Document and Entity Information
Document and Entity Information | 12 Months Ended |
Dec. 31, 2015shares | |
Document Type | 20-F |
Amendment Flag | false |
Document Period End Date | Dec. 31, 2015 |
Entity Registrant Name | EDAP TMS SA |
Entity Central Index Key | 1,041,934 |
Current Fiscal Year End Date | --12-31 |
Entity Filer Category | Non-accelerated Filer |
Entity Common Stock, Shares Outstanding | 25,383,461 |
Entity Current Reporting Status | Yes |
Entity Voluntary Filers | No |
Entity Well Known Seasoned Issuer | No |
Document Fiscal Year Focus | 2,015 |
Document Fiscal Period Focus | FY |
Statement of Financial Position
Statement of Financial Position - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current assets | ||
Cash and cash equivalents | € 13,578 | € 11,142 |
Current portion of net trade accounts and notes receivable | 10,744 | 6,943 |
Other receivables | 1,018 | 1,200 |
Inventories | 6,151 | 5,908 |
Deferred tax assets | 47 | 40 |
Other assets, current portion | 500 | 381 |
Short-term investment | 1,000 | 1,000 |
Total current assets | 33,039 | 26,615 |
Noncurrent Assets | ||
Property and equipment, net | 2,123 | 2,122 |
Intangible assets, net | 39 | 24 |
Goodwill | 2,412 | 2,412 |
Deposits and other non-current assets | 376 | 344 |
Net Trade accounts and notes receivable, non-current | 593 | 638 |
Total assets | 38,581 | 32,154 |
Current liabilities | ||
Trade accounts and notes payable | 6,098 | 5,505 |
Deferred revenues, current portion | 1,597 | 1,102 |
Social security and other payroll withholdings taxes | 1,211 | 872 |
Employee absences compensation | 539 | 544 |
Income taxes payable | 624 | 4 |
Other accrued liabilities | 2,768 | 1,671 |
Short-term borrowings | 2,814 | 2,126 |
Current portion of capital lease obligations | 238 | 217 |
Current portion of long-term debt | 209 | 116 |
Current portion of financial instruments carried at fair value | 172 | 0 |
Total current liabilities | 16,271 | 12,158 |
Deferred revenues, non-current | 504 | 74 |
Capital lease obligations, non-current | 294 | 355 |
Financial instruments carried at fair value, non-current | 4,205 | 2,092 |
Long-term debt, non-current | 592 | 342 |
Other long-term liabilities | 2,285 | 1,991 |
Total liabilities | 24,151 | 17,013 |
Shareholders' equity | ||
Common stock, €0.13 par value; 25,753,989 shares issued and 25,383,461 shares outstanding; 25,246,948 shares issued and 24,865,420 shares outstanding; at December 31, 2015 and 2014, respectively | 3,348 | 3,282 |
Additional paid-in capital | 58,560 | 57,344 |
Retained earnings | (42,769) | (41,102) |
Cumulative other comprehensive loss | (3,567) | (3,211) |
Treasury stock, at cost; 370,528at December 31, 2015 and 381,528 at December 31, 2014, respectively | (1,142) | (1,172) |
Total shareholders' equity | 14,430 | 15,141 |
Total liabilities and shareholders' equity | € 38,581 | € 32,154 |
Statement of Financial Positio3
Statement of Financial Position (Parenthetical) - € / shares | Dec. 31, 2015 | Dec. 31, 2014 |
Common Stock, Par Value Per Share | € 0.13 | € 0.13 |
Common Stock, Shares, Issued | 25,753,989 | 25,246,948 |
Common Stock, Shares, Outstanding | 25,383,461 | 24,865,420 |
Treasury Stock, Shares | 370,528 | 370,528 |
Statement of Operations
Statement of Operations - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenues | |||
Sales of goods | € 21,906 | € 16,895 | € 14,767 |
Sales of RPPs & leases | 4,408 | 3,957 | 3,922 |
Sales of spare parts and services | 5,904 | 5,400 | 5,375 |
Total sales | 32,218 | 26,252 | 24,065 |
Other revenues | 35 | 533 | 15 |
Total revenues | 32,253 | 26,785 | 24,080 |
Cost of goods | (12,256) | (9,825) | (8,883) |
Cost of RPPs & leases | (2,556) | (2,155) | (2,191) |
Cost of spare parts and services | (3,656) | (3,604) | (3,686) |
Total cost of sales | (18,468) | (15,584) | (14,761) |
Gross profit | 13,785 | 11,201 | 9,319 |
Operating Expenses | |||
Research and development expenses | (2,690) | (2,932) | (2,595) |
Selling and marketing expenses | (7,406) | (6,678) | (6,279) |
General and administrative expenses | (3,202) | (3,328) | (3,200) |
Income (loss) from operations | 488 | (1,736) | (2,755) |
Nonoperating Income (Expense) | |||
Foreign currency exchange gain (loss), net | 699 | (431) | (1,230) |
Financial (expense) income, net | (2,094) | 1,771 | (901) |
Income (loss) before taxes | (907) | (396) | (4,886) |
Income tax (expense) benefit | (759) | (116) | (135) |
Net income (loss) | € (1,667) | € (512) | € (5,021) |
Earnings per share | |||
Basic income (loss) per share | € (0.07) | € (0.02) | € (0.24) |
Diluted income (loss) per share | € (0.07) | € (0.02) | € (0.24) |
Basic Weighted average shares outstanding | 25,021,966 | 23,600,428 | 20,593,720 |
Diluted Weighted average shares outstanding | 25,021,966 | 23,600,428 | 20,593,720 |
Statement of Cash Flows
Statement of Cash Flows - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Cash flows from operating activities | |||
Net income (loss) | € (1,667) | € (512) | € (5,021) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 1,002 | 900 | 1,179 |
Change in warrants fair value | 2,047 | (1,805) | 630 |
Other Non-cash compensation | 66 | 140 | 367 |
Change in allowances for doubtful accounts & slow-moving inventories | (218) | 154 | (663) |
Change in long-term provisions | 73 | 147 | (127) |
Net capital loss on disposals of assets | 68 | 56 | 455 |
Deferred tax expense (benefit) | 23 | (18) | (65) |
Operating cash flow | 1,394 | (939) | (3,246) |
Increase/Decrease in operating assets and liabilities: | |||
Decrease (Increase) in trade accounts and notes and other receivables | (1,752) | 1,066 | 2,554 |
Decrease (Increase) in inventories | (381) | (1,258) | (961) |
Decrease (Increase) in other assets | 183 | (47) | 24 |
(Decrease) Increase in trade accounts and notes payable | 518 | 26 | (822) |
(Decrease) Increase in accrued expenses, other current liabilities | 1,376 | 138 | (44) |
Net increase (decrease) in operating assets and liabilities | (56) | (75) | 751 |
Net cash generated by (used in) operating activities | 1,338 | (1,014) | (2,495) |
Cash flows from investing activities: | |||
Additions to capitalized assets produced by the Company | (470) | (867) | (528) |
Acquisitions of property and equipment | (160) | (140) | (232) |
Net proceeds from sale of leased back assets | 95 | 0 | 133 |
Acquisitions of intangible assets | (20) | (14) | 0 |
Net proceeds from sale of short term investments, net | 0 | 0 | 36 |
Net proceeds from sale of assets | 26 | 0 | 0 |
Increase (decrease) in deposits and guarantees, net | (12) | (12) | 3 |
Net cash generated by (used in) investing activities | (541) | (1,034) | (589) |
Cash flow from financing activities: | |||
Proceeds from capital increase | 1,219 | 6,219 | 5,671 |
Proceeds from long term borrowings, net of financing costs | 450 | 242 | 2,950 |
Repayment of long term borrowings | (129) | (114) | (6,210) |
Repayment of obligations under capital leases | (241) | (226) | (587) |
Increase (decrease) in bank overdrafts and short-term borrowings | 688 | (82) | 113 |
Net cash generated by (used in) financing activities | 1,987 | 6,039 | 1,937 |
Net effect of exchange rate changes on cash and cash equivalents | (347) | 469 | 788 |
Net increase (decrease) in cash and cash equivalents | 2,436 | 4,461 | (360) |
Cash and cash equivalents at beginning of year | 11,142 | 6,681 | 7,041 |
Cash and cash equivalents at end of year | € 13,578 | € 11,142 | € 6,681 |
Statement of Stockholders Equit
Statement of Stockholders Equity - EUR (€) € in Thousands | Common Stock [Member] | Additional Paid-In Capital [Member] | Accumulated Other Comprehensive Income [Member] | Retained Earnings [Member] | Treasury Stock [Member] | Total |
Beginning Balance at Dec. 31, 2012 | € 2,438 | € 45,791 | € (3,327) | € (35,569) | € (1,172) | € 8,161 |
Beginning Balance (Shares) at Dec. 31, 2012 | 18,372,229 | |||||
Net income (loss) | (5,021) | € (5,021) | ||||
Translation adjustment | 154 | 154 | ||||
Warrants and stock options granted or exercised | 367 | 367 | ||||
Capital increase | 444 | 5,227 | € 5,671 | |||
Capital increase (Shares) | 3,417,441 | |||||
Provision for retirement indemnities | (48) | € (48) | ||||
Ending Balance at Dec. 31, 2013 | 2,882 | 51,385 | (3,221) | (40,590) | (1,172) | € 9,284 |
Ending Balance (Shares) at Dec. 31, 2013 | 21,789,670 | |||||
Net income (loss) | (512) | € (512) | ||||
Translation adjustment | 151 | 151 | ||||
Warrants and stock options granted or exercised | 140 | 140 | ||||
Capital increase | 400 | 5,819 | € 6,219 | |||
Capital increase (Shares) | 3,075,750 | |||||
Provision for retirement indemnities | (141) | € (141) | ||||
Ending Balance at Dec. 31, 2014 | 3,282 | 57,344 | (3,211) | (41,102) | (1,172) | € 15,141 |
Ending Balance (Shares) at Dec. 31, 2014 | 24,865,420 | |||||
Net income (loss) | (1,667) | € (1,667) | ||||
Translation adjustment | (374) | (374) | ||||
Warrants and stock options granted or exercised | 62 | 30 | 92 | |||
Capital increase | 66 | 1,153 | € 1,219 | |||
Capital increase (Shares) | 518,041 | |||||
Provision for retirement indemnities | 18 | € 18 | ||||
Ending Balance at Dec. 31, 2015 | € 3,348 | € 58,560 | € (3,567) | € (42,769) | € (1,142) | € 14,430 |
Ending Balance (Shares) at Dec. 31, 2015 | 25,383,461 |
Statement of Comprehensive Inco
Statement of Comprehensive Income - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Net income (loss) | € (1,667) | € (512) | € (5,021) |
Other comprehensive income (loss): | |||
Foreign currency translation adjustments | (374) | 151 | 154 |
Provision for retirement indemnities | 18 | (141) | (48) |
Comprehensive income (loss), net of tax | € (2,023) | € (502) | € (4,915) |
Summary Of Significant Accounti
Summary Of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2015 | |
Summary Of Significant Accounting Policies [Text Block] | SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES 1 - 1 Nature of operations EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. Moreover, the Company develops a novel HIFU treatment for liver cancer in cooperation with its long-term academic partner INSERM and leading cancer centers (the “HECAM” project). The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia. The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operation. 1 - 2 Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market and price of maintenance contract used to determine the amount of revenue to differ. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. 1 - 3 Consolidation The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc., Edap Technomed Sdn Bhd, Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. and EDAP TMS Gmbh. Edap Technomed Sdn Bhd was incorporated in early 1997. Edap Technomed Co. Ltd. was created in late 1996. EDAP TMS Gmbh was created in July 2006. EDAP SA, a subsidiary incorporating HIFU activities merged all of its activity into EDAP TMS France SAS in 2008. All intercompany transactions and balances are eliminated in consolidation 1 - 4 Revenue recognition Sales of goods: For medical device sales with no significant remaining vendor obligation, payments contingent upon customer financing, acceptance criteria that can be subjectively interpreted by the customer, or tied to the use of the device, revenue is recognized when evidence of an arrangement exists, title to the device passes (depending on terms, either upon shipment or delivery), and the customer has the intent and ability to pay in accordance with contract payment terms that are fixed or determinable. For sales in which payment is contingent upon customer financing, acceptance criteria can be subjectively interpreted by the customer, or payment depends on use of the device, revenue is recognized when the contingency is resolved. The Company provides training and provides a minimum of one-year warranty upon installation. The Company accrues for the warranty costs at the time of sale. Revenues related to disposables are recognized when goods are delivered. Sales of RPPs and leases: Revenues related to the sale of HIFU treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. F- 8 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Sales of spare parts and services: Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one year and are recognized on a straight line basis. Billings or cash receipts in advance of services due under maintenance contracts are recorded as deferred revenue. 1-5 Shipping and handling costs The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. 1 - 6 Cash equivalents and short term investments Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. Cash investments with a maturity higher than 90 days are considered as short-term investments. 1 - 7 Accounts Receivables Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. Accounts receivables also include receivables factored for which the Company is supporting the collection risk. 1 - 8 Inventories Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value. 