Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Billions, except Share data, unless otherwise specified | Dec. 31, 2014 | Feb. 12, 2015 | Jun. 30, 2014 |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | FALSE | ||
Document Period End Date | 31-Dec-14 | ||
Document Fiscal Year Focus | 2014 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | CPHD | ||
Entity Registrant Name | CEPHEID | ||
Entity Central Index Key | 1037760 | ||
Current Fiscal Year End Date | -19 | ||
Entity Well-known Seasoned Issuer | Yes | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Common Stock, Shares Outstanding | 71,271,395 | ||
Entity Public Float | $3.40 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $96,663 | $66,072 |
Short-term investments | 196,729 | 8,837 |
Accounts receivable, less allowance for doubtful accounts of $237 and $198 as of December 31, 2014 and 2013, respectively | 68,809 | 52,202 |
Inventory, net | 132,635 | 103,866 |
Prepaid expenses and other current assets | 24,274 | 13,037 |
Total current assets | 519,110 | 244,014 |
Property and equipment, net | 115,765 | 84,886 |
Investments | 79,731 | 9,820 |
Other non-current assets | 7,847 | 958 |
Intangible assets, net | 31,440 | 15,245 |
Goodwill | 39,681 | 39,681 |
Total assets | 793,574 | 394,604 |
Current liabilities: | ||
Accounts payable | 50,435 | 52,609 |
Accrued compensation | 33,760 | 22,009 |
Accrued royalties | 5,443 | 5,245 |
Accrued and other liabilities | 34,761 | 7,440 |
Current portion of deferred revenue | 13,447 | 8,183 |
Total current liabilities | 137,846 | 95,486 |
Long-term portion of deferred revenue | 4,532 | 3,424 |
Convertible senior notes, net | 278,213 | 0 |
Other liabilities | 18,768 | 10,454 |
Total liabilities | 439,359 | 109,364 |
Commitments and contingencies (Note 8) | ||
Shareholders' equity: | ||
Preferred stock, no par value; 5,000,000 shares authorized, none issued or outstanding | 0 | 0 |
Common stock, no par value; 150,000,000 and 100,000,000 shares authorized, 70,904,388 and 68,556,392 shares issued and outstanding at December 31, 2014 and 2013, respectively | 422,151 | 383,379 |
Additional paid-in capital | 225,529 | 145,900 |
Accumulated other comprehensive income (loss) | 247 | -476 |
Accumulated deficit | -293,712 | -243,563 |
Total shareholders' equity | 354,215 | 285,240 |
Total liabilities and shareholders' equity | $793,574 | $394,604 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $237 | $198 |
Preferred stock, par value | $0 | $0 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $0 | $0 |
Common stock, shares authorized | 150,000,000 | 100,000,000 |
Common stock, shares issued | 70,904,388 | 68,556,392 |
Common stock, shares outstanding | 70,904,388 | 68,556,392 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||
Revenue | $470,141 | $401,292 | $331,212 |
Costs and operating expenses: | |||
Cost of sales | 229,327 | 207,933 | 153,365 |
Collaboration profit sharing | 5,154 | 7,512 | 7,183 |
Research and development | 96,851 | 80,197 | 71,673 |
Sales and marketing | 97,848 | 79,941 | 61,907 |
General and administrative | 55,047 | 41,719 | 43,298 |
Legal contingencies and settlements | 20,000 | 0 | 15,110 |
Total cost and operating expenses | 504,227 | 417,302 | 352,536 |
Loss from operations | -34,086 | -16,010 | -21,324 |
Other income (expense): | |||
Interest income | 1,119 | 45 | 26 |
Interest expense | -12,609 | -137 | -147 |
Foreign currency exchange gain (loss) and other, net | -2,016 | -715 | 117 |
Other expense, net | -13,506 | -807 | -4 |
Loss before income taxes | -47,592 | -16,817 | -21,328 |
Benefit from (provision for) income taxes | -2,557 | -1,148 | 1,285 |
Net income (loss) | ($50,149) | ($17,965) | ($20,043) |
Basic net loss per share | ($0.72) | ($0.27) | ($0.30) |
Diluted net loss per share | ($0.72) | ($0.27) | ($0.30) |
Shares used in computing basic net loss per share | 70,069 | 67,485 | 65,812 |
Shares used in computing diluted net loss per share | 70,069 | 67,485 | 65,812 |
Consolidated_Statements_of_Com
Consolidated Statements of Comprehensive Loss (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Net loss | ($50,149) | ($17,965) | ($20,043) |
Other comprehensive loss, net of taxes of $0: | |||
Foreign currency translation adjustments | 0 | 0 | 140 |
Change in unrealized gains and losses related to cash flow hedges: | |||
Gain (loss) recognized in other comprehensive loss, net | 146 | -118 | -401 |
(Gain) loss reclassified from accumulated comprehensive loss to the statement of operations, net | 735 | -427 | 285 |
Change in unrealized gains and losses related to available-for-sale investments, net: | |||
Gain (loss) recognized in other comprehensive loss, net | -159 | 15 | 0 |
(Gain) reclassified from accumulated comprehensive loss to the statement of operations, net | -36 | -2 | 0 |
Comprehensive loss | ($49,463) | ($18,497) | ($20,019) |
Consolidated_Statements_of_Com1
Consolidated Statements of Comprehensive Loss (Parenthetical) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Statement of Comprehensive Income [Abstract] | |||
Other comprehensive loss, tax | $0 | $0 | $0 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | |||||
Beginning Balance at Dec. 31, 2011 | $211,833 | $324,211 | $93,144 | $33 | ($205,555) |
Beginning Balance, Shares at Dec. 31, 2011 | 64,157,000 | ||||
Net loss | -20,043 | -20,043 | |||
Unrealized gain (loss) related to cash flow hedging | -117 | -117 | |||
Foreign currency translation adjustment | 140 | 140 | |||
Issuance of shares of common stock under employee and director option plans | 22,373 | 22,373 | |||
Issuance of shares of common stock under employee and director option plans, Shares | 2,060,000 | ||||
Shares issued for purchase of a business | 4,577 | 4,577 | |||
Shares issued for purchase of a business, Shares | 157,000 | ||||
Stock-based compensation related to stock options and awards and employee stock purchase plans | 24,073 | 24,073 | |||
Issuance of shares of common stock under employee stock purchase plans | 4,706 | 4,706 | |||
Issuance of shares of common stock under employee stock purchase plans, Shares | 230,000 | ||||
Ending Balance at Dec. 31, 2012 | 247,542 | 355,867 | 117,217 | 56 | -225,598 |
Ending Balance, Shares at Dec. 31, 2012 | 66,604,000 | ||||
Net loss | -17,965 | -17,965 | |||
Unrealized gain (loss) related to cash flow hedging | -545 | -545 | |||
Foreign currency translation adjustment | 0 | ||||
Unrealized gain (loss) related to available-for-sale investments, net | 13 | 13 | |||
Issuance of shares of common stock under employee and director option plans | 22,159 | 22,159 | |||
Issuance of shares of common stock under employee and director option plans, Shares | 1,740,000 | ||||
Stock-based compensation related to stock options and awards and employee stock purchase plans | 28,683 | 28,683 | |||
Issuance of shares of common stock under employee stock purchase plans | 5,353 | 5,353 | |||
Issuance of shares of common stock under employee stock purchase plans, Shares | 212,000 | ||||
Ending Balance at Dec. 31, 2013 | 285,240 | 383,379 | 145,900 | -476 | -243,563 |
Ending Balance, Shares at Dec. 31, 2013 | 68,556,392 | 68,556,000 | |||
Net loss | -50,149 | -50,149 | |||
Unrealized gain (loss) related to cash flow hedging | 881 | 881 | |||
Foreign currency translation adjustment | 0 | ||||
Unrealized gain (loss) related to available-for-sale investments, net | -158 | -158 | |||
Issuance of shares of common stock under employee and director option plans | 32,733 | 32,733 | |||
Issuance of shares of common stock under employee and director option plans, Shares | 2,144,000 | ||||
Stock-based compensation related to stock options and awards and employee stock purchase plans | 31,632 | 31,632 | |||
Equity component of convertible senior notes | 73,013 | 73,013 | |||
Purchase of convertible note capped call hedge | -25,082 | -25,082 | |||
Excess tax benefits from stock-based compensation | 66 | 66 | |||
Issuance of shares of common stock under employee stock purchase plans | 6,039 | 6,039 | |||
Issuance of shares of common stock under employee stock purchase plans, Shares | 204,000 | ||||
Ending Balance at Dec. 31, 2014 | $354,215 | $422,151 | $225,529 | $247 | ($293,712) |
Ending Balance, Shares at Dec. 31, 2014 | 70,904,388 | 70,904,000 |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash flows from operating activities: | |||
Net loss | ($50,149) | ($17,965) | ($20,043) |
Adjustments to reconcile net loss to net cash provided by operating activities: | |||
Depreciation and amortization of property and equipment | 21,604 | 17,769 | 13,446 |
Amortization of intangible assets | 4,739 | 5,418 | 4,965 |
Unrealized foreign exchange differences | 1,836 | 419 | 0 |
Amortization of debt discount and transaction costs | 8,600 | 0 | 0 |
Impairment of acquired intangible assets, licenses, property and equipment | 0 | 2,855 | 1,399 |
Stock-based compensation expense | 32,207 | 27,635 | 24,496 |
Excess tax benefits from stock-based compensation | -66 | 0 | 0 |
Changes in operating assets and liabilities: | |||
Accounts receivable | -16,606 | -6,960 | -6,443 |
Inventory | -29,346 | -32,638 | -5,105 |
Prepaid expenses and other current assets | -5,184 | -5,263 | -2,714 |
Other non-current assets | -2 | 150 | -172 |
Accounts payable and other current and non-current liabilities | 3,438 | 17,334 | -5,740 |
Accrued expense for estimated legal contingency | 20,000 | 0 | |
Accrued compensation | 11,751 | 5,421 | -1,736 |
Deferred revenue | 6,372 | 837 | 575 |
Net cash provided by operating activities | 9,194 | 15,012 | 2,928 |
Cash flows from investing activities: | |||
Capital expenditures | -46,979 | -47,526 | -23,150 |
Payments for technology licenses | -1,125 | -2,140 | |
Cost of acquisitions, net | -18,000 | -3,669 | -24,021 |
Proceeds from sales of marketable securities and investments | 115,881 | 2,503 | 0 |
Proceeds from maturities of marketable securities and investments | 102,733 | 1,347 | 0 |
Purchases of marketable securities and investments | -477,485 | -22,511 | 0 |
Transfer to restricted cash | -1,875 | ||
Net cash used in investing activities | -325,725 | -70,981 | -49,311 |
Cash flows from financing activities: | |||
Net proceeds from the issuance of common shares and exercise of stock options | 38,615 | 27,512 | 27,079 |
Excess tax benefits from stock-based compensation | 66 | 0 | 0 |
Proceeds from bank borrowing | 0 | 0 | 156 |
Proceeds from borrowings of convertible senior notes, net of issuance costs | 335,789 | 0 | 0 |
Purchase of convertible note capped call hedge | -25,082 | 0 | 0 |
Principal payments of notes payable | -180 | -874 | -72 |
Net cash provided by financing activities | 349,208 | 26,638 | 27,163 |
Effect of foreign exchange rate change on cash and cash equivalents | -2,086 | -376 | -9 |
Net increase (decrease) in cash and cash equivalents | 30,591 | -29,707 | -19,229 |
Cash and cash equivalents at beginning of period | 66,072 | 95,779 | 115,008 |
Cash and cash equivalents at end of period | $96,663 | $66,072 | $95,779 |
Organization_and_Summary_of_Si
Organization and Summary of Significant Accounting Policies | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies | ||||||||||||
Organization and Business | |||||||||||||
Cepheid (the “Company”) was incorporated in the State of California on March 4, 1996. The Company is a molecular diagnostics company that develops, manufactures, and markets fully-integrated systems for testing in the Clinical market, as well as for application in the Company’s legacy Non-Clinical market. The Company’s systems enable rapid, sophisticated molecular testing for organisms and genetic-based diseases by automating otherwise complex manual laboratory procedures. | |||||||||||||
Principles of Consolidation | |||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. On July 1, 2012, the Company changed the functional currency for certain foreign subsidiaries from the local currency to the U.S. dollar due to changes in the way these businesses and their operations are structured and managed. As a result, all foreign subsidiaries are using the U.S. dollar as the functional currency effective July 1, 2012. Prior to this change, adjustments resulting from translating the foreign currency financial statements of these subsidiaries into the U.S. dollar had been included as a separate component of accumulated other comprehensive income (loss). Upon the change of the functional currency, these subsidiaries no longer generate further translation adjustments, and the accumulated translation adjustments from prior periods will continue to remain a component of accumulated other comprehensive income (loss). | |||||||||||||
Net loss includes the gains and losses arising from transactions denominated in a currency other than the functional currency of a location, the remeasurement of assets and liabilities of foreign subsidiaries using U.S. dollars as their functional currency, and the realized results of the Company’s foreign currency hedging activities. | |||||||||||||
Use of Estimates | |||||||||||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||||||||
Fair Value of Financial Instruments | |||||||||||||
The Company defines fair value 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. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: | |||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||
See Note 2, “Fair Value”, for information and related disclosures regarding the Company’s fair value measurements. | |||||||||||||
Cash, Cash Equivalents, Restricted Cash, Short-Term Investments and Non-Current Investments | |||||||||||||
Cash and cash equivalents consist of cash on deposit with banks and money market instruments. Interest and other income, net includes interest, dividends, amortization of purchase premiums and discounts and realized gains and losses on sales of securities. | |||||||||||||
Restricted cash consists of cash contractually restricted for use to develop the Xpert Ebola test in accordance with the Company’s agreement with BMGF. At December 31, 2014, prepaid expense and other current assets include $1.9 million of restricted cash. | |||||||||||||
The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The Company classifies its marketable debt securities as cash equivalents, short-term investments or non-current investments based on each instrument’s underlying effective maturity date. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. Marketable debt securities with effective maturities of 12 months or less are classified as short-term, and marketable debt securities with effective maturities greater than 12 months are classified as non-current. The Company’s marketable debt securities are carried at fair value, with the unrealized gains and losses reported within accumulated other comprehensive loss, a component of shareholders’ equity. The cost of securities sold is based upon the specific identification method. | |||||||||||||
The Company assesses whether an other-than-temporary impairment loss on its investments has occurred due to declines in fair value or other market conditions. With respect to the Company’s debt securities, this assessment takes into account the severity and duration of the decline in value, the Company’s intent to sell the security, whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, and whether or not the Company expects to recover the entire amortized cost basis of the security (that is, a credit loss exists). | |||||||||||||
See Note 3, “Investments”, for information and related disclosures regarding the Company’s investments. | |||||||||||||
Supplemental cash flow information | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 2,145 | $ | 109 | $ | 124 | |||||||
Cash paid for taxes | $ | 572 | $ | 632 | $ | 1,051 | |||||||
Property and equipment and intangible assets acquired included in accounts payable, other accrued expense and other current liabilities | $ | 8,506 | $ | 674 | $ | 1,031 | |||||||
Concentration of Credit Risks and Other Uncertainties | |||||||||||||
The carrying amounts for financial instruments consisting of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities approximate fair value due to their short maturities. Derivative instruments and investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s derivative instruments consist of large financial institutions of high credit standing. | |||||||||||||
The Company’s main financial institution for banking operations held 58% and 55% of the Company’s cash and cash equivalents as of December 31, 2014 and 2013, respectively. | |||||||||||||
The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one direct customer whose accounts receivable balance represented 26% and 14% of total accounts receivable as of December 31, 2014 and 2013, respectively. | |||||||||||||
The Company currently sells products through its direct sales force and distributors. There were no direct customers that accounted for 10% or more of total sales for the years ended December 31, 2014, 2013 and 2012. No single country outside of the United States or South Africa represented more than 10% of the Company’s total revenues or total assets in any period presented. | |||||||||||||
Inventory | |||||||||||||
Inventory is stated at the lower of standard cost (which approximates actual cost) or market value, with cost determined on the first-in-first-out method. Allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs, and spoilage are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration. A substantial decrease in demand for the Company’s products or the introduction of new products could lead to excess inventories and could require the Company to increase its provision for inventory obsolescence. | |||||||||||||
The components of inventories were as follows (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Raw Materials | $ | 36,287 | $ | 35,760 | |||||||||
Work in Process | 51,691 | 36,580 | |||||||||||
Finished Goods | 44,657 | 31,526 | |||||||||||
Inventory | $ | 132,635 | $ | 103,866 | |||||||||
In addition, capitalized stock-based compensation expense of $1.6 million and $2.1 million were included in inventory as of December 31, 2014 and 2013, respectively. | |||||||||||||
Property and Equipment | |||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method based on the estimated useful lives of the assets, which range from 3 to 7 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining lease term. During 2014, there was no indication of impairment of property and equipment. In 2013, the Company concluded that certain manufacturing capital assets would not be utilized and therefore had no future realizable value and thus an impairment was recorded of approximately $1.3 million as cost of sales. | |||||||||||||
Property and equipment consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 21 | $ | 21 | |||||||||
Building | 3,364 | 3,970 | |||||||||||
Scientific equipment | 52,619 | 42,845 | |||||||||||
Manufacturing equipment | 56,426 | 45,339 | |||||||||||
Computers and software | 24,402 | 13,923 | |||||||||||
Office furniture | 9,929 | 7,887 | |||||||||||
Leasehold improvements | 66,842 | 48,879 | |||||||||||
$ | 213,603 | $ | 162,864 | ||||||||||
Less accumulated depreciation and amortization | (97,838 | ) | (77,978 | ) | |||||||||
$ | 115,765 | $ | 84,886 | ||||||||||
Total depreciation and amortization expense on our property and equipment in the years ended December 31, 2014, 2013 and 2012 totaled $21.6 million, $17.8 million and $13.4 million, respectively. | |||||||||||||
Capitalized Software Costs for Internal Use | |||||||||||||
Internally developed software primarily includes enterprise-level business software that the Company customizes to meet its specific operational needs. The Company capitalized costs for a new enterprise resource planning software system and other internal use software of $10.3 million and $1.9 million during the years ended December 31, 2014 and 2013, respectively. Upon being placed in service, these assets are depreciated over an estimated useful life of 3 to 5 years. | |||||||||||||
Intangible Assets and Goodwill | |||||||||||||
Intangible assets related to licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized on a straight line basis over their estimated useful lives, ranging from three to 15 years. Amortization of intangible assets is primarily included in cost of sales, research and development and sales and marketing in the Consolidated Statements of Operations. | |||||||||||||
The Company reviews its intangible assets for impairment and conducts the impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. In 2014, 2013 and 2012, the Company recorded an impairment charge of $0.1 million, $1.3 million and $1.4 million, respectively, to cost of sales primarily related to acquired technology for one of its legacy products. | |||||||||||||
Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually during the fourth fiscal quarter, or as circumstances indicate their value may no longer be recoverable. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets. The Company continues to operate in one segment, which is considered to be the sole reporting unit and therefore, goodwill was tested for impairment at the enterprise level. As of December 31, 2014, there has been no impairment of goodwill. The Company does not have intangible assets with indefinite useful lives other than goodwill. | |||||||||||||
Warranty Reserve | |||||||||||||
The Company generally warrants its systems to be free from defects for a period of 12 to 24 months from the date of sale and certain disposable products to be free from defects, when handled according to product specifications, for the stated life of such products. Accordingly, a provision for the estimated cost of warranty repair or replacement is recorded at the time revenue is recognized. The Company’s warranty provision is established using management’s estimate of future failure rates and future costs of repairing any failures during the warranty period or replacing any disposable products with defects. The activities in the warranty provision consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,326 | $ | 1,953 | $ | 1,981 | |||||||
Costs incurred and charged against reserve | (1,310 | ) | (783 | ) | (690 | ) | |||||||
Accrual related to current year product sales | 1,768 | 2,156 | 662 | ||||||||||
Balance at end of year | $ | 3,784 | $ | 3,326 | $ | 1,953 | |||||||
Accrued and other liabilities | |||||||||||||
Accrued and other liabilities consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Accrued expense for estimated legal contingency | $ | 20,000 | $ | — | |||||||||
Derivative liabilities | 3,812 | 1,555 | |||||||||||
Accrued warranty reserve | 3,784 | 3,326 | |||||||||||
Accrued payment related to asset acquisition | 3,000 | — | |||||||||||
Income tax payable | 1,028 | 559 | |||||||||||
Other | 3,137 | 2,000 | |||||||||||
Accrued and other liabilities | $ | 34,761 | $ | 7,440 | |||||||||
Other liabilities | |||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities | $ | 6,261 | $ | 921 | |||||||||
Deferred rent | 7,721 | 5,908 | |||||||||||
Non-current income tax payable | 2,150 | 877 | |||||||||||
Other | 2,636 | 2,748 | |||||||||||
Other liabilities | $ | 18,768 | $ | 10,454 | |||||||||
Revenue Recognition | |||||||||||||
The Company recognizes revenue from sales when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. No right of return exists for the Company’s products except in the case of damaged goods. The Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. | |||||||||||||
The Company enters into revenue arrangements that may consist of multiple deliverables of its products and services. In situations with multiple deliverables, revenue is recognized upon the delivery of the separate elements. The Company sells service contracts for which revenue is deferred and recognized ratably over the contract period. | |||||||||||||
The Company may place an instrument at a customer site under a reagent rental. Under a reagent rental, the Company retains title to the instrument and earns revenue for the usage of the instrument and related maintenance services through the amount charged for reagents and other disposables. Under a reagent rental, a customer may commit to purchasing minimum quantities of reagents at stated prices over a defined contract term, which is typically between three and five years. Revenue is recognized over the term of a reagent rental as reagents and other disposables are shipped and all other revenue recognition criteria have been met. All revenue recognized from reagent rental are included in reagent and disposable sales in Note 12, “Segment and Significant Concentrations”. | |||||||||||||
For multiple element arrangements, the total consideration for an arrangement is allocated among the separate elements in the arrangement based on a selling price hierarchy. The selling price hierarchy for a deliverable is based on: (1) vendor specific objective evidence (“VSOE”), if available; (2) third party evidence of selling price if VSOE is not available; or (3) an estimated selling price, if neither VSOE nor third party evidence is available. Estimated selling price is the Company’s best estimate of the selling price of an element in a transaction. The Company limits the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services or other future performance obligations. The Company recognizes revenue for delivered elements only when it determines there are no uncertainties regarding customer acceptance. | |||||||||||||
Revenue includes fees for research and development services, including research and development under grants and government sponsored research and collaboration agreements. Revenue is derived from cost-type contracts with the U.S. government. Revenue and profit under cost-plus service contracts is recognized as costs are incurred plus negotiated fees. Fixed fees on cost-plus service contracts are recognized ratably over the contract performance period as services are performed. Contract costs include labor and related employee benefits, subcontracting costs and other direct costs, as well as allocations of allowable indirect costs. For contract change orders, claims or similar items, judgment is required for estimating the amounts, assessing the potential for realization, and determining whether realization is probable. From time to time, facts develop that require revisions of revenue recognized or cost estimates. To the extent that a revised estimate affects the current or an earlier period, the cumulative effect of the revision is recognized in the period in which the facts requiring the revision become known. Advance payments received in excess of amounts earned, such as funds received in advance of products to be delivered or services to be performed, are classified as deferred revenue until earned. | |||||||||||||
During 2012, the Company entered into agreements with BMGF, The United States Agency for International Development (“USAID”) and UNITAID to reduce the price of the Company’s Multi-Drug Resistant Tuberculosis test to $9.98 for customers in the HBDC program. The Company received one-time payments of $3.5 million each from BMGF and USAID in 2012 and $3.2 million from UNITAID during 2013. Based on the terms of the agreements, the Company recognized revenue related to the BMGF and USAID agreements on a per-unit basis. Under the UNITAID agreement, the Company is recognizing the $3.2 million of revenue on a straight line basis over a period of ten years. For the years ended December 31, 2014, 2013 and 2012, the Company recognized revenue of $0.3 million, $2.7 million, and $4.8 million, respectively, related to these three agreements. | |||||||||||||
Research and Development | |||||||||||||
Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses, amortization of certain intangible assets, and the costs of clinical studies. Research and development costs are expensed as incurred. | |||||||||||||
Stock-Based Compensation | |||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. The Company recognizes the fair value of the Company’s stock option awards as compensation expense over the requisite service period of each award, which is generally four years. | |||||||||||||
In determining fair value of the stock-based compensation expense, the Company uses the Black–Scholes model and a single option award approach, which requires the input of subjective assumptions. These assumptions include: estimating the length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of the Company’s common stock price over the expected term (expected volatility), the risk-free interest rate (interest rate), expected dividends and the number of shares subject to options that will ultimately not complete their vesting requirements (forfeitures). Changes in the following assumptions can materially affect the estimate of the fair value of stock–based compensation. | |||||||||||||
• | Expected term is determined based on historical experience, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior as influenced by changes to the terms of its stock-based awards. | ||||||||||||
• | Expected volatility is based on the blend of historical volatility of the past period equal to the Company’s expected term and the current implied volatility. | ||||||||||||
• | Risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term of a stock award. | ||||||||||||
• | Expected dividend is based on the Company’s expectation of issuing a dividend over the expected term. The Company has never issued dividends. | ||||||||||||
• | Estimated forfeitures are based on voluntary termination behavior as well as analysis of actual option forfeitures. | ||||||||||||
Foreign Currency Hedging | |||||||||||||
