighted average remaining contractual life | 3 years 4 months 2 days | ||
Options outstanding, Weighted average exercise price | 4.68 | 4.68 | 14.64 |
Options exercisable, Number | 700,920 | ||
Options exercisable, Weighted average exercise price | 4.38 | ||
$1.65 to $1.67 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of exercise prices, minimum | 1.65 | ||
Range of exercise prices, maximum | 1.67 | ||
Options outstanding, Number | 272,000 | ||
Options outstanding, Weighted average remaining contractual life | 3 years 2 months 19 days | ||
Options outstanding, Weighted average exercise price | 1.65 | ||
Options exercisable, Number | 132,550 | ||
Options exercisable, Weighted average exercise price | 1.65 | ||
$1.68 to $2.08 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of exercise prices, minimum | 1.68 | ||
Range of exercise prices, maximum | 2.08 | ||
Options outstanding, Number | 226,845 | ||
Options outstanding, Weighted average remaining contractual life | 2 years 8 months 26 days | ||
Options outstanding, Weighted average exercise price | 1.7 | ||
Options exercisable, Number | 186,681 | ||
Options exercisable, Weighted average exercise price | 1.7 | ||
$2.09 to $3.78 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of exercise prices, minimum | 2.09 | ||
Range of exercise prices, maximum | 3.78 | ||
Options outstanding, Number | 230,000 | ||
Options outstanding, Weighted average remaining contractual life | 2 years 6 months 4 days | ||
Options outstanding, Weighted average exercise price | 2.45 | ||
Options exercisable, Number | 191,750 | ||
Options exercisable, Weighted average exercise price | 2.45 | ||
$3.79 to $43.20 [Member] | |||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | |||
Range of exercise prices, minimum | 3.79 | ||
Range of exercise prices, maximum | 43.2 | ||
Options outstanding, Number | 549,445 | ||
Options outstanding, Weighted average remaining contractual life | 4 years 4 days | ||
Options outstanding, Weighted average exercise price | 8.34 | ||
Options exercisable, Number | 189,939 | ||
Options exercisable, Weighted average exercise price | 10.88 |
Stockholders_equity_Details_3
Stockholders' equity (Details 3) (USD $) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Non-vested, Number of options - Beginning balace | 599,474 | |
Non-vested, Number of options Granted | 260,000 | 545,000 |
Non-vested, Number of options Vested | -269,409 | |
Non-vested, Number of options Forfeited | -11,195 | |
Non-vested, Number of options Expired | -1,500 | |
Non-vested, Number of options - Ending balace | 577,370 | 599,474 |
Non-vested, Weighted average grant-date fair value - Beginning balace | $2.10 | |
Granted, Weighted average grant-date fair value | $4.55 | $2.17 |
Vested, Weighted average grant-date fair value | $2.58 | |
Forfeited, Weighted average grant-date fair value | $3.98 | |
Expired, Weighted average grant-date fair value | $12.60 | |
Non-vested, Weighted average grant-date fair value- Ending balace | $3.19 | $2.10 |
Stockholders_equity_Details_4
Stockholders' equity (Details 4) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Dividend yield | 0.00% | 0.00% |
Expected volatility | 87.50% | 82.70% |
Risk-free interest rate | 1.10% | 1.30% |
Expected average life of the options | 3 years 3 months 18 days | 3 years 8 months 12 days |
Estimated forfeiture rate | 0.50% | 13.40% |
Stockholders_equity_Details_Te
Stockholders' equity (Details Textual) | 12 Months Ended | 12 Months Ended | 0 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 | Feb. 18, 2014 | Mar. 11, 2014 | Mar. 11, 2014 | Mar. 11, 2014 | Mar. 11, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2014 |
USD ($) | USD ($) | Restricted Stock Units (RSUs) [Member] | Market Offering [Member] | Market Offering [Member] | Common Share Offering One [Member] | Common Share Offering One [Member] | Common Share Offering Two [Member] | Common Share Offering Two [Member] | Selling, General and Administrative Expenses [Member] | Selling, General and Administrative Expenses [Member] | Amended Plan [Member] | Amended Plan [Member] | |