1 - 9 Property and equipment Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: Leasehold improvements 10 years or lease term if shorter Equipment 3 - 10 years Furniture, fixtures, fittings and other 2 - 10 years Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years. F- 9 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 1 - 10 Long-lived assets The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty. 1 - 11 Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired by comparing the carrying value to the fair value of the reporting units to which it is assigned. Under ASC 350, “Goodwill and other intangible assets”, the impairment test is performed in two steps. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is performed to measure the amount of impairment loss. The second step allocates the fair value of the reporting unit to the Company’s tangible and intangible assets and liabilities. This derives an implied fair value for the reporting unit’s goodwill. If the carrying amount of the reporting units’ goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to that excess. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: Patents 5 years Licenses 5 years Trade name and trademark 7 years 1 - 12 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. F- 10 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 1 - 13 Warranty expenses The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 5 years depending on the market. Actual warranty costs incurred are charged against the accrual when paid and are classified in cost of sales in the statement of income. Warranty expense amounted to €354 thousand, €429 thousand and €354 thousand for the years ended December 31, 2015, 2014 and 2013 respectively. 1 - 14 Income taxes The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. As of January 1, 2007, the Company adopted FIN48 (now ASC 740) “Accounting for uncertainty in income tax”. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date. 1 - 15 Research and development costs Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting operating expenses. The research tax credit amounted to €448 thousand, €518 thousand and €561 thousand for the years ended December 31 2015, 2014 and 2013 respectively. 1 - 16 Advertising costs Advertising costs are recorded as an expense in the period in which they are incurred. Advertising costs amounted to €461 thousand, €413 thousand and €391 thousand for the years ended December 31, 2015, 2014 and 2013 respectively. F- 11 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 1 - 17 Foreign currency translation and transactions Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at exchange rate as follows: assets and liabilities are translated at year-end exchange rates; shareholders’ equity is translated at historical exchange rates (as of the date of contribution); statement of income items are translated at average exchange rates for the year; and translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. 1 - 18 Earnings per share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. 1 - 19 Derivative instruments ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses from derivative instruments are recorded in the income statement. F- 12 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 1 - 20 Employee stock option plans At December 31, 2015, the Company had three stock-based employee compensation plans. The Company adopted ASC 718, “Share-Based Payment”, effective January 1, 2006. ASC 718 requires the recognition of fair value of stock compensation as an expense in the calculation of net income (loss). The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Year Ended December 31, 2015 (1) 2014 (1) 2013 Weighted-average expected life (years) — — 6.25 Expected volatility rates — — 71 % Expected dividend yield — — — Risk-free interest rate — — 1.35 % Weighted-average exercise price (€) — — 1.91 Weighted-average fair value of options granted during the year (€) — — 1.32 (1) The Company did not make any grants during the years ended December 31, 2015 and 2014. 1 - 21 Warrants On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”). The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” and together with the March 2012 Investor Warrants, the “March 2012 Warrants”). The Company has accounted for the March 2012 Warrants as a liability and reflected this analysis in the Company’s financial statements filed for the year 2012. The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income. On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”) with warrants attached (the “May 2013 Investor Warrants”). The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”). As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. F- 13 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 1-22 Leases and Sales and leaseback transactions In accordance with ASC 840, Accounting for Leases, the Company classifies all leases at the inception date as either a capital lease or an operating lease. A lease is a capital lease if it meets any one of the following criteria; otherwise, it is an operating lease: - Ownership is transferred to the lessee by the end of the lease term; - The lease contains a bargain purchase option; - The lease term is at least 75% of the property’s estimated remaining economic life; - The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. For sales type leases, the following two additional criteria are applied: - Collectability of the minimum lease payment is reasonably predictable; - No important uncertainties surround the amount of unreimbursable costs yet to be incurred by the lessor under the lease. The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, any profit or loss on the sale is deferred and amortized prospectively over the term of the lease, in proportion to the leased asset if a capital lease, or in proportion to the related gross rental charged to expense over the lease term, if an operating lease. 1 - 23 New accounting pronouncements In July 2015, the FASB issued ASU 2015 - 14 Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015 - 14) which deferred the effective date for ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014 - 09), by one year. ASU 2014 - 09 will supersede the revenue recognition requirements in Revenue Recognition (Topic 605) and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014 - 09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is January 1, 2018. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. The Company is currently evaluating the potential impact the adoption of ASU 2014 - 09 will have on its consolidated financial statements and has not yet selected a transition method. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases Leases Leases In August 2014, the FASB issued ASC Update No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205 - 40). Update 2014 - 15 requires management to assess an entity’s ability to continue as a going concern every reporting period, and provide certain disclosures if management has substantial doubt about the entities ability to operate as a going concern, or an express statement if not, by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Update 2014 - 15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Upon adoption the Company will use the guidance in ASU 2014 - 15 to assess going concern. |
Cash and Cash Equivalents Discl
Cash and Cash Equivalents Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Cash and Cash Equivalents Disclosure [Text Block] | CASH EQUIVALENTS AND SHORT TERM INVESTMENTS Cash and cash equivalents and short term investments are comprised of the following: December 31, 2015 2014 Total cash and cash equivalents 13,578 11,142 Short term investments 1,000 1,000 Total cash and cash equivalents, and short term investments 14,578 12,142 Short term investments are comprised of money market funds. The aggregate fair value of the short term investments is consistent with their book value. In 2015 and 2014, short term investments comprise € 1.0 million pledged in favour of the bank as collateral to a € 1.0 million short term loan. See Note 13. |
Trade Accounts And Notes Receiv
Trade Accounts And Notes Receivable, Net | 12 Months Ended |
Dec. 31, 2015 | |
Trade Accounts And Notes Receivable, Net [Text Block] | TRADE ACCOUNTS AND NOTES RECEIVABLE, NET Trade accounts and notes receivable consist of the following: December 31, 2015 2014 Trade accounts receivable 11,869 8,309 Notes receivable 560 546 Less: allowance for doubtful accounts (1,091 ) (1,274 ) Total 11,338 7,581 Less current portion (10,744 ) (6,943 ) Total long-term portion 593 638 Notes receivable usually represent commercial bills of exchange (drafts) with initial maturities of 90 days or less. Bad debt expenses amount to € 17 thousand, € 450 thousand and € 163 thousand, for the years ended December 31, 2015, 2014 and 2013. Long term portion consists of sales type leases of medical devices and receivables for license revenue paid over four years. Future minimum payments to be received over the five coming years are as follows: December 31, Sales type License 2016 173 152 2017 134 152 2018 70 152 2019 48 - 2020 24 - 2021 14 - Total minimum payments 463 455 |
Other Receivables
Other Receivables | 12 Months Ended |
Dec. 31, 2015 | |
Other Receivables [Text Block] | OTHER RECEIVABLES Other receivables consist of the following: December 31, 2015 2014 Research and development tax credit receivable from the French State 419 510 Research and development subsidies receivable from the French State 112 318 Value-added taxes receivable 329 210 Other receivables from Government and public authorities 121 125 Others 37 36 Total 1,018 1,200 |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2015 | |
Inventories [Text Block] | INVENTORIES Inventories consist of the following: December 31, 2015 2014 Components, spare parts 4,085 4,225 Work-in-progress 676 832 Finished goods 2,118 1,591 Total gross inventories 6,879 6,648 Less: provision for slow-moving inventory (728 ) (741 ) Total 6,151 5,908 The provision for slow moving inventory relates to components and spare parts. The allowance for slow moving inventory, the changes in which are classified within cost of sales, amounted to an income of € 8 thousand for the year ended December 31, 2015, a cost of € 34 thousand for the year ended December 31, 2014, and an income of € 162 thousand for the years ended December 31, 2013, respectively. |
Other Assets
Other Assets | 12 Months Ended |
Dec. 31, 2015 | |
Other Assets [Text Block] | OTHER ASSETS Other assets consist of the following: December 31, 2015 2014 Prepaid expenses, current portion 500 381 Total 500 381 |
Property And Equipment, Net
Property And Equipment, Net | 12 Months Ended |
Dec. 31, 2015 | |
Property And Equipment, Net [Text Block] | PROPERTY AND EQUIPMENT, NET Property and equipment consist of the following: December 31, 2015 2014 Equipment 7,203 7,400 Furniture, fixture, and fittings and other 2,974 2,807 Total gross value 10,177 10,208 Less: accumulated depreciation and amortization (8,055 ) (8,085 ) Total 2,123 2,122 Depreciation and amortization expense related to property and equipment amounted to € 683 thousand, € 726 thousand and € 726 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. Capitalized costs on equipment held under capital leases of € 2,466 thousand and € 2,826 are included in property and equipment at December 31, 2015 and 2014, respectively. Accumulated amortization of these assets leased to third parties was € 2,338 thousand and € 2,599 thousand, at December 31, 2015 and 2014, respectively. Capitalized costs on vehicles held under capital leases of € 627 thousand and € 543 thousand are included in property and equipment at December 31, 2015 and 2014, respectively. Accumulated amortization of these assets leased to third parties was € 353 thousand and € 231 thousand, at December 31, 2015 and 2014, respectively. Amortization expense on assets held under capital leases is included in total amortization expense and amounted to € 207 thousand, € 310 thousand and € 363 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. |
Goodwill And Intangible Assets
Goodwill And Intangible Assets | 12 Months Ended |
Dec. 31, 2015 | |