The Company uses forward contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted net revenue, cost of sales and operating expenses denominated in currencies other than the U.S. dollar. The Company also enters into non-qualifying foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the re-measurement of certain assets and liabilities. The Company’s foreign currency cash flow hedges mature generally within twelve months. For derivative instruments that are designated and qualify as cash flow hedges, the Company initially records the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive income or loss, a separate component of shareholders’ equity and subsequently reclassify these amounts into earnings within the same financial statement line item as the hedged item in the period during which the hedged transaction is realized. For non-qualifying derivative instruments, the Company records the gain or loss for each period in earnings. During years ended December 31, 2014 and 2013, there was no significant impact to the results of operations as a result of ineffective cash flow hedges. | |||||||||||||
Earnings Per Share | |||||||||||||
Basic earnings per share is computed by dividing net income or loss for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding and common equivalent shares from dilutive stock options, employee stock purchases, restricted stock awards, restricted stock units and shares issuable upon a potential conversion of the convertible senior notes using the treasury stock method. In loss periods, the earnings per share calculation excludes common equivalents shares because their inclusion would be antidilutive. Common stock equivalent shares totaled 9,392,000, 5,267,000 and 4,145,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The following summarizes the computation of basic and diluted loss per share (in thousands, except for per share amounts): | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Diluted: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, ESPP, restricted stock units, restricted stock awards and convertible senior notes | — | — | — | ||||||||||
Diluted weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Income Taxes | |||||||||||||
The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements, but have not been reflected in the its taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that the Company does not believe it is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. | |||||||||||||
Segments | |||||||||||||
The Company operates in one segment. Management uses one measurement of profitability and does not segregate its business for internal reporting. | |||||||||||||
Legal Contingencies | |||||||||||||
The Company is involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and other contractual matters. In connection with these matters, the Company assesses, on a regular basis, the probability and range of possible loss based on the developments in these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a reasonable estimate of a known or probable loss cannot be made, but a range of probable losses can be estimated, the low-end of the range of losses is recognized if no amount within the range is a better estimate than any other. If a loss is reasonably possible, but not probable and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. The Company expenses legal fees as incurred. | |||||||||||||
Because litigation is inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures. The amount of ultimate loss may differ from these estimates. Each matter presents its own unique circumstances, and prior litigation does not necessarily provide a reliable basis on which to predict the outcome, or range of outcomes, in any individual proceeding. Consequently, in the event that opposing litigants in outstanding litigations or claims ultimately succeed at trial and any subsequent appeals on their claims, any potential loss or charges in excess of any established accruals, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable outcome occurs or becomes probable, and potentially in future periods. | |||||||||||||
Recent Accounting Pronouncements | |||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. The core principal of ASU 2014-09 is to recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date will be the first quarter of fiscal year 2017 using one of two retrospective transition methods. The Company has not yet selected a transition method nor has it determined the potential effects on its consolidated financial statements. |
Fair_Value
Fair Value | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Fair Value | 2. Fair Value | ||||||||||||||||
The following table summarizes the fair value hierarchy for the Company’s financial assets (cash, cash equivalents, short-term investments and non-current investments) and financial liabilities (foreign currency derivatives, convertible senior notes and contingent consideration) measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013 (in thousands): | |||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 76,065 | $ | 20,598 | $ | — | $ | 96,663 | |||||||||
Short-term investments: | |||||||||||||||||
Asset-backed securities | 52,220 | 52,220 | |||||||||||||||
Corporate debt securities | — | 64,202 | — | 64,202 | |||||||||||||
Commercial Paper | — | 56,096 | — | 56,096 | |||||||||||||
Government agency securities | 15,003 | 15,003 | |||||||||||||||
Other securities | — | 9,208 | — | 9,208 | |||||||||||||
Total short-term investments | — | 196,729 | — | 196,729 | |||||||||||||
Foreign currency derivatives | — | 3,887 | — | 3,887 | |||||||||||||
Investments: | |||||||||||||||||
Asset-backed securities | — | 12,713 | — | 12,713 | |||||||||||||
Corporate debt securities | — | 22,679 | — | 22,679 | |||||||||||||
Government agency securities | — | 39,532 | — | 39,532 | |||||||||||||
Other securities | — | 4,807 | — | 4,807 | |||||||||||||
Total investments | — | 79,731 | — | 79,731 | |||||||||||||
Total | $ | 76,065 | $ | 300,945 | $ | — | $ | 377,010 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency derivatives | $ | — | $ | 3,812 | $ | — | $ | 3,812 | |||||||||
Total | $ | — | $ | 3,812 | $ | — | $ | 3,812 | |||||||||
Balance as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 64,772 | $ | 1,300 | $ | — | $ | 66,072 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | — | 5,448 | — | 5,448 | |||||||||||||
Corporate debt securities | — | 1,881 | — | 1,881 | |||||||||||||
Government agency securities | — | 1,508 | — | 1,508 | |||||||||||||
Total short-term investments | — | 8,837 | — | 8,837 | |||||||||||||
Foreign currency derivatives | — | 873 | — | 873 | |||||||||||||
Investments: | |||||||||||||||||
Asset-backed securities | — | 1,891 | — | 1,891 | |||||||||||||
Corporate debt securities | — | 1,975 | — | 1,975 | |||||||||||||
Government agency securities | — | 3,405 | — | 3,405 | |||||||||||||
United States government securities | — | 2,149 | — | 2,149 | |||||||||||||
Other securities | — | 400 | — | 400 | |||||||||||||
Total investments | — | 9,820 | — | 9,820 | |||||||||||||
Total | $ | 64,772 | $ | 20,830 | $ | — | $ | 85,602 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency derivatives | $ | — | $ | 1,555 | $ | — | $ | 1,555 | |||||||||
Contingent consideration | — | — | 310 | 310 | |||||||||||||
Total | $ | — | $ | 1,555 | $ | 310 | $ | 1,865 | |||||||||
The estimated fair values of the Company’s other financial instruments which are not measured at fair value on a recurring basis as of December 31, 2014 and 2013, were as follows (in thousands): | |||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Convertible senior notes | $ | — | $ | 382,232 | $ | — | $ | 382,232 | |||||||||
Total | $ | — | $ | 382,232 | $ | — | $ | 382,232 | |||||||||
Balance as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Convertible senior notes | $ | — | $ | — | $ | — | $ | — | |||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||
The Company utilized levels 1 and 2 to value its financial assets on a recurring basis. Level 1 instruments use quoted prices in active markets for identical assets or liabilities, which include the Company’s cash accounts, short-term deposits, and money market funds as these specific assets are liquid. Level 2 instruments are valued using the market approach which uses quoted prices in markets that are not active or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 2 instruments include commercial paper, corporate debt securities, United States government securities, government agency securities, asset-backed securities, and other securities as similar or identical instruments can be found in active markets. | |||||||||||||||||
The Company recorded derivative assets and liabilities at fair value. The Company’s derivatives consist of foreign exchange forward contracts. The Company has elected to use the income approach to value the derivatives, using observable Level 2 market expectations at the measurement date and standard valuation techniques to convert future amounts to a single present amount assuming that participants are motivated, but not compelled to transact. | |||||||||||||||||
Level 2 inputs for the valuations are limited to quoted prices for similar assets or liabilities in active markets (specifically foreign currency spot rate and forward points) and inputs other than quoted prices that are observable for the asset or liability (specifically LIBOR rates, credit default spot rates, and company specific LIBOR spread). Mid-market pricing is used as a practical expedient for fair value measurements. The fair value measurement of an asset or liability must reflect the nonperformance risk of the entity and the counterparty. Therefore, the impact of the counterparty’s creditworthiness when in an asset position and the Company’s creditworthiness when in a liability position has also been factored into the fair value measurement of the derivative instruments and did not have a material impact on the fair value of these derivative instruments. Both the counterparty and the Company are expected to continue to perform under the contractual terms of the instruments. The estimated fair value of the convertible senior notes, which we have classified as Level 2 financial instruments, was determined based on the quoted price of the convertible senior notes in an over-the-counter market on December 31, 2014. | |||||||||||||||||
Level 3 liabilities, consisting of contingent consideration to be made in connection with an acquisition of certain assets in 2013, are valued by applying the income approach and are based on significant unobservable inputs that are supported by little or no market activity. |
Investments
Investments | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | |||||||||||||||||||||||||
Investments | 3. Investments | ||||||||||||||||||||||||
The Company’s marketable securities as of December 31, 2014, were classified as available-for-sale securities, with changes in fair value recognized in accumulated other comprehensive loss, a component of shareholders’ equity. Classification of marketable securities as a current asset is based on the intended holding period and realizability of the investment. The following tables summarize available-for-sale marketable securities (in thousands): | |||||||||||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||
Gain | Loss | Value | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 52,240 | $ | 3 | $ | (23 | ) | $ | 52,220 | ||||||||||||||||
Commercial paper | 76,683 | 12 | — | 76,695 | |||||||||||||||||||||
Corporate debt securities | 64,244 | 2 | (45 | ) | 64,201 | ||||||||||||||||||||
Government agency securities | 15,000 | 3 | — | 15,003 | |||||||||||||||||||||
Other securities | 9,206 | 2 | — | 9,208 | |||||||||||||||||||||
Amounts classified as cash equivalents | (20,598 | ) | — | — | (20,598 | ) | |||||||||||||||||||
Total short-term investments | $ | 196,775 | $ | 22 | $ | (68 | ) | $ | 196,729 | ||||||||||||||||
Investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 12,724 | $ | — | $ | (12 | ) | $ | 12,712 | ||||||||||||||||
Corporate debt securities | 22,709 | — | (29 | ) | 22,680 | ||||||||||||||||||||
Government agency securities | 39,583 | — | (51 | ) | 39,532 | ||||||||||||||||||||
Other securities | 4,815 | — | (8 | ) | 4,807 | ||||||||||||||||||||
Total investments | $ | 79,831 | $ | — | $ | (100 | ) | $ | 79,731 | ||||||||||||||||
Balance as of December 31, 2013: | |||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||
Gain | Loss | Value | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Commercial paper | $ | 6,747 | $ | 1 | $ | — | $ | 6,748 | |||||||||||||||||
Corporate debt securities | 1,881 | — | — | 1,881 | |||||||||||||||||||||
Government agency securities | 1,506 | 2 | — | 1,508 | |||||||||||||||||||||
Amounts classified as cash equivalents | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||||||||
Total short-term investments | $ | 8,834 | $ | 3 | $ | — | $ | 8,837 | |||||||||||||||||
Investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 1,890 | $ | 1 | $ | — | $ | 1,891 | |||||||||||||||||
Corporate debt securities | 1,970 | 5 | — | 1,975 | |||||||||||||||||||||
Government agency securities | 3,405 | 1 | (1 | ) | 3,405 | ||||||||||||||||||||
United States government securities | 2,145 | 4 | — | 2,149 | |||||||||||||||||||||
Other securities | 400 | — | — | 400 | |||||||||||||||||||||
Total investments | $ | 9,810 | $ | 11 | $ | (1 | ) | $ | 9,820 | ||||||||||||||||
For the year ended December 31, 2014 and 2013, $115.9 million and $2.5 million, respectively, of proceeds from sales of marketable securities were collected. The Company determines gains and losses from sales of marketable securities based on specific identification of the securities sold. Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of “Interest and other income, net” in the Consolidated Statements of Operations, were for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross realized gains | $ | 36 | $ | 2 | |||||||||||||||||||||
Gross realized losses | — | — | |||||||||||||||||||||||
Realized gains, net | $ | 36 | $ | 2 | |||||||||||||||||||||
The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 and December 31, 2013, and the duration of time that such losses had been unrealized (in thousands) were: | |||||||||||||||||||||||||
Balance at December 31, 2014: | |||||||||||||||||||||||||
Less Than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Asset-backed securities | $ | 54,580 | $ | (35 | ) | $ | — | $ | — | $ | 54,580 | $ | (35 | ) | |||||||||||
Corporate debt securities | 79,360 | (74 | ) | — | — | 79,360 | (74 | ) | |||||||||||||||||
Government agency securities | 39,532 | (51 | ) | — | — | 39,532 | (51 | ) | |||||||||||||||||
Other securities | 4,807 | (8 | ) | — | — | 4,807 | (8 | ) | |||||||||||||||||
Total | $ | 178,279 | $ | (168 | ) | $ | — | $ | — | $ | 178,279 | $ | (168 | ) | |||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Less Than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Asset-backed securities | $ | 600 | $ | — | $ | — | $ | — | $ | 600 | $ | — | |||||||||||||
Corporate debt securities | 1,180 | — | — | — | 1,180 | — | |||||||||||||||||||
Government agency securities | 1,104 | (1 | ) | — | — | 1,104 | (1 | ) | |||||||||||||||||
Other securities | 200 | — | — | — | 200 | — | |||||||||||||||||||
Total | $ | 3,084 | $ | (1 | ) | $ | — | $ | — | $ | 3,084 | $ | (1 | ) | |||||||||||
The Company has evaluated such securities, which consist of investments in asset-backed securities, corporate debt securities, government agency securities, and other securities as of December 31, 2014 and has determined that there was no indication of other-than-temporary impairments. This determination was based on several factors, including the length of time and extent to which fair value has been less than the cost basis, the financial condition and near-term prospects of the debt issuer, and the Company’s intent and ability to hold the securities for a period of time sufficient to allow for any anticipated recovery in market value. | |||||||||||||||||||||||||
The following table summarizes the amortized cost and estimated fair value of available-for-sale debt securities at December 31, 2014 and December 31, 2013, by contractual maturity (in thousands): | |||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Mature in one year or less | $ | 150,133 | $ | 150,105 | $ | 10,134 | $ | 10,137 | |||||||||||||||||
Mature after one year through three years | 135,675 | 135,566 | 9,810 | 9,820 | |||||||||||||||||||||
Mature in more than three years | 11,396 | 11,387 | — | — | |||||||||||||||||||||
Total debt securities | 297,204 | 297,058 | 19,944 | 19,957 | |||||||||||||||||||||
Securities with no contractual maturity | — | — | 55 | 55 | |||||||||||||||||||||
Total | $ | 297,204 | $ | 297,058 | $ | 19,999 | $ | 20,012 | |||||||||||||||||
Derivative_Financial_Instrumen
Derivative Financial Instruments | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivative Financial Instruments | 4. Derivative Financial Instruments | ||||||||||||||||||||||||||||
The Company uses derivatives to partially offset its business exposure to foreign currency exchange risk. The Company may enter into foreign currency forward contracts to offset some of the foreign exchange risk on expected future cash flows on certain forecasted revenue and cost of sales and on certain existing assets and liabilities. | |||||||||||||||||||||||||||||
To help protect gross margins from fluctuations in foreign currency exchange rates, a portion of forecasted foreign currency revenue and expenses of certain of the Company’s subsidiaries are hedged. The Company typically hedges portions of its forecasted foreign currency exposure associated with revenue, cost of sales, and operating expenses generally up to twelve months. | |||||||||||||||||||||||||||||
The Company may also enter into foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the re-measurement of certain assets and liabilities. However, the Company may choose not to hedge certain foreign currency exchange exposures for a variety of reasons including, but not limited to, accounting considerations and the prohibitive economic cost of hedging particular exposures. | |||||||||||||||||||||||||||||
The Company records all derivatives in the Consolidated Balance Sheet at fair value. The Company’s accounting treatment of these instruments is based on whether the instruments are designated as hedge or non-hedge instruments. For derivative instruments that are designated and qualify as cash flow hedges, the Company initially records the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive income or loss, a separate component of shareholders’ equity and subsequently reclassify these amounts into earnings within the same financial statement line item as the hedged item in the period during which the hedged transaction is realized. The ineffective portions of cash flow hedges are recorded in foreign currency exchange loss and other, net. Gains and losses related to derivatives that are designated as hedging instruments are recorded in the financial statement line item to which the derivative relates. | |||||||||||||||||||||||||||||
The Company had a net deferred gain of $0.2 million and a net deferred loss of $0.6 million associated with cash flow hedges recorded in AOCI as of December 31, 2014 and December 31, 2013, respectively. Deferred gains and losses associated with cash flow hedges of forecasted foreign currency revenue are recognized as a component of revenues in the same period as the related revenue is recognized, and deferred gains and losses related to cash flow hedges of forecasted expenses are recognized as a component of cost of sales, research and development expense, sales and marketing expense and general and administrative expense in the same period as the related expenses are recognized. The Company’s hedged transactions as of December 31, 2014 are expected to occur within twelve months. | |||||||||||||||||||||||||||||
Derivative instruments designated as cash flow hedges must be de-designated as hedges when it is probable the forecasted hedged transaction will not occur in the initially identified time period or within a subsequent two-month time period. Deferred gains and losses in AOCI associated with such derivative instruments are reclassified immediately into foreign currency exchange loss and other, net. Any subsequent changes in fair value of such derivative instruments are reflected in foreign currency exchange loss and other, net unless they are re-designated as hedges of other transactions. The Company did not recognize any significant net gains or losses related to the loss of hedge designation on discontinued cash flow hedges during the years ended December 31, 2014, 2013 and 2012. | |||||||||||||||||||||||||||||
Gains or losses on derivatives not designated as hedging instruments are recorded in foreign currency exchange loss and other, net. During the years ended December 31, 2014, 2013 and 2012, the Company recognized a gain of $2.3 million, $0.1 million, and $0.4 million respectively, as a component of foreign currency exchange loss and other, net. These amounts represent the net gain or loss on the derivative contracts and do not include changes in the related exposures or ineffective portion or amounts excluded from the effectiveness testing of cash flow hedges. | |||||||||||||||||||||||||||||
The notional principle amounts of the Company’s outstanding derivative instruments designated as cash flow hedges are $117.2 million and $96.6 million as of December 31, 2014 and 2013, respectively. The notional principle amounts of the Company’s outstanding derivative instruments not designated as cash flow hedges is $30.4 million and $24.2 million as of December 31, 2014 and 2013, respectively. | |||||||||||||||||||||||||||||
The following tables show the Company’s derivative instruments at gross fair value as reflected in the Consolidated Balance Sheets as of December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Fair Value of Derivates | Fair Value of Derivates | Total Fair Value | |||||||||||||||||||||||||||
Designated as Hedge | Not Designated as Hedge | ||||||||||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||||||
Derivative Assets (a): | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 3,887 | $ | — | $ | 3,887 | |||||||||||||||||||||||
Derivative Liabilities (b): | |||||||||||||||||||||||||||||
Foreign exchange contracts | (3,685 | ) | (127 | ) | (3,812 | ) | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Fair Value of Derivates | Fair Value of Derivates | Total Fair Value | |||||||||||||||||||||||||||
Designated as Hedge | Not Designated as Hedge | ||||||||||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||||||
Derivative Assets (a): | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 782 | $ | 91 | $ | 873 | |||||||||||||||||||||||
Derivative Liabilities (b): | |||||||||||||||||||||||||||||
Foreign exchange contracts | (1,446 | ) | (109 | ) | (1,555 | ) | |||||||||||||||||||||||
a) | The fair value of derivative assets is measured using Level 2 fair value inputs and is recorded as other current assets in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
b) | The fair value of derivative liabilities is measured using Level 2 fair value inputs and is recorded as accrued other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
The following tables show the pre-tax effect of the Company’s derivative instruments designated as cash flow hedges in the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 (in thousands): | |||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Reclassified | Loss Recognized - Ineffective Portion | |||||||||||||||||||||||||||
OCI - Effective Portion | from AOCI into Income - | and Amount Excluded from Effectiveness Testing | |||||||||||||||||||||||||||
Effective Portion | |||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | Location | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 (a) | 2013 (b) | 2014 | 2013 | ||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 146 | $ | (118 | ) | $ | (735 | ) | $ | 427 | Foreign currency | $ | (46 | ) | $ | (10 | ) | ||||||||||||
exchange loss | |||||||||||||||||||||||||||||
and other, net | |||||||||||||||||||||||||||||
Total | $ | 146 | $ | (118 | ) | $ | (735 | ) | $ | 427 | $ | (46 | ) | $ | (10 | ) | |||||||||||||
a) | Includes gains and losses reclassified from AOCI into net income for the effective portion of cash flow hedges, of which a loss of $1.1 million within costs and operating expenses and a gain of $0.4 million within sales, respectively, were recognized within the Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||
b) | Includes gains and losses reclassified from AOCI into net income for the effective portion of cash flow hedges, of which a gain of $1.3 million within costs and operating expenses and a loss of $0.9 million within sales, respectively, were recognized within the Consolidated Statement of Operations for the year ended December 31, 2013. |
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Intangible Assets | 5. Intangible Assets | ||||||||||||
Intangible assets related to licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized over their estimated useful lives, ranging from 3 to 15 years, on a straight-line basis. Amortization of intangible assets is primarily included in cost of sales, research and development and sales and marketing in the Consolidated Statements of Operations. | |||||||||||||
The recorded value and accumulated amortization of major classes of intangible assets were as follows (in thousands): | |||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Balance, December 31, 2014 | |||||||||||||
Licenses | $ | 13,594 | $ | (8,477 | ) | $ | 5,117 | ||||||
Technology acquired in acquisitions | 8,613 | (8,613 | ) | — | |||||||||
Customer relationships and other intangible assets acquired in acquisitions | 36,582 | (10,259 | ) | 26,323 | |||||||||
$ | 58,789 | $ | (27,349 | ) | $ | 31,440 | |||||||
Balance, December 31, 2013 | |||||||||||||
Licenses | $ | 13,767 | $ | (6,787 | ) | $ | 6,980 | ||||||
Technology acquired in acquisitions | 8,613 | (8,613 | ) | — | |||||||||
Customer relationships and other intangible assets acquired in acquisitions | 15,748 | (7,483 | ) | 8,265 | |||||||||
$ | 38,128 | $ | (22,883 | ) | $ | 15,245 | |||||||
In 2014, the Company determined two acquired intangible assets were impaired, as there was no future use of the assets. As a result, the Company recorded an impairment expense of $0.1 million primarily to cost of sales in the Statement of Operations in the year ended December 31, 2014. In 2013, the Company determined an acquired intangible asset related to existing technology of one of the Company’s legacy products, as well as certain acquired technology assets, were impaired, as there was no future use of the assets. As a result, the Company recorded an impairment expense of $1.3 million primarily to cost of sales in the Statement of Operations in the year ended December 31, 2013. | |||||||||||||
The Company capitalizes patent licenses and acquired intangible assets and amortizes them over their estimated useful lives on a straight-line basis. Amortization expense of intangible assets was $4.7 million, $5.4 million and $5.0 million for the years ended December 31, 2014, 2013 and 2012, respectively. The expected future annual amortization expense of intangible assets recorded on the Company’s consolidated balance sheet as of December 31, 2014 is as follows (in thousands): | |||||||||||||
For the Years Ending December 31, | Amortization | ||||||||||||
Expense | |||||||||||||
2015 | $ | 6,348 | |||||||||||
2016 | 5,746 | ||||||||||||
2017 | 5,384 | ||||||||||||
2018 | 5,301 | ||||||||||||
2019 | 4,182 | ||||||||||||
Thereafter | 4,479 | ||||||||||||
Total expected future annual amortization | $ | 31,440 | |||||||||||
Acquisitions
Acquisitions | 12 Months Ended |
Dec. 31, 2014 | |
Business Combinations [Abstract] | |
Acquisitions | 6. Acquisitions |
The Company has recorded all acquisitions using the purchase method of accounting and, accordingly, included the results of operations in its consolidated results as of the date of each acquisition. The tangible assets, liabilities and intangible assets (including goodwill) acquired were accounted for based on their estimated fair values. The fair value assigned to assets acquired is based on valuations using the Company’s estimates and assumptions. | |
The Company acquired certain intangible assets from a distributor in the United States on October 1, 2014 in order to directly serve the smaller hospital market. The total purchase price for this transaction was $21.0 million, of which $18.0 million was paid in cash in 2014, and $3.0 million was retained subject to certain final price adjustments. This retained amount was recorded in “Accrued and other liabilities” in the Balance Sheet at December 31, 2014 and was paid in January, 2015. The Company accounted for the transaction as an asset acquisition and recorded two intangible assets: re-acquired exclusive distribution rights, and re-acquired distribution rights and customer relationships of $0.9 million and $19.9 million, respectively. The remaining $0.2 million was recorded as settlement for pre-existing relationships in the statements of operations in 2014. | |
For the asset acquisition completed in 2014, re-acquired exclusive distribution rights were assigned a useful life of 3 months, and re-acquired distribution rights and customer relationships assets were assigned a useful life of 6 years beginning from January 1, 2015. | |