USD ($) | USD ($) | USD ($) | CAD | USD ($) | CAD | USD ($) | USD ($) | Maximum [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 59,500 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Percentage of Outstanding Stock Maximum | 10.00% | 12.50% | |||||||||||
Nonvested options, unrecognized share-based compensation costs | $1,023 | $1,349 | |||||||||||
Nonvested options, weighted average period for recognition of unrecognized share-based compensation costs | 1 year 7 months 6 days | 1 year 7 months 6 days | |||||||||||
Intrinsic value of options exercised | 666 | 32 | |||||||||||
Proceeds from exercise of options | 148 | 8 | |||||||||||
Weight average fair value of options granted | $4.55 | $2.17 | |||||||||||
Fair value of options vested | 696 | 444 | |||||||||||
Allocated Share-based Compensation Expense | 1,141 | 645 | |||||||||||
Stock Issued During Period, Shares, New Issues | 30,513 | 1,500,000 | 1,500,000 | ||||||||||
Common stock shares reserved for future issuance | 8,900 | ||||||||||||
Proceeds from Issuance of Common Stock | $13,821 | $0 | $289 | $12,369 | $12,720 | ||||||||
Share Price | 10 | 10 | |||||||||||
Maximum Restricted Stock Units Issuable | 413,001 |
Basic_and_diluted_income_loss_
Basic and diluted income (loss) per share (Details) (USD $) | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Net earnings (loss) | ($18,227) | $4,773 |
Weighted average number of common shares for basic earnings (loss) per share | 16,230,308 | 12,769,844 |
Dilutive effect of options | 0 | 165,012 |
Diluted weighted average number of common shares for diluted earnings per share | 16,230,308 | 12,934,856 |
Basic and diluted earnings (loss) per share | ($1.12) | $0.37 |
Commitments_Details
Commitments (Details) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
2015 | $489 |
2016 | 425 |
2017 | 334 |
2018 | 337 |
2019 | 286 |
Thereafter | 1,079 |
Total minimum payments required | $2,950 |
Commitments_Details_Textual
Commitments (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Commitments [Line Items] | ||
Operating Leases, Income Statement, Sublease Income | $127 | $651 |
Operating Leases, Net Rent Expense | 599 | 129 |
Research and Development and Other commitment | 4,032 | 3,997 |
Purchase Obligation, Due in Next Twelve Months | 1,180 | |
Purchase Obligation, Due in Second Year | 1,180 | |
Purchase Obligation Expended | $2,148 | $1,832 |
Income_taxes_Details
Income taxes (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Earnings (loss) before income taxes | ($18,178) | $4,875 |
Canadian [Member] | ||
Earnings (loss) before income taxes | -6,042 | 12,245 |
Foreign [Member] | ||
Earnings (loss) before income taxes | ($12,136) | ($7,370) |
Income_taxes_Details_1
Income taxes (Details 1) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Income Tax [Line Items] | ||
Income (loss) before income taxes | ($18,178) | $4,875 |
Statutory tax rate | 26.00% | 25.80% |
Income tax expense (recovery) at Canadian statutory income tax rates | -4,726 | 1,229 |
Change in valuation allowance | 1,524 | 405 |
Permanent and other differences | 369 | -185 |
Tax rate differences | 1,445 | -1,347 |
Foreign exchange adjustments and other differences | 1,437 | 0 |
Income tax expense | $49 | $102 |
Income_taxes_Details_2
Income taxes (Details 2) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Deferred tax assets: | ||
Tax loss carryforwards | $71,914 | $70,054 |
Research and development deductions and investment tax credits | 29,126 | 29,146 |
Tax values of depreciable assets in excess of accounting values | 2,719 | 2,485 |
Share issue costs and other | 406 | 517 |
Total deferred tax assets | 104,165 | 102,202 |
Valuation allowance | -103,726 | -102,202 |
Total deferred tax assets | $439 | $0 |
Income_taxes_Details_3
Income taxes (Details 3) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | $17,934 | $18,454 |
Non-capital losses | 301,791 | 292,754 |
Non Capital Losses [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Non-capital losses | 301,791 | |
Investment Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 17,934 | |