Goodwill And Intangible Assets [Text Block] | GOODWILL AND INTANGIBLE ASSETS As discussed in Note 1-11, the Company adopted ASC 350, ‘‘Goodwill and Other Intangible Assets’’, on January 1, 2002. ASC 350 requires that goodwill and other intangible assets that have indefinite lives not be amortized but instead be tested at least annually for impairment, or more frequently when events or change in circumstances indicate that the asset might be impaired, by comparing the carrying value to the fair value of the reporting unit to which they are assigned. The Company considers its ASC 280 operating segment — High Intensity Focused Ultrasound (HIFU) and Urology Devices and Services (UDS) — to be its reporting units for purposes of testing for impairment. Goodwill amounts to € 1,767 thousand for the UDS division and to € 645 thousand for the HIFU division, at December 31, 2015. The Company completed the required annual impairment test in the fourth quarter of 2015. To determine the fair value of the Company’s reporting units, the Company used the discounted cash flow approach for each of the two reportable units. The main assumptions used are the following: (i) a five-year business plan approved by management, (ii) a discount rate of 15% for HIFU, 10% for UDS, (iii) a residual value specific to each segment. In both cases, the fair value of the reporting unit was in excess of the reporting unit's book value, which resulted in no goodwill impairment. A one percentage point increase in the HIFU discount rate assumed in the impairment testing would not lead the Company to record an impairment charge. Similarly, a one percentage point increase in the UDS discount rate assumed in the impairment testing would not lead the Company to record an impairment charge. A zero growth rate in the Company’s UDS business plan would not lead the Company to record any impairment charge. A 10% growth rate in the Company’s HIFU business plan would not lead the Company to record any impairment charge. F- 17 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Intangible assets consist of the following: December 31, 2015 2014 Licenses 462 443 Trade name and trademark 596 556 Patents 412 412 Organization costs 363 363 Total gross value 1,833 1,774 Less: accumulated amortization (1,794 ) (1,750 ) Total 39 24 Amortization expenses related to intangible assets amounted to € 6 thousand, € 26 thousand and € 32 thousand, for the years ended December 31, 2015, 2014 and 2013, respectively. For the five coming years, the annual estimated amortization expense will consist of the following: December 31, 2016 12 2017 12 2018 4 2019 - 2020 - Total 28 |
Accounts Payable and Accrued Li
Accounts Payable and Accrued Liabilities Disclosure | 12 Months Ended |
Dec. 31, 2015 | |
Accounts Payable and Accrued Liabilities Disclosure [Text Block] | TRADE ACCOUNTS AND NOTES PAYABLE Trade accounts and notes payable consist of the following: December 31, 2015 2014 Trade accounts payable 5,641 5,156 Notes payable 457 349 Total 6,098 5,505 Trade accounts payable usually represent invoices with a due date of 90 days or less and invoices to be received. Notes payable represent commercial bills of exchange (drafts) with initial maturities of 90 days or less. |
Other Accrued Liabilities
Other Accrued Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Accrued Liabilities [Text Block] | OTHER ACCRUED LIABILITIES Other accrued liabilities consist of the following: December 31, 2015 2014 Retirement indemnities 1,600 1,407 Provision for warranty costs 576 712 Accruals for social expenses 973 493 Conditional government subsidies 357 296 Value added tax payable 169 178 Advances received from customers 771 6 Others 297 284 Total 4,742 3,377 Less non-current portion (1,973 ) (1,706 ) Current portion 2,768 1,671 Conditional government subsidies are granted by French government to finance R&D project developments and are subject to reimbursement conditional to development milestones. Changes in the provision for warranty costs are as follows: December 31, 2015 2014 Beginning of year 712 705 Amount used during the year (490 ) (422 ) New warranty expenses 354 429 End of year 576 712 Less current portion (434 ) (550 ) Long term portion 141 162 |
Lease Obligations
Lease Obligations | 12 Months Ended |
Dec. 31, 2015 | |
Lease Obligations [Text Block] | LEASE OBLIGATIONS 12 - 1 Capital leases The Company leases certain of its equipment under capital leases. At December 31, 2015, this equipment consists of medical devices for an amount of € 249 thousand and vehicles for an amount of € 282 thousand. Future minimum lease payments under capital leases for the years ending December 31, 2015 are as follows: December 31, 2016 254 2017 178 2018 84 2019 32 2020 11 Total minimum lease payments 559 Less: amount representing interest (27 ) Present value of minimum lease payments 531 Less: current portion (238 ) Long-term portion 294 Interest paid under capital lease obligations was € 24 thousand, € 27 thousand and € 35 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. 12 - 2 Operating leases As of December 31, 2015, operating leases having initial or remaining non-cancelable lease terms greater than one year consist of one lease for the facilities of TMS S.A. in Vaulx-en-Velin, France and several leases for facilities in Japan. The French lease contract signed on July 1, 2015 has a lease term of ten years expiring on June 30, 2025, including nine firm years. Future minimum lease payments for these operating leases consist of the following amounts:: France Japan 2016 321 184 2017 321 139 2018 321 33 2019 321 - 2020 321 - 2021 321 - 2022 321 - 2023 321 - 2024 321 - 2025 152 - Total 3,041 356 F- 20 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Total rent expenses under operating leases amounted to € 772 thousand, € 742 thousand and € 693 thousand for the years ended December 31, 2015, 2014 and 2013, respectively. These total rent expenses include the above-mentioned operating leases, but also lease expenses related to subsidiaries office rentals, office equipment and car rentals. |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2015 | |
Long-Term Debt [Text Block] | LONG TERM DEBT AND FINANCIAL INSTRUMENTS CARRIED AT FAIR VALUE 14 - 1 Long-term debt: December 31, 2015 2014 Japanese yen term loan 183 234 Germany term loan 443 - Italy term loan 175 220 Malaysia term loan 1 5 Total long term debt 802 458 Less current portion (209 ) (116 ) Total long-term portion 592 342 F- 21 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) As of December 31, 2015, long-term debt in Japan consists of 2 loans in Yen with the following conditions: Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80% 10,000,000 June 30, 2018 2.10% As of December 31, 2014, long-term debt in Japan consists of 3 loans in Yen with the following conditions: Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 10,000,000 March 31, 2015 2.30% 55,000,000 June 30, 2018 1.80% 10,000,000 June 30, 2018 2.10% As of December 31, 2015, long-term debt in Germany consists of a loan in euro of an initial amount of € 450 thousand with an interest rate at 2.49% due to mature on November 30, 2020. This loan is pledged by an HIFU equipment with a purchase value of € 450 thousand and receivables amounting € 391 thousand. As of December 31, 2015, long-term debt in Italy consists of a loan in euro of an initial amount of € 242 thousand with an interest rate at Euribor 1 month + 4.5% due to mature on June 6, 2019. As of December 31, 2014, long-term debt in Italy consists of a loan in euro of an initial amount of € 242 thousand with an interest rate at Euribor 1 month + 4.5% due to mature on June 6, 2019. 14 - 2 Financial instruments carried at fair value: December 31, 2015 2014 Investor Warrants 4,205 1,943 Placement Agent Warrants 172 148 Total 4,377 2,092 Less current portion (172 ) - Total long-term portion 4,205 2,092 On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued 2,812,500 ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”), at a price of $2.00 per share, with warrants attached (the “March 2012 Investor Warrants”). The March 2012 Investor Warrants allow investors to purchase up to 1,406,250 shares in the form of ADSs at an exercise price of $2.75. The March 2012 Investor Warrants are exercisable immediately and expire on March 28, 2017. The Company also issued warrants to purchase up to 168,750 shares in the form of ADSs to the placement agent, Rodman & Renshaw LLC, with an exercise price of $2.50 (the “March 2012 Placement Agent Warrants” and together with the Investor Warrants, the “March 2012 Warrants”). The March 2012 Placement Agent Warrants are exercisable from September 24, 2012 and expire on October 21, 2016. Total gross proceeds for the March 2012 Placement amounted to $5.625 million (€ 4.214 million), out of which $2.429 million (€ 1.821 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $3.196 million (€ 2.393 million) allocated to the share capital increase. F- 22 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) The Company determined that the March 2012 Warrants to purchase up to 1,575,000 new ordinary shares of the Company ( 1,406,250 shares underlying the March 2012 Investor Warrants and 168,750 shares underlying the March 2012 Placement Agent Warrants) should be accounted for as a liability. On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”), at a price of $4.00 per share, with warrants attached (the “May 2013 Investor Warrants”). The May 2013 Investor Warrants allow investors to purchase up to 1,500,000 shares in the form of ADSs at an exercise price of $4.25. The May 2013 Investor Warrants are exercisable as from November 29, 2013 and expire on November 29, 2018. The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC with an exercise price of $5.00 per share (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”), The May 2013 Placement Agent Warrants are exercisable from November 29, 2013 and expire on May 28, 2016. As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the Euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. Total gross proceeds for the May 2013 Placement amounted to $12 million (€ 9.270 million), out of which $3.817 million (€ 2.950 million) allocated to the Investor and Placement Agent Warrants based on their fair value and accounted for as liability, and the remaining $8.183 million (€ 6.320 million) allocated to the share capital increase (see note 16-1). The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. Fair Value of the March 2012 Investor Warrants: The valuation model of the Investor Warrants uses a Black-Scholes model. At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $1.95 - Strike price of warrants: $2.75 - Risk free interest rate at 5 years: 1.05% - Share price volatility: 120% - Dividend rates: 0% As of December 31, 2014, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $2.33 - Strike price of warrants: $2.75 - Risk free interest rate at 5 years: 0.07% - Share price volatility: 70% - Dividend rates: 0% As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $4.13 - Strike price of warrants: $2.75 - Risk free interest rate at 5 years: 0% - Share price volatility: 70% - Dividend rates: 0% F- 23 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) On that basis, the unit fair value of the Investor Warrants was $1.55 per warrant at inception date, , $0.82 per warrant as of December 31, 2014 and $1.86 per warrant as of December 31, 2015. The total fair value for the Investor warrants was $2.173 million at inception date, $1.084 million as of December 31, 2014 and $1.840 million as of December 31, 2015. Fair Value of the March 2012 Placement Agent Warrants: The valuation model of the Placement Agent Warrants uses a Black-Scholes model. At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $1.95 - Strike price of warrants: $2.5 - Risk free interest rate at 4.5 years: 0.92% - Share price volatility: 120% - Dividend rates: 0% As of December 31, 2014, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $2.33 - Strike price of warrants: $2.5 - Risk free interest rate at 4.5 years: 0.06% - Share price volatility: 70% - Dividend rates: 0% As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $4.13 - Strike price of warrants: $2.5 - Risk free interest rate at 4.5 years: 0% - Share price volatility: 70% - Dividend rates: 0% On that basis, the unit fair value of the Placement Agent Warrants was $1.52 per warrant at inception date, $0.79 per warrant as of December 31, 2014 and $1.87 per warrant as of December 31, 2015. The total fair value for the Placement Agent warrants was $0.256 million at inception date $0.133 million as of December 31, 2014 and $0.107 million as of December 31, 2015. F- 24 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Fair Value of the May 2013 Investor Warrants: The valuation model of the Investor Warrants uses a Black-Scholes model. At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $3.96 - Strike price of warrants: $4.25 - Risk free interest rate at 5.5 years: 1.07% - Share price volatility: 71% - Dividend rates: 0% As of December 31, 2014, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $2.33 - Strike price of warrants: $4.25 - Risk free interest rate at 5.5 years: 0.13% - Share price volatility: 70% - Dividend rates: 0% As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $4.13 - Strike price of warrants: $4.25 - Risk free interest rate at 5.5 years: 0% - Share price volatility: 70% - Dividend rates: 0% On that basis, the unit fair value of the Investors Warrants was $2.35 per warrant at inception date, $0.85 per warrant as of December 31, 2014 and $1.82 per warrant as of December 31, 2015. The total fair value for the Investors warrants was $3.525 million at inception date, $1.275 million as of December 31, 2014 and $2.737 million as of December 31, 2015. Fair Value of the May 2013 Placement Agent Warrants: The valuation model of the Placement Agent Warrants uses a Black-Scholes model. At inception date, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $3.96 - Strike price of warrants: $5.00 - Risk free interest rate at 3 years: 0.36% - Share price volatility: 72% - Dividend rates: 0% F- 25 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) As of December 31, 2014, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $2.33 - Strike price of warrants: $5.00 - Risk free interest rate at 3 years: 0.06% - Share price volatility: 70% - Dividend rates: 0% As of December 31, 2015, the Black-Scholes valuation model used the following main assumptions and parameters: - Warrants’ maturity is assumed to be their legal duration as per Warrant contract - Share price at closing date: $4.13 - Strike price of warrants: $5.00 - Risk free interest rate at 3 years: 0% - Share price volatility: 70% - Dividend rates: 0% On that basis, the unit fair value of the Placement Agent Warrants was $1.62 per warrant at inception date, $0.26 per warrant as of December 31, 2014 and $0.44 per warrant as of December 31, 2015. The total fair value for the Placement Agent warrants was $0.292 million at inception date, $0.047 million as of December 31, 2014 and $0.080 million as of December 31, 2015. 14 - 3 Long-term debt and Financial instruments maturity: Long-term debt and financial instruments carried at fair value at December 31, 2015 mature as follows: 2016 382 2017 1,901 2018 2,698 2019 117 2020 83 Total 5,179 |