The Company acquired a 100% interest in a distributor in Italy on April 1, 2013. The Company also acquired certain assets from a distributor in Australia on August 31, 2013. The Company included the financial results of these companies in the consolidated financial statements from the respective acquisition dates, and the results from each of these companies were not individually or in the aggregate material to the Company’s consolidated financial statements, therefore pro forma results of operations have not been presented. These transactions had a total purchase price of $4.0 million, of which $3.7 million, net of cash received, was paid in cash and the remainder being contingent cash considerations to be paid over time. These transactions were part of the ongoing expansion of the Company’s distribution network for the Company’s products. A summary of the fair value of the assets acquired and the liabilities assumed is as follows: acquired intangible assets of $2.0 million, property and equipment, inventory and other assets, net of liabilities, of $0.2 million, and goodwill of $1.5 million. | |
The contingent cash considerations were paid pursuant to a calculation based on product sales of the acquired entities. The amount of the contingent consideration which was settled in the third quarter of 2014 was immaterial to the Company’s results of operations or financial position. | |
For all acquisitions completed during 2013, customer relationships had a weighted-average useful life of 7 years and other intangibles had a weighted-average useful life of 15 years. | |
Revenue and earnings contributions of the acquired entities were not significant or were not separately identifiable due to the integration of these acquired entities into our existing operations. |
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Income Taxes | 7. Income Taxes | ||||||||||||
For financial reporting purposes, loss before income taxes includes the following components (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (51,993 | ) | $ | (19,802 | ) | $ | (26,307 | ) | ||||
Foreign | 4,401 | 2,985 | 4,979 | ||||||||||
Total | $ | (47,592 | ) | $ | (16,817 | ) | $ | (21,328 | ) | ||||
The benefit (provision) for income taxes is comprised of (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | (4 | ) | $ | 56 | $ | — | ||||||
State | (92 | ) | 9 | (150 | ) | ||||||||
Foreign | (2,595 | ) | (1,770 | ) | (207 | ) | |||||||
$ | (2,691 | ) | $ | (1,705 | ) | $ | (357 | ) | |||||
Deferred | |||||||||||||
Federal | $ | — | $ | — | $ | 312 | |||||||
State | — | — | — | ||||||||||
Foreign | 134 | 557 | 1,330 | ||||||||||
$ | 134 | $ | 557 | $ | 1,642 | ||||||||
Benefit (provision) for income taxes | $ | (2,557 | ) | $ | (1,148 | ) | $ | 1,285 | |||||
Reconciliation between the Company’s effective tax rate on loss from continuing operations and the statutory tax rate is as follows: | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States Federal statutory income tax rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal benefit | -0.2 | % | 0.1 | % | -0.7 | % | |||||||
Foreign income taxed at other than U.S. rates | -0.2 | % | 4.4 | % | 2 | % | |||||||
Change in liabilities for uncertain positions | -1.6 | % | -5.6 | % | -1.9 | % | |||||||
Change in valuation allowance | -37.4 | % | -40 | % | -28.7 | % | |||||||
Other | 0 | % | 0.3 | % | 1.3 | % | |||||||
Effective tax rate | -5.4 | % | -6.8 | % | 6 | % | |||||||
Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands): | |||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 35,278 | $ | 36,314 | |||||||||
Inventory | 5,342 | 3,115 | |||||||||||
Reserves and Accruals | 12,199 | 4,808 | |||||||||||
Fixed and Intangible Assets | 11,884 | 10,112 | |||||||||||
Research and other credit carryforwards | 14,850 | 13,792 | |||||||||||
Stock-based compensation expense | 14,641 | 15,341 | |||||||||||
Other | 9,300 | 6,984 | |||||||||||
Total deferred tax assets | 103,494 | 90,466 | |||||||||||
Valuation allowance for deferred tax assets | (78,832 | ) | (90,466 | ) | |||||||||
Total deferred tax liability | (25,544 | ) | (927 | ) | |||||||||
Net deferred tax liability | $ | (882 | ) | $ | (927 | ) | |||||||
A valuation allowance has been placed against the Company’s United States deferred tax assets, as management cannot conclude that it is more likely than not that these assets will be realized. The valuation allowance against United States deferred tax assets decreased by $11.6 million, increased by $12.8 million and by $8.4 million during the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
As of December 31, 2014, the Company had federal and state net operating loss carryforwards of $296.3 million and $386.5 million, respectively, which, if not utilized, will expire in the years 2015 through 2034. As of December 31, 2014, the Company had federal research and development tax credits of $11.6 million, which expire in the years 2018 through 2034, and state research and development tax credits of $13.8 million, which carry forward indefinitely. The Company also had foreign tax credits of $0.1 million which expires in the year 2019. | |||||||||||||
Utilization of the Company’s net operating losses and research credits may be subject to a substantial annual limitation due to ownership change limitations provided by the Internal Revenue Code and similar state provisions. Such annual limitation may result in the expiration of net operating loss and research credits before utilization. | |||||||||||||
Undistributed earnings of the Company’s foreign subsidiaries of approximately $8.8 million and $5.2 million at December 31, 2014 and 2013, respectively, are considered to be indefinitely reinvested, and, accordingly, no provisions for federal and state income taxes have been provided thereon. Upon distribution of those earnings in the form of dividends or otherwise, the Company would be subject to both federal income taxes, subject to an adjustment for foreign income tax credits and withholding taxes payable to various foreign countries. The tax impact of the distribution of such foreign earnings to the United States parent would not be significant, as the Company’s net operating loss carryforward amount exceeds the amount of undistributed earnings. | |||||||||||||
The Company maintains liabilities for uncertain tax positions. These liabilities involve considerable judgment and estimation and are continuously monitored by management based on the best information available, including changes in tax regulations, the outcome of relevant court cases, and other information. The Company is currently under examination in Sweden. Although the outcome of any tax audit is uncertain, the Company believes that it has adequately provided in its consolidated financial statements for any additional taxes that the Company may be required to pay as a result of such examination. | |||||||||||||
The Company or one of its subsidiaries files income tax returns in the United States federal jurisdiction and various state and foreign jurisdictions. The Company’s United States and state income tax return years 1996 through 2014 remain open to examination. In addition, the Company files tax returns in multiple foreign taxing jurisdictions with open tax years ranging from 2009 to 2014. | |||||||||||||
The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 9,241 | $ | 7,397 | $ | 6,979 | |||||||
Increase related to current year tax positions | 1,245 | 1,844 | 829 | ||||||||||
Increase (decrease) for tax positions of prior years | (188 | ) | — | (276 | ) | ||||||||
Decrease due to lapse of statute | — | — | (64 | ) | |||||||||
Decrease due to settlements | — | — | (71 | ) | |||||||||
Balance at end of year | $ | 10,298 | $ | 9,241 | $ | 7,397 | |||||||
At December 31, 2014 and 2013, the total gross unrecognized tax benefits were $10.3 million and $9.2 million, respectively, which, if recognized, would affect the Company’s effective tax rate, before consideration of certain valuation allowances. The Company anticipates that the total unrecognized tax benefits will not significantly change due to the settlement of audits and the expiration of statutes of limitations in the 12 months following December 31, 2014. | |||||||||||||
The Company’s policy is to recognize interest and penalties accrued on any unrecognized tax benefits as a component of income tax expense. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. In 2014, 2013 and 2012, the Company did not recognize any significant interest or penalties related to uncertain tax positions. As of December 31, 2014, 2013 and 2012, the Company had accrued no significant interest or penalties. |
Convertible_Senior_Notes_and_N
Convertible Senior Notes and Notes Payable | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Convertible Senior Notes and Notes Payable | 8. Convertible Senior Notes and Notes Payable | ||||||||||||||||
In February 2014, the Company issued $345 million aggregate principal amount of 1.25% convertible senior notes (the “Notes”) due February 1, 2021, unless earlier repurchased by the Company or converted by the holder pursuant to their terms. Interest is payable semiannually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. | |||||||||||||||||
The Notes are governed by an Indenture between the Company, as issuer, and Wells Fargo Bank, National Association, as trustee. The Notes are unsecured and rank: senior in right of payment to the Company’s future indebtedness that is expressly subordinated in right of payment to the Notes; equal in right of payment to the Company’s existing and future indebtedness that is not so subordinated; effectively subordinated in right of payment to any of the Company’s secured indebtedness to the extent of the value of the assets securing such indebtedness; and structurally subordinated to all existing and future indebtedness and other liabilities incurred by the Company’s subsidiaries. | |||||||||||||||||
Upon conversion, the Company will pay or deliver, as the case may be, cash, shares of the Company’s common stock or a combination of cash and shares of common stock, at the Company’s election. | |||||||||||||||||
The Notes have an initial conversion rate of 15.3616 shares of common stock per $1,000 principal amount of Notes. This represents an initial effective conversion price of approximately $65.10 per share of common stock and approximately 5,300,000 shares upon conversion. Throughout the term of the Notes, the conversion rate may be adjusted upon the occurrence of certain events. Holders of the Notes will not receive any cash payment representing accrued and unpaid interest, if any, upon conversion of a Note, except in limited circumstances. Accrued but unpaid interest will be deemed to be paid by the cash, shares of the Company’s common stock or a combination of cash and shares of the Company’s common stock paid or delivered, as the case may be, to the holder upon conversion of a Note. | |||||||||||||||||
Prior to the close of business on the business day immediately preceding August 1, 2020, the Notes will be convertible at the option of holders during certain periods, only upon satisfaction of certain conditions set forth below. On or after August 1, 2020, until the close of business on the second scheduled trading day immediately preceding the maturity date, holders may convert all or any portion of their Notes at the conversion rate at any time regardless of whether the conditions set forth below have been met. | |||||||||||||||||
Holders may convert all or a portion of their Notes prior to the close of business on the business day immediately preceding August 1, 2020, in multiples of $1,000 principal amount, only under the following circumstances: | |||||||||||||||||
• | during any calendar quarter commencing after the calendar quarter ending on March 31, 2014 (and only during such calendar quarter), if the last reported sale price of the Company’s common stock for at least 20 trading days (whether or not consecutive) during a period of 30 consecutive trading days ending on the last trading day of the immediately preceding calendar quarter is greater than or equal to 130% of the conversion price on each applicable trading day; | ||||||||||||||||
• | during the five business day period after any five consecutive trading day period (the “Notes Measurement Period”) in which the “trading price” (as the term is defined in the Indenture) per $1,000 principal amount of notes for each trading day of such Notes Measurement Period was less than 98% of the product of the last reported sale price of the Company’s common stock on such trading day and the conversion rate on each such trading day; or | ||||||||||||||||
• | upon the occurrence of specified corporate events. | ||||||||||||||||
As of December 31, 2014, the Notes are not yet convertible. | |||||||||||||||||
Based on market data available for publicly traded, senior, unsecured corporate bonds issued by companies in the same industry and with similar maturity, the Company estimated the implied interest rate of its Notes to be approximately 5.0%, assuming no conversion option. Assumptions used in the estimate represent what market participants would use in pricing the liability component, including market interest rates, credit standing, and yield curves, all of which are defined as Level 2 observable inputs. The estimated implied interest rate was applied to the Notes, which resulted in a fair value of the liability component of $270 million upon issuance, calculated as the present value of implied future payments based on the $345 million aggregate principal amount. The excess of the principal amount of the liability component over its carrying amount (“debt discount”) is amortized to interest expense over the term of the Notes. The $75 million difference between the aggregate principal amount of $345 million and the estimated fair value of the liability component was recorded in additional paid-in capital as the Notes were not considered redeemable. | |||||||||||||||||
In accounting for the transaction costs related to the issuance of the Notes, the Company allocated the total amount incurred to the liability and equity components based on their estimated relative fair values. Transaction costs attributable to the liability component, totaling $7.2 million, are being amortized to expense over the term of the Notes, and transaction costs attributable to the equity component, totaling $2.0 million, and were netted with the equity component in shareholders’ equity. | |||||||||||||||||
The Notes consist of the following as of December 31, 2014 (in thousands): | |||||||||||||||||
Liability component: | |||||||||||||||||
Principal | $ | 345,000 | |||||||||||||||
Less: debt discount, net of amortization | (66,787 | ) | |||||||||||||||
Net carrying amount | $ | 278,213 | |||||||||||||||
Equity component (a) | 73,013 | ||||||||||||||||
a) | Recorded in the consolidated balance sheet within additional paid-in capital, net of $2.0 million transaction costs in equity. | ||||||||||||||||
The following table sets forth total interest expense recognized related to the Notes (in thousands): | |||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
1.25% coupon | $ | 3,844 | |||||||||||||||
Amortization of debt transaction costs | 387 | ||||||||||||||||
Amortization of debt discount | 8,213 | ||||||||||||||||
$ | 12,444 | ||||||||||||||||
As of December 31, 2014, the fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands): | |||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Convertible Senior Notes | $ | 382,232 | $ | 278,213 | $ | — | $ | — | |||||||||
In connection with the issuance of the Notes, the Company entered into capped call transactions with certain counterparties affiliated with the initial purchasers and others. The capped call transactions are expected to reduce potential dilution of earnings per share upon conversion of the Notes. Under the capped call transactions, the Company purchased capped call options that in the aggregate relate to the total number of shares of the Company’s common stock underlying the Notes, with an initial strike price of approximately $65.10 per share, which corresponds to the initial conversion price of the Notes and is subject to anti-dilution adjustments substantially similar to those applicable to the conversion rate of the Notes, and have a cap price of approximately $78.61. The cost of the purchased capped calls of $25.1 million was recorded to shareholders’ equity and will not be re-measured. | |||||||||||||||||
Based on the closing price of our common stock of $54.14 on December 31, 2014, the if-converted value of the Notes was less than their respective principal amounts. | |||||||||||||||||
As of December 31, 2014 and 2013, the Company had notes payable outstanding of $1.2 million and $1.7 million related to a loan received from the Company’s landlord in Sweden for tenant improvements. The note carries an interest rate of 4%. There are no debt covenants associated with the note. The note payable balance will be repaid by 2016. |
Commitments_Debt_Obligations_C
Commitments, Debt Obligations, Contingencies and Legal Matters | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Commitments, Debt Obligations, Contingencies and Legal Matters | 9. Commitments, Debt obligations, Contingencies and Legal Matters | ||||||||||||||||||||
The following table summarizes the Company’s lease, purchase and minimum royalty commitments and debt obligations at December 31, 2014 (in thousands): | |||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
Total | Less Than 1 | 1-3 Years | 3-5 Years | More Than | |||||||||||||||||
Year | 5 Years | ||||||||||||||||||||
Operating leases | $ | 79,042 | $ | 11,411 | $ | 23,597 | $ | 19,706 | $ | 24,328 | |||||||||||
Purchase obligations | 43,271 | 43,271 | — | — | — | ||||||||||||||||
Minimum royalties | 3,395 | 559 | 1,183 | 295 | 1,358 | ||||||||||||||||
Debt obligations | 373,031 | 4,313 | 8,625 | 8,625 | 351,468 | ||||||||||||||||
$ | 498,739 | $ | 59,554 | $ | 33,405 | $ | 28,626 | $ | 377,154 | ||||||||||||
Lease Commitments | |||||||||||||||||||||
As of December 31, 2014, the Company leased approximately 680,000 square feet of building space, primarily in the United States. The building space the Company occupies is pursuant to leases expiring up through May 2029. The Company’s manufacturing sites are located in the United States and Sweden. Certain of these lease arrangements contain escalation clauses whereby monthly rent increases over time. Rent expense is recognized on a straight-line basis over the lease period. As of December 31, 2014 and 2013, the Company accrued $1.1 million and $1.0 million, respectively, of asset retirement obligations for certain buildings currently under lease. Net rent expense for all operating leases for the years ended December 31, 2014, 2013 and 2012 was $11.6 million, $10.2 million and $8.4 million, respectively. | |||||||||||||||||||||
Purchase Commitments | |||||||||||||||||||||
Purchase commitments include non-cancellable purchase orders or contracts for the purchase of raw materials used in the manufacturing of the Company’s systems and reagents. | |||||||||||||||||||||
Minimum Royalty Commitments | |||||||||||||||||||||
Some of our licensing arrangements provide for a minimum royalty commitment. Royalty expense is generally based on a fee per unit shipped or a percent of revenue received for the products containing the licensed technology. | |||||||||||||||||||||
Debt obligations | |||||||||||||||||||||
Debt obligations include the principal amount of our convertible senior notes due 2021, as well as interest payments to be made under the notes. Although these notes mature in 2021, they can be converted into cash and shares of our common stock prior to maturity if certain conditions are met. Any conversion prior to maturity can result in repayments of the principal amounts sooner than the scheduled repayments as indicated in the table. Please see Note 8 (“Convertible Senior Notes and Notes Payable”) for further discussion of the terms of the convertible senior notes. | |||||||||||||||||||||
Contingencies | |||||||||||||||||||||
The Company responds to claims arising in the ordinary course of business. In certain cases, the Company has accrued estimates of the amounts it expects to pay upon resolution of such matters, and such amounts are included in accrued and other liabilities. Should the Company not be able to secure the resolution it expects, these estimates may change and will be recognized in the period in which they are identified. | |||||||||||||||||||||
In the normal course of business, the Company provides indemnifications of varying scope to customers against claims of intellectual property infringement made by third parties arising from the use of its products. Historically, costs related to indemnification provisions have not been significant and the Company is unable to estimate the maximum potential impact of these indemnification provisions on its future results of operations. | |||||||||||||||||||||
To the extent permitted under California law, the Company has agreements whereby it indemnifies its directors and officers for certain events or occurrences while the director or officer is, or was serving, at the Company’s request in such capacity. The indemnification period covers all pertinent events and occurrences during the director’s or officer’s service. The maximum potential amount of future payments the Company could be required to make under these indemnification agreements is not specified in the agreements; however, the Company has director and officer insurance coverage that reduces its exposure and enables the Company to recover a portion of any future amounts paid. The Company believes the estimated fair value of these indemnification agreements in excess of applicable insurance coverage is minimal. | |||||||||||||||||||||
Legal Matters | |||||||||||||||||||||
In May 2005, the Company entered into a license agreement with F. Hoffmann-La Roche Ltd. and Roche Molecular Systems, Inc. (“Roche”) that provided us with rights under a broad range of Roche patents, including patents relating to the PCR process, reverse transcription-based methods, nucleic acid quantification methods, real-time PCR detection process and composition, and patents relating to methods for detection of viral and cancer targets. A number of the licensed patents expired in the United States prior to the end of August of 2010 and in Europe prior to the end of August of 2011. In August 2010, the Company terminated the Company’s license to United States Patent No. 5,804,375 (the “375 Patent”) and ceased paying United States-related royalties. The Company terminated the entire license agreement in the fourth quarter of 2011. In August 2011, Roche initiated an arbitration proceeding against the Company in the International Chamber of Commerce pursuant to the terms of the terminated agreement. The Company filed an answer challenging arbitral jurisdiction over the issues submitted by Roche and denying that the Company violated any provision of the agreement. A three-member panel has been convened to address these issues in confidential proceedings. On July 30, 2013, the panel determined that it had jurisdiction to decide the claims, a determination that the Company appealed to the Swiss Federal Supreme Court. On October 2, 2013, the arbitration panel determined that it would proceed with the arbitration while this appeal was pending. On February 27, 2014 the Swiss Federal Supreme Court upheld the jurisdiction of the arbitration panel to hear the case, and the case is continuing. The Company believes that it has not violated any provision of the agreement and that the asserted claim of the 375 Patent is expired, invalid, unenforceable, and not infringed. | |||||||||||||||||||||
Based on its ongoing evaluation of the facts and circumstances of the case, the Company believes that it is probable that this arbitration proceeding could result in a material loss. Accordingly, the Company recorded an estimated charge of $20 million as its best estimate of the potential loss as of December 31, 2014, which was included in accrued and other liabilities in the Company’s consolidated balance sheet. However, given the inherent uncertainty of arbitration and the nature of the claims in this matter, it is possible that we may incur an additional material charge, but an estimate of such a charge cannot be made at this time. The Company continues to strongly dispute Roche’s claims and intend to vigorously defend against them. | |||||||||||||||||||||
On August 21, 2012 the Company filed a lawsuit against Roche, in the United States District Court for the Northern District of California (“the Court”), for a declaratory judgment of (a) invalidity, expiration, and non-infringement of the 375 Patent; and (b) invalidity, unenforceability, expiration and non-infringement of United States Patent No. 6,127,155 (the “155 Patent”). On January 17, 2013, the Court issued an order granting a motion by Roche to stay the suit with respect to the 375 Patent pending resolution of the above noted arbitration proceeding. In the same order, the Court dismissed the Company’s suit with respect to the 155 Patent for lack of subject matter jurisdiction, without considering or ruling on the merits of the Company’s case. The Court left open the possibility that the Company could re-file its case against the 155 Patent in the future. Management believes that the possibility that these legal proceedings will result in a material adverse effect on the Company’s business is remote. | |||||||||||||||||||||
On July 16, 2014 Roche filed a lawsuit in the Court, alleging that the Company’s Xpert MTB-RIF product infringes United States Patent No. 5,643,723 (the “723 Patent”), which expired on July 1, 2014. On September 15, 2014, the Company filed its answer and counterclaims denying Roche’s allegations of infringement and asking the Court to find the 723 Patent invalid, unenforceable, and not infringed. On November 10, 2014, the Company filed a petition for inter partes review (“IPR”) of the 723 Patent in the United States Patent and Trademark Office and filed a motion with the Court to stay this lawsuit pending the outcome of the IPR. On January 7, 2015, the Court issued an order staying the lawsuit pending the outcome of the IPR. Management believes that the possibility that these legal proceedings will result in a material loss is remote. | |||||||||||||||||||||
The Company may be subject to additional various claims, complaints and legal actions that arise from time to time in the normal course of business. Other than as described above, the Company does not believe it is party to any currently pending legal proceedings that will result in a material adverse effect on its business. There can be no assurance that existing or future legal proceedings arising in the ordinary course of business or otherwise will not have a material adverse effect on the Company’s business, consolidated financial position, results of operations or cash flows. |
Shareholders_Equity
Shareholders' Equity | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Shareholders' Equity | 10. Shareholders’ Equity | ||||||||||||||||
Stock Option Plans | |||||||||||||||||
On April 27, 2006, the Company’s shareholders approved the 2006 Plan, which was approved by the Board in February 2006. On April 27, 2006, the Board also terminated the Company’s 1997 Stock Option Plan (“1997 Plan”). No new grants will be made under the 1997 Plan, and options granted or shares issued under the 1997 Plan that were outstanding on the date the 1997 Plan was terminated will remain subject to the terms of the 1997 Plan. Shares of common stock reserved for issuance under the 2006 Plan include (i) an initial authorization of 3,800,000 shares of common stock, (ii) shares reserved but unissued under the 1997 Plan as of the date the 1997 Plan was terminated and (iii) shares subject to awards granted under the 1997 Plan that are cancelled, forfeited or repurchased by the Company or expire after the 1997 Plan termination. On April 24, 2008, shareholders approved an increase to the number of shares of common stock reserved for issuance under the 2006 Plan by 1,800,000. On April 29, 2010, shareholders approved an increase to the number of shares of common stock reserved for issuance under the 2006 Plan by 3,800,000. On April 24, 2012, shareholders approved an increase to the number of shares of common stock reserved for issuance under the 2006 Plan by 5,000,000. On April 22, 2014 shareholders approved an increase to the number of shares of common stock reserved for issuance under the 2006 Plan by 3,300,000. | |||||||||||||||||
Under the 2006 Plan, the Company may grant incentive stock options (“ISOs”) and non-qualified stock options (“NQSOs”), restricted stock awards (“RSAs”), stock bonus awards (“SBAs”), stock appreciation rights (“SARs”), restricted stock units (“RSUs”) and performance share awards (“PSAs”). ISOs may be granted only to employees and directors of the Board, and all other awards may be granted to Company employees and directors and to consultants, independent contractors and advisors of the Company for services rendered. Any award, other than a stock option or a SAR, shall reduce the number of shares available for issuance by 1.75 shares for each share subject to such award (for a stock option or a SAR this ratio is 1:1). The 2006 Plan is administered by the Compensation and Organizational Development Committee of the Board (“Committee”). RSAs, SBAs, RSUs and PSAs (collectively, “Full Value Equity Awards”) with vesting or settlement restrictions, as applicable, based upon completion of performance goals, have a minimum one-year vesting or settlement restriction period (the “One-Year Restriction Period”) and all other vesting or settlement restrictions, as applicable, for Full Value Equity Awards shall have a minimum three-year vesting or settlement restriction period (the “Three-Year Restriction Period” and together with the One-Year Restriction Period, the “Minimum Restriction Periods”). The Company may grant Full Value Equity Awards without taking into account the Minimum Restriction Periods, provided, that, the Company does not grant more than 10% of the aggregate shares of common stock reserved and available for grant and issuance under the 2006 Plan without the Minimum Restriction Periods. The following provides a general description of each type of award under the 2006 Plan. As of December 31, 2014, the Company had 3,945,863 shares of the Company’s common stock reserved for future issuance under the 2006 Plan. | |||||||||||||||||