Expire On 2015 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 343 | |
Non-capital losses | 11,673 | |
Expire On 2016 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 1,064 | |
Non-capital losses | 7,596 | |
Expire On 2017 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 975 | |
Non-capital losses | 3,460 | |
Expire On 2018 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 158 | |
Non-capital losses | 35,288 | |
Expire On 2019 [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 501 | |
Non-capital losses | 6,290 | |
Expire Thereafter [Member] | ||
Tax Credit Carryforward [Line Items] | ||
Investment tax credits | 14,893 | |
Non-capital losses | $237,484 |
Income_taxes_Details_Textual
Income taxes (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Summary of Income Tax [Line Items] | ||
Tax Credit Carryforward, Amount | $17,934 | $18,454 |
Operating Loss Carryforwards | 301,791 | 292,754 |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 26.00% | 25.80% |
Liability for unrecognized tax benefits | 0 | 0 |
Estimated tax liabilities | 0 | 0 |
Canada Loss Carryforwards [Member] | ||
Summary of Income Tax [Line Items] | ||
Operating Loss Carryforwards | 164,917 | 159,656 |
United States Loss Carryforwards [Member] | ||
Summary of Income Tax [Line Items] | ||
Operating Loss Carryforwards | 44,596 | 45,316 |
Switzerland Loss Carryforwards [Member] | ||
Summary of Income Tax [Line Items] | ||
Operating Loss Carryforwards | 91,249 | 85,842 |
United Kingdom Loss Carryforwards [Member] | ||
Summary of Income Tax [Line Items] | ||
Operating Loss Carryforwards | $1,029 | $1,061 |
Restructuring_Details
Restructuring (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Restructuring Cost and Reserve [Line Items] | ||
Balance | $732 | $567 |
Restructuring expense recognized | 1,336 | |
Revisions to prior accruals | -129 | |
Payments made | -718 | -956 |
Non-cash items | -14 | -86 |
Balance | 0 | 732 |
Employee Termination Benefits [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance | 718 | 320 |
Restructuring expense recognized | 1,336 | |
Revisions to prior accruals | -12 | |
Payments made | -718 | -926 |
Non-cash items | 0 | 0 |
Balance | 0 | 718 |
Idle-use Expense and Other Charges [Member] | ||
Restructuring Cost and Reserve [Line Items] | ||
Balance | 14 | 247 |
Restructuring expense recognized | 0 | |
Revisions to prior accruals | -117 | |
Payments made | 0 | -30 |
Non-cash items | -14 | -86 |
Balance | $0 | $14 |
Related_party_transactions_Det
Related party transactions (Details Textual) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Officer [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related party | $52 | $66 |
Expenses from related party transactions | 145 | 174 |
Accounting Firm [Member] | ||
Related Party Transaction [Line Items] | ||
Accounts payable to related party | 8 | 25 |
Expenses from related party transactions | $64 | $91 |
Segmented_information_Details
Segmented information (Details) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Revenue | $30,042 | $4,511 |
Cost of goods sold | 10,027 | 936 |
Gross margin | 20,015 | 3,575 |
Gross margin % | 67.00% | 79.00% |
Europe [Member] | ||
Revenue | 14,308 | 1,897 |
Cost of goods sold | 5,037 | 622 |
Gross margin | 9,271 | 1,275 |
Gross margin % | 65.00% | 67.00% |
Rest Of World [Member] | ||
Revenue | 15,734 | 2,614 |
Cost of goods sold | 4,990 | 314 |
Gross margin | $10,744 | $2,300 |
Gross margin % | 68.00% | 88.00% |
Segmented_information_Details_
Segmented information (Details 1) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Property and equipment | $811 | $618 |
Europe [Member] | ||
Property and equipment | 118 | 132 |
Rest Of World [Member] | ||
Property and equipment | $693 | $486 |
Segmented_information_Details_1
Segmented information (Details Textual) | 12 Months Ended | |
Dec. 31, 2014 | Dec. 31, 2013 | |
Percentage Of Revenue | 10.00% | 10.00% |
One Customer [Member] | ||
Percentage Of Revenue | 23.00% | 25.00% |
Two Customer [Member] | ||
Percentage Of Revenue | 19.00% | 22.00% |