Short-Term Borrowings
Short-Term Borrowings | 12 Months Ended |
Dec. 31, 2015 | |
Short-Term Borrowings [Text Block] | SHORT-TERM BORROWINGS As of December 31, 2015, short-term borrowings consist mainly of € 1,814 thousand of account receivables factored and for which the Company is supporting the collection risk and a loan in euro amounting to € 1,000 thousand with the following conditions: Amount Maturation Interest rate EDAP-TMS France SAS 1,000 November 19, 2016 Euribor + 0,7% As of December 31, 2014, short-term borrowings consist mainly of € 1,124 thousand of account receivables factored and for which the Company is supporting the collection risk and a loan in euro amounting to € 1,000 thousand with the following conditions: Amount Maturation Interest rate EDAP-TMS France SAS 1,000 November 19, 2015 Euribor + 0,7% |
Other Long-Term Liabilities
Other Long-Term Liabilities | 12 Months Ended |
Dec. 31, 2015 | |
Other Long-Term Liabilities [Text Block] | OTHER LONG-TERM LIABILITIES Other long-term liabilities consist of the following: December 31, 2015 2014 Provision for retirement indemnities (Japan & France) 1,596 1,404 Provision for employee termination indemnities (Italy) 310 285 Provision for warranty costs, less current portion 141 162 Conditional government subsidies, less current portion 237 140 Total 2,285 1,991 F- 26 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Pension, post-retirement, and post-employment benefits for most of the Company’s employees are sponsored by European governments. The Company’s liability with respect to these plans is mostly limited to specific payroll deductions. In addition to government-sponsored plans, subsidiaries in Japan and France have defined benefit retirement indemnity plans in place. The provision for retirement indemnities at December 31, 2015 represents an accrual for lump-sum retirement indemnity payments to be paid at the time an employee retires. This provision has been calculated taking into account the estimated payment at retirement (discounted to the current date), turnover and salary increases. The provision is management best estimate based on the following assumptions as of year-end: Pension Benefits – France 2015 2014 2013 Discount rate 2.20 % 1.90 % 3.30 % Salary increase 2.50 % 2.50 % 2.50 % Retirement age 65 65 65 Average retirement remaining service period 24 24 24 Pension Benefits – Japan 2015 2014 2013 Discount rate 1.00 % 1.00 % 1.40 % Salary increase 2.00 % 2.00 % 2.00 % Retirement age 60 60 60 Average retirement remaining service period 16 16 16 In 2015, provision presentation according to ASC 715 in thousands of euros: France Japan Non-current liabilities 694 902 Current liabilities - 4 Accumulated other comprehensive income (loss) (82 ) (314 ) Total 612 592 In 2014, provision presentation according to ASC 715 in thousands of euros: France Japan Non-current liabilities 665 739 Current liabilities - 3 Accumulated other comprehensive income (loss) (115 ) (299 ) Total 550 443 F- 27 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) The Company does not have a funded benefit plan. Detailed reconciliation of pension cost components (in thousands of euros) during fiscal year ending December 31, 2015: France 2015 2014 2013 Change in benefit obligations: Benefit obligations at beginning of year 665 491 517 Service cost 46 35 39 Interest cost 13 16 17 Actuarial (gain) / loss (30 ) 123 (75 ) Amortization of net prior service cost - - 4 Benefits paid - - (11 ) Benefit obligations at end of year (1) 694 665 491 Unrecognized actuarial (gain) loss (2) 58 89 27 Unrecognized prior service cost (2) 24 25 (33 ) Accrued pension cost 612 550 498 (1) The accumulated benefit obligation was € 474 thousand and € 460 thousand at December 31, 2015 and 2014 respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognised as components of net periodic benefit costs in 2016 is € 1 thousand. Japan 2015 2014 2013 Change in benefit obligations: Benefit obligations at beginning of year 742 640 538 Service cost 72 64 46 Interest cost 8 9 7 Amortization of net loss - - 9 Actuarial (gain) / loss - 35 156 Benefits paid - (4 ) - Exchange rate impact 84 (2 ) (116 ) Benefit obligations at end of year (1) 906 742 640 Unrecognized actuarial (gain) loss (2) 314 299 280 Unrecognized prior service cost (2) - - Accrued pension cost 592 443 360 (1) The accumulated benefit obligation was € 749 thousand and € 614 thousand at December 31, 2015 and 2014, respectively. (2) The amount in accumulated other comprehensive income (loss) to be recognised as components of net periodic benefit costs in 2015 is € 15 thousand. F- 28 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) The benefits expected to be paid in each of the next five fiscal years, and in the aggregate for the five fiscal years thereafter, are detailed in the table below: France Japan 2016 - 4 2017 26 5 2018 9 66 2019 - 53 2020 78 112 2021 - 2025 208 430 |
Shareholders Equity
Shareholders Equity | 12 Months Ended |
Dec. 31, 2015 | |
Shareholders Equity [Text Block] | SHAREHOLDERS’ EQUITY 16 - 1 Common stock As of December 31, 2015, EDAP TMS S.A.’s common stock consisted of 25,753,989 issued shares fully paid and with a par value of € 0.13 each. 25,383,461 of the shares were outstanding. 16 - 2 Pre-emptive subscription rights Shareholders have preemptive rights to subscribe on a pro rata 16 - 3 Dividend rights Dividends may be distributed from the statutory retained earnings, subject to the requirements of French law and the Company’s by-laws. The Company has not distributed any dividends since its inception as the result of an accumulated statutory deficit of € 13,292 thousand. Dividend distributions, if any, will be made in euros. The Company has no plans to distribute dividends in the foreseeable future. 16 - 4 Treasury stock As of December 31, 2015, the 370,528 shares of treasury stock consisted of (i) 190,238 shares acquired between August and December 1998 for € 649 thousand, and (ii) 180,290 shares acquired in June and July 2001 for € 493 thousand. All 370,528 shares of treasury stock have been acquired to cover outstanding stock options (see Note 16-5). 16 - 5 Stock-option plans As of December 31, 2015, EDAP TMS S.A. sponsored three stock purchase and subscription option plans: On May 22, 2007, the shareholders of EDAP TMS S.A. authorized the Board of Directors to grant up to 600,000 options to subscribe to 600,000 new Shares at a fixed price to be set by the Board of Directors. F- 29 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Conforming to this stock option plan, on October 29, 2007, the Board of Directors granted 504,088 options to subscribe to new Shares to certain employees of EDAP TMS. The exercise price was fixed at € 3.99 per share. Options were to begin vesting one year after the date of grant and all options were fully vested as of October 29, 2011 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on October 29, 2017 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2007 the total fair value of the options granted under this plan was € 1,731 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months, between October 2007 and October 2011. There was no impact on 2013 2014 and 2015 operating income. Under this plan, 359,088 options are still in force on December 31, 2015. Conforming to this stock option plan, on June 25, 2010, the Board of Directors granted the remaining 95,912 options to subscribe to new Shares to certain employees of EDAP TMS. The exercise price was fixed at € 1.88 per share. Options were to begin vesting one year after the date of grant and will be fully vested as of June 25, 2014 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on June 25, 2020 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At June 25, 2010 the total fair value of the options granted under this plan was € 143 thousand. This non-cash financial charge will be recognized in the Company’s operating expenses over a period of 48 months. The impact on operating income, in accordance with ASC 718, was € 15 thousand, € 4 thousand and € 0 thousand in 2013, 2014 and 2015 respectively. Under this plan, 50,000 options are still in force on December 31, 2015. On June 24, 2010, the shareholders authorized the Board of Directors to grant up to 229,100 options to purchase pre-existing Shares at a fixed price to be set by the Board of Directors. All of the Shares that may be purchased through the exercise of stock options are currently held as treasury stock. Conforming to this stock option plan, on June 25, 2010, the Board of Directors granted 229,100 options to purchase existing Shares to certain employees of EDAP TMS. The exercise price was fixed at € 2.38 per share. Options were to begin vesting one year after the date of grant and will be fully vested as of June 25, 2014 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on June 25, 2020 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At June 24, 2010 the total fair value of the options granted under this plan was € 328 thousand. This non-cash financial charge will be recognized in the Company’s operating expenses over a period of 48 months. The impact on operating income, in accordance with ASC 718, was € 26 thousand, € 8 thousand and € 0 thousand in 2013, 2014 and 2015 respectively. Under this plan, 138,100 options are still in force on December 31, 2015. On December 19, 2012, the shareholders authorized the Board of Directors to grant up to 500,000 options to subscribe to 500,000 new shares at a fixed price to be set by the Board of Directors. Conforming to this stock option plan, the Board of Directors granted 500,000 options to subscribe Shares to certain employees of EDAP TMS on January 18, 2013. The exercise price was fixed at € 1.91 per share. Options were to begin vesting one year after the date of grant and all options will be fully vested as of January 18, 2017 (i.e., four years after the date of grant). Shares acquired pursuant to the options cannot be sold prior to four years from the date of grant. The options expire on January 18, 2023 (i.e., ten years after the date of grant) or when employment with the Company ceases, whichever occurs earlier. At December 31, 2013 the total fair value of the options granted under this plan was € 660 thousand. This non-cash financial charge has been recognized in the Company’s operating expenses over a period of 48 months. The impact on operating income, in accordance with ASC 718, was € 327 thousand, € 128 thousand and € 66 thousand in 2013,2014 and 2015, respectively. Under this plan, 370,000 options are still in force on December 31, 2015. F- 30 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) As of December 31, 2015, a summary of stock option activity to purchase or to subscribe to Shares under these plans is as follows: 2015 2014 2013 Options Weighted average exercise price Options Weighted average exercise price Options Weighted average exercise price Outstanding on January 1, 1,095,850 2.76 1,310,850 2.70 810,850 3.18 Granted - - - - 500,000 1.91 Exercised (72,412 ) 2.13 (750 ) 3.99 - - Forfeited (106,250 ) 2.88 (90,250 ) 2.07 - - Expired - - (124,000 ) 2.60 - - Outstanding on December 31, 917,188 2.79 1,095,850 2.76 1,310,850 2.70 Exercisable on December 31, 724,688 3.03 784,600 3.09 743,347 3.27 Shares purchase options available for grant on December 31 232,428 232,428 83,428 The following table summarizes information about options to purchase existing Shares held by the Company, or to subscribe to new Shares, at December 31, 2015: Outstanding options Fully vested options (1) Exercise price (€) Options Weighted Weighted Aggregate Options Weighted Aggregate 3.99 359,088 1.8 3.99 359,088 3.99 2.38 138,100 4.5 2.38 195,191 138,100 2.38 195,191 1.91 370,000 7.0 1.91 696,860 177,500 1.91 334,304 1.88 50,000 4.5 1.88 95,670 50,000 1.88 95,670 1.88 to 3.99 917,188 4.5 2.79 987,721 724,688 3.03 625,165 (1) Fully vested options are all exercisable options (2) The aggregate intrinsic value represents the total pre-tax intrinsic value, based on the Company’s closing stock price of $4.13 at December 31, 2015, which would have been received by the option holders had all in-the-money option holders exercised their options as of that date. F- 31 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) A summary of the status of the non-vested options to purchase shares or to subscribe to new shares as of December 31, 2015, and changes during the year ended December, 2015, is presented below: Options Weighted average Grant-Date Fair Value (€) Non-vested at January 1, 2015 311,250 1.32 Granted - - Vested (103,750 ) 1.32 Forfeited (15,000 ) 1.32 Non-vested at December 31, 2015 192,500 1.32 As of December 31, 2015, there were € 35 thousand of total unrecognized compensation expenses related to non-vested stock-options, over a weighted average period of 1.05 year. |