Stock options may be granted at no less than the fair market value per share of common stock on the date of the grant (at 110% of fair market value for ISOs granted to 10% shareholders), expire not later than seven years from the date of grant (five years from the date of grant for ISOs granted to 10% shareholders) and generally vest 25% one year after the date of grant and then on a pro rata basis over the following 36 months. | |||||||||||||||||
RSAs may be granted at a purchase price that is less than fair market value on the date of grant, and the restrictions are determined by the Committee and may be based on years of service with the Company or completion of performance goals during a period. The Committee will determine the extent that the RSA is earned prior to the payment for the shares awarded. | |||||||||||||||||
RSUs are awards for past or future services that may be settled in cash or shares of common stock, including restricted stock. The Committee determines the terms of each RSU, including the number of shares of common stock subject to the RSU, the times during which the RSU may be settled, consideration to be made on settlement, and effect of the participant’s termination. If RSUs are awarded based on performance goals, the Committee will determine the extent that the RSU is earned. The number of shares subject to the RSU may be fixed or may vary depending on performance goals determined by the Committee. While the RSU shall be paid currently, under certain circumstances the Committee may permit the participant to defer settlement of the RSU. | |||||||||||||||||
A summary of stock option activity under all plans is as follows (in thousands, except weighted average exercise price and weighted average remaining contractual term): | |||||||||||||||||
Shares | Weighted | Weighted | Instrinsic | ||||||||||||||
Average | Average | Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding December 31, 2011 | 7,699 | $ | 17.54 | ||||||||||||||
Granted | 1,141 | $ | 36.68 | ||||||||||||||
Exercised | (1,920 | ) | $ | 12.93 | |||||||||||||
Forfeited | (110 | ) | $ | 32.23 | |||||||||||||
Outstanding December 31, 2012 | 6,810 | $ | 21.81 | ||||||||||||||
Granted | 1,553 | $ | 38.55 | ||||||||||||||
Exercised | (1,579 | ) | $ | 16.19 | |||||||||||||
Forfeited | (308 | ) | $ | 32.19 | |||||||||||||
Outstanding December 31, 2013 | 6,476 | $ | 26.7 | ||||||||||||||
Granted | 1,471 | $ | 46.36 | ||||||||||||||
Exercised | (1,930 | ) | $ | 19.72 | |||||||||||||
Forfeited | (436 | ) | $ | 40.64 | |||||||||||||
Outstanding December 31, 2014 | 5,581 | $ | 33.2 | 4.12 | $ | 116,854 | |||||||||||
Exercisable, December 31, 2014 | 3,122 | $ | 26.09 | 2.9 | $ | 87,580 | |||||||||||
Vested and expected to vest December 31, 2014 | 5,385 | $ | 32.84 | 4.06 | $ | 114,721 | |||||||||||
The aggregate intrinsic value in the table above represents the total pretax intrinsic value (i.e., the difference between the Company’s closing stock price of $54.14 on the last trading day of 2014 and the exercise price, times the number of shares for options where the exercise price is below the closing stock price) that would have been received by the option holders had all option holders exercised their options on that date. This amount changes based on the fair market value of the Company’s stock. The total intrinsic value of options exercised was $58.2 million, $37.0 million, and $54.5 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
A summary of all award activity, which consists of RSAs and RSUs, is as follows (in thousands, except weighted average grant date fair value): | |||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding December 31, 2011 | 596 | $ | 25.87 | ||||||||||||||
Granted | 271 | $ | 36.9 | ||||||||||||||
Vested | (209 | ) | $ | 27.62 | |||||||||||||
Cancelled | (16 | ) | $ | 34.29 | |||||||||||||
Outstanding December 31, 2012 | 642 | $ | 29.74 | ||||||||||||||
Granted | 412 | $ | 38.23 | ||||||||||||||
Vested | (262 | ) | $ | 29.81 | |||||||||||||
Cancelled | (50 | ) | $ | 34.17 | |||||||||||||
Outstanding December 31, 2013 | 742 | $ | 34.13 | ||||||||||||||
Granted | 377 | $ | 46.83 | ||||||||||||||
Vested | (327 | ) | $ | 34.11 | |||||||||||||
Cancelled | (94 | ) | $ | 39.35 | |||||||||||||
Outstanding December 31, 2014 | 698 | $ | 40.3 | ||||||||||||||
In accordance with the 2006 Plan, RSAs and RSUs granted in 2014, 2013 and 2012, reduced the number of shares available for future grant by a factor of 1.75 for each share subject to such award. Based on the closing price per share of the Company’s common stock of $54.14 and $46.67 on the last trading day in 2014 and in 2013, respectively, the total pre-tax intrinsic value of all outstanding stock awards as of December 31, 2014 and December 31, 2013 was $37.8 million and $34.5 million, respectively. Total fair value of stock awards vested was $14.8 million, $10.0 million, and $7.4 million for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||
The 2000 Employee Stock Purchase Plan (“2000 ESPP”) was adopted in April 2000, amended in June 2003, April 2009 and April 2012 and terminated effective August 1, 2012. The 2000 ESPP permitted eligible employees of the Company and its participating subsidiaries to purchase common stock at a discount up to a maximum of 15% of compensation through payroll deductions during defined two-year offering periods consisting of four, six-month purchase periods. The price at which stock was purchased under the 2000 ESPP was equal to 85% of the fair market value of the common stock on the first day of the two-year offering period or the last day of the six-month purchase period, whichever was lower. | |||||||||||||||||
The 2012 Employee Stock Purchase Plan (“2012 ESPP”) was approved by the Company’s Board of Directors in February 2012 and adopted by the Company’s shareholders in April 2012. The 2012 ESPP permits eligible employees of the Company and its participating subsidiaries to purchase common stock at a discount up to a maximum of 15% of compensation through payroll deductions during defined two-year offering periods consisting of four, six-month purchase periods. The price at which stock is purchased under the 2012 ESPP is equal to 85% of the fair market value of the common stock on the first day of the two-year offering period or the last day of the six-month purchase period, whichever is lower. The number of shares available for future issuance increase annually equal to the lesser of (a) 500,000 shares or (b) an amount determined by the Compensation and Organizational Development Committee of the Board. | |||||||||||||||||
Reserved Shares | |||||||||||||||||
As of December 31, 2014, the Company has reserved shares of common stock for future issuance as follows (in thousands): | |||||||||||||||||
Payments Due by Period | |||||||||||||||||
Total | |||||||||||||||||
2006 Plan: | |||||||||||||||||
Options, RSUs and awards outstanding for all plans | $ | 6,278 | |||||||||||||||
Reserved for future grants | 3,946 | ||||||||||||||||
2012 ESPP | 2,210 | ||||||||||||||||
$ | 12,434 | ||||||||||||||||
Stock-Based Compensation Expense | |||||||||||||||||
Fair Value—The fair value of the Company’s stock options granted to employees and shares purchased by employees under the 2012 ESPP, for the years ended December 31, 2014, 2013 and 2012 was estimated using the following assumptions: | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
OPTION SHARES: | |||||||||||||||||
Expected Term (in years) | 4.4 | 4.41 | 4.38 | ||||||||||||||
Volatility | 0.38 | 0.44 | 0.53 | ||||||||||||||
Expected Dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Risk Free Interest Rates | 1.71 | % | 0.9 | % | 0.8 | % | |||||||||||
Estimated Forfeitures | 6.75 | % | 7.61 | % | 7.63 | % | |||||||||||
Weighted Average Fair Value | $ | 15.71 | $ | 14.17 | $ | 15.7 | |||||||||||
ESPP SHARES: | |||||||||||||||||
Expected Term (in years) | 1.24 | 1.25 | 1.25 | ||||||||||||||
Volatility | 0.33 | 0.42 | 0.54 | ||||||||||||||
Expected Dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Risk Free Interest Rates | 0.22 | % | 0.19 | % | 0.18 | % | |||||||||||
Weighted Average Fair Value | $ | 12.13 | $ | 12.1 | $ | 13.13 | |||||||||||
Stock-Based Compensation Expense—The following table is a summary of the major categories of stock compensation expense recognized in accordance with ASC 718, “Compensation—Stock Compensation” (“ASC 718”) for the years ended December 31, 2014, 2013 and 2012 (in thousands). | |||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of sales | $ | 4,086 | $ | 2,930 | $ | 3,087 | |||||||||||
Research and development | 9,516 | 8,540 | 7,563 | ||||||||||||||
Sales and marketing | 6,048 | 5,636 | 5,032 | ||||||||||||||
General and administrative | 12,557 | 10,529 | 8,814 | ||||||||||||||
Total stock-based compensation expense | $ | 32,207 | $ | 27,635 | $ | 24,496 | |||||||||||
The above stock-based compensation expense includes costs for 2012 ESPP of $2.7 million, $3.6 million, and $2.4 million for the years ended December 31, 2014, 2013, and 2012, respectively. | |||||||||||||||||
As of December 31, 2014, the total compensation expense related to unvested stock option grants under the Company’s 1997 Plan and 2006 Plan but not yet recognized was $32.0 million, which is net of estimated forfeitures of $6.6 million. This expense will be amortized on a straight line basis over a weighted average period of 2.6 years and will be adjusted for subsequent changes in estimated forfeitures. | |||||||||||||||||
As of December 31, 2014, the total compensation expense related to RSAs and RSUs under the 2006 Plan not yet recognized was $23.4 million, which is net of estimated forfeitures of $4.9 million. This expense will be amortized on a straight line basis over a weighted average period of 2.6 years and will be adjusted for subsequent changes in estimated forfeitures. | |||||||||||||||||
At December 31, 2014, the total compensation expense related to options to purchase the Company’s common shares under the 2012 ESPP but not yet recognized was $1.6 million. The expense will be amortized on a straight-line basis over the two-year offering period, as such term is defined in the 2012 ESPP. |
Employee_Benefit_Plan
Employee Benefit Plan | 12 Months Ended |
Dec. 31, 2014 | |
Postemployment Benefits [Abstract] | |
Employee Benefit Plan | 11. Employee Benefit Plan |
The Company’s 401(k) plan allows eligible employees to contribute a percentage of their qualified compensation subject to IRS limits. The Company has the discretion to make matching contributions each year. Contributions made by the Company for the years ended December 31, 2014, 2013 and 2012 were $1.9 million, $1.5 million, and $1.2 million, respectively. | |
On December 9, 2013, the Compensation and Organizational Development Committee of the Board of Directors of the Company approved the establishment of the Cepheid Executive Deferred Compensation Plan (the “Deferred Compensation Plan”). The Deferred Compensation Plan is an unfunded deferred compensation plan and participants in the Deferred Compensation Plan will at all times have the status of unsecured general creditors of Cepheid with respect to the payment of any Plan benefits. The Deferred Compensation Plan is designed to provide designated executives of Cepheid, currently set at Vice Presidents and above, with the opportunity to defer the payment of | |
(1) between 5% and 75% of their base salary and | |
(2) between 5% and 100% of any cash-based incentive awards payable to a participant. | |
The Deferred Compensation Plan’s Administrative Committee will select investment options from which the participants may make elections for the deemed investment of their accounts under the Deferred Compensation Plan. Plan participants shall at all times be fully vested in any amounts deferred pursuant to the Deferred Compensation Plan. The Deferred Compensation Plan became effective beginning January 1, 2014 and has a balance of $0.4 million as of December 31, 2014. |
Segment_and_Significant_Concen
Segment and Significant Concentrations | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Segment and Significant Concentrations | 12. Segment and Significant Concentrations | ||||||||||||
The Company and its wholly owned subsidiaries operate in one business segment. The following table summarizes total revenue (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue: | |||||||||||||
System and other revenue | $ | 90,849 | $ | 76,763 | $ | 65,111 | |||||||
Reagent and disposable revenue | 379,292 | 324,529 | 266,101 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 | |||||||
The following table summarizes revenue in the Clinical and Non-Clinical markets (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by market: | |||||||||||||
Clinical Systems | $ | 84,695 | $ | 66,980 | $ | 52,805 | |||||||
Clinical Reagents | 356,427 | 292,941 | 233,503 | ||||||||||
Total Clinical | $ | 441,122 | $ | 359,921 | $ | 286,308 | |||||||
Non-Clinical | 29,019 | 41,371 | 44,904 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 | |||||||
The following table summarizes revenue by geographic region (in thousands): | |||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Geographic revenue information: | |||||||||||||
North America | |||||||||||||
Clinical | $ | 247,120 | $ | 212,362 | $ | 190,021 | |||||||
Non-Clinical | 24,905 | 36,998 | 38,632 | ||||||||||
Total North America | 272,025 | 249,360 | 228,653 | ||||||||||
International | |||||||||||||
Clinical | $ | 194,002 | $ | 147,559 | $ | 96,286 | |||||||
Non-Clinical | 4,114 | 4,373 | 6,273 | ||||||||||
Total International | 198,116 | 151,932 | 102,559 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 | |||||||
The Company had a distribution agreement to distribute products in the United States until October 1, 2014 and has several regional distribution arrangements in place throughout Europe, Japan, China, Latin America, South America, Canada and other parts of the world. | |||||||||||||
The Company recognized revenues of $264.1 million, $237.8 million and $216.6 million for revenues from U.S. customers for the years ended December 31, 2014, 2013 and 2012. The Company recognized sales of $37.3 million, $41.6 million, and $22.8 million to customers in South Africa for the years ended December 31, 2014, 2013, and 2012, respectively. As of December 31, 2014 and 2013, the Company has long lived-assets (excluding intangible assets) of $96.0 million and $63.9 million, respectively, which reside in the United States. As of December 31, 2014 and 2013, the Company has long-lived assets of $19.8 million and $21.0 million, respectively, which reside primarily in Sweden and countries in the European Monetary Union. |
Collaboration_Profit_Sharing
Collaboration Profit Sharing | 12 Months Ended |
Dec. 31, 2014 | |
Text Block [Abstract] | |
Collaboration Profit Sharing | 13. Collaboration Profit Sharing |
Collaboration profit sharing represents the amount that the Company pays to LIFE under its collaboration agreement to develop reagents for use in the USPS BDS program. Under the agreement, computed gross margin on anthrax cartridge sales are shared equally between the two parties. Collaboration profit sharing expense was $5.2 million, $7.5 million and $7.2 million for the years ended December 31, 2014, 2013, 2012 respectively. The total revenues and cost of sales related to these cartridge sales are included in the respective balances in the consolidated statement of operations. |
Collaborative_Agreements_and_C
Collaborative Agreements and Contracts | 12 Months Ended |
Dec. 31, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Collaborative Agreements and Contracts | 14. Collaborative Agreements and Contracts |
Foundation for Innovative New Diagnostics | |
In May 2006, the Company entered into an agreement with the FIND to develop a simple, rapid test that can detect mycobactrium tuberculosis and associated rifampin resistance from human sputum samples. Under the agreement, the Company was responsible for the development of a 6-color GeneXpert instrument to accomplish such test and the development of an enhanced manufacturing line for the manufacture of test cartridges used in the test. FIND reimbursed the Company at agreed upon amounts. The term of the development portion of the agreement was 30 months, which was subsequently extended an additional five months. In July 2009, the agreement was extended for another year for further specified enhancements. The supply term of the agreement is for 12 years, unless terminated by either party in accordance with relevant provisions of the agreement. In January 2011, the agreement was extended for another year and a new agreement was signed for the development of the Company’s Xpert HIV Viral Load test. Under the Xpert HIV agreement, FIND agreed to fund $5.1 million in development costs throughout the two-year contract. In December 2014, the Xpert HIV-1 Viral Load achieved CE-IVD status under the European Directive on In Vitro Diagnostic Medical Devices. | |
In the first quarter of 2011, the Company and FIND entered into a $1.0 million agreement with FIND to fund the development of a remote calibration kit for its GeneXpert system family. | |
In December 2013, the Company entered into an agreement to develop Xpert MTB/RIF Ultra with FIND and Rutgers New Jersey Medical School to develop a next-generation test for Mycobacterium tuberculosis (TB) with increased sensitivity to aid in detection of patients with smear-negative TB, which is often associated with HIV co-infection. Xpert MTB/RIF Ultra will run on existing 6-color GeneXpert Systems. Under the Xpert MTB/RIF Ultra agreement, FIND agreed to fund up to $3.0 million in development costs throughout the two-year contract. | |
The Company recognized revenue from FIND of $2.1 million, $0.8 million and $2.2 million in “System and other revenues” for the years ended December 31, 2014, 2013 and 2012, respectively. | |
MTB/RIF Buy Down Program for the HBDC Market | |
During 2012, the Company entered into agreements with BMGF, USAID and UNITAID to reduce the price of the Company’s Multi-Drug Resistant Tuberculosis test to $9.98 for customers in the HBDC program. The Company received one-time payments of $3.5 million each from BMGF and USAID in 2012 and $3.2 million from UNITAID during 2013. Based on the terms of the agreements, the Company recognized revenue related to the BMGF and USAID agreements on a per-unit basis. Under the UNITAID agreement, the Company will recognize the $3.2 million of revenue on a straight line basis over a period of ten years. For the years ended December 31, 2014, 2013 and 2012, the Company recognized revenue of $0.3 million, $2.7 million and $4.8 million, respectively, related to the BMGF, USAID and UNITAID agreements. | |
LIFE and Northrop Grumman Corporation | |
In October 2002, the Company entered into a collaboration agreement with LIFE to develop reagents for use in the USPS BDS program, which was developed by the consortium led by Northrop Grumman Corporation. Under the agreement, reagents will be manufactured by LIFE for packaging by the Company into its GeneXpert test cartridges and sold by the Company for use in the BDS. This agreement calls for the computed gross margin on sales of anthrax cartridges for the USPS BDS program to be equally shared between the Company and LIFE. | |
In August 2007, Northrop Grumman entered into a five-year master purchase agreement with the Company for the purchase of up to $200 million in anthrax test cartridges and associated materials used in BDS. In the fourth quarter of 2011, Northrop Grumman entered into another five-year master purchase agreement with the Company for the purchase of up to $112 million of anthrax test cartridges and associated materials used in BDS. The agreement and subsequent purchase orders cover the period through September 30, 2016. In the fourth quarter of 2012, the Company entered into an agreement directly with the USPS to sell the anthrax test cartridges and associated materials used in BDS directly to USPS through the period ending September 30, 2016. | |
Bill and Melinda Gates and Paul G. Allen Family Foundation Xpert Ebola | |
In November 2014, the Company announced details of an awarded grant of up to $3.4 million co-financed by the Paul G. Allen Family Foundation and the BMGF to develop Xpert Ebola, a rapid test that could be run on the Company’s installed base of GeneXpert Systems in developing countries. In addition to Xpert Ebola, the Company is evaluating deployment of the Company’s RemoteXpert cloud-based monitoring software. For the year ended December 31, 2014, the Company recognized revenue of $0.5 million related to the agreement. The $1.9 million unused cash is contractually restricted for use only to develop the Xpert Ebola test in accordance with our agreement with BMGF and it is recorded as restricted cash and included in prepaid expenses and other current assets. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2014 | |
Related Party Transactions [Abstract] | |
Related Party Transactions | 15. Related party transactions |
The Company sells its products and provides services to Geisinger Health System (“Geisinger”), a physician-led health care system serving multiple regions of Pennsylvania. The President and Chief Executive Officer of Geisinger is also a director of the Company. Net revenues recorded from sales to Geisinger were approximately $1.7 million and $1.5 million for the years ended December 31, 2014 and 2013, respectively. There was no significant revenue for the year ended December 31, 2012. As of December 31, 2014, the Company had accounts receivable of approximately $0.2 million due from Geisinger. |
Quarterly_Financial_Informatio
Quarterly Financial Information | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Quarterly Financial Information | SUPPLEMENTARY DATA: | ||||||||||||||||
QUARTERLY FINANCIAL INFORMATION (UNAUDITED) | |||||||||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | ||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 106,907 | $ | 116,503 | $ | 115,209 | $ | 131,522 | |||||||||
Costs and operating expenses: | |||||||||||||||||
Cost of sales | 53,083 | 59,568 | 56,791 | $ | 59,885 | ||||||||||||
Collaboration profit sharing | 1,291 | 649 | 1,291 | 1,923 | |||||||||||||
Research and development | 21,740 | 23,998 | 23,541 | 27,572 | |||||||||||||
Sales and marketing | 23,458 | 23,502 | 23,913 | 26,975 | |||||||||||||
General and administrative | 13,667 | 14,340 | 13,069 | 13,971 | |||||||||||||
Legal contingencies and settlements | — | — | — | 20,000 | |||||||||||||
Total cost and operating expenses | 113,239 | 122,057 | 118,605 | 150,326 | |||||||||||||
Loss from operations | (6,332 | ) | (5,554 | ) | (3,396 | ) | (18,804 | ) | |||||||||
Other expense, net | (2,291 | ) | (3,370 | ) | (3,573 | ) | (4,272 | ) | |||||||||
Loss before income tax expense | (8,623 | ) | (8,924 | ) | (6,969 | ) | (23,076 | ) | |||||||||
Provision for income tax expense | (680 | ) | (919 | ) | (266 | ) | (692 | ) | |||||||||
Net Loss | $ | (9,303 | ) | $ | (9,843 | ) | $ | (7,235 | ) | $ | (23,768 | ) | |||||
Basic net loss per share | (0.13 | ) | (0.14 | ) | (0.10 | ) | (0.34 | ) | |||||||||
Diluted net loss per share | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.10 | ) | $ | (0.34 | ) | |||||
Weighted average shares used in computing basic net loss per share | 69,272 | 69,968 | 70,326 | 70,689 | |||||||||||||
Weighted average shares used in computing diluted net loss per share | 69,272 | 69,968 | 70,326 | 70,689 | |||||||||||||
Gross profit on sales: | |||||||||||||||||
Sales | $ | 106,907 | $ | 116,503 | $ | 115,209 | $ | 131,522 | |||||||||
Cost of sales | (53,083 | ) | (59,568 | ) | (56,791 | ) | (59,885 | ) | |||||||||
$ | 53,824 | $ | 56,935 | $ | 58,418 | $ | 71,637 | ||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | ||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Total revenue | $ | 91,938 | $ | 96,012 | $ | 100,081 | $ | 113,261 | |||||||||
Costs and operating expenses: | |||||||||||||||||
Cost of sales | 42,892 | 52,889 | 51,669 | $ | 60,483 | ||||||||||||
Collaboration profit sharing | 2,110 | 1,425 | 1,410 | 2,567 | |||||||||||||
Research and development | 17,727 | 18,572 | 18,558 | 25,340 | |||||||||||||
Sales and marketing | 19,126 | 19,105 | 19,788 | 21,922 | |||||||||||||
General and administrative | 9,763 | 9,612 | 9,490 | 12,854 | |||||||||||||
Total cost and operating expenses | 91,618 | 101,603 | 100,915 | 123,166 | |||||||||||||
Income (loss) from operations | 320 | (5,591 | ) | (834 | ) | (9,905 | ) | ||||||||||
Other income (expense), net | 374 | (717 | ) | (200 | ) | (264 | ) | ||||||||||
Income (loss) before income tax expense | 694 | (6,308 | ) | (1,034 | ) | (10,169 | ) | ||||||||||
Provision for income tax expense | (381 | ) | (272 | ) | (347 | ) | (148 | ) | |||||||||
Net income (loss) | $ | 313 | $ | (6,580 | ) | $ | (1,381 | ) | $ | (10,317 | ) | ||||||
Basic net income (loss) per share | 0 | (0.10 | ) | (0.02 | ) | (0.15 | ) | ||||||||||
Diluted net income (loss) per share | $ | 0 | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.15 | ) | ||||||
Weighted average shares used in computing basic net income (loss) per share | 66,824 | 67,295 | 67,573 | 68,230 | |||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 69,406 | 67,295 | 67,573 | 68,230 | |||||||||||||
Gross profit on sales: | |||||||||||||||||
Sales | $ | 91,938 | $ | 96,012 | $ | 100,081 | $ | 113,261 | |||||||||
Cost of sales | (42,892 | ) | (52,889 | ) | (51,669 | ) | (60,483 | ) | |||||||||
$ | 49,046 | $ | 43,123 | $ | 48,412 | $ | 52,778 | ||||||||||
Schedule_II_Valuation_and_Qual
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Valuation and Qualifying Accounts [Abstract] | |||||||||||||||||
Schedule II - Valuation and Qualifying Accounts | SCHEDULE II — VALUATION AND QUALIFYING ACCOUNTS | ||||||||||||||||
Description | Balance at | Costs and | Deductions | Balance at | |||||||||||||
Beginning of | Expenses | End of Year | |||||||||||||||
Year | |||||||||||||||||
(In thousands) | |||||||||||||||||
Allowance for doubtful accounts: | |||||||||||||||||
Year ended December 31, 2012 | $ | 61 | $ | 135 | $ | (20 | ) | $ | 176 | ||||||||
Year ended December 31, 2013 | 176 | 63 | (41 | ) | 198 | ||||||||||||
Year ended December 31, 2014 | 198 | 44 | (5 | ) | 237 |
Organization_and_Summary_of_Si1
Organization and Summary of Significant Accounting Policies (Policies) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Organization and Business | Organization and Business | ||||||||||||
Cepheid (the “Company”) was incorporated in the State of California on March 4, 1996. The Company is a molecular diagnostics company that develops, manufactures, and markets fully-integrated systems for testing in the Clinical market, as well as for application in the Company’s legacy Non-Clinical market. The Company’s systems enable rapid, sophisticated molecular testing for organisms and genetic-based diseases by automating otherwise complex manual laboratory procedures. | |||||||||||||
Principles of Consolidation | Principles of Consolidation | ||||||||||||
The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. On July 1, 2012, the Company changed the functional currency for certain foreign subsidiaries from the local currency to the U.S. dollar due to changes in the way these businesses and their operations are structured and managed. As a result, all foreign subsidiaries are using the U.S. dollar as the functional currency effective July 1, 2012. Prior to this change, adjustments resulting from translating the foreign currency financial statements of these subsidiaries into the U.S. dollar had been included as a separate component of accumulated other comprehensive income (loss). Upon the change of the functional currency, these subsidiaries no longer generate further translation adjustments, and the accumulated translation adjustments from prior periods will continue to remain a component of accumulated other comprehensive income (loss). | |||||||||||||
Net loss includes the gains and losses arising from transactions denominated in a currency other than the functional currency of a location, the remeasurement of assets and liabilities of foreign subsidiaries using U.S. dollars as their functional currency, and the realized results of the Company’s foreign currency hedging activities. | |||||||||||||
Use of Estimates | Use of Estimates | ||||||||||||
The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires the Company to make estimates and assumptions that affect the amounts reported in the consolidated financial statements and accompanying notes. Actual results could differ from these estimates. | |||||||||||||
Fair Value of Financial Instruments | Fair Value of Financial Instruments | ||||||||||||
The Company defines fair value 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. The Company’s valuation techniques used to measure fair value maximized the use of observable inputs and minimized the use of unobservable inputs. The fair value hierarchy is based on the following three levels of inputs: | |||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities. | ||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. | ||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. | ||||||||||||