Other Revenues
Other Revenues | 12 Months Ended |
Dec. 31, 2015 | |
Other Revenues [Text Block] | OTHER REVENUES Other revenues consist of the following: 2015 2014 2013 Licenses and others 35 533 15 Total 35 533 15 In 2015, 2014 and 2013, other revenues mainly consist of sales of a license to Theraclion. |
Research And Development Expens
Research And Development Expenses | 12 Months Ended |
Dec. 31, 2015 | |
Research And Development Expenses [Text Block] | RESEARCH AND DEVELOPMENT EXPENSES Research and development expenses consist of the following: 2015 2014 2013 Gross research and development expenses (3,308 ) (3,728 ) (3,711 ) Research Tax Credit 448 518 561 Grants 170 278 555 Net Research and development expenses (2,690 ) (2,932 ) (2,595 ) In 2015 grants mainly consisted of European, national and regional grants for the development of innovative imaging solutions for the focal treatment of liver cancer (HECAM Development project). In 2014 and 2013, grants mainly consisted of European, national and regional grants for the development of innovative imaging solutions for the focal treatment of prostate cancer. |
Financial Income, Net
Financial Income, Net | 12 Months Ended |
Dec. 31, 2015 | |
Financial Income, Net [Text Block] | FINANCIAL INCOME, NET Interest (expense) income, net consists of the following: 2015 2014 2013 Interest income 18 31 59 Interest expense (64 ) (65 ) (1,967 ) Warrants exercises 330 83 - Changes in fair value of the warrants (2,377 ) 1,722 1,007 Total (2,094 ) 1,771 (901 ) In 2013, interest expense on the 2012 Non-convertible Debenture amounted to € 1,889 thousand, of which € 252 thousand expense for the payment of the 9% interest coupon. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2015 | |
Income Taxes [Text Block] | INCOME TAXES 20 - 1 Income / Loss before income taxes Income / Loss before income taxes is comprised of the following: 2015 2014 2013 France (543 ) 2,029 (2,018 ) EDAP Inc, U.S.A. (380 ) (1,811 ) (2,060 ) Other countries 16 (614 ) (808 ) Total (907 ) (396 ) (4,886 ) 20 - 2 Income tax (expense)/ benefit Income tax (expense)/benefit consists of the following: 2015 2014 2013 Current income tax expense: France (712 ) (124 ) (101 ) Other countries (55 ) (10 ) (24 ) Sub-total current income tax expense (767 ) (133 ) (125 ) Deferred income tax (expense) benefit: France (4 ) (4 ) (2 ) Other countries 11 22 (7 ) Sub-total deferred income tax (expense) benefit 7 18 (9 ) Total (759 ) (116 ) (135 ) F- 33 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) 20 - 3 Deferred income taxes: Deferred income taxes reflect the impact of temporary differences between the amounts of assets and liabilities reported for financial reporting purposes and such amounts as measured in accordance with tax laws. The tax effects of temporary differences which give rise to significant deferred tax assets (liabilities) are as follows: December 31, 2015 2014 Net operating loss carry forwards 18,295 22,366 Elimination of intercompany profit in inventory 172 156 Elimination of intercompany profit in fixed assets 199 145 Provisions for retirement indemnities 262 222 Other items 335 283 Total deferred tax assets 19,263 23,172 Capital leases treated as operating leases for tax - (3 ) Other items (4 ) (4 ) Total deferred tax liabilities (4 ) (7 ) Net deferred tax assets 19,259 23,165 Valuation allowance for deferred tax assets (19,212 ) (23,125 ) Deferred tax assets (liabilities), net of allowance 47 40 Net operating loss carryforwards of € 18,332 thousand, € 2,207 thousand, € 245 thousand, € 607 thousand and € 32,153 thousand as of December 31, 2015 are available at EDAP Technomed Inc., Edap Technomed Co Ltd Japan, EDAP TMS GmbH, EDAP Technomed Italia S.R.L. and EDAP TMS S.A., respectively. These net operating losses generate deferred tax assets of € 18,295 thousand. Realization of these assets is contingent on future taxable earnings in the applicable tax jurisdictions. As of December 31, 2015, € 10,977 thousand out of these € 18,295 thousand net operating loss carry-forwards have no expiration date. The remaining tax loss carry-forwards expire in years 2016 through 2035. In accordance with ASC 740, a valuation allowance is recorded as realization of those amounts is not considered probable. 20 - 4 Effective tax rate A reconciliation of differences between the statutory French income tax rate and the Company’s effective tax rate is as follows: 2015 2014 2013 French statutory rate 33.3 % 33.3 % 33.3 % Income of foreign subsidiaries taxed at different tax rates 3.9 % 23.5 % 1.9 % Effect of net operating loss carry-forwards and valuation allowances 52.4 % (81.3 %) (51.5 %) Non-taxable debt fair value variation (83.9 %) 113.2 % (4.3 %) Non-deductible entertainment expenses 40.7 % 42.3 % 2.6 % Effect of cancellation of intra-group positions (78.3 %) (44.2 %) 12.7 % French business tax included in income tax (CVAE) (16.0 %) (31.2 %) (2.0 %) Other (35.8 %) (84.8 %) (4.5 %) Effective tax rate (83.7 %) (29.2 %) (2.8 % 20 - 5 Uncertainty in Income Taxes According to ASC 740, the Company reviewed the tax positions of each subsidiary. On December 31, 2015 the Company believes that there is no significant uncertainty in the Company’s tax positions. F- 34 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) In July 2010, the Company was requested by the French Tax Authorities to pay the amount of € 772,822 to comply with the European Court of Justice ruling on fair competition and illegal state aids (C- 214/07 "Commission of the European Communities vs. French Republic"). The amount was related to a state aid received by EDAP-TMS France in 1994 for the acquisition of the activities of Technomed International and included € 374,156 of late interest. The Company reversed consequently the € 50 thousand reserve that had been taken as of December 31, 2009. In March 2011, the Company engaged in a contentious procedure against the French Tax Authorities to contest this position and ask for the recuperation of the paid amounts. On December 6, 2013, the Company received notice from the French Administrative Courts that this contentious procedure was rejected. The Company made appeal to this decision; the procedure is still pending before the French higher court (“Conseil d’Etat”) and we do not expect any decision before the end of the current fiscal year. The tax years that remain subject to examination by major tax jurisdictions are 2013, 2014 and 2015. Interest and penalties on income taxes are classified as a component of the provision for income taxes. There were no interest or penalties in 2013, 2014 and 2015. |
Deferred Revenues
Deferred Revenues | 12 Months Ended |
Dec. 31, 2015 | |
Deferred Revenues [Text Block] | DEFERRED REVENUES Deferred revenues consist of the following: December 31, 2015 2014 Deferred revenues on maintenance contracts 1,294 920 Deferred revenue on RPP 126 84 Deferred revenue on sale of devices 287 172 Deferral of the gain on sale-lease-back transactions - 2 Deferred research and development grants 394 - Total 2,101 1,177 Less long term portion (504 ) (74 ) Current portion 1,597 1,102 |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 12 Months Ended |
Dec. 31, 2015 | |
Earnings (Loss) Per Share [Text Block] | EARNINGS (LOSS) PER SHARE A reconciliation of the numerators and denominators of the basic and diluted EPS calculations for the years ended December 31, 2015, 2014 and 2013 is as follows: For the year ended Dec. 31, 2015 For the year ended Dec. 31, 2014 For the year ended Dec. 31, 2013 Loss in euro (Numera- Shares (Denominator) Per-Share Amount Loss in euro (Numerator) Shares (Denomin- Per-Share Amount Loss in euro (Numerator) Shares (Denomin- Per-Share Amount Basic EPS Income (loss) available to common Shareholders (1,666,658 ) 25,021,966 (0.07 ) (512,007 ) 23,600,428 (0.02 ) (5,021,229 ) 20,593,720 (0.24 ) Effect of dilutive securities: Stock options only in the money - Diluted EPS Income (Loss) available to common shareholders, including assumed Conversions (1,666,658 ) 25,021,966 (0.07 ) (512,007 ) 23,600,428 (0.02 ) (5,021,229 ) 20,593,720 (0.24 ) The effects of dilutive securities, representing a number of shares of 1,978,758, 0 and 2,158,112 for the years ended December 31, 2015, 2014 and 2013 respectively, were excluded from the calculation of earnings per share as a net loss was reported in these periods. |
Commitments And Contingencies
Commitments And Contingencies | 12 Months Ended |
Dec. 31, 2015 | |
Commitments And Contingencies [Text Block] | COMMITMENTS AND CONTINGENCIES 22 - 1 Commitments The Company currently has commitments regarding its operating leases as described in Note 12-2. 22 - 2 Litigation From time to time we may become involved in legal proceedings or be subject to claims arising in the ordinary course of our business. Regardless of the outcome, litigation can have an adverse impact on us because of defence and settlement costs, diversion of management resources and other factors. On August 4, 2014, Mark Eaton filed a purported class action lawsuit in the United States District Court for the Southern District of New York, asserting that the Company, Marc Oczachowski, and Eric Soyer violated federal securities laws Section 10(b) and 20(a) of the Securities Exchange Act of 1934 and Rule 10 b- 5 promulgated thereunder by issuing materially false and misleading statements about the Company’s business operations and prospects particularly concerning the Company’s Ablatherm-HIFU PMA file under review by the FDA that caused the price of the Company’s American Depository Receipts to be artificially inflated during the period from February 1, 2013 to July 30, 2014. On August 6, 2014, Ronnie Haddad filed a second purported class action lawsuit, also in the United States District Court for the Southern District of New York, asserting similar claims. On October 24, 2014, the related cases were consolidated by the United States District Court for the Southern District of New York and a lead plaintiff and lead counsel were appointed. On December 22, 2014, the lead plaintiff filed an amended complaint that no longer included Mr. Soyer. The amended complaint alleges that the Company and Mr. Oczachowski breached their obligations under the Exchange Act in various ways, including by misrepresenting and failing to disclose allegedly material information about the safety and efficacy of treatment with Ablatherm-HIFU, and the Company’s interactions with the FDA. The complaint seeks unspecified damages, interest, costs, and fees, including attorneys’ and experts’ fees. On December 31, 2014, we accrued $250,000 (€206,000) as legal costs to be incurred by the Company in relation to this litigation. On February 20, 2015, the defendants, including the Company, filed a motion to dismiss the action. On September 14, 2015, we received a confirmation of the dismissal of our class action. On November 11, 2015, we announced the appeals period had concluded with no notice of appeal filed by the plaintiffs. In 2015, total costs incurred related to this litigation amounted to $191,000 (€171,000). The remaining accrued amount was reversed as of December 31, 2015. 22 - 3 Contingencies The Company currently has contingencies relating to warranties provided to customers for products as described in Note 1-13 and Note 11. |
Fair Value Of Financial Instrum
Fair Value Of Financial Instruments | 12 Months Ended |
Dec. 31, 2015 | |
Fair Value Of Financial Instruments [Text Block] | FAIR VALUE OF FINANCIAL INSTRUMENTS The following disclosure of the estimated fair value of financial instruments was made in accordance with the requirements of ASC 820 ‘‘Disclosure about fair value of financial instruments’’ and indicates the fair value hierarchy of the valuation techniques utilized to determine such fair value. ASC 820 defines three levels of inputs that may be used to measure fair value and requires that the assets or liabilities carried at fair value be disclosed by the input level under which they were valued. The input levels are defined as follows: Level 1: Quoted (unadjusted) prices in active markets for identical assets and liabilities that the reporting entity can access at the measurement date. Level 2: Inputs other than quoted prices included within Level 1 that are observable for the asset or liability, either directly or indirectly. Level 3: Unobservable inputs for the asset or liability. ASC 820 December 31, December 31, Assets: Cash and cash equivalents Level 1 13,578 11,142 Short term investments Level 1 1,000 1,000 Liabilities: Short-term borrowings Level 1 2,814 2,126 Long-Term Debt Level 1 802 458 Investor Warrants Level 3 4,205 1,943 Placement Agent Warrants Level 3 172 148 The recorded amount of cash and cash equivalents, short term investment and short-term borrowings are a reasonable estimate of their fair value due to the short-term maturities of these instruments. The fair market value (Level 1 measurement) of the Company’s long-term debt is estimated using interest rate available to the Company in corresponding markets for debt with similar terms and maturities (see note 14-1 Long-term debt). Concerning Investor and Placement Agent Warrants, the Company uses a Black-Scholes option pricing model. The fair value of the Warrants will change over time depending on the volatility and share price at balance sheet date (see note 14-2 - Financial instruments carried at fair value). An increase in volatility would result in an increase in the value of Investors Warrants and Placement Agent Warrants. An increase in share price would result in an increase in the value of Investors Warrants and Placement Agent Warrants. F- 37 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) The following tables provide a reconciliation of fair value for which the Company used Level 3 inputs, for the period from December 31, 2014 to December 31, 2015: All amounts in thousands Euros unless otherwise stated As of Warrants FV adjust- USD/ As of Investor Warrants 2012 1,691 (251 ) 947 102 893 Placement Agent Warrants 2012 99 (79 ) 57 11 110 Investor Warrants 2013 2,514 1,343 121 1,050 Placement Agent Warrants 2013 73 30 4 39 Total Financial instruments carried at fair value 4,377 (330 ) 2,377 238 2,092 The following tables provide a reconciliation of fair value for which the Company used Level 3 inputs, for the period from December 31, 2013 to December 31, 2014: All amounts in thousands Euros unless otherwise stated As of Warrants FV adjust- USD/ As of Investor Warrants 2012 893 (83 ) (743 ) 197 1,522 Placement Agent Warrants 2012 110 - (95 ) 24 181 Investor Warrants 2013 1,050 - (799 ) 221 1,628 Placement Agent Warrants 2013 39 - (85 ) 15 109 Total Financial instruments carried at fair value 2,092 (83 ) (1,722 ) 457 3,439 |
Concentration Of Credit Risk
Concentration Of Credit Risk | 12 Months Ended |
Dec. 31, 2015 | |
Concentration Of Credit Risk [Text Block] | CONCENTRATION OF CREDIT RISK Financial instruments, which potentially subject the Company to concentrations of credit risk, consist principally of cash and cash equivalents and trade accounts and notes receivable from customers, primarily located in France, Japan and the United States. The Company maintains cash deposits with major banks. Management periodically assesses the financial condition of these institutions and believes that any possible credit risk is limited. The Company has procedures in effect to monitor the creditworthiness of its customers. The Company obtains bank guarantees for first-time or infrequent customers, and in certain cases obtains insurance against the risk of a payment default by the customer. The Company reviewed individual customer balances considering current and historical loss experience and general economic conditions in determining the allowance for doubtful accounts receivable of € 1.1 million and € 1.3 million, for the years ended December 31, 2015 and 2014, respectively. Ultimate losses may vary from the current estimates, and any adjustments are reported in earnings in the periods in which they become known. In 2015, 2014 and 2013, the Company did not generate significant revenue with a single customer. |
Foreign Currency Transactions
Foreign Currency Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Foreign Currency Transactions [Text Block] | FOREIGN CURRENCY TRANSACTIONS The Company generates a significant percentage of its revenues, and of its operating expenses, in currencies other than euro. The Company’s operating profitability could be materially adversely affected by large fluctuations in the rate of exchange between the euro and such other currencies. The Company engages in foreign exchange hedging activities when it deems necessary, but there can be no assurance that hedging activities will be offset by the impact of movements in exchange rates on the Company’s results of operations. As of December 31, 2015, there were no outstanding hedging instruments. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2015 | |
Segment Information [Text Block] | SEGMENT INFORMATION In July 2002, the Company announced an organizational realignment that created two operating divisions within the Company. For reporting purposes, this organizational realignment created three reporting segments: the corporate activities of the holding Company, EDAP TMS S.A., the High Intensity Focused Ultrasound division and the Urological Devices and Services division. Then, in 2007, the Company created a new reporting segment dedicated to the FDA approval for Ablatherm-HIFU activity. The following tables set forth the key income statement figures, by segment for fiscal years 2015, 2014 and 2013 and the key balance sheet figures, by segment, for fiscal years 2015, 2014 and 2013. The business in which the Company operates is the development and production of minimally invasive medical devices, primarily for the treatment of urological diseases. Substantially all revenues result from the sale of medical devices and their related license and royalty payments from third parties. The segments derive their revenues from this activity. F- 39 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Segment operating profit or loss and segment assets are determined in accordance with the same policies as those described in the summary of significant accounting policies. Interest income and expense, current and deferred income taxes are not allocated to individual segments. A reconciliation of segment operating profit or loss to consolidated net loss is as follows: 2015 2014 2013 Segment operating income (loss) 488 (1,736 ) (2,755 ) Financial income (expense), net (2,094 ) 1,771 (901 ) Foreign Currency exchange (losses) gains, net 699 (431 ) (1,230 ) Other income (expense), net - - - Income tax (expense) credit (759 ) (116 ) (135 ) Consolidated net loss (1,667 ) (512 ) (5,021 ) A summary of the Company’s operations by segment is presented below for years ending December 31, 2015, 2014 and 2013: HIFU Division UDS Division EDAP TMS FDA Total 2015 Sales of goods 4,878 17,027 - - 21,906 Sales of RPPs & leases 2,908 1,501 - - 4,408 Sales of spare parts and services 658 5,246 - - 5,904 Total sales 8,444 23,774 - - 32,218 External other revenues 32 3 - - 35 Total revenues 8,476 23,777 - - 32,253 Total COS (3,636 ) (14,832 ) - - (18,468 ) Gross margin 4,841 8,945 - - 13,785 R&D (1,387 ) (992 ) - (311 ) (2,690 ) Selling and marketing expenses (2,284 ) (5,122 ) - (7,406 ) G&A (646 ) (1,192 ) (1,363 ) (3,202 ) Total expenses (4,318 ) (7,306 ) (1,363 ) (311 ) (13,298 ) Operating income (loss) 523 1,639 (1,363 ) (311 ) 488 Total Assets 9,619 25,818 3,144 - 38,581 Capital expenditures 457 207 - - 664 Long-lived assets 1,437 3,320 192 - 4,949 Goodwill 645 1,767 - - 2,412 F- 40 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) HIFU Division UDS Division EDAP TMS FDA Total 2014 Sales of goods 5,270 11,625 - - 16,895 Sales of RPPs & leases 2,170 1,787 - - 3,957 Sales of spare parts and services 760 4,640 - - 5,400 Total sales 8,200 18,052 - - 26,252 External other revenues 518 15 - - 533 Total revenues 8,718 18,067 - - 26,785 Total COS (3,683 ) (11,901 ) - - (15,584 ) Gross margin 5,035 6,166 - - 11,201 R&D (1,062 ) (646 ) - (1,224 ) (2,932 ) Selling and marketing expenses (2,151 ) (4,527 ) - - (6,678 ) G&A (660 ) (1,153 ) (1,514 ) - (3,328 ) Total expenses (3,874 ) (6,326 ) (1,514 ) (1,224 ) (12,937 ) Operating income (loss) 1,162 (160 ) (1,514 ) (1,224 ) (1,736 ) Total Assets 7,468 20,778 3,715 193 32,154 Capital expenditures 464 569 - - 1,033 Long-lived assets 1,410 3,300 192 - 4,902 Goodwill 645 1,767 - - 2,412 HIFU Division UDS Division EDAP TMS FDA Total 2013 Sales of goods 1,747 13,020 - - 14,767 Sales of RPPs & leases 2,335 1,588 - - 3,922 Sales of spare parts and services 1,031 4,344 - - 5,375 Total sales 5,113 18,952 - - 24,065 External other revenues 15 - - 15 Total revenues 5,128 18,952 - - 24,080 Total COS (2,490 ) (12,271 ) - - (14,761 ) Gross margin 2,638 6,681 - - 9,319 R&D (1,097 ) (525 ) - (973 ) (2,595 ) Selling and marketing expenses (1,587 ) (4,692 ) - - (6,279 ) G&A (657 ) (963 ) (1,415 ) (165 ) (3,200 ) Total expenses (3,342 ) (6,179 ) (1,415 ) (1,138 ) (12,074 ) Operating income (loss) (704 ) 502 (1,415 ) (1,138 ) (2,755 ) Total Assets 6,769 18,303 1,692 110 26,874 Capital expenditures 38 720 - - 758 Long-lived assets 1,251 2,981 202 - 4,434 Goodwill 645 1,767 - - 2,412 |
Valuation Accounts
Valuation Accounts | 12 Months Ended |
Dec. 31, 2015 | |
Valuation Accounts [Text Block] | VALUATION ACCOUNTS Allowance for Allowance for Slow-moving Balance as of December 31, 2012 20,375 1,602 934 Charges to costs and expenses 2,168 186 225 Deductions: write-off and others - (693 ) (422 ) Balance as of December 31, 2013 22,543 1,094 737 Charges to costs and expenses 1,143 323 172 Deductions: write-off and others (561 ) (143 ) (168 ) Balance as of December 31, 2014 23,125 1,274 741 Charges to costs and expenses 218 124 275 Deductions: write-off and others (4,131 ) (307 ) (288 ) Balance as of December 31, 2015 19,212 1,091 728 |
Supplemental Disclosures Of Cas
Supplemental Disclosures Of Cash Flow Information | 12 Months Ended |
Dec. 31, 2015 | |
Supplemental Disclosures Of Cash Flow Information [Text Block] | SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION Interest and income taxes paid are as follows: 2015 2014 2013 Income taxes paid (refunds received) 159 141 118 Interest paid 43 39 293 Interest received 7 12 6 Non-cash transactions: 2015 2014 2013 Capital lease obligations incurred 105 236 64 |
Related Party Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2015 | |
Related Party Transactions [Text Block] | RELATED PARTY TRANSACTIONS The General Manager of the Company's Korean branch "EDAP-TMS Korea" is also Chairman of a Korean company named Dae You. EDAP-TMS Korea subcontracts to Dae You the service contract maintenance of our medical devices installed in Korea. The amounts invoiced by Dae You under this contract were € 78 thousand, € 68 thousand and € 65 thousand for 2015, 2014 and 2013 respectively. As of December 31, 2015, payables to Dae You amounted to € 53 thousand. As of December 31, 2014, payables to Dae You amounted to € 25 thousand Dae You has purchased medical devices from us, which it operates in partnership with hospitals or clinics. These purchases (‘Sales of goods’) amounted to € 408 thousand, € 308 thousand and € 516 thousand in 2015, 2014 and 2013, respectively. As of December 31, 2015, receivables (‘Net trade accounts and notes receivable’) amounted to € 380 thousand. As of December 31, 2014, receivables (‘Net trade accounts and notes receivable’) amounted to € 112 thousand. |
Subsequent Significant Events
Subsequent Significant Events | 12 Months Ended |
Dec. 31, 2015 | |
Subsequent Significant Events [Text Block] | SUBSEQUENT SIGNIFICANT EVENTS a) On February 18, 2016, our shareholders adopted a resolution allowing the Board of Directors to issue 1,000,000 new shares under the form of subscription options to motivate and reward teams dedicated to successfully implementing our U.S. and worldwide expansion plans. b) In February and March 2016, we issued 57,496 new ordinary shares in the form of ADSs following the exercise of March 2012 Warrants. |