See Note 2, “Fair Value”, for information and related disclosures regarding the Company’s fair value measurements. | |||||||||||||
Cash, Cash Equivalents, Restricted Cash, Short-Term Investments and Non-Current Investments | Cash, Cash Equivalents, Restricted Cash, Short-Term Investments and Non-Current Investments | ||||||||||||
Cash and cash equivalents consist of cash on deposit with banks and money market instruments. Interest and other income, net includes interest, dividends, amortization of purchase premiums and discounts and realized gains and losses on sales of securities. | |||||||||||||
Restricted cash consists of cash contractually restricted for use to develop the Xpert Ebola test in accordance with the Company’s agreement with BMGF. At December 31, 2014, prepaid expense and other current assets include $1.9 million of restricted cash. | |||||||||||||
The Company’s marketable debt securities have been classified and accounted for as available-for-sale. The Company determines the appropriate classification of its investments at the time of purchase and re-evaluates the designations at each balance sheet date. The Company classifies its marketable debt securities as cash equivalents, short-term investments or non-current investments based on each instrument’s underlying effective maturity date. All highly liquid investments with maturities of three months or less at the date of purchase are classified as cash equivalents. Marketable debt securities with effective maturities of 12 months or less are classified as short-term, and marketable debt securities with effective maturities greater than 12 months are classified as non-current. The Company’s marketable debt securities are carried at fair value, with the unrealized gains and losses reported within accumulated other comprehensive loss, a component of shareholders’ equity. The cost of securities sold is based upon the specific identification method. | |||||||||||||
The Company assesses whether an other-than-temporary impairment loss on its investments has occurred due to declines in fair value or other market conditions. With respect to the Company’s debt securities, this assessment takes into account the severity and duration of the decline in value, the Company’s intent to sell the security, whether it is more likely than not that the Company will be required to sell the security before recovery of its amortized cost basis, and whether or not the Company expects to recover the entire amortized cost basis of the security (that is, a credit loss exists). | |||||||||||||
See Note 3, “Investments”, for information and related disclosures regarding the Company’s investments. | |||||||||||||
Concentration of Credit Risks and Other Uncertainties | Concentration of Credit Risks and Other Uncertainties | ||||||||||||
The carrying amounts for financial instruments consisting of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, and accrued and other liabilities approximate fair value due to their short maturities. Derivative instruments and investments are stated at their estimated fair values, based on quoted market prices for the same or similar instruments. The counterparties to the agreements relating to the Company’s derivative instruments consist of large financial institutions of high credit standing. | |||||||||||||
The Company’s main financial institution for banking operations held 58% and 55% of the Company’s cash and cash equivalents as of December 31, 2014 and 2013, respectively. | |||||||||||||
The Company’s accounts receivable are derived from net revenue to customers and distributors located in the United States and other countries. The Company performs credit evaluations of its customers’ financial condition. The Company provides reserves for potential credit losses but has not experienced significant losses to date. There was one direct customer whose accounts receivable balance represented 26% and 14% of total accounts receivable as of December 31, 2014 and 2013, respectively. | |||||||||||||
The Company currently sells products through its direct sales force and distributors. There were no direct customers that accounted for 10% or more of total sales for the years ended December 31, 2014, 2013 and 2012. No single country outside of the United States or South Africa represented more than 10% of the Company’s total revenues or total assets in any period presented. | |||||||||||||
Inventory | Inventory | ||||||||||||
Inventory is stated at the lower of standard cost (which approximates actual cost) or market value, with cost determined on the first-in-first-out method. Allocation of fixed production overheads to conversion costs is based on normal capacity of production. Abnormal amounts of idle facility expense, freight, handling costs, and spoilage are expensed as incurred, and not included in overhead. The Company maintains provisions for excess and obsolete inventory based on management’s estimates of forecasted demand and, where applicable, product expiration. A substantial decrease in demand for the Company’s products or the introduction of new products could lead to excess inventories and could require the Company to increase its provision for inventory obsolescence. | |||||||||||||
The components of inventories were as follows (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Raw Materials | $ | 36,287 | $ | 35,760 | |||||||||
Work in Process | 51,691 | 36,580 | |||||||||||
Finished Goods | 44,657 | 31,526 | |||||||||||
Inventory | $ | 132,635 | $ | 103,866 | |||||||||
In addition, capitalized stock-based compensation expense of $1.6 million and $2.1 million were included in inventory as of December 31, 2014 and 2013, respectively. | |||||||||||||
Property and Equipment | Property and Equipment | ||||||||||||
Property and equipment are stated at cost less accumulated depreciation and amortization. Depreciation and amortization are calculated using the straight-line method based on the estimated useful lives of the assets, which range from 3 to 7 years. Leasehold improvements are amortized over the shorter of the estimated useful lives of the assets or the remaining lease term. During 2014, there was no indication of impairment of property and equipment. In 2013, the Company concluded that certain manufacturing capital assets would not be utilized and therefore had no future realizable value and thus an impairment was recorded of approximately $1.3 million as cost of sales. | |||||||||||||
Property and equipment consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 21 | $ | 21 | |||||||||
Building | 3,364 | 3,970 | |||||||||||
Scientific equipment | 52,619 | 42,845 | |||||||||||
Manufacturing equipment | 56,426 | 45,339 | |||||||||||
Computers and software | 24,402 | 13,923 | |||||||||||
Office furniture | 9,929 | 7,887 | |||||||||||
Leasehold improvements | 66,842 | 48,879 | |||||||||||
$ | 213,603 | $ | 162,864 | ||||||||||
Less accumulated depreciation and amortization | (97,838 | ) | (77,978 | ) | |||||||||
$ | 115,765 | $ | 84,886 | ||||||||||
Total depreciation and amortization expense on our property and equipment in the years ended December 31, 2014, 2013 and 2012 totaled $21.6 million, $17.8 million and $13.4 million, respectively. | |||||||||||||
Capitalized Software Costs for Internal Use | Capitalized Software Costs for Internal Use | ||||||||||||
Internally developed software primarily includes enterprise-level business software that the Company customizes to meet its specific operational needs. The Company capitalized costs for a new enterprise resource planning software system and other internal use software of $10.3 million and $1.9 million during the years ended December 31, 2014 and 2013, respectively. Upon being placed in service, these assets are depreciated over an estimated useful life of 3 to 5 years. | |||||||||||||
Intangible Assets and Goodwill | Intangible Assets and Goodwill | ||||||||||||
Intangible assets related to licenses are recorded at cost, less accumulated amortization. Intangible assets related to technology and other intangible assets acquired in acquisitions are recorded at fair value at the date of acquisition, less accumulated amortization. Intangible assets are amortized on a straight line basis over their estimated useful lives, ranging from three to 15 years. Amortization of intangible assets is primarily included in cost of sales, research and development and sales and marketing in the Consolidated Statements of Operations. | |||||||||||||
The Company reviews its intangible assets for impairment and conducts the impairment review when events or circumstances indicate the carrying value of a long-lived asset may be impaired by estimating the future undiscounted cash flows to be derived from an asset to assess whether or not a potential impairment exists. If the carrying value exceeds the Company’s estimate of future undiscounted cash flows, an impairment value is calculated as the excess of the carrying value of the asset over the Company’s estimate of its fair market value. Events or circumstances which could trigger an impairment review include a significant adverse change in the business climate, an adverse action or assessment by a regulator, unanticipated competition, significant changes in the Company’s use of acquired assets, the Company’s overall business strategy, or significant negative industry or economic trends. In 2014, 2013 and 2012, the Company recorded an impairment charge of $0.1 million, $1.3 million and $1.4 million, respectively, to cost of sales primarily related to acquired technology for one of its legacy products. | |||||||||||||
Goodwill and intangible assets with indefinite useful lives are not amortized, but are tested for impairment at least annually during the fourth fiscal quarter, or as circumstances indicate their value may no longer be recoverable. Goodwill represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets. The Company continues to operate in one segment, which is considered to be the sole reporting unit and therefore, goodwill was tested for impairment at the enterprise level. As of December 31, 2014, there has been no impairment of goodwill. The Company does not have intangible assets with indefinite useful lives other than goodwill. | |||||||||||||
Warranty Reserve | Warranty Reserve | ||||||||||||
The Company generally warrants its systems to be free from defects for a period of 12 to 24 months from the date of sale and certain disposable products to be free from defects, when handled according to product specifications, for the stated life of such products. Accordingly, a provision for the estimated cost of warranty repair or replacement is recorded at the time revenue is recognized. The Company’s warranty provision is established using management’s estimate of future failure rates and future costs of repairing any failures during the warranty period or replacing any disposable products with defects. The activities in the warranty provision consisted of the following (in thousands): | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,326 | $ | 1,953 | $ | 1,981 | |||||||
Costs incurred and charged against reserve | (1,310 | ) | (783 | ) | (690 | ) | |||||||
Accrual related to current year product sales | 1,768 | 2,156 | 662 | ||||||||||
Balance at end of year | $ | 3,784 | $ | 3,326 | $ | 1,953 | |||||||
Accrued and Other Liabilities | Accrued and other liabilities | ||||||||||||
Accrued and other liabilities consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Accrued expense for estimated legal contingency | $ | 20,000 | $ | — | |||||||||
Derivative liabilities | 3,812 | 1,555 | |||||||||||
Accrued warranty reserve | 3,784 | 3,326 | |||||||||||
Accrued payment related to asset acquisition | 3,000 | — | |||||||||||
Income tax payable | 1,028 | 559 | |||||||||||
Other | 3,137 | 2,000 | |||||||||||
Accrued and other liabilities | $ | 34,761 | $ | 7,440 | |||||||||
Other Liabilities | Other liabilities | ||||||||||||
Other liabilities consisted of the following (in thousands): | |||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities | $ | 6,261 | $ | 921 | |||||||||
Deferred rent | 7,721 | 5,908 | |||||||||||
Non-current income tax payable | 2,150 | 877 | |||||||||||
Other | 2,636 | 2,748 | |||||||||||
Other liabilities | $ | 18,768 | $ | 10,454 | |||||||||
Revenue Recognition | Revenue Recognition | ||||||||||||
The Company recognizes revenue from sales when there is persuasive evidence that an arrangement exists, delivery has occurred, the price is fixed or determinable, and collectability is reasonably assured. No right of return exists for the Company’s products except in the case of damaged goods. The Company has not experienced any significant returns of its products. Shipping and handling costs are expensed as incurred and included in cost of sales. In those cases where the Company bills shipping and handling costs to customers, the amounts billed are classified as revenue. | |||||||||||||
The Company enters into revenue arrangements that may consist of multiple deliverables of its products and services. In situations with multiple deliverables, revenue is recognized upon the delivery of the separate elements. The Company sells service contracts for which revenue is deferred and recognized ratably over the contract period. | |||||||||||||
The Company may place an instrument at a customer site under a reagent rental. Under a reagent rental, the Company retains title to the instrument and earns revenue for the usage of the instrument and related maintenance services through the amount charged for reagents and other disposables. Under a reagent rental, a customer may commit to purchasing minimum quantities of reagents at stated prices over a defined contract term, which is typically between three and five years. Revenue is recognized over the term of a reagent rental as reagents and other disposables are shipped and all other revenue recognition criteria have been met. All revenue recognized from reagent rental are included in reagent and disposable sales in Note 12, “Segment and Significant Concentrations”. | |||||||||||||
For multiple element arrangements, the total consideration for an arrangement is allocated among the separate elements in the arrangement based on a selling price hierarchy. The selling price hierarchy for a deliverable is based on: (1) vendor specific objective evidence (“VSOE”), if available; (2) third party evidence of selling price if VSOE is not available; or (3) an estimated selling price, if neither VSOE nor third party evidence is available. Estimated selling price is the Company’s best estimate of the selling price of an element in a transaction. The Company limits the amount of revenue recognized for delivered elements to the amount that is not contingent on the future delivery of products or services or other future performance obligations. The Company recognizes revenue for delivered elements only when it determines there are no uncertainties regarding customer acceptance. | |||||||||||||
Revenue includes fees for research and development services, including research and development under grants and government sponsored research and collaboration agreements. Revenue is derived from cost-type contracts with the U.S. government. Revenue and profit under cost-plus service contracts is recognized as costs are incurred plus negotiated fees. Fixed fees on cost-plus service contracts are recognized ratably over the contract performance period as services are performed. Contract costs include labor and related employee benefits, subcontracting costs and other direct costs, as well as allocations of allowable indirect costs. For contract change orders, claims or similar items, judgment is required for estimating the amounts, assessing the potential for realization, and determining whether realization is probable. From time to time, facts develop that require revisions of revenue recognized or cost estimates. To the extent that a revised estimate affects the current or an earlier period, the cumulative effect of the revision is recognized in the period in which the facts requiring the revision become known. Advance payments received in excess of amounts earned, such as funds received in advance of products to be delivered or services to be performed, are classified as deferred revenue until earned. | |||||||||||||
During 2012, the Company entered into agreements with BMGF, The United States Agency for International Development (“USAID”) and UNITAID to reduce the price of the Company’s Multi-Drug Resistant Tuberculosis test to $9.98 for customers in the HBDC program. The Company received one-time payments of $3.5 million each from BMGF and USAID in 2012 and $3.2 million from UNITAID during 2013. Based on the terms of the agreements, the Company recognized revenue related to the BMGF and USAID agreements on a per-unit basis. Under the UNITAID agreement, the Company is recognizing the $3.2 million of revenue on a straight line basis over a period of ten years. For the years ended December 31, 2014, 2013 and 2012, the Company recognized revenue of $0.3 million, $2.7 million, and $4.8 million, respectively, related to these three agreements. | |||||||||||||
Research and Development | Research and Development | ||||||||||||
Research and development expenses consist of costs incurred for company-sponsored and collaborative research and development activities. These costs include direct and research-related overhead expenses, amortization of certain intangible assets, and the costs of clinical studies. Research and development costs are expensed as incurred. | |||||||||||||
Stock-Based Compensation | Stock-Based Compensation | ||||||||||||
Stock-based compensation cost is measured at the grant date based on the fair value of the award and is recognized as expense on a straight-line basis over the requisite service period, which is generally the vesting period. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s consolidated statements of operations. The Company recognizes the fair value of the Company’s stock option awards as compensation expense over the requisite service period of each award, which is generally four years. | |||||||||||||
In determining fair value of the stock-based compensation expense, the Company uses the Black–Scholes model and a single option award approach, which requires the input of subjective assumptions. These assumptions include: estimating the length of time employees will retain their vested stock options before exercising them (expected term), the estimated volatility of the Company’s common stock price over the expected term (expected volatility), the risk-free interest rate (interest rate), expected dividends and the number of shares subject to options that will ultimately not complete their vesting requirements (forfeitures). Changes in the following assumptions can materially affect the estimate of the fair value of stock–based compensation. | |||||||||||||
• | Expected term is determined based on historical experience, giving consideration to the contractual terms of the stock-based awards, vesting schedules and expectations of future employee behavior as influenced by changes to the terms of its stock-based awards. | ||||||||||||
• | Expected volatility is based on the blend of historical volatility of the past period equal to the Company’s expected term and the current implied volatility. | ||||||||||||
• | Risk-free interest rate is based on the implied yield currently available on U.S. Treasury zero-coupon issues with a remaining term equivalent to the expected term of a stock award. | ||||||||||||
• | Expected dividend is based on the Company’s expectation of issuing a dividend over the expected term. The Company has never issued dividends. | ||||||||||||
• | Estimated forfeitures are based on voluntary termination behavior as well as analysis of actual option forfeitures. | ||||||||||||
Foreign Currency Hedging | Foreign Currency Hedging | ||||||||||||
The Company uses forward contracts designated as cash flow hedges to protect against the foreign currency exchange rate risks inherent in its forecasted net revenue, cost of sales and operating expenses denominated in currencies other than the U.S. dollar. The Company also enters into non-qualifying foreign currency forward contracts to partially offset the foreign currency exchange gains and losses generated by the re-measurement of certain assets and liabilities. The Company’s foreign currency cash flow hedges mature generally within twelve months. For derivative instruments that are designated and qualify as cash flow hedges, the Company initially records the effective portion of the gain or loss on the derivative instrument in accumulated other comprehensive income or loss, a separate component of shareholders’ equity and subsequently reclassify these amounts into earnings within the same financial statement line item as the hedged item in the period during which the hedged transaction is realized. For non-qualifying derivative instruments, the Company records the gain or loss for each period in earnings. During years ended December 31, 2014 and 2013, there was no significant impact to the results of operations as a result of ineffective cash flow hedges. | |||||||||||||
Earnings Per Share | Earnings Per Share | ||||||||||||
Basic earnings per share is computed by dividing net income or loss for the period by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed by dividing net income for the period by the weighted average number of common shares outstanding and common equivalent shares from dilutive stock options, employee stock purchases, restricted stock awards, restricted stock units and shares issuable upon a potential conversion of the convertible senior notes using the treasury stock method. In loss periods, the earnings per share calculation excludes common equivalents shares because their inclusion would be antidilutive. Common stock equivalent shares totaled 9,392,000, 5,267,000 and 4,145,000 for the years ended December 31, 2014, 2013 and 2012, respectively. | |||||||||||||
The following summarizes the computation of basic and diluted loss per share (in thousands, except for per share amounts): | |||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Diluted: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, ESPP, restricted stock units, restricted stock awards and convertible senior notes | — | — | — | ||||||||||
Diluted weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Income Taxes | Income Taxes | ||||||||||||
The Company accounts for income taxes using an asset and liability approach, which requires recognition of deferred tax assets and liabilities for the expected future tax consequences of events that have been recognized in the Company’s consolidated financial statements, but have not been reflected in the its taxable income. A valuation allowance is established to reduce deferred tax assets to their estimated realizable value. Therefore, the Company provides a valuation allowance to the extent that the Company does not believe it is more likely than not that it will generate sufficient taxable income in future periods to realize the benefit of its deferred tax assets. | |||||||||||||
Segments | Segments | ||||||||||||
The Company operates in one segment. Management uses one measurement of profitability and does not segregate its business for internal reporting. | |||||||||||||
Legal Contingencies | Legal Contingencies | ||||||||||||
The Company is involved in various lawsuits and claims arising in the ordinary course of business, including actions with respect to intellectual property, employment, and other contractual matters. In connection with these matters, the Company assesses, on a regular basis, the probability and range of possible loss based on the developments in these matters. A liability is recorded in the financial statements if it is believed to be probable that a loss has been incurred and the amount of the loss can be reasonably estimated. If a reasonable estimate of a known or probable loss cannot be made, but a range of probable losses can be estimated, the low-end of the range of losses is recognized if no amount within the range is a better estimate than any other. If a loss is reasonably possible, but not probable and can be reasonably estimated, the estimated loss or range of loss is disclosed in the notes to the consolidated financial statements. The Company expenses legal fees as incurred. | |||||||||||||
Because litigation is inherently unpredictable and unfavorable results could occur, assessing contingencies is highly subjective and requires judgments about future events. We regularly review outstanding legal matters to determine the adequacy of the liabilities accrued and related disclosures. The amount of ultimate loss may differ from these estimates. Each matter presents its own unique circumstances, and prior litigation does not necessarily provide a reliable basis on which to predict the outcome, or range of outcomes, in any individual proceeding. Consequently, in the event that opposing litigants in outstanding litigations or claims ultimately succeed at trial and any subsequent appeals on their claims, any potential loss or charges in excess of any established accruals, individually or in the aggregate, could have a material adverse effect on our business, financial condition, results of operations, and/or cash flows in the period in which the unfavorable outcome occurs or becomes probable, and potentially in future periods. | |||||||||||||
Recent Accounting Pronouncements | Recent Accounting Pronouncements | ||||||||||||
In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers (Topic 606), which supersedes the revenue recognition requirements in ASC 605, Revenue Recognition. The core principal of ASU 2014-09 is to recognize revenue at an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. The ASU also requires additional disclosure about the nature, amount, timing, and uncertainty of revenue and cash flows arising from customer contracts, including significant judgments, and changes in judgments and assets recognized from costs incurred to obtain or fulfill a contract. The effective date will be the first quarter of fiscal year 2017 using one of two retrospective transition methods. The Company has not yet selected a transition method nor has it determined the potential effects on its consolidated financial statements. |
Organization_and_Summary_of_Si2
Organization and Summary of Significant Accounting Policies (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Accounting Policies [Abstract] | |||||||||||||
Supplemental Cash Flow Information | Supplemental cash flow information | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
(In thousands) | |||||||||||||
Supplemental Cash Flow Information | |||||||||||||
Cash paid for interest | $ | 2,145 | $ | 109 | $ | 124 | |||||||
Cash paid for taxes | $ | 572 | $ | 632 | $ | 1,051 | |||||||
Property and equipment and intangible assets acquired included in accounts payable, other accrued expense and other current liabilities | $ | 8,506 | $ | 674 | $ | 1,031 | |||||||
Components of Inventories | The components of inventories were as follows (in thousands): | ||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Raw Materials | $ | 36,287 | $ | 35,760 | |||||||||
Work in Process | 51,691 | 36,580 | |||||||||||
Finished Goods | 44,657 | 31,526 | |||||||||||
Inventory | $ | 132,635 | $ | 103,866 | |||||||||
Schedule of Property and Equipment | Property and equipment consisted of the following (in thousands): | ||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Land | $ | 21 | $ | 21 | |||||||||
Building | 3,364 | 3,970 | |||||||||||
Scientific equipment | 52,619 | 42,845 | |||||||||||
Manufacturing equipment | 56,426 | 45,339 | |||||||||||
Computers and software | 24,402 | 13,923 | |||||||||||
Office furniture | 9,929 | 7,887 | |||||||||||
Leasehold improvements | 66,842 | 48,879 | |||||||||||
$ | 213,603 | $ | 162,864 | ||||||||||
Less accumulated depreciation and amortization | (97,838 | ) | (77,978 | ) | |||||||||
$ | 115,765 | $ | 84,886 | ||||||||||
Activities in Warranty Provision | The activities in the warranty provision consisted of the following (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 3,326 | $ | 1,953 | $ | 1,981 | |||||||
Costs incurred and charged against reserve | (1,310 | ) | (783 | ) | (690 | ) | |||||||
Accrual related to current year product sales | 1,768 | 2,156 | 662 | ||||||||||
Balance at end of year | $ | 3,784 | $ | 3,326 | $ | 1,953 | |||||||
Schedule of Accrued and Other Liabilities | Accrued and other liabilities consisted of the following (in thousands): | ||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Accrued expense for estimated legal contingency | $ | 20,000 | $ | — | |||||||||
Derivative liabilities | 3,812 | 1,555 | |||||||||||
Accrued warranty reserve | 3,784 | 3,326 | |||||||||||
Accrued payment related to asset acquisition | 3,000 | — | |||||||||||
Income tax payable | 1,028 | 559 | |||||||||||
Other | 3,137 | 2,000 | |||||||||||
Accrued and other liabilities | $ | 34,761 | $ | 7,440 | |||||||||
Schedule of Other Liabilities | Other liabilities consisted of the following (in thousands): | ||||||||||||
December 31 | |||||||||||||
2014 | 2013 | ||||||||||||
Deferred tax liabilities | $ | 6,261 | $ | 921 | |||||||||
Deferred rent | 7,721 | 5,908 | |||||||||||
Non-current income tax payable | 2,150 | 877 | |||||||||||
Other | 2,636 | 2,748 | |||||||||||
Other liabilities | $ | 18,768 | $ | 10,454 | |||||||||
Computation of Basic and Diluted Loss Per Share | The following summarizes the computation of basic and diluted loss per share (in thousands, except for per share amounts): | ||||||||||||