Summary of Significant Accoun38
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2015 | |
Nature of operations [Policy Text Block] | Nature of operations EDAP TMS S.A. and its subsidiaries (‘‘the Company’’) are engaged in the development, production, marketing, distribution and maintenance of a portfolio of minimally-invasive medical devices for the treatment of urological diseases. Moreover, the Company develops a novel HIFU treatment for liver cancer in cooperation with its long-term academic partner INSERM and leading cancer centers (the “HECAM” project). The Company currently produces devices for treating stones of the urinary tract and localized prostate cancer. Net sales consist primarily of direct sales to hospitals and clinics in France and Europe, export sales to third-party distributors and agents, and export sales through subsidiaries based in Germany, Italy, the United States and Asia. The Company purchases the majority of the components used in its products from a number of suppliers but for some components, relies on a single source. Delay would be caused if the supply of these components or other components was interrupted and these delays could be extended in certain situations where a component substitution may require regulatory approval. Failure to obtain adequate supplies of these components in a timely manner could have a material adverse effect on the Company’s business, financial position and results of operation. |
Use of Estimates, Policy [Policy Text Block] | Management estimates The preparation of financial statements in conformity with U.S. generally accepted accounting principles (‘‘U.S. GAAP’’) requires management to make estimates and assumptions, such as business plans, stock price volatility, duration of standard warranty per market and price of maintenance contract used to determine the amount of revenue to differ. These estimates and assumptions affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. |
Consolidation, Policy [Policy Text Block] | Consolidation The accompanying consolidated financial statements include the accounts of EDAP TMS S.A. and all its domestic and foreign owned subsidiaries, which include EDAP TMS France SAS, EDAP Technomed Inc., Edap Technomed Sdn Bhd, Edap Technomed Italia S.R.L, EDAP Technomed Co. Ltd. and EDAP TMS Gmbh. Edap Technomed Sdn Bhd was incorporated in early 1997. Edap Technomed Co. Ltd. was created in late 1996. EDAP TMS Gmbh was created in July 2006. EDAP SA, a subsidiary incorporating HIFU activities merged all of its activity into EDAP TMS France SAS in 2008. All intercompany transactions and balances are eliminated in consolidation |
Revenue Recognition, Policy [Policy Text Block] | Revenue recognition Sales of goods: For medical device sales with no significant remaining vendor obligation, payments contingent upon customer financing, acceptance criteria that can be subjectively interpreted by the customer, or tied to the use of the device, revenue is recognized when evidence of an arrangement exists, title to the device passes (depending on terms, either upon shipment or delivery), and the customer has the intent and ability to pay in accordance with contract payment terms that are fixed or determinable. For sales in which payment is contingent upon customer financing, acceptance criteria can be subjectively interpreted by the customer, or payment depends on use of the device, revenue is recognized when the contingency is resolved. The Company provides training and provides a minimum of one-year warranty upon installation. The Company accrues for the warranty costs at the time of sale. Revenues related to disposables are recognized when goods are delivered. Sales of RPPs and leases: Revenues related to the sale of HIFU treatments invoiced on a ‘‘Revenue-Per-Procedure’’ (‘‘RPP’’) basis are recognized when the treatment procedure has been completed. Revenues from devices leased to customers under operating leases are recognized on a straight-line basis. F- 8 EDAP TMS S.A. AND SUBSIDIARIES NOTES TO CONSOLIDATED FINANCIAL STATEMENTS (in thousands of euros unless otherwise noted, except per share data) Sales of spare parts and services: Revenues related to spare parts are recognized when goods are delivered. Maintenance contracts rarely exceed one year and are recognized on a straight line basis. Billings or cash receipts in advance of services due under maintenance contracts are recorded as deferred revenue. |
Shipping and Handling Cost, Policy [Policy Text Block] | Shipping and handling costs The Company recognizes revenue from the shipping and handling of its products as a component of revenue. Shipping and handling costs are recorded as a component of cost of sales. |
Cash and Cash Equivalents, Policy [Policy Text Block] | Cash equivalents and short term investments Cash equivalents are cash investments which are highly liquid and have initial maturities of 90 days or less. Cash investments with a maturity higher than 90 days are considered as short-term investments. |
Receivables, Policy [Policy Text Block] | Accounts Receivables Accounts receivables are stated at cost net of allowances for doubtful accounts. The Company makes judgments as to its ability to collect outstanding receivables and provides allowances for the portion of receivables when collection becomes doubtful. Provision is made based upon a specific review of all significant outstanding invoices. These estimates are based on our bad debt write-off experience, analysis of credit information, specific identification of probable bad debt based on our collection efforts, aging of accounts receivables and other known factors. Accounts receivables also include receivables factored for which the Company is supporting the collection risk. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are valued at the lower of manufacturing cost, which is principally comprised of components and labor costs, or market (net realizable value). Cost is determined on a first-in, first-out basis for components and spare parts and by specific identification for finished goods (medical devices). The Company establishes reserves for inventory estimated to be obsolete, unmarketable or slow moving, first based on a detailed comparison between quantity in inventory and historical consumption and then based on case-by-case analysis of the difference between the cost of inventory and the related estimated market value. |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and equipment Property and equipment is stated at historical cost. Depreciation and amortization of property and equipment are calculated using the straight-line method over the estimated useful life of the related assets, as follows: Leasehold improvements 10 years or lease term if shorter Equipment 3 - 10 years Furniture, fixtures, fittings and other 2 - 10 years Equipment includes industrial equipment and research equipment that has alternative future uses. Equipment also includes devices that are manufactured by the Company and leased to customers through operating leases related to Revenue-Per-Procedure transactions and devices subject to sale and leaseback transactions. This equipment is depreciated over a period of seven years. |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Long-lived assets The Company reviews the carrying value of its long-lived assets, including fixed assets and intangible assets, for impairment whenever events or changes in circumstances indicate that the carrying amount of such assets may not be fully recoverable. Recoverability of long-lived assets is assessed by a comparison of the carrying amount of the assets (or the Group of assets, including the asset in question, that represents the lowest level of separately-identifiable cash flows) to the total estimated undiscounted cash flows expected to be generated by the asset or group of assets. If the future net undiscounted cash flows is less than the carrying amount of the asset or group of assets, the asset or group of assets is considered impaired and an expense is recognized equal to the amount required to reduce the carrying amount of the asset or group of assets to its then fair value. Fair value is determined by discounting the cash flows expected to be generated by the assets, when the quoted market prices are not available for the long-lived assets. Estimated future cash flows are based on assumptions and are subject to risk and uncertainty. |
Goodwill and Intangible Assets, Policy [Policy Text Block] | 1 - 11 Goodwill and intangible assets Goodwill represents the excess of purchase price over the fair value of identifiable net assets of businesses acquired. Goodwill is not amortized but instead tested annually for impairment or more frequently when events or change in circumstances indicate that the assets might be impaired by comparing the carrying value to the fair value of the reporting units to which it is assigned. Under ASC 350, “Goodwill and other intangible assets”, the impairment test is performed in two steps. The first step compares the fair value of the reporting unit with its carrying amount, including goodwill. If the fair value of the reporting unit is less than its carrying amount, a second step is performed to measure the amount of impairment loss. The second step allocates the fair value of the reporting unit to the Company’s tangible and intangible assets and liabilities. This derives an implied fair value for the reporting unit’s goodwill. If the carrying amount of the reporting units’ goodwill exceeds the implied fair value of that goodwill, an impairment loss is recognized equal to that excess. For the purpose of any impairment test, the Company relies upon projections of future undiscounted cash flows and takes into account assumptions regarding the evolution of the market and its ability to successfully develop and commercialize its products. Changes in market conditions could have a major impact on the valuation of these assets and could result in additional impairment losses. Intangible assets consist primarily of purchased patents relating to lithotripters, purchased licenses, a purchased trade name and a purchased trademark. The basis for valuation of these assets is their historical acquisition cost. Amortization of intangible assets is calculated by the straight-line method over the shorter of the contractual or estimated useful life of the assets, as follows: Patents 5 years Licenses 5 years Trade name and trademark 7 years |
Treasury stocks [Policy Text Block] | 1 - 12 Treasury Stocks Treasury stock purchases are accounted for at cost. The sale of treasury stocks is accounted for using the first in first out method. Gains on the sale or retirement of treasury stocks are accounted for as additional paid-in capital whereas losses on the sale or retirement of treasury stock are recorded as additional paid-in capital to the extent that previous net gains from sale or retirement of treasury stocks are included therein; otherwise the losses shall be recorded to accumulated benefit (deficit) account. Gains or losses from the sale or retirement of treasury stock do not affect reported results of operations. |
Warranty expenses [Policy Text Block] | 1 - 13 Warranty expenses The Company provides customers with a warranty for each product sold and accrues warranty expense at time of sale based upon historical claims experience. Standard warranty period may vary from 1 year to 5 years depending on the market. Actual warranty costs incurred are charged against the accrual when paid and are classified in cost of sales in the statement of income. Warranty expense amounted to €354 thousand, €429 thousand and €354 thousand for the years ended December 31, 2015, 2014 and 2013 respectively. |
Income Tax, Policy [Policy Text Block] | 1 - 14 Income taxes The Company accounts for income taxes in accordance with ASC 740, ‘‘Accounting for Income Taxes’’ Under ASC 740, deferred tax assets and liabilities are determined based on differences between the financial reporting and tax basis of assets and liabilities and are measured by applying enacted tax rates and laws to taxable years in which such differences are expected to reverse. A valuation allowance is established if, based on the weight of available evidence, it is more likely than not that some portion, or all of the deferred tax assets, will not be realized. In accordance with ASC740, no provision has been made for income or withholding taxes on undistributed earnings of foreign subsidiaries, such undistributed earnings being permanently reinvested. As of January 1, 2007, the Company adopted FIN48 (now ASC 740) “Accounting for uncertainty in income tax”. Under ASC740, the measurement of a tax position that meets the more-likely-that-not recognition threshold must take into consideration the amounts and probabilities of the outcomes that could be realized upon ultimate settlement using the facts, circumstances and information available at the reporting date. |