Years ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Basic: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Diluted: | |||||||||||||
Net loss | $ | (50,149 | ) | $ | (17,965 | ) | $ | (20,043 | ) | ||||
Basic weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Effect of dilutive securities: | |||||||||||||
Stock options, ESPP, restricted stock units, restricted stock awards and convertible senior notes | — | — | — | ||||||||||
Diluted weighted shares outstanding | 70,069 | 67,485 | 65,812 | ||||||||||
Net loss per share | $ | (0.72 | ) | $ | (0.27 | ) | $ | (0.30 | ) | ||||
Fair_Value_Tables
Fair Value (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | |||||||||||||||||
Assets and Liabilities Measured at Fair Value on Recurring Basis | The following table summarizes the fair value hierarchy for the Company’s financial assets (cash, cash equivalents, short-term investments and non-current investments) and financial liabilities (foreign currency derivatives, convertible senior notes and contingent consideration) measured at fair value on a recurring basis as of December 31, 2014 and December 31, 2013 (in thousands): | ||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 76,065 | $ | 20,598 | $ | — | $ | 96,663 | |||||||||
Short-term investments: | |||||||||||||||||
Asset-backed securities | 52,220 | 52,220 | |||||||||||||||
Corporate debt securities | — | 64,202 | — | 64,202 | |||||||||||||
Commercial Paper | — | 56,096 | — | 56,096 | |||||||||||||
Government agency securities | 15,003 | 15,003 | |||||||||||||||
Other securities | — | 9,208 | — | 9,208 | |||||||||||||
Total short-term investments | — | 196,729 | — | 196,729 | |||||||||||||
Foreign currency derivatives | — | 3,887 | — | 3,887 | |||||||||||||
Investments: | |||||||||||||||||
Asset-backed securities | — | 12,713 | — | 12,713 | |||||||||||||
Corporate debt securities | — | 22,679 | — | 22,679 | |||||||||||||
Government agency securities | — | 39,532 | — | 39,532 | |||||||||||||
Other securities | — | 4,807 | — | 4,807 | |||||||||||||
Total investments | — | 79,731 | — | 79,731 | |||||||||||||
Total | $ | 76,065 | $ | 300,945 | $ | — | $ | 377,010 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency derivatives | $ | — | $ | 3,812 | $ | — | $ | 3,812 | |||||||||
Total | $ | — | $ | 3,812 | $ | — | $ | 3,812 | |||||||||
Balance as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Assets: | |||||||||||||||||
Cash and cash equivalents | $ | 64,772 | $ | 1,300 | $ | — | $ | 66,072 | |||||||||
Short-term investments: | |||||||||||||||||
Commercial paper | — | 5,448 | — | 5,448 | |||||||||||||
Corporate debt securities | — | 1,881 | — | 1,881 | |||||||||||||
Government agency securities | — | 1,508 | — | 1,508 | |||||||||||||
Total short-term investments | — | 8,837 | — | 8,837 | |||||||||||||
Foreign currency derivatives | — | 873 | — | 873 | |||||||||||||
Investments: | |||||||||||||||||
Asset-backed securities | — | 1,891 | — | 1,891 | |||||||||||||
Corporate debt securities | — | 1,975 | — | 1,975 | |||||||||||||
Government agency securities | — | 3,405 | — | 3,405 | |||||||||||||
United States government securities | — | 2,149 | — | 2,149 | |||||||||||||
Other securities | — | 400 | — | 400 | |||||||||||||
Total investments | — | 9,820 | — | 9,820 | |||||||||||||
Total | $ | 64,772 | $ | 20,830 | $ | — | $ | 85,602 | |||||||||
Liabilities: | |||||||||||||||||
Foreign currency derivatives | $ | — | $ | 1,555 | $ | — | $ | 1,555 | |||||||||
Contingent consideration | — | — | 310 | 310 | |||||||||||||
Total | $ | — | $ | 1,555 | $ | 310 | $ | 1,865 | |||||||||
Liabilities Measured at Fair Value on Non-Recurring Basis | The estimated fair values of the Company’s other financial instruments which are not measured at fair value on a recurring basis as of December 31, 2014 and 2013, were as follows (in thousands): | ||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Convertible senior notes | $ | — | $ | 382,232 | $ | — | $ | 382,232 | |||||||||
Total | $ | — | $ | 382,232 | $ | — | $ | 382,232 | |||||||||
Balance as of December 31, 2013: | |||||||||||||||||
Level 1 | Level 2 | Level 3 | Total | ||||||||||||||
Liabilities: | |||||||||||||||||
Convertible senior notes | $ | — | $ | — | $ | — | $ | — | |||||||||
Total | $ | — | $ | — | $ | — | $ | — | |||||||||
Investments_Tables
Investments (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||
Investments Schedule [Abstract] | |||||||||||||||||||||||||
Schedule of Available-for-Sale Marketable Securities | The following tables summarize available-for-sale marketable securities (in thousands): | ||||||||||||||||||||||||
Balance as of December 31, 2014: | |||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||
Gain | Loss | Value | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 52,240 | $ | 3 | $ | (23 | ) | $ | 52,220 | ||||||||||||||||
Commercial paper | 76,683 | 12 | — | 76,695 | |||||||||||||||||||||
Corporate debt securities | 64,244 | 2 | (45 | ) | 64,201 | ||||||||||||||||||||
Government agency securities | 15,000 | 3 | — | 15,003 | |||||||||||||||||||||
Other securities | 9,206 | 2 | — | 9,208 | |||||||||||||||||||||
Amounts classified as cash equivalents | (20,598 | ) | — | — | (20,598 | ) | |||||||||||||||||||
Total short-term investments | $ | 196,775 | $ | 22 | $ | (68 | ) | $ | 196,729 | ||||||||||||||||
Investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 12,724 | $ | — | $ | (12 | ) | $ | 12,712 | ||||||||||||||||
Corporate debt securities | 22,709 | — | (29 | ) | 22,680 | ||||||||||||||||||||
Government agency securities | 39,583 | — | (51 | ) | 39,532 | ||||||||||||||||||||
Other securities | 4,815 | — | (8 | ) | 4,807 | ||||||||||||||||||||
Total investments | $ | 79,831 | $ | — | $ | (100 | ) | $ | 79,731 | ||||||||||||||||
Balance as of December 31, 2013: | |||||||||||||||||||||||||
Cost | Gross Unrealized | Gross Unrealized | Estimated Fair | ||||||||||||||||||||||
Gain | Loss | Value | |||||||||||||||||||||||
Short-term investments: | |||||||||||||||||||||||||
Commercial paper | $ | 6,747 | $ | 1 | $ | — | $ | 6,748 | |||||||||||||||||
Corporate debt securities | 1,881 | — | — | 1,881 | |||||||||||||||||||||
Government agency securities | 1,506 | 2 | — | 1,508 | |||||||||||||||||||||
Amounts classified as cash equivalents | (1,300 | ) | — | — | (1,300 | ) | |||||||||||||||||||
Total short-term investments | $ | 8,834 | $ | 3 | $ | — | $ | 8,837 | |||||||||||||||||
Investments: | |||||||||||||||||||||||||
Asset-backed securities | $ | 1,890 | $ | 1 | $ | — | $ | 1,891 | |||||||||||||||||
Corporate debt securities | 1,970 | 5 | — | 1,975 | |||||||||||||||||||||
Government agency securities | 3,405 | 1 | (1 | ) | 3,405 | ||||||||||||||||||||
United States government securities | 2,145 | 4 | — | 2,149 | |||||||||||||||||||||
Other securities | 400 | — | — | 400 | |||||||||||||||||||||
Total investments | $ | 9,810 | $ | 11 | $ | (1 | ) | $ | 9,820 | ||||||||||||||||
Schedule of Gross Realized Gains and Losses of Marketable Securities | Gross realized gains and losses from sales of marketable securities, all of which are reported as a component of “Interest and other income, net” in the Consolidated Statements of Operations, were for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||
Years Ended December 31, | |||||||||||||||||||||||||
2014 | 2013 | ||||||||||||||||||||||||
Gross realized gains | $ | 36 | $ | 2 | |||||||||||||||||||||
Gross realized losses | — | — | |||||||||||||||||||||||
Realized gains, net | $ | 36 | $ | 2 | |||||||||||||||||||||
Schedule of Marketable Securities with Unrealized Losses | The fair value of the Company’s marketable securities with unrealized losses at December 31, 2014 and December 31, 2013, and the duration of time that such losses had been unrealized (in thousands) were: | ||||||||||||||||||||||||
Balance at December 31, 2014: | |||||||||||||||||||||||||
Less Than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Asset-backed securities | $ | 54,580 | $ | (35 | ) | $ | — | $ | — | $ | 54,580 | $ | (35 | ) | |||||||||||
Corporate debt securities | 79,360 | (74 | ) | — | — | 79,360 | (74 | ) | |||||||||||||||||
Government agency securities | 39,532 | (51 | ) | — | — | 39,532 | (51 | ) | |||||||||||||||||
Other securities | 4,807 | (8 | ) | — | — | 4,807 | (8 | ) | |||||||||||||||||
Total | $ | 178,279 | $ | (168 | ) | $ | — | $ | — | $ | 178,279 | $ | (168 | ) | |||||||||||
Balance at December 31, 2013: | |||||||||||||||||||||||||
Less Than 12 months | More than 12 months | Total | |||||||||||||||||||||||
Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | Fair Value | Unrealized Loss | ||||||||||||||||||||
Asset-backed securities | $ | 600 | $ | — | $ | — | $ | — | $ | 600 | $ | — | |||||||||||||
Corporate debt securities | 1,180 | — | — | — | 1,180 | — | |||||||||||||||||||
Government agency securities | 1,104 | (1 | ) | — | — | 1,104 | (1 | ) | |||||||||||||||||
Other securities | 200 | — | — | — | 200 | — | |||||||||||||||||||
Total | $ | 3,084 | $ | (1 | ) | $ | — | $ | — | $ | 3,084 | $ | (1 | ) | |||||||||||
Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity | The following table summarizes the amortized cost and estimated fair value of available-for-sale debt securities at December 31, 2014 and December 31, 2013, by contractual maturity (in thousands): | ||||||||||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||||||||||
Amortized Cost | Estimated Fair Value | Amortized Cost | Estimated Fair Value | ||||||||||||||||||||||
Debt securities: | |||||||||||||||||||||||||
Mature in one year or less | $ | 150,133 | $ | 150,105 | $ | 10,134 | $ | 10,137 | |||||||||||||||||
Mature after one year through three years | 135,675 | 135,566 | 9,810 | 9,820 | |||||||||||||||||||||
Mature in more than three years | 11,396 | 11,387 | — | — | |||||||||||||||||||||
Total debt securities | 297,204 | 297,058 | 19,944 | 19,957 | |||||||||||||||||||||
Securities with no contractual maturity | — | — | 55 | 55 | |||||||||||||||||||||
Total | $ | 297,204 | $ | 297,058 | $ | 19,999 | $ | 20,012 | |||||||||||||||||
Derivative_Financial_Instrumen1
Derivative Financial Instruments (Tables) | 12 Months Ended | ||||||||||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||||||||||
Derivative Instruments and Hedging Activities Disclosure [Abstract] | |||||||||||||||||||||||||||||
Derivative Instruments at Gross Fair Value Reflected in Consolidated Balance Sheets | The following tables show the Company’s derivative instruments at gross fair value as reflected in the Consolidated Balance Sheets as of December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
December 31, 2014 | |||||||||||||||||||||||||||||
Fair Value of Derivates | Fair Value of Derivates | Total Fair Value | |||||||||||||||||||||||||||
Designated as Hedge | Not Designated as Hedge | ||||||||||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||||||
Derivative Assets (a): | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 3,887 | $ | — | $ | 3,887 | |||||||||||||||||||||||
Derivative Liabilities (b): | |||||||||||||||||||||||||||||
Foreign exchange contracts | (3,685 | ) | (127 | ) | (3,812 | ) | |||||||||||||||||||||||
31-Dec-13 | |||||||||||||||||||||||||||||
Fair Value of Derivates | Fair Value of Derivates | Total Fair Value | |||||||||||||||||||||||||||
Designated as Hedge | Not Designated as Hedge | ||||||||||||||||||||||||||||
Instruments | Instruments | ||||||||||||||||||||||||||||
Derivative Assets (a): | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 782 | $ | 91 | $ | 873 | |||||||||||||||||||||||
Derivative Liabilities (b): | |||||||||||||||||||||||||||||
Foreign exchange contracts | (1,446 | ) | (109 | ) | (1,555 | ) | |||||||||||||||||||||||
a) | The fair value of derivative assets is measured using Level 2 fair value inputs and is recorded as other current assets in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
b) | The fair value of derivative liabilities is measured using Level 2 fair value inputs and is recorded as accrued other liabilities in the Consolidated Balance Sheets. | ||||||||||||||||||||||||||||
Pre-tax Effect of Derivative Instruments Designated as Cash Flow Hedges in Consolidated Statements of Operations | The following tables show the pre-tax effect of the Company’s derivative instruments designated as cash flow hedges in the Consolidated Statements of Operations for the years ended December 31, 2014 and 2013 (in thousands): | ||||||||||||||||||||||||||||
Years Ended | |||||||||||||||||||||||||||||
Gain (Loss) Recognized in | Gain (Loss) Reclassified | Loss Recognized - Ineffective Portion | |||||||||||||||||||||||||||
OCI - Effective Portion | from AOCI into Income - | and Amount Excluded from Effectiveness Testing | |||||||||||||||||||||||||||
Effective Portion | |||||||||||||||||||||||||||||
December 31, | December 31, | December 31, | December 31, | Location | December 31, | December 31, | |||||||||||||||||||||||
2014 | 2013 | 2014 (a) | 2013 (b) | 2014 | 2013 | ||||||||||||||||||||||||
Cash flow hedges: | |||||||||||||||||||||||||||||
Foreign exchange contracts | $ | 146 | $ | (118 | ) | $ | (735 | ) | $ | 427 | Foreign currency | $ | (46 | ) | $ | (10 | ) | ||||||||||||
exchange loss | |||||||||||||||||||||||||||||
and other, net | |||||||||||||||||||||||||||||
Total | $ | 146 | $ | (118 | ) | $ | (735 | ) | $ | 427 | $ | (46 | ) | $ | (10 | ) | |||||||||||||
a) | Includes gains and losses reclassified from AOCI into net income for the effective portion of cash flow hedges, of which a loss of $1.1 million within costs and operating expenses and a gain of $0.4 million within sales, respectively, were recognized within the Consolidated Statement of Operations for the year ended December 31, 2014. | ||||||||||||||||||||||||||||
b) | Includes gains and losses reclassified from AOCI into net income for the effective portion of cash flow hedges, of which a gain of $1.3 million within costs and operating expenses and a loss of $0.9 million within sales, respectively, were recognized within the Consolidated Statement of Operations for the year ended December 31, 2013. |
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Goodwill and Intangible Assets Disclosure [Abstract] | |||||||||||||
Net Carrying Value and Accumulated Amortization of Major Classes of Intangible Assets | The recorded value and accumulated amortization of major classes of intangible assets were as follows (in thousands): | ||||||||||||
Gross Carrying | Accumulated | Net Carrying | |||||||||||
Amount | Amortization | Amount | |||||||||||
Balance, December 31, 2014 | |||||||||||||
Licenses | $ | 13,594 | $ | (8,477 | ) | $ | 5,117 | ||||||
Technology acquired in acquisitions | 8,613 | (8,613 | ) | — | |||||||||
Customer relationships and other intangible assets acquired in acquisitions | 36,582 | (10,259 | ) | 26,323 | |||||||||
$ | 58,789 | $ | (27,349 | ) | $ | 31,440 | |||||||
Balance, December 31, 2013 | |||||||||||||
Licenses | $ | 13,767 | $ | (6,787 | ) | $ | 6,980 | ||||||
Technology acquired in acquisitions | 8,613 | (8,613 | ) | — | |||||||||
Customer relationships and other intangible assets acquired in acquisitions | 15,748 | (7,483 | ) | 8,265 | |||||||||
$ | 38,128 | $ | (22,883 | ) | $ | 15,245 | |||||||
Expected Future Annual Amortization Expense of Intangible Assets | The expected future annual amortization expense of intangible assets recorded on the Company’s consolidated balance sheet as of December 31, 2014 is as follows (in thousands): | ||||||||||||
For the Years Ending December 31, | Amortization | ||||||||||||
Expense | |||||||||||||
2015 | $ | 6,348 | |||||||||||
2016 | 5,746 | ||||||||||||
2017 | 5,384 | ||||||||||||
2018 | 5,301 | ||||||||||||
2019 | 4,182 | ||||||||||||
Thereafter | 4,479 | ||||||||||||
Total expected future annual amortization | $ | 31,440 | |||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Income Tax Disclosure [Abstract] | |||||||||||||
Components of Loss Before Income Taxes | For financial reporting purposes, loss before income taxes includes the following components (in thousands): | ||||||||||||
December 31 | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States | $ | (51,993 | ) | $ | (19,802 | ) | $ | (26,307 | ) | ||||
Foreign | 4,401 | 2,985 | 4,979 | ||||||||||
Total | $ | (47,592 | ) | $ | (16,817 | ) | $ | (21,328 | ) | ||||
Schedule of Benefit (Provision) for Income Taxes | The benefit (provision) for income taxes is comprised of (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Current | |||||||||||||
Federal | $ | (4 | ) | $ | 56 | $ | — | ||||||
State | (92 | ) | 9 | (150 | ) | ||||||||
Foreign | (2,595 | ) | (1,770 | ) | (207 | ) | |||||||
$ | (2,691 | ) | $ | (1,705 | ) | $ | (357 | ) | |||||
Deferred | |||||||||||||
Federal | $ | — | $ | — | $ | 312 | |||||||
State | — | — | — | ||||||||||
Foreign | 134 | 557 | 1,330 | ||||||||||
$ | 134 | $ | 557 | $ | 1,642 | ||||||||
Benefit (provision) for income taxes | $ | (2,557 | ) | $ | (1,148 | ) | $ | 1,285 | |||||
Schedule of Reconciliation of Effective Tax Rate on Loss from Continuing Operations and Statutory Tax Rate | Reconciliation between the Company’s effective tax rate on loss from continuing operations and the statutory tax rate is as follows: | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
United States Federal statutory income tax rate | 34 | % | 34 | % | 34 | % | |||||||
State taxes, net of federal benefit | -0.2 | % | 0.1 | % | -0.7 | % | |||||||
Foreign income taxed at other than U.S. rates | -0.2 | % | 4.4 | % | 2 | % | |||||||
Change in liabilities for uncertain positions | -1.6 | % | -5.6 | % | -1.9 | % | |||||||
Change in valuation allowance | -37.4 | % | -40 | % | -28.7 | % | |||||||
Other | 0 | % | 0.3 | % | 1.3 | % | |||||||
Effective tax rate | -5.4 | % | -6.8 | % | 6 | % | |||||||
Schedule of Deferred Tax Assets (Liabilities) | Deferred income taxes reflect the net tax effect of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s deferred tax assets (liabilities) are as follows (in thousands): | ||||||||||||
December 31, | |||||||||||||
2014 | 2013 | ||||||||||||
Net operating loss carryforwards | $ | 35,278 | $ | 36,314 | |||||||||
Inventory | 5,342 | 3,115 | |||||||||||
Reserves and Accruals | 12,199 | 4,808 | |||||||||||
Fixed and Intangible Assets | 11,884 | 10,112 | |||||||||||
Research and other credit carryforwards | 14,850 | 13,792 | |||||||||||
Stock-based compensation expense | 14,641 | 15,341 | |||||||||||
Other | 9,300 | 6,984 | |||||||||||
Total deferred tax assets | 103,494 | 90,466 | |||||||||||
Valuation allowance for deferred tax assets | (78,832 | ) | (90,466 | ) | |||||||||
Total deferred tax liability | (25,544 | ) | (927 | ) | |||||||||
Net deferred tax liability | $ | (882 | ) | $ | (927 | ) | |||||||
Summary of Activity Related to Unrecognized Tax Benefits | The following table summarizes the activity related to the Company’s unrecognized tax benefits (in thousands): | ||||||||||||
2014 | 2013 | 2012 | |||||||||||
Balance at beginning of year | $ | 9,241 | $ | 7,397 | $ | 6,979 | |||||||
Increase related to current year tax positions | 1,245 | 1,844 | 829 | ||||||||||
Increase (decrease) for tax positions of prior years | (188 | ) | — | (276 | ) | ||||||||
Decrease due to lapse of statute | — | — | (64 | ) | |||||||||
Decrease due to settlements | — | — | (71 | ) | |||||||||
Balance at end of year | $ | 10,298 | $ | 9,241 | $ | 7,397 | |||||||
Convertible_Senior_Notes_and_N1
Convertible Senior Notes and Notes Payable (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Debt Disclosure [Abstract] | |||||||||||||||||
Schedule of Convertible Notes | The Notes consist of the following as of December 31, 2014 (in thousands): | ||||||||||||||||
Liability component: | |||||||||||||||||
Principal | $ | 345,000 | |||||||||||||||
Less: debt discount, net of amortization | (66,787 | ) | |||||||||||||||
Net carrying amount | $ | 278,213 | |||||||||||||||
Equity component (a) | 73,013 | ||||||||||||||||
a) | Recorded in the consolidated balance sheet within additional paid-in capital, net of $2.0 million transaction costs in equity. | ||||||||||||||||
Schedule of Total Interest Expense Related to Notes | The following table sets forth total interest expense recognized related to the Notes (in thousands): | ||||||||||||||||
Year ended December 31, 2014 | |||||||||||||||||
1.25% coupon | $ | 3,844 | |||||||||||||||
Amortization of debt transaction costs | 387 | ||||||||||||||||
Amortization of debt discount | 8,213 | ||||||||||||||||
$ | 12,444 | ||||||||||||||||
Schedule of Carrying Value of Debt Instrument | As of December 31, 2014, the fair value of the Notes, which was determined based on inputs that are observable in the market or that could be derived from, or corroborated with, observable market data, quoted price of the Notes in an over-the-counter market (Level 2), and carrying value of debt instruments (carrying value excludes the equity component of the Company’s convertible notes classified in equity) were as follows (in thousands): | ||||||||||||||||
December 31, 2014 | December 31, 2013 | ||||||||||||||||
Fair Value | Carrying Value | Fair Value | Carrying Value | ||||||||||||||
Convertible Senior Notes | $ | 382,232 | $ | 278,213 | $ | — | $ | — |
Commitments_Debt_Obligations_C1
Commitments, Debt Obligations, Contingencies and Legal Matters (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||||||
Commitments and Contingencies Disclosure [Abstract] | |||||||||||||||||||||
Summary of Lease, Purchase and Minimum Royalty Commitments and Debt Obligations | The following table summarizes the Company’s lease, purchase and minimum royalty commitments and debt obligations at December 31, 2014 (in thousands): | ||||||||||||||||||||
Payments Due by Period | |||||||||||||||||||||
Total | Less Than 1 | 1-3 Years | 3-5 Years | More Than | |||||||||||||||||
Year | 5 Years | ||||||||||||||||||||
Operating leases | $ | 79,042 | $ | 11,411 | $ | 23,597 | $ | 19,706 | $ | 24,328 | |||||||||||
Purchase obligations | 43,271 | 43,271 | — | — | — | ||||||||||||||||
Minimum royalties | 3,395 | 559 | 1,183 | 295 | 1,358 | ||||||||||||||||
Debt obligations | 373,031 | 4,313 | 8,625 | 8,625 | 351,468 | ||||||||||||||||
$ | 498,739 | $ | 59,554 | $ | 33,405 | $ | 28,626 | $ | 377,154 | ||||||||||||
Shareholders_Equity_Tables
Shareholders' Equity (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||||||||||||||||
Summary of Stock Option Activity | A summary of stock option activity under all plans is as follows (in thousands, except weighted average exercise price and weighted average remaining contractual term): | ||||||||||||||||
Shares | Weighted | Weighted | Instrinsic | ||||||||||||||
Average | Average | Value | |||||||||||||||
Exercise Price | Remaining | ||||||||||||||||
Contractual Term | |||||||||||||||||
(in years) | |||||||||||||||||
Outstanding December 31, 2011 | 7,699 | $ | 17.54 | ||||||||||||||
Granted | 1,141 | $ | 36.68 | ||||||||||||||
Exercised | (1,920 | ) | $ | 12.93 | |||||||||||||
Forfeited | (110 | ) | $ | 32.23 | |||||||||||||
Outstanding December 31, 2012 | 6,810 | $ | 21.81 | ||||||||||||||
Granted | 1,553 | $ | 38.55 | ||||||||||||||
Exercised | (1,579 | ) | $ | 16.19 | |||||||||||||
Forfeited | (308 | ) | $ | 32.19 | |||||||||||||
Outstanding December 31, 2013 | 6,476 | $ | 26.7 | ||||||||||||||
Granted | 1,471 | $ | 46.36 | ||||||||||||||
Exercised | (1,930 | ) | $ | 19.72 | |||||||||||||
Forfeited | (436 | ) | $ | 40.64 | |||||||||||||
Outstanding December 31, 2014 | 5,581 | $ | 33.2 | 4.12 | $ | 116,854 | |||||||||||
Exercisable, December 31, 2014 | 3,122 | $ | 26.09 | 2.9 | $ | 87,580 | |||||||||||
Vested and expected to vest December 31, 2014 | 5,385 | $ | 32.84 | 4.06 | $ | 114,721 | |||||||||||
Summary of Restricted Stock Plan Activity | A summary of all award activity, which consists of RSAs and RSUs, is as follows (in thousands, except weighted average grant date fair value): | ||||||||||||||||
Shares | Weighted | ||||||||||||||||
Average | |||||||||||||||||
Grant Date | |||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding December 31, 2011 | 596 | $ | 25.87 | ||||||||||||||
Granted | 271 | $ | 36.9 | ||||||||||||||
Vested | (209 | ) | $ | 27.62 | |||||||||||||
Cancelled | (16 | ) | $ | 34.29 | |||||||||||||
Outstanding December 31, 2012 | 642 | $ | 29.74 | ||||||||||||||
Granted | 412 | $ | 38.23 | ||||||||||||||
Vested | (262 | ) | $ | 29.81 | |||||||||||||
Cancelled | (50 | ) | $ | 34.17 | |||||||||||||
Outstanding December 31, 2013 | 742 | $ | 34.13 | ||||||||||||||
Granted | 377 | $ | 46.83 | ||||||||||||||
Vested | (327 | ) | $ | 34.11 | |||||||||||||
Cancelled | (94 | ) | $ | 39.35 | |||||||||||||
Outstanding December 31, 2014 | 698 | $ | 40.3 | ||||||||||||||
Common Stock Reserved for Future Issuance | As of December 31, 2014, the Company has reserved shares of common stock for future issuance as follows (in thousands): | ||||||||||||||||
Payments Due by Period | |||||||||||||||||
Total | |||||||||||||||||
2006 Plan: | |||||||||||||||||
Options, RSUs and awards outstanding for all plans | $ | 6,278 | |||||||||||||||
Reserved for future grants | 3,946 | ||||||||||||||||
2012 ESPP | 2,210 | ||||||||||||||||
$ | 12,434 | ||||||||||||||||
Summary of Assumptions to Estimate Fair Value | Fair Value—The fair value of the Company’s stock options granted to employees and shares purchased by employees under the 2012 ESPP, for the years ended December 31, 2014, 2013 and 2012 was estimated using the following assumptions: | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
OPTION SHARES: | |||||||||||||||||
Expected Term (in years) | 4.4 | 4.41 | 4.38 | ||||||||||||||
Volatility | 0.38 | 0.44 | 0.53 | ||||||||||||||
Expected Dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Risk Free Interest Rates | 1.71 | % | 0.9 | % | 0.8 | % | |||||||||||
Estimated Forfeitures | 6.75 | % | 7.61 | % | 7.63 | % | |||||||||||
Weighted Average Fair Value | $ | 15.71 | $ | 14.17 | $ | 15.7 | |||||||||||
ESPP SHARES: | |||||||||||||||||
Expected Term (in years) | 1.24 | 1.25 | 1.25 | ||||||||||||||
Volatility | 0.33 | 0.42 | 0.54 | ||||||||||||||
Expected Dividends | 0 | % | 0 | % | 0 | % | |||||||||||
Risk Free Interest Rates | 0.22 | % | 0.19 | % | 0.18 | % | |||||||||||
Weighted Average Fair Value | $ | 12.13 | $ | 12.1 | $ | 13.13 | |||||||||||
Summary of Stock-Based Compensation Expense | The following table is a summary of the major categories of stock compensation expense recognized in accordance with ASC 718, “Compensation—Stock Compensation” (“ASC 718”) for the years ended December 31, 2014, 2013 and 2012 (in thousands). | ||||||||||||||||
Years Ended December 31, | |||||||||||||||||
2014 | 2013 | 2012 | |||||||||||||||
Cost of sales | $ | 4,086 | $ | 2,930 | $ | 3,087 | |||||||||||
Research and development | 9,516 | 8,540 | 7,563 | ||||||||||||||
Sales and marketing | 6,048 | 5,636 | 5,032 | ||||||||||||||
General and administrative | 12,557 | 10,529 | 8,814 | ||||||||||||||
Total stock-based compensation expense | $ | 32,207 | $ | 27,635 | $ | 24,496 | |||||||||||
Segment_and_Significant_Concen1
Segment and Significant Concentrations (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2014 | |||||||||||||
Segment Reporting [Abstract] | |||||||||||||
Summary of Total Revenue | The following table summarizes total revenue (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue: | |||||||||||||
System and other revenue | $ | 90,849 | $ | 76,763 | $ | 65,111 | |||||||
Reagent and disposable revenue | 379,292 | 324,529 | 266,101 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 | |||||||
Revenue Information by Segments | The following table summarizes revenue in the Clinical and Non-Clinical markets (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Revenue by market: | |||||||||||||
Clinical Systems | $ | 84,695 | $ | 66,980 | $ | 52,805 | |||||||
Clinical Reagents | 356,427 | 292,941 | 233,503 | ||||||||||
Total Clinical | $ | 441,122 | $ | 359,921 | $ | 286,308 | |||||||
Non-Clinical | 29,019 | 41,371 | 44,904 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 | |||||||
Segment Revenue by Geography Region | The following table summarizes revenue by geographic region (in thousands): | ||||||||||||
Years Ended December 31, | |||||||||||||
2014 | 2013 | 2012 | |||||||||||
Geographic revenue information: | |||||||||||||
North America | |||||||||||||
Clinical | $ | 247,120 | $ | 212,362 | $ | 190,021 | |||||||
Non-Clinical | 24,905 | 36,998 | 38,632 | ||||||||||
Total North America | 272,025 | 249,360 | 228,653 | ||||||||||
International | |||||||||||||
Clinical | $ | 194,002 | $ | 147,559 | $ | 96,286 | |||||||
Non-Clinical | 4,114 | 4,373 | 6,273 | ||||||||||
Total International | 198,116 | 151,932 | 102,559 | ||||||||||
Total revenue | $ | 470,141 | $ | 401,292 | $ | 331,212 |
Quarterly_Financial_Informatio1
Quarterly Financial Information (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2014 | |||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | |||||||||||||||||
Summary of Quarterly Financial Information | 31-Mar | June 30 | 30-Sep | 31-Dec | |||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2014 | |||||||||||||||||
Total revenue | $ | 106,907 | $ | 116,503 | $ | 115,209 | $ | 131,522 | |||||||||
Costs and operating expenses: | |||||||||||||||||
Cost of sales | 53,083 | 59,568 | 56,791 | $ | 59,885 | ||||||||||||
Collaboration profit sharing | 1,291 | 649 | 1,291 | 1,923 | |||||||||||||
Research and development | 21,740 | 23,998 | 23,541 | 27,572 | |||||||||||||
Sales and marketing | 23,458 | 23,502 | 23,913 | 26,975 | |||||||||||||
General and administrative | 13,667 | 14,340 | 13,069 | 13,971 | |||||||||||||
Legal contingencies and settlements | — | — | — | 20,000 | |||||||||||||
Total cost and operating expenses | 113,239 | 122,057 | 118,605 | 150,326 | |||||||||||||
Loss from operations | (6,332 | ) | (5,554 | ) | (3,396 | ) | (18,804 | ) | |||||||||
Other expense, net | (2,291 | ) | (3,370 | ) | (3,573 | ) | (4,272 | ) | |||||||||
Loss before income tax expense | (8,623 | ) | (8,924 | ) | (6,969 | ) | (23,076 | ) | |||||||||
Provision for income tax expense | (680 | ) | (919 | ) | (266 | ) | (692 | ) | |||||||||
Net Loss | $ | (9,303 | ) | $ | (9,843 | ) | $ | (7,235 | ) | $ | (23,768 | ) | |||||
Basic net loss per share | (0.13 | ) | (0.14 | ) | (0.10 | ) | (0.34 | ) | |||||||||
Diluted net loss per share | $ | (0.13 | ) | $ | (0.14 | ) | $ | (0.10 | ) | $ | (0.34 | ) | |||||
Weighted average shares used in computing basic net loss per share | 69,272 | 69,968 | 70,326 | 70,689 | |||||||||||||
Weighted average shares used in computing diluted net loss per share | 69,272 | 69,968 | 70,326 | 70,689 | |||||||||||||
Gross profit on sales: | |||||||||||||||||
Sales | $ | 106,907 | $ | 116,503 | $ | 115,209 | $ | 131,522 | |||||||||
Cost of sales | (53,083 | ) | (59,568 | ) | (56,791 | ) | (59,885 | ) | |||||||||
$ | 53,824 | $ | 56,935 | $ | 58,418 | $ | 71,637 | ||||||||||
31-Mar | June 30 | 30-Sep | 31-Dec | ||||||||||||||
(Unaudited) | |||||||||||||||||
(In thousands, except per share data) | |||||||||||||||||
2013 | |||||||||||||||||
Total revenue | $ | 91,938 | $ | 96,012 | $ | 100,081 | $ | 113,261 | |||||||||
Costs and operating expenses: | |||||||||||||||||
Cost of sales | 42,892 | 52,889 | 51,669 | $ | 60,483 | ||||||||||||
Collaboration profit sharing | 2,110 | 1,425 | 1,410 | 2,567 | |||||||||||||
Research and development | 17,727 | 18,572 | 18,558 | 25,340 | |||||||||||||
Sales and marketing | 19,126 | 19,105 | 19,788 | 21,922 | |||||||||||||
General and administrative | 9,763 | 9,612 | 9,490 | 12,854 | |||||||||||||
Total cost and operating expenses | 91,618 | 101,603 | 100,915 | 123,166 | |||||||||||||
Income (loss) from operations | 320 | (5,591 | ) | (834 | ) | (9,905 | ) | ||||||||||
Other income (expense), net | 374 | (717 | ) | (200 | ) | (264 | ) | ||||||||||
Income (loss) before income tax expense | 694 | (6,308 | ) | (1,034 | ) | (10,169 | ) | ||||||||||
Provision for income tax expense | (381 | ) | (272 | ) | (347 | ) | (148 | ) | |||||||||
Net income (loss) | $ | 313 | $ | (6,580 | ) | $ | (1,381 | ) | $ | (10,317 | ) | ||||||
Basic net income (loss) per share | 0 | (0.10 | ) | (0.02 | ) | (0.15 | ) | ||||||||||
Diluted net income (loss) per share | $ | 0 | $ | (0.10 | ) | $ | (0.02 | ) | $ | (0.15 | ) | ||||||
Weighted average shares used in computing basic net income (loss) per share | 66,824 | 67,295 | 67,573 | 68,230 | |||||||||||||
Weighted average shares used in computing diluted net income (loss) per share | 69,406 | 67,295 | 67,573 | 68,230 | |||||||||||||
Gross profit on sales: | |||||||||||||||||
Sales | $ | 91,938 | $ | 96,012 | $ | 100,081 | $ | 113,261 | |||||||||
Cost of sales | (42,892 | ) | (52,889 | ) | (51,669 | ) | (60,483 | ) | |||||||||
$ | 49,046 | $ | 43,123 | $ | 48,412 | $ | 52,778 | ||||||||||
Organization_and_Summary_of_Si3
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment | |||
Concentration Risk [Line Items] | |||
Percentage of cash and cash equivalents held by the Company's | 58.00% | 55.00% | |
Percentage of one direct customer to total sales | 10.00% | 10.00% | 10.00% |
Capitalized stock-based compensation expense included in inventory | $1,600,000 | $2,100,000 | |
Depreciation and amortization expense on property and equipment | 21,604,000 | 17,769,000 | 13,446,000 |
Capitalized software costs | 10,300,000 | 1,900,000 | |
Number of reporting unit | 1 | ||
Impairment of goodwill | 0 | ||
Milestone revenue | 3,200,000 | ||
Agreement period on straight line basis | 10 years | ||
Milestone revenue related to agreements | 300,000 | 2,700,000 | 4,800,000 |
Requisite service period (years) | 4 years | ||
Foreign exchange contracts maturity period | 12 months | ||
Total antidilutive common stock equivalent shares | 9,392,000 | 5,267,000 | 4,145,000 |
Number of operating segment | 1 | ||
MTB/RIF Buy Down Program for the HBDC Market [Member] | |||
Concentration Risk [Line Items] | |||
Reduced price of Company's Multi-Drug Resistant Tuberculosis test | 9.98 | 9.98 | |
One-time payment received | 3,200,000 | ||
Agreement period on straight line basis | 10 years | ||
Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Estimated useful lives of intangible assets | 3 years | ||
Product warranty, defects free period (in months) | 12 months | ||
Contract term for purchasing minimum quantities of reagents | P3Y | ||
Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Estimated useful lives of assets | 7 years | ||
Estimated useful lives of intangible assets | 15 years | ||
Product warranty, defects free period (in months) | 24 months | ||
Contract term for purchasing minimum quantities of reagents | P5Y | ||
Manufacturing Capital Assets [Member] | |||
Concentration Risk [Line Items] | |||
Impairment charges of tangible assets | 0 | 1,300,000 | |
Software Development [Member] | Minimum [Member] | |||
Concentration Risk [Line Items] | |||
Estimated useful lives of assets | 3 years | ||
Software Development [Member] | Maximum [Member] | |||
Concentration Risk [Line Items] | |||
Estimated useful lives of assets | 5 years | ||
The Bill and Melinda Gates Foundation [Member] | MTB/RIF Buy Down Program for the HBDC Market [Member] | |||
Concentration Risk [Line Items] | |||
One-time payment received | 3,500,000 | ||
United States Agency for International Development [Member] | MTB/RIF Buy Down Program for the HBDC Market [Member] | |||
Concentration Risk [Line Items] | |||
One-time payment received | 3,500,000 | ||
UNITAID [Member] | MTB/RIF Buy Down Program for the HBDC Market [Member] | |||
Concentration Risk [Line Items] | |||
One-time payment received | 3,200,000 | ||
Prepaid Expenses and Other Current Assets [Member] | The Bill and Melinda Gates Foundation [Member] | |||
Concentration Risk [Line Items] | |||
Restricted cash | 1,900,000 | ||
Cost of sales [Member] | |||
Concentration Risk [Line Items] | |||
Impairment charge | $100,000 | $1,300,000 | $1,400,000 |
Accounts Receivable [Member] | Credit Concentration Risk [Member] | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 26.00% | 14.00% | |
Number of customers | 1 | 1 |
Organization_and_Summary_of_Si4
Organization and Summary of Significant Accounting Policies - Supplemental Cash Flow Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Supplemental Cash Flow Information [Abstract] | |||
Cash paid for interest | $2,145 | $109 | $124 |
Cash paid for taxes | 572 | 632 | 1,051 |
Property and equipment and intangible assets acquired included in accounts payable, other accrued expense and other current liabilities | $8,506 | $674 | $1,031 |
Organization_and_Summary_of_Si5
Organization and Summary of Significant Accounting Policies - Components of Inventories (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Inventory Disclosure [Abstract] | ||
Raw Materials | $36,287 | $35,760 |
Work in Process | 51,691 | 36,580 |
Finished Goods | 44,657 | 31,526 |
Inventory | $132,635 | $103,866 |
Organization_and_Summary_of_Si6
Organization and Summary of Significant Accounting Policies - Schedule of Property and Equipment (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Land | $21 | $21 |
Building | 3,364 | 3,970 |
Scientific equipment | 52,619 | 42,845 |
Manufacturing equipment | 56,426 | 45,339 |
Computers and software | 24,402 | 13,923 |
Office furniture | 9,929 | 7,887 |
Leasehold improvements | 66,842 | 48,879 |
Property and equipment, gross | 213,603 | 162,864 |
Less accumulated depreciation and amortization | -97,838 | -77,978 |
Property and equipment, net | $115,765 | $84,886 |
Organization_and_Summary_of_Si7
Organization and Summary of Significant Accounting Policies - Activities in Warranty Provision (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Commitments and Contingencies Disclosure [Abstract] | |||
Balance at beginning of year | $3,326 | $1,953 | $1,981 |
Costs incurred and charged against reserve | -1,310 | -783 | -690 |
Accrual related to current year product sales | 1,768 | 2,156 | 662 |
Balance at end of year | $3,784 | $3,326 | $1,953 |
Organization_and_Summary_of_Si8
Organization and Summary of Significant Accounting Policies - Schedule of Accrued and Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accrued Liabilities and Other Liabilities [Abstract] | ||
Accrued expense for estimated legal contingency | $20,000 | $0 |
Derivative liabilities | 3,812 | 1,555 |
Accrued warranty reserve | 3,784 | 3,326 |
Accrued payment related to asset acquisition | 3,000 | 0 |
Income tax payable | 1,028 | 559 |
Other | 3,137 | 2,000 |
Accrued and other liabilities | $34,761 | $7,440 |
Organization_and_Summary_of_Si9
Organization and Summary of Significant Accounting Policies - Schedule of Other Liabilities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Other Liabilities Disclosure [Abstract] | ||
Deferred tax liabilities | $6,261 | $921 |
Deferred rent | 7,721 | 5,908 |
Non-current income tax payable | 2,150 | 877 |
Other | 2,636 | 2,748 |
Other liabilities | $18,768 | $10,454 |
Recovered_Sheet1
Organization and Summary of Significant Accounting Policies - Computation of Basic and Diluted Loss Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Basic: | |||||||||||
Net loss | ($23,768) | ($7,235) | ($9,843) | ($9,303) | ($10,317) | ($1,381) | ($6,580) | $313 | ($50,149) | ($17,965) | ($20,043) |
Basic weighted shares outstanding | 70,689 | 70,326 | 69,968 | 69,272 | 68,230 | 67,573 | 67,295 | 66,824 | 70,069 | 67,485 | 65,812 |
Net loss per share | ($0.34) | ($0.10) | ($0.14) | ($0.13) | ($0.15) | ($0.02) | ($0.10) | $0 | ($0.72) | ($0.27) | ($0.30) |
Diluted: | |||||||||||
Net loss | ($23,768) | ($7,235) | ($9,843) | ($9,303) | ($10,317) | ($1,381) | ($6,580) | $313 | ($50,149) | ($17,965) | ($20,043) |
Basic weighted shares outstanding | 70,689 | 70,326 | 69,968 | 69,272 | 68,230 | 67,573 | 67,295 | 66,824 | 70,069 | 67,485 | 65,812 |
Effect of dilutive securities: | |||||||||||
Stock options, ESPP, restricted stock units, restricted stock awards and convertible senior notes | 0 | 0 | 0 | ||||||||
Diluted weighted shares outstanding | 70,689 | 70,326 | 69,968 | 69,272 | 68,230 | 67,573 | 67,295 | 69,406 | 70,069 | 67,485 | 65,812 |
Net loss per share | ($0.34) | ($0.10) | ($0.14) | ($0.13) | ($0.15) | ($0.02) | ($0.10) | $0 | ($0.72) | ($0.27) | ($0.30) |
Fair_Value_Assets_and_Liabilit
Fair Value - Assets and Liabilities Measured at Fair Value on Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | $96,663 | $66,072 |
Total short-term investments | 196,729 | 8,837 |
Foreign currency derivatives | 3,887 | 873 |
Total investments | 79,731 | 9,820 |
Assets, Total | 377,010 | 85,602 |
Foreign currency derivatives | 3,812 | 1,555 |
Contingent consideration | 310 | |
Liabilities, Total | 3,812 | 1,865 |
United States Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 2,149 | |
Asset-Backed Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 52,220 | |
Total investments | 12,713 | 1,891 |
Corporate Debt Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 64,202 | 1,881 |
Total investments | 22,679 | 1,975 |
Commercial Paper [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 56,096 | 5,448 |
Government Agency Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 15,003 | 1,508 |
Total investments | 39,532 | 3,405 |
Other Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 9,208 | |
Total investments | 4,807 | 400 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 76,065 | 64,772 |
Total short-term investments | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Total investments | 0 | 0 |
Assets, Total | 76,065 | 64,772 |
Foreign currency derivatives | 0 | 0 |
Contingent consideration | 0 | |
Liabilities, Total | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Level 1 [Member] | United States Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 20,598 | 1,300 |
Total short-term investments | 196,729 | 8,837 |
Foreign currency derivatives | 3,887 | 873 |
Total investments | 79,731 | 9,820 |
Assets, Total | 300,945 | 20,830 |
Foreign currency derivatives | 3,812 | 1,555 |
Contingent consideration | 0 | |
Liabilities, Total | 3,812 | 1,555 |
Fair Value, Measurements, Recurring [Member] | Level 2 [Member] | United States Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 2,149 | |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Cash and cash equivalents | 0 | 0 |
Total short-term investments | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Total investments | 0 | 0 |
Assets, Total | 0 | 0 |
Foreign currency derivatives | 0 | 0 |
Contingent consideration | 310 | |
Liabilities, Total | 0 | 310 |
Fair Value, Measurements, Recurring [Member] | Level 3 [Member] | United States Government Securities [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total investments | 0 | |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 52,220 | |
Total investments | 12,713 | 1,891 |
Fair Value, Measurements, Recurring [Member] | Asset-Backed Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 64,202 | 1,881 |
Total investments | 22,679 | 1,975 |
Fair Value, Measurements, Recurring [Member] | Corporate Debt Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 56,096 | 5,448 |
Fair Value, Measurements, Recurring [Member] | Commercial Paper [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government Agency Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Government Agency Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 15,003 | 1,508 |
Total investments | 39,532 | 3,405 |
Fair Value, Measurements, Recurring [Member] | Government Agency Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | Level 1 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | 0 | 0 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | Level 2 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 9,208 | |
Total investments | 4,807 | 400 |
Fair Value, Measurements, Recurring [Member] | Other Securities [Member] | Level 3 [Member] | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total short-term investments | 0 | |
Total investments | $0 | $0 |
Fair_Value_Liabilities_Measure
Fair Value - Liabilities Measured at Fair Value on Non-Recurring Basis (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Liabilities: | ||
Convertible senior notes | $382,232 | $0 |
Liabilities, Total | 382,232 | 0 |
Level 2 [Member] | ||
Liabilities: | ||
Convertible senior notes | 382,232 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 1 [Member] | ||
Liabilities: | ||
Convertible senior notes | 0 | 0 |
Liabilities, Total | 0 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 2 [Member] | ||
Liabilities: | ||
Convertible senior notes | 382,232 | 0 |
Liabilities, Total | 382,232 | 0 |
Fair Value, Measurements, Nonrecurring [Member] | Level 3 [Member] | ||
Liabilities: | ||
Convertible senior notes | 0 | 0 |
Liabilities, Total | $0 | $0 |
Investments_Schedule_of_Availa
Investments - Schedule of Available-for-Sale Marketable Securities (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Short-Term Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | $196,775 | $8,834 |
Available-for-sale marketable securities, Gross Unrealized Gain | 22 | 3 |
Available-for-sale marketable securities, Gross Unrealized Loss | -68 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 196,729 | 8,837 |
Short-Term Investments [Member] | Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 52,240 | |
Available-for-sale marketable securities, Gross Unrealized Gain | 3 | |
Available-for-sale marketable securities, Gross Unrealized Loss | -23 | |
Available-for-sale marketable securities, Estimated Fair Value | 52,220 | |
Short-Term Investments [Member] | Commercial Paper [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 76,683 | 6,747 |
Available-for-sale marketable securities, Gross Unrealized Gain | 12 | 1 |
Available-for-sale marketable securities, Gross Unrealized Loss | 0 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 76,695 | 6,748 |
Short-Term Investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 64,244 | 1,881 |
Available-for-sale marketable securities, Gross Unrealized Gain | 2 | 0 |
Available-for-sale marketable securities, Gross Unrealized Loss | -45 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 64,201 | 1,881 |
Short-Term Investments [Member] | Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 15,000 | 1,506 |
Available-for-sale marketable securities, Gross Unrealized Gain | 3 | 2 |
Available-for-sale marketable securities, Gross Unrealized Loss | 0 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 15,003 | 1,508 |
Short-Term Investments [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 9,206 | |
Available-for-sale marketable securities, Gross Unrealized Gain | 2 | |
Available-for-sale marketable securities, Gross Unrealized Loss | 0 | |
Available-for-sale marketable securities, Estimated Fair Value | 9,208 | |
Short-Term Investments [Member] | Amounts Classified as Cash Equivalents [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 20,598 | 1,300 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale marketable securities, Gross Unrealized Loss | 0 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 20,598 | 1,300 |
Investments [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 79,831 | 9,810 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 11 |
Available-for-sale marketable securities, Gross Unrealized Loss | -100 | -1 |
Available-for-sale marketable securities, Estimated Fair Value | 79,731 | 9,820 |
Investments [Member] | United States Government Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 2,145 | |
Available-for-sale marketable securities, Gross Unrealized Gain | 4 | |
Available-for-sale marketable securities, Gross Unrealized Loss | 0 | |
Available-for-sale marketable securities, Estimated Fair Value | 2,149 | |
Investments [Member] | Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 12,724 | 1,890 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 1 |
Available-for-sale marketable securities, Gross Unrealized Loss | -12 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 12,712 | 1,891 |
Investments [Member] | Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 22,709 | 1,970 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 5 |
Available-for-sale marketable securities, Gross Unrealized Loss | -29 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | 22,680 | 1,975 |
Investments [Member] | Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 39,583 | 3,405 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 1 |
Available-for-sale marketable securities, Gross Unrealized Loss | -51 | -1 |
Available-for-sale marketable securities, Estimated Fair Value | 39,532 | 3,405 |
Investments [Member] | Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Available-for-sale marketable securities, Cost | 4,815 | 400 |
Available-for-sale marketable securities, Gross Unrealized Gain | 0 | 0 |
Available-for-sale marketable securities, Gross Unrealized Loss | -8 | 0 |
Available-for-sale marketable securities, Estimated Fair Value | $4,807 | $400 |
Investments_Additional_Informa
Investments - Additional Information (Detail) (USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ||
Proceeds from sales of marketable securities | $115.90 | $2.50 |
Investments_Schedule_of_Gross_
Investments - Schedule of Gross Realized Gains and Losses of Marketable Securities (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Investments, Debt and Equity Securities [Abstract] | ||
Gross realized gains | $36 | $2 |
Gross realized losses | 0 | 0 |
Realized gains, net | $36 | $2 |
Investments_Schedule_of_Market
Investments - Schedule of Marketable Securities with Unrealized Losses (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 months, Fair Value | $178,279 | $3,084 |
Less Than 12 months, Unrealized Loss | -168 | -1 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Loss | 0 | 0 |
Total, Fair Value | 178,279 | 3,084 |
Total, Unrealized Loss | -168 | -1 |
Asset-Backed Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 months, Fair Value | 54,580 | 600 |
Less Than 12 months, Unrealized Loss | -35 | 0 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Loss | 0 | 0 |
Total, Fair Value | 54,580 | 600 |
Total, Unrealized Loss | -35 | 0 |
Corporate Debt Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 months, Fair Value | 79,360 | 1,180 |
Less Than 12 months, Unrealized Loss | -74 | 0 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Loss | 0 | 0 |
Total, Fair Value | 79,360 | 1,180 |
Total, Unrealized Loss | -74 | 0 |
Government Agency Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 months, Fair Value | 39,532 | 1,104 |
Less Than 12 months, Unrealized Loss | -51 | -1 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Loss | 0 | 0 |
Total, Fair Value | 39,532 | 1,104 |
Total, Unrealized Loss | -51 | -1 |
Other Securities [Member] | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Less Than 12 months, Fair Value | 4,807 | 200 |
Less Than 12 months, Unrealized Loss | -8 | 0 |
More than 12 months, Fair Value | 0 | 0 |
More than 12 months, Unrealized Loss | 0 | 0 |
Total, Fair Value | 4,807 | 200 |
Total, Unrealized Loss | ($8) | $0 |
Investments_Schedule_of_Amorti
Investments - Schedule of Amortized Cost and Estimated Fair Value of Available-for-Sale Debt Securities by Contractual Maturity (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Investments, Debt and Equity Securities [Abstract] | ||
Mature in one year or less, Amortized Cost | $150,133 | $10,134 |
Mature after one year through three years, Amortized Cost | 135,675 | 9,810 |
Mature in more than three years, Amortized Cost | 11,396 | 0 |
Total debt securities, Amortized Cost | 297,204 | 19,944 |
Securities with no contractual maturity, Amortized Cost | 0 | 55 |
Total, Amortized Cost | 297,204 | 19,999 |
Mature in one year or less, Estimated Fair Value | 150,105 | 10,137 |
Mature after one year through three years, Estimated Fair Value | 135,566 | 9,820 |
Mature in more than three years, Estimated Fair Value | 11,387 | 0 |
Total debt securities, Estimated Fair Value | 297,058 | 19,957 |
Securities with no contractual maturity, Estimated Fair Value | 0 | 55 |
Total, Estimated Fair Value | $297,058 | $20,012 |
Derivative_Financial_Instrumen2
Derivative Financial Instruments - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivatives, Fair Value [Line Items] | |||
Net deferred gain (loss) associated with cash flow hedges | $0.20 | ($0.60) | |
Gain recognized for foreign currency forward contracts | 2.3 | 0.1 | 0.4 |
Cash Flow Hedges [Member] | Fair Value of Derivatives Designated as Hedge Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional principle amounts of Company's derivative instruments | 117.2 | 96.6 | |
Cash Flow Hedges [Member] | Fair Value of Derivatives Not Designated as Hedge Instruments [Member] | |||
Derivatives, Fair Value [Line Items] | |||
Notional principle amounts of Company's derivative instruments | $30.40 | $24.20 |
Derivative_Financial_Instrumen3
Derivative Financial Instruments - Derivative Instruments at Gross Fair Value Reflected in Consolidated Balance Sheets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, Assets | $3,887 | $873 |
Foreign exchange contracts, Liabilities | -3,812 | -1,555 |
Fair Value of Derivatives Designated as Hedge Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, Assets | 3,887 | 782 |
Foreign exchange contracts, Liabilities | -3,685 | -1,446 |
Fair Value of Derivatives Not Designated as Hedge Instruments [Member] | ||
Derivatives, Fair Value [Line Items] | ||
Foreign exchange contracts, Assets | 0 | 91 |
Foreign exchange contracts, Liabilities | ($127) | ($109) |
Derivative_Financial_Instrumen4
Derivative Financial Instruments - Pre-tax Effect of Derivative Instruments Designated as Cash Flow Hedges in Consolidated Statements of Operations (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI - Effective Portion | $146 | ($118) | ($401) |
Gain (Loss) Reclassified from AOCI into Income-Effective Portion | -735 | 427 | |
Loss Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing | -46 | -10 | |
Foreign Exchange Contracts [Member] | Cash Flow Hedges [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Gain (Loss) Recognized in OCI - Effective Portion | 146 | -118 | |
Gain (Loss) Reclassified from AOCI into Income-Effective Portion | -735 | 427 | |
Foreign Exchange Contracts [Member] | Cash Flow Hedges [Member] | Foreign Currency Exchange Loss and Other, Net [Member] | |||
Derivative Instruments, Gain (Loss) [Line Items] | |||
Loss Recognized - Ineffective Portion and Amount Excluded from Effectiveness Testing | ($46) | ($10) |
Derivative_Financial_Instrumen5
Derivative Financial Instruments - Pre-tax Effect of Derivative Instruments Designated as Cash Flow Hedges in Consolidated Statements of Operations (Parenthetical) (Detail) (Accumulated Net Gain (Loss) from Designated or Qualifying Cash Flow Hedges [Member], Reclassified from AOCI [Member], USD $) | 12 Months Ended | |
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 |
Sales [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | $0.40 | ($0.90) |
Operating Expense [Member] | ||
Derivative Instruments, Gain (Loss) [Line Items] | ||
Gain (Loss) | ($1.10) | $1.30 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Intangible_Assets | |||
Finite-Lived Intangible Assets [Line Items] | |||
Impairment of acquired intangible assets | $100,000 | $1,300,000 | |
Number of acquired intangible assets | 2 | ||
Amortization expense of intangible assets | $4,739,000 | $5,418,000 | $4,965,000 |
Minimum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 3 years | ||
Maximum [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated useful lives of intangible assets | 15 years |
Intangible_Assets_Net_Carrying
Intangible Assets - Net Carrying Value and Accumulated Amortization of Major Classes of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $58,789 | $38,128 |
Accumulated Amortization | -27,349 | -22,883 |
Net Carrying Amount | 31,440 | 15,245 |
Licenses [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 13,594 | 13,767 |
Accumulated Amortization | -8,477 | -6,787 |
Net Carrying Amount | 5,117 | 6,980 |
Technology acquired in acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 8,613 | 8,613 |
Accumulated Amortization | -8,613 | -8,613 |
Net Carrying Amount | 0 | 0 |
Customer relationships and other intangible assets acquired in acquisitions [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 36,582 | 15,748 |
Accumulated Amortization | -10,259 | -7,483 |
Net Carrying Amount | $26,323 | $8,265 |
Intangible_Assets_Expected_Fut
Intangible Assets - Expected Future Annual Amortization Expense of Intangible Assets (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2015 | $6,348 | |
2016 | 5,746 | |
2017 | 5,384 | |
2018 | 5,301 | |
2019 | 4,182 | |
Thereafter | 4,479 | |
Net Carrying Amount | $31,440 | $15,245 |
Acquisitions_Additional_Inform
Acquisitions - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | 0 Months Ended | ||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Oct. 01, 2014 | Apr. 01, 2013 | Aug. 31, 2013 | Jan. 31, 2015 | |
Intangible_Assets | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Legal contingencies and settlements | $20,000,000 | $0 | $0 | $0 | $20,000,000 | $0 | $15,110,000 | ||||
Number of acquired intangible assets | 2 | ||||||||||
Goodwill | 39,681,000 | 39,681,000 | 39,681,000 | ||||||||
Distribution rights [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired intangible assets | 900,000 | 900,000 | |||||||||
Estimated useful lives of intangible assets | 3 months | ||||||||||
Distribution rights and customer relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquired intangible assets | 19,900,000 | 19,900,000 | |||||||||
Estimated useful lives of intangible assets | 6 years | ||||||||||
Estimated useful lives of intangible assets, description | 6 years beginning from January 1, 2015. | ||||||||||
Customer Relationships [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted-average useful life | 7 years | ||||||||||
Other Intangibles [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Weighted-average useful life | 15 years | ||||||||||
United States Distributors [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price of transactions | 21,000,000 | ||||||||||
Acquisition date | 1-Oct-14 | ||||||||||
Purchase price consideration, cash paid | 18,000,000 | ||||||||||
Italy and Australia Distributors [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Total purchase price of transactions | 4,000,000 | ||||||||||
Purchase price consideration, cash paid | 3,700,000 | ||||||||||
Acquired intangible assets | 2,000,000 | 2,000,000 | |||||||||
Property and equipment, inventory and other assets, net of liabilities | 200,000 | 200,000 | |||||||||
Goodwill | 1,500,000 | 1,500,000 | |||||||||
Italy and Australia Distributors [Member] | Italy [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition date | 1-Apr-13 | ||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||
Italy and Australia Distributors [Member] | Australia [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Acquisition date | 31-Aug-13 | ||||||||||
Percentage of ownership interest acquired | 100.00% | ||||||||||
Subsequent Event [Member] | United States Distributors [Member] | |||||||||||
Business Acquisition [Line Items] | |||||||||||
Purchase price consideration payment | $3,000,000 |
Income_Taxes_Components_of_Los
Income Taxes - Components of Loss Before Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||||||||||
United States | ($51,993) | ($19,802) | ($26,307) | ||||||||
Foreign | 4,401 | 2,985 | 4,979 | ||||||||
Income (loss) before income tax expense | ($23,076) | ($6,969) | ($8,924) | ($8,623) | ($10,169) | ($1,034) | ($6,308) | $694 | ($47,592) | ($16,817) | ($21,328) |
Income_Taxes_Schedule_of_Benef
Income Taxes - Schedule of Benefit (Provision) for Income Taxes (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Current | |||||||||||
Federal | ($4) | $56 | $0 | ||||||||
State | -92 | 9 | -150 | ||||||||
Foreign | -2,595 | -1,770 | -207 | ||||||||
Current, Total | -2,691 | -1,705 | -357 | ||||||||
Deferred | |||||||||||
Federal | 0 | 0 | 312 | ||||||||
State | 0 | 0 | 0 | ||||||||
Foreign | 134 | 557 | 1,330 | ||||||||
Deferred, Total | 134 | 557 | 1,642 | ||||||||
Benefit (provision) for income taxes | ($692) | ($266) | ($919) | ($680) | ($148) | ($347) | ($272) | ($381) | ($2,557) | ($1,148) | $1,285 |
Income_Taxes_Schedule_of_Recon
Income Taxes - Schedule of Reconciliation of Effective Tax Rate on Loss from Continuing Operations and Statutory Tax Rate (Detail) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | |||
United States Federal statutory income tax rate | 34.00% | 34.00% | 34.00% |
State taxes, net of federal benefit | -0.20% | 0.10% | -0.70% |
Foreign income taxed at other than U.S. rates | -0.20% | 4.40% | 2.00% |
Change in liabilities for uncertain positions | -1.60% | -5.60% | -1.90% |
Change in valuation allowance | -37.40% | -40.00% | -28.70% |
Other | 0.00% | 0.30% | 1.30% |
Effective tax rate | -5.40% | -6.80% | 6.00% |
Income_Taxes_Schedule_of_Defer
Income Taxes - Schedule of Deferred Tax Assets (Liabilities) (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Income Tax Disclosure [Abstract] | ||
Net operating loss carryforwards | $35,278 | $36,314 |
Inventory | 5,342 | 3,115 |
Reserves and Accruals | 12,199 | 4,808 |
Fixed and Intangible Assets | 11,884 | 10,112 |
Research and other credit carryforwards | 14,850 | 13,792 |
Stock-based compensation expense | 14,641 | 15,341 |
Other | 9,300 | 6,984 |
Total deferred tax assets | 103,494 | 90,466 |
Valuation allowance for deferred tax assets | -78,832 | -90,466 |
Total deferred tax liability | -25,544 | -927 |
Net deferred tax liability | ($882) | ($927) |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Income Tax Contingency [Line Items] | ||||
Increase in valuation allowance | ($11,600,000) | $12,800,000 | $8,400,000 | |
Undistributed earnings of foreign subsidiaries | 8,800,000 | 5,200,000 | ||
Provision for income taxes, federal | 0 | |||
Provision for income taxes, state | 0 | |||
Unrecognized tax benefits | 10,298,000 | 9,241,000 | 7,397,000 | 6,979,000 |
Uncertain tax positions, Interest and penalties | 0 | 0 | 0 | |
Accrued interest or penalties | 0 | 0 | ||
Federal [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 296,300,000 | |||
State Net [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards | 386,500,000 | |||
State research and development tax credits | 13,800,000 | |||
Federal and State [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Net operating loss carryforwards expiration date | 2015 through 2034 | |||
Research and Development [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | 11,600,000 | |||
Tax credit expiration dates | 2018 through 2034 | |||
Foreign [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Tax credits | $100,000 | |||
Tax credit expiration year | 2019 | |||
Foreign [Member] | Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination, open tax year | 2009 | |||
Foreign [Member] | Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination, open tax year | 2014 | |||
Domestic [Member] | Earliest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination, open tax year | 1996 | |||
Domestic [Member] | Latest Tax Year [Member] | ||||
Income Tax Contingency [Line Items] | ||||
Income tax examination, open tax year | 2014 |
Income_Taxes_Summary_of_Activi
Income Taxes - Summary of Activity Related to Unrecognized Tax Benefits (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Tax Disclosure [Abstract] | |||
Balance at beginning of year | $9,241 | $7,397 | $6,979 |
Increase related to current year tax positions | 1,245 | 1,844 | 829 |
Increase (decrease) for tax positions of prior years | -188 | 0 | -276 |
Decrease due to lapse of statute | 0 | 0 | -64 |
Decrease due to settlements | 0 | 0 | -71 |
Balance at end of year | $10,298 | $9,241 | $7,397 |
Convertible_Senior_Notes_and_N2
Convertible Senior Notes and Notes Payable - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | |
Dec. 31, 2014 | Feb. 28, 2014 | Dec. 31, 2013 | |
Debt Instrument [Line Items] | |||
Convertible notes issued | $278,213,000 | $0 | |
Convertible debt discount, recorded in additional paid in capital | 73,013,000 | ||
Initial strike price of common stock | $65.10 | ||
Conversion of notes, cap price | $78.61 | ||
Cost of purchased capped calls | 25,100,000 | ||
Closing price of common stock | $54.14 | ||
Outstanding notes payable | 1,200,000 | 1,700,000 | |
Notes payable, interest rate | 4.00% | ||
Notes payable repayment year | 2016 | ||
Convertible Senior Notes [Member] | |||
Debt Instrument [Line Items] | |||
Convertible notes issued | 345,000,000 | ||
Convertible notes, maturity date | 1-Feb-21 | ||
Convertible notes fixed rate | 1.25% | 1.25% | |
Convertible senior notes, Maturity date description | 1.25% convertible senior notes (the "Notes") due February 1, 2021, unless earlier repurchased by the Company or converted by the holder pursuant to their terms | ||
Convertible senior notes, interest payment description | Interest is payable semiannually in arrears on February 1 and August 1 of each year, commencing on August 1, 2014. | ||
Convertible debt, conversion rate | 15.3616 | ||
Convertible debt, conversion rate, principal amount | 1,000 | ||
Conversion price per share of common stock | $65.10 | ||
Debt converted into number of common shares | 5,300,000 | ||
Convertible debt maturity date | 1-Aug-20 | ||
Convertible debt, fair value of liability | 270,000,000 | ||
Convertible debt, present value of future payments | 345,000,000 | ||
Convertible debt discount, recorded in additional paid in capital | 75,000,000 | ||
Convertible debt, interest rate | 5.00% | ||
Debt instrument transaction costs | 7,200,000 | ||
Convertible Senior Notes [Member] | Scenario One [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument trading days | 20 days | ||
Consecutive trading days | 30 days | ||
Percentage of conversion price | 130.00% | ||
Convertible Senior Notes [Member] | Scenario Two [Member] | |||
Debt Instrument [Line Items] | |||
Consecutive trading days | 5 days | ||
Percentage of conversion price | 98.00% | ||
Equity Component [Member] | |||
Debt Instrument [Line Items] | |||
Debt instrument transaction costs | $2,000,000 |
Convertible_Senior_Notes_and_N3
Convertible Senior Notes and Notes Payable - Schedule of Convertible Notes (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 | Feb. 28, 2014 |
Liability component: | |||
Net carrying amount | $278,213,000 | $0 | |
Equity component | 73,013,000 | ||
Convertible Senior Notes [Member] | |||
Liability component: | |||
Principal | 345,000,000 | ||
Less: debt discount, net of amortization | -66,787,000 | ||
Net carrying amount | $345,000,000 |
Convertible_Senior_Notes_and_N4
Convertible Senior Notes and Notes Payable - Schedule of Convertible Notes (Parenthetical) (Detail) (Equity Component [Member], USD $) | 12 Months Ended |
In Millions, unless otherwise specified | Dec. 31, 2014 |
Equity Component [Member] | |
Debt Instrument [Line Items] | |
Debt instrument transaction costs | $2 |
Convertible_Senior_Notes_and_N5
Convertible Senior Notes and Notes Payable - Schedule of Total Interest Expense Related to Notes (Detail) (Convertible Senior Notes [Member], USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2014 |
Convertible Senior Notes [Member] | |
Interest Expense [Line Items] | |
1.25% coupon | $3,844 |
Amortization of debt transaction costs | 387 |
Amortization of debt discount | 8,213 |
Total interest expense | $12,444 |
Convertible_Senior_Notes_and_N6
Convertible Senior Notes and Notes Payable - Schedule of Total Interest Expense Related to Notes (Parenthetical) (Detail) (Convertible Senior Notes [Member]) | Dec. 31, 2014 | Feb. 28, 2014 |
Convertible Senior Notes [Member] | ||
Interest Expense [Line Items] | ||
Coupon interest rate | 1.25% | 1.25% |
Convertible_Senior_Notes_and_N7
Convertible Senior Notes and Notes Payable - Schedule of Carrying Value of Debt Instrument (Detail) (USD $) | Dec. 31, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Instrument [Line Items] | ||
Fair Value | $382,232 | $0 |
Carrying Value | 278,213 | 0 |
Level 2 [Member] | ||
Debt Instrument [Line Items] | ||
Fair Value | 382,232 | 0 |
Carrying Value | $278,213 | $0 |
Commitments_Debt_Obligations_C2
Commitments, Debt Obligations, Contingencies and Legal Matters - Summary of Lease, Purchase and Minimum Royalty Commitments and Debt Obligations (Detail) (USD $) | Dec. 31, 2014 |
In Thousands, unless otherwise specified | |
Commitments and Contingencies Disclosure [Abstract] | |
Operating leases, Total | $79,042 |
Operating leases, Less Than 1 Year | 11,411 |
Operating leases, 1-3 Years | 23,597 |
Operating leases, 3-5 Years | 19,706 |
Operating leases, More Than 5 Years | 24,328 |
Purchase obligations, Total | 43,271 |
Purchase obligations, Less Than 1 Year | 43,271 |
Purchase obligations, 1-3 Years | 0 |
Purchase obligations, 3-5 Years | 0 |
Purchase obligations, More Than 5 Years | 0 |
Minimum royalties, Total | 3,395 |
Minimum royalties, Less Than 1 Year | 559 |
Minimum royalties, 1-3 Years | 1,183 |
Minimum royalties, 3-5 Years | 295 |
Minimum royalties, More Than 5 Years | 1,358 |
Debt obligations, Total | 373,031 |
Debt obligations, Less Than 1 Year | 4,313 |
Debt obligations, 1-3 Years | 8,625 |
Debt obligations, 3-5 Years | 8,625 |
Debt obligations, More Than 5 Years | 351,468 |
Lease, purchase and minimum royalty commitments and debt obligations, Total | 498,739 |
Lease, purchase and minimum royalty commitments and debt obligations, Less Than 1 Year | 59,554 |
Lease, purchase and minimum royalty commitments and debt obligations, 1-3 Years | 33,405 |
Lease, purchase and minimum royalty commitments and debt obligations, 3-5 Years | 28,626 |
Lease, purchase and minimum royalty commitments and debt obligations, More Than 5 Years | $377,154 |
Commitments_Debt_Obligations_C3
Commitments, Debt Obligations, Contingencies and Legal Matters - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
sqft | |||
Loss Contingencies [Line Items] | |||
Number of square feet, leased | 680,000 | ||
Lease expiration date | 2029 | ||
Asset retirement obligations for buildings under lease | $1.10 | $1 | |
Net rent expense for operating leases | 11.6 | 10.2 | 8.4 |
Senior notes maturity date | 2021 | ||
Accrued and Other Liabilities [Member] | |||
Loss Contingencies [Line Items] | |||
Estimated arbitration proceeding charge | $20 |
Shareholders_Equity_Additional
Shareholders' Equity - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||||||
Apr. 22, 2014 | Apr. 24, 2012 | Apr. 29, 2010 | Apr. 24, 2008 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 27, 2006 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Shares of common stock authorized for stock option plans | 3,800,000 | |||||||
Increase in number of common shares reserved for issuance | 3,300,000 | 5,000,000 | 3,800,000 | 1,800,000 | ||||
Share-based payment award, vesting period, minimum | 3 years | |||||||
Common stock reserved for future issuance | 3,945,863 | |||||||
Closing stock price | $54.14 | $46.67 | ||||||
Aggregate intrinsic value, exercised | $58,200,000 | $37,000,000 | $54,500,000 | |||||
Total pre-tax intrinsic value of all outstanding stock awards | 37,800,000 | 34,500,000 | ||||||
Total fair value of stock awards vested | 14,800,000 | 10,000,000 | 7,400,000 | |||||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days | |||||||
Stock-based compensation expense | 32,207,000 | 27,635,000 | 24,496,000 | |||||
Total compensation expense not yet recognized | 32,000,000 | |||||||
Estimated forfeiture amount of total compensation expense not yet recognized | 6,600,000 | |||||||
2000 Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Employee stock purchase plan expiration date | 1-Aug-12 | |||||||
Maximum employee subscription rate | 15.00% | |||||||
Total compensation cost not yet recognized, period for recognition | 2 years | |||||||
Share-based payment award, discount from market Price | 85.00% | |||||||
2012 Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Increase in number of common shares reserved for issuance | 500,000 | |||||||
Maximum employee subscription rate | 15.00% | |||||||
Total compensation cost not yet recognized, period for recognition | 2 years | |||||||
Share-based payment award, discount from market Price | 85.00% | |||||||
Stock-based compensation expense | 2,700,000 | 3,600,000 | 2,400,000 | |||||
Total compensation expense not yet recognized | 1,600,000 | |||||||
Employee Stock Option [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Rate of issuance of common stock to the fair market value on grant date | 110.00% | |||||||
Percentage of employees entitled for share based awards | 10.00% | |||||||
Share based awards, expiration period | 7 years | |||||||
Percentage of stock options vested after one year from date of grant | 25.00% | |||||||
Incentive Stock Options [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Percentage of employees entitled for share based awards | 10.00% | |||||||
Share based awards, expiration period | 5 years | |||||||
Restricted stock awards and restricted stock units [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Reduction in number of shares available for issuance | 1.75 | 1.75 | 1.75 | |||||
Estimated forfeiture amount of total compensation expense not yet recognized | 4,900,000 | |||||||
Total compensation expense not yet recognized, net of estimated forfeitures | $23,400,000 | |||||||
Other than stock option or SAR [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Reduction in number of shares available for issuance | 1.75 | |||||||
Stock option or SAR [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Reduction in number of shares available for issuance | 1 | |||||||
Full Value Equity Awards [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Share-based payment award, vesting period, minimum | 1 year | |||||||
Percentage of aggregate shares of common stock reserved and available for grant, granted | 10.00% | |||||||
Restricted Stock [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||||||
Total compensation cost not yet recognized, period for recognition | 2 years 7 months 6 days |
Shareholders_Equity_Summary_of
Shareholders' Equity - Summary of Stock Option Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Shares, Outstanding, Beginning Balance | 6,476 | 6,810 | 7,699 |
Weighted Average Exercise Price, Outstanding, Beginning Balance | $26.70 | $21.81 | $17.54 |
Shares, Granted | 1,471 | 1,553 | 1,141 |
Shares, Exercised | -1,930 | -1,579 | -1,920 |
Shares, Forfeited | -436 | -308 | -110 |
Shares, Outstanding, Ending Balance | 5,581 | 6,476 | 6,810 |
Shares, Exercisable, December 31, 2014 | 3,122 | ||
Weighted Average Exercise Price, Granted | $46.36 | $38.55 | $36.68 |
Shares, Vested and expected to vest December 31, 2014 | 5,385 | ||
Weighted Average Exercise Price, Exercised | $19.72 | $16.19 | $12.93 |
Weighted Average Exercise Price, Forfeited | $40.64 | $32.19 | $32.23 |
Weighted Average Exercise Price, Outstanding, Ending Balance | $33.20 | $26.70 | $21.81 |
Weighted Average Exercise Price, Exercisable, December 31, 2014 | $26.09 | ||
Weighted Average Exercise Price, Vested and expected to vest, December 31, 2014 | $32.84 | ||
Weighted Average Remaining Contractual Term (in years), Outstanding, December 31, 2014 | 4 years 1 month 13 days | ||
Weighted Average Remaining Contractual Term (in years), Exercisable, December 31, 2014 | 2 years 10 months 24 days | ||
Weighted Average Remaining Contractual Term (in years), Vested and expected to vest, December 31, 2014 | 4 years 22 days | ||
Intrinsic Value, Outstanding, December 31, 2014 | $116,854 | ||
Intrinsic Value, Exercisable, December 31, 2014 | 87,580 | ||
Intrinsic Value, Vested and expected to vest, December 31, 2014 | $114,721 |
Shareholders_Equity_Summary_of1
Shareholders' Equity - Summary of Restricted Stock Plan Activity (Detail) (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | |||
Outstanding, Beginning Balance, Shares | 742 | 642 | 596 |
Granted, Shares | 377 | 412 | 271 |
Vested, Shares | -327 | -262 | -209 |
Cancelled, Shares | -94 | -50 | -16 |
Outstanding, Ending Balance, Shares | 698 | 742 | 642 |
Weighted Average Grant Date Fair Value, Outstanding, Beginning Balance | $34.13 | $29.74 | $25.87 |
Weighted Average Grant Date Fair Value, Granted | $46.83 | $38.23 | $36.90 |
Weighted Average Grant Date Fair Value, Vested | $34.11 | $29.81 | $27.62 |
Weighted Average Grant Date Fair Value, Cancelled | $39.35 | $34.17 | $34.29 |
Weighted Average Grant Date Fair Value, Outstanding, Ending Balance | $40.30 | $34.13 | $29.74 |
Shareholders_Equity_Common_Sto
Shareholders' Equity - Common Stock Reserved for Future Issuance (Detail) | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock reserved for future issuance | 3,945,863 |
Options, RSUs and awards outstanding [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock reserved for future issuance | 6,278,000 |
Reserved for future grants [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock reserved for future issuance | 3,946,000 |
2012 Employee Stock Purchase Plan [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock reserved for future issuance | 2,210,000 |
Reserved shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Common stock reserved for future issuance | 12,434,000 |
Shareholders_Equity_Summary_of2
Shareholders' Equity - Summary of Assumptions to Estimate Fair Value (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Employee Stock Option [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Term (in years) | 4 years 4 months 24 days | 4 years 4 months 28 days | 4 years 4 months 17 days |
Volatility | 0.38% | 0.44% | 0.53% |
Expected Dividends | 0.00% | 0.00% | 0.00% |
Risk Free Interest Rates | 1.71% | 0.90% | 0.80% |
Estimated Forfeitures | 6.75% | 7.61% | 7.63% |
Weighted Average Fair Value | $15.71 | $14.17 | $15.70 |
Employee Stock Purchase Plans One [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected Term (in years) | 1 year 2 months 27 days | 1 year 3 months | 1 year 3 months |
Volatility | 0.33% | 0.42% | 0.54% |
Expected Dividends | 0.00% | 0.00% | 0.00% |
Risk Free Interest Rates | 0.22% | 0.19% | 0.18% |
Weighted Average Fair Value | $12.13 | $12.10 | $13.13 |
Shareholders_Equity_Summary_of3
Shareholders' Equity - Summary of Stock-Based Compensation Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $32,207 | $27,635 | $24,496 |
Cost of sales [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 4,086 | 2,930 | 3,087 |
Research and development [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 9,516 | 8,540 | 7,563 |
Sales and marketing [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | 6,048 | 5,636 | 5,032 |
General and administrative [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Stock-based compensation expense | $12,557 | $10,529 | $8,814 |
Employee_Benefit_Plan_Addition
Employee Benefit Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Millions, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Employee Benefit Plans [Line Items] | |||
Contributions | $1.90 | $1.50 | $1.20 |
Deferred compensation plan amount | $0.40 | ||
Minimum [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defer payment percentage, base salary | 5.00% | ||
Defer payment percentage, cash-based incentive awards | 5.00% | ||
Maximum [Member] | |||
Employee Benefit Plans [Line Items] | |||
Defer payment percentage, base salary | 75.00% | ||
Defer payment percentage, cash-based incentive awards | 100.00% |
Segment_and_Significant_Concen2
Segment and Significant Concentrations - Summary of Total Revenue (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | $131,522 | $115,209 | $116,503 | $106,907 | $113,261 | $100,081 | $96,012 | $91,938 | $470,141 | $401,292 | $331,212 |
System and other revenue [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 90,849 | 76,763 | 65,111 | ||||||||
Reagent and disposable revenue [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | $379,292 | $324,529 | $266,101 |
Segment_and_Significant_Concen3
Segment and Significant Concentrations - Revenue Information by Segments (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | $131,522 | $115,209 | $116,503 | $106,907 | $113,261 | $100,081 | $96,012 | $91,938 | $470,141 | $401,292 | $331,212 |
Clinical [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 441,122 | 359,921 | 286,308 | ||||||||
Non-Clinical [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 29,019 | 41,371 | 44,904 | ||||||||
System and other revenue [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 90,849 | 76,763 | 65,111 | ||||||||
System and other revenue [Member] | Clinical [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 84,695 | 66,980 | 52,805 | ||||||||
Reagent and disposable revenue [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | 379,292 | 324,529 | 266,101 | ||||||||
Reagent and disposable revenue [Member] | Clinical [Member] | |||||||||||
Revenue from External Customer [Line Items] | |||||||||||
Total revenue | $356,427 | $292,941 | $233,503 |
Segment_and_Significant_Concen4
Segment and Significant Concentrations - Segment Revenue by Geography Region (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $131,522 | $115,209 | $116,503 | $106,907 | $113,261 | $100,081 | $96,012 | $91,938 | $470,141 | $401,292 | $331,212 |
Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 441,122 | 359,921 | 286,308 | ||||||||
Non-Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 29,019 | 41,371 | 44,904 | ||||||||
North America [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 272,025 | 249,360 | 228,653 | ||||||||
North America [Member] | Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 247,120 | 212,362 | 190,021 | ||||||||
North America [Member] | Non-Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 24,905 | 36,998 | 38,632 | ||||||||
International [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 198,116 | 151,932 | 102,559 | ||||||||
International [Member] | Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | 194,002 | 147,559 | 96,286 | ||||||||
International [Member] | Non-Clinical [Member] | |||||||||||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||||||||||
Total revenue | $4,114 | $4,373 | $6,273 |
Segment_and_Significant_Concen5
Segment and Significant Concentrations - Additional Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Segment Reporting Information [Line Items] | |||||||||||
Product revenues from customers | $131,522,000 | $115,209,000 | $116,503,000 | $106,907,000 | $113,261,000 | $100,081,000 | $96,012,000 | $91,938,000 | $470,141,000 | $401,292,000 | $331,212,000 |
United States [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product revenues from customers | 264,100,000 | 237,800,000 | 216,600,000 | ||||||||
Long lived-assets | 96,000,000 | 63,900,000 | 96,000,000 | 63,900,000 | |||||||
Non-US Countries [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Long lived-assets | 19,800,000 | 21,000,000 | 19,800,000 | 21,000,000 | |||||||
South Africa [Member] | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Product revenues from customers | $37,300,000 | $41,600,000 | $22,800,000 |
Collaboration_Profit_Sharing_A
Collaboration Profit Sharing - Additional Information (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Other Income and Expenses [Abstract] | |||
Collaboration profit sharing expense | $5,154 | $7,512 | $7,183 |
Collaborative_Agreements_and_C1
Collaborative Agreements and Contracts - Additional Information (Detail) (USD $) | 12 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | 3 Months Ended | 1 Months Ended | |||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Jan. 31, 2011 | 31-May-06 | Mar. 31, 2011 | Aug. 31, 2007 | Dec. 31, 2011 | Nov. 30, 2014 | |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Milestone revenue | $3,200,000 | ||||||||
Agreement period on straight line basis | 10 years | ||||||||
Milestone revenue related to agreements | 300,000 | 2,700,000 | 4,800,000 | ||||||
The Bill and Melinda Gates Foundation [Member] | Prepaid Expenses and Other Current Assets [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Restricted cash | 1,900,000 | ||||||||
FIND [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Term of development portion of agreement | 30 months | ||||||||
Additional development portion of agreement term | 5 months | ||||||||
Supply term of agreement | 12 years | ||||||||
Research development costs | 3,000,000 | 5,100,000 | 1,000,000 | ||||||
Revenue recognized from agreement | 2,100,000 | 800,000 | 2,200,000 | ||||||
LIFE and Northrop Grumman Corporation [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Master purchase agreement | 200,000,000 | 112,000,000 | |||||||
MTB/RIF Buy Down Program for the HBDC Market [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
One-time payment received | 3,200,000 | ||||||||
Agreement period on straight line basis | 10 years | ||||||||
Reduced price of Company's Multi-Drug Resistant Tuberculosis test | 9.98 | 9.98 | |||||||
MTB/RIF Buy Down Program for the HBDC Market [Member] | The Bill and Melinda Gates Foundation [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
One-time payment received | 3,500,000 | ||||||||
MTB/RIF Buy Down Program for the HBDC Market [Member] | United States Agency for International Development [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
One-time payment received | 3,500,000 | ||||||||
Paul G. Allen Family Foundation and Bill and Melinda Gates Foundation [Member] | Maximum [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Collaboration agreements awarded grant | 3,400,000 | ||||||||
Bill And Melinda Gates And Paul G Allen Family Foundation Xpert Ebola [Member] | |||||||||
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | |||||||||
Milestone revenue related to agreements | $500,000 |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (Director [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Director [Member] | |||
Related Party Transaction [Line Items] | |||
Net revenues recorded from Geisinger | $1,700,000 | $1,500,000 | $0 |
Accounts receivable due from Geisinger | $200,000 |
Quarterly_Financial_Informatio2
Quarterly Financial Information - Summary of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2014 | Sep. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Income Statement [Abstract] | |||||||||||
Total revenue | $131,522 | $115,209 | $116,503 | $106,907 | $113,261 | $100,081 | $96,012 | $91,938 | $470,141 | $401,292 | $331,212 |
Costs and operating expenses: | |||||||||||
Cost of sales | 59,885 | 56,791 | 59,568 | 53,083 | 60,483 | 51,669 | 52,889 | 42,892 | 229,327 | 207,933 | 153,365 |
Collaboration profit sharing | 1,923 | 1,291 | 649 | 1,291 | 2,567 | 1,410 | 1,425 | 2,110 | |||
Research and development | 27,572 | 23,541 | 23,998 | 21,740 | 25,340 | 18,558 | 18,572 | 17,727 | 96,851 | 80,197 | 71,673 |
Sales and marketing | 26,975 | 23,913 | 23,502 | 23,458 | 21,922 | 19,788 | 19,105 | 19,126 | 97,848 | 79,941 | 61,907 |
General and administrative | 13,971 | 13,069 | 14,340 | 13,667 | 12,854 | 9,490 | 9,612 | 9,763 | 55,047 | 41,719 | 43,298 |
Legal contingencies and settlements | 20,000 | 0 | 0 | 0 | 20,000 | 0 | 15,110 | ||||
Total cost and operating expenses | 150,326 | 118,605 | 122,057 | 113,239 | 123,166 | 100,915 | 101,603 | 91,618 | 504,227 | 417,302 | 352,536 |
Income (loss) from operations | -18,804 | -3,396 | -5,554 | -6,332 | -9,905 | -834 | -5,591 | 320 | -34,086 | -16,010 | -21,324 |
Other expense, net | -4,272 | -3,573 | -3,370 | -2,291 | -264 | -200 | -717 | 374 | -13,506 | -807 | -4 |
Income (loss) before income tax expense | -23,076 | -6,969 | -8,924 | -8,623 | -10,169 | -1,034 | -6,308 | 694 | -47,592 | -16,817 | -21,328 |
Provision for income tax expense | -692 | -266 | -919 | -680 | -148 | -347 | -272 | -381 | -2,557 | -1,148 | 1,285 |
Net income (loss) | -23,768 | -7,235 | -9,843 | -9,303 | -10,317 | -1,381 | -6,580 | 313 | -50,149 | -17,965 | -20,043 |
Basic net income (loss) per share | ($0.34) | ($0.10) | ($0.14) | ($0.13) | ($0.15) | ($0.02) | ($0.10) | $0 | ($0.72) | ($0.27) | ($0.30) |
Diluted net income (loss) per share | ($0.34) | ($0.10) | ($0.14) | ($0.13) | ($0.15) | ($0.02) | ($0.10) | $0 | ($0.72) | ($0.27) | ($0.30) |
Weighted average shares used in computing basic net income (loss) per share | 70,689 | 70,326 | 69,968 | 69,272 | 68,230 | 67,573 | 67,295 | 66,824 | 70,069 | 67,485 | 65,812 |
Weighted average shares used in computing diluted net income (loss) per share | 70,689 | 70,326 | 69,968 | 69,272 | 68,230 | 67,573 | 67,295 | 69,406 | 70,069 | 67,485 | 65,812 |
Gross profit on sales: | |||||||||||
Sales | 131,522 | 115,209 | 116,503 | 106,907 | 113,261 | 100,081 | 96,012 | 91,938 | |||
Cost of sales | -59,885 | -56,791 | -59,568 | -53,083 | -60,483 | -51,669 | -52,889 | -42,892 | -229,327 | -207,933 | -153,365 |
Gross profit on product sales | $71,637 | $58,418 | $56,935 | $53,824 | $52,778 | $48,412 | $43,123 | $49,046 |
Schedule_II_Valuation_and_Qual1
Schedule II - Valuation and Qualifying Accounts - Summary of Valuation and Qualifying Accounts (Detail) (Allowance for Doubtful Accounts [Member], USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Allowance for Doubtful Accounts [Member] | |||
Valuation and Qualifying Accounts Disclosure [Line Items] | |||
Balance at Beginning of Year | $198 | $176 | $61 |
Costs and Expenses | 44 | 63 | 135 |
Deductions | -5 | -41 | -20 |
Balance at End of Year | $237 | $198 | $176 |