Research, Development, and Computer Software, Policy [Policy Text Block] | Research and development costs Research and development costs are recorded as an expense in the period in which they are incurred. The French government provides tax credits to companies for innovative research and development. This tax credit is calculated based on a percentage of eligible research and development costs and it can be refundable in cash and is not contingent on future taxable income. As such, the Company considers the research tax credits as a grant, offsetting operating expenses. The research tax credit amounted to €448 thousand, €518 thousand and €561 thousand for the years ended December 31 2015, 2014 and 2013 respectively. |
Advertising Costs, Policy [Policy Text Block] | Advertising costs Advertising costs are recorded as an expense in the period in which they are incurred. Advertising costs amounted to €461 thousand, €413 thousand and €391 thousand for the years ended December 31, 2015, 2014 and 2013 respectively. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign currency translation and transactions Translation of the financial statements of consolidated companies The reporting currency of EDAP TMS S.A. for all years presented is the euro (€). The functional currency of each subsidiary is its local currency. In accordance with ASC 830, all accounts in the financial statements are translated into euro from the functional currency at exchange rate as follows: assets and liabilities are translated at year-end exchange rates; shareholders’ equity is translated at historical exchange rates (as of the date of contribution); statement of income items are translated at average exchange rates for the year; and translation gains and losses are recorded in a separate component of shareholders’ equity. Foreign currencies transactions Transactions involving foreign currencies are translated into the functional currency using the exchange rate prevailing at the time of the transactions. Receivables and payables denominated in foreign currencies are translated at year-end exchange rates. The resulting unrealized exchange gains and losses are carried to the statement of income. |
Earnings Per Share, Policy [Policy Text Block] | Earnings per share Basic earnings per share is computed by dividing income available to common shareholders by the weighted average number of shares of common stock outstanding for the period. Diluted earnings per share reflects potential dilution that could occur if securities or other contracts to issue common stock were exercised or converted into common stock or resulted in the issuance of common stock that then shared in the earnings of the Company. The dilutive effects of the Company’s common stock options and warrants is determined using the treasury stock method to measure the number of shares that are assumed to have been repurchased using the average market price during the period, which is converted from U.S. dollars at the average exchange rate for the period. |
Derivatives, Policy [Policy Text Block] | Derivative instruments ASC 815 requires the Company to recognize all of its derivative instruments as either assets or liabilities in the statement of financial position at fair value. The accounting for changes in the fair value (i.e., gains or losses) of a derivative instrument depends on whether it has been designated and qualifies as part of a hedging relationship and further, on the type of hedging relationship. For those derivative instruments that are designated and qualify as hedging instruments, the Company must classify the hedging instrument, based upon the exposure being hedged, as fair value hedge, cash flow hedge or a hedge of a net investment in a foreign operation. Gains and losses from derivative instruments are recorded in the income statement. |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Employee stock option plans At December 31, 2015, the Company had three stock-based employee compensation plans. The Company adopted ASC 718, “Share-Based Payment”, effective January 1, 2006. ASC 718 requires the recognition of fair value of stock compensation as an expense in the calculation of net income (loss). The fair value of each stock option granted during the year is estimated on the date of grant using the Black-Scholes option pricing model with the following assumptions: Year Ended December 31, 2015 (1) 2014 (1) 2013 Weighted-average expected life (years) — — 6.25 Expected volatility rates — — 71 % Expected dividend yield — — — Risk-free interest rate — — 1.35 % Weighted-average exercise price (€) — — 1.91 Weighted-average fair value of options granted during the year (€) — — 1.32 (1) The Company did not make any grants during the years ended December 31, 2015 and 2014. |
Debt, Policy [Policy Text Block] | Warrants On March 28, 2012, pursuant to a securities purchase agreement dated March 22, 2012, as amended, the Company issued new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “March 2012 Placement”) with warrants attached (the “March 2012 Investor Warrants”). The Company also issued warrants to the placement agent, Rodman & Renshaw LLC (the “March 2012 Placement Agent Warrants” and together with the March 2012 Investor Warrants, the “March 2012 Warrants”). The Company has accounted for the March 2012 Warrants as a liability and reflected this analysis in the Company’s financial statements filed for the year 2012. The Company used the Black-Scholes pricing model to value the March 2012 Warrants at inception, with changes in fair value recorded as a financial expense or income. On May 28, 2013, pursuant to a securities purchase agreement dated May 20, 2013, as amended, the Company issued 3,000,000 new ordinary shares in the form of ADSs to selected institutional investors in a registered direct placement (the “May 2013 Placement”) with warrants attached (the “May 2013 Investor Warrants”). The Company also issued warrants to the placement agent, H.C. Wainwright & Co., LLC (the “May 2013 Placement Agent Warrants” and together with the May 2013 Investor Warrants, the “May 2013 Warrants”). As the May 2013 Warrants comprised the same structure and provisions than the March 2012 Warrants, including an exercise price determined in U.S. dollars while the functional currency of the Company is the euro, the Company determined that the May 2013 Warrants should be accounted for as a liability. The Company used the Black-Scholes pricing model to value the May 2013 Warrants at inception, with changes in fair value recorded as a financial expense or income. |
Lease, Policy [Policy Text Block] | Leases and Sales and leaseback transactions In accordance with ASC 840, Accounting for Leases, the Company classifies all leases at the inception date as either a capital lease or an operating lease. A lease is a capital lease if it meets any one of the following criteria; otherwise, it is an operating lease: - Ownership is transferred to the lessee by the end of the lease term; - The lease contains a bargain purchase option; - The lease term is at least 75% of the property’s estimated remaining economic life; - The present value of the minimum lease payments at the beginning of the lease term is 90% or more of the fair value of the leased property to the lessor at the inception date. For sales type leases, the following two additional criteria are applied: - Collectability of the minimum lease payment is reasonably predictable; - No important uncertainties surround the amount of unreimbursable costs yet to be incurred by the lessor under the lease. The Company enters into sale and leaseback transactions from time to time. In accordance with ASC 840, any profit or loss on the sale is deferred and amortized prospectively over the term of the lease, in proportion to the leased asset if a capital lease, or in proportion to the related gross rental charged to expense over the lease term, if an operating lease. |
NewAccountingPronouncementsAndChangesInAccountingPrinciplesTextBlock [Policy Text Block] | New accounting pronouncements In July 2015, the FASB issued ASU 2015 - 14 Revenue from Contracts with Customers: Deferral of the Effective Date (ASU 2015 - 14) which deferred the effective date for ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014 - 09), by one year. ASU 2014 - 09 will supersede the revenue recognition requirements in Revenue Recognition (Topic 605) and requires entities to recognize revenue in a way that depicts the transfer of promised goods or services to customers in an amount that reflects the consideration to which the entity expects to be entitled in exchange for those goods or services. ASU 2014 - 09 is now effective for annual reporting periods beginning after December 15, 2017, including interim periods within that reporting period, which for the Company is January 1, 2018. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim periods within that reporting period. The new standard can be applied retrospectively to each prior reporting period presented or retrospectively with the cumulative effect of the change recognized at the date of the initial application in retained earnings. The Company is currently evaluating the potential impact the adoption of ASU 2014 - 09 will have on its consolidated financial statements and has not yet selected a transition method. In November 2015, the FASB issued ASU No. 2015-17, Balance Sheet Classification of Deferred Taxes In February 2016, the FASB issued ASU No. 2016-02, Leases Leases Leases In August 2014, the FASB issued ASC Update No. 2014-15, Presentation of Financial Statements—Going Concern: Disclosure of Uncertainties about an Entity’s Ability to Continue as a Going Concern (Subtopic 205 - 40). Update 2014 - 15 requires management to assess an entity’s ability to continue as a going concern every reporting period, and provide certain disclosures if management has substantial doubt about the entities ability to operate as a going concern, or an express statement if not, by incorporating and expanding upon certain principles that are currently in U.S. auditing standards. Update 2014 - 15 is effective for the annual period ending after December 15, 2016, and for annual periods and interim periods thereafter. Early application is permitted. Upon adoption the Company will use the guidance in ASU 2014 - 15 to assess going concern. |
Cash and Cash Equivalents Dis39
Cash and Cash Equivalents Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Cash and Cash Equivalents [Table Text Block] | December 31, 2015 2014 Total cash and cash equivalents 13,578 11,142 Short term investments 1,000 1,000 Total cash and cash equivalents, and short term investments 14,578 12,142 |
Trade Accounts And Notes Rece40
Trade Accounts And Notes Receivable, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block] | December 31, 2015 2014 Trade accounts receivable 11,869 8,309 Notes receivable 560 546 Less: allowance for doubtful accounts (1,091 ) (1,274 ) Total 11,338 7,581 Less current portion (10,744 ) (6,943 ) Total long-term portion 593 638 |
Schedule of capital leases future minimum payments receivable [Table Text Block] | December 31, Sales type License 2016 173 152 2017 134 152 2018 70 152 2019 48 - 2020 24 - 2021 14 - Total minimum payments 463 455 |
Other Receivables (Tables)
Other Receivables (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of other receivables [Table Text Block] | December 31, 2015 2014 Research and development tax credit receivable from the French State 419 510 Research and development subsidies receivable from the French State 112 318 Value-added taxes receivable 329 210 Other receivables from Government and public authorities 121 125 Others 37 36 Total 1,018 1,200 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2015 2014 Components, spare parts 4,085 4,225 Work-in-progress 676 832 Finished goods 2,118 1,591 Total gross inventories 6,879 6,648 Less: provision for slow-moving inventory (728 ) (741 ) Total 6,151 5,908 |
Other Assets (Tables)
Other Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Other Assets [Table Text Block] | December 31, 2015 2014 Prepaid expenses, current portion 500 381 Total 500 381 |
Property And Equipment, Net (Ta
Property And Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Property, Plant and Equipment [Table Text Block] | December 31, 2015 2014 Equipment 7,203 7,400 Furniture, fixture, and fittings and other 2,974 2,807 Total gross value 10,177 10,208 Less: accumulated depreciation and amortization (8,055 ) (8,085 ) Total 2,123 2,122 |
Goodwill And Intangible Assets
Goodwill And Intangible Assets (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Finite-Lived Intangible Assets [Table Text Block] | December 31, 2015 2014 Licenses 462 443 Trade name and trademark 596 556 Patents 412 412 Organization costs 363 363 Total gross value 1,833 1,774 Less: accumulated amortization (1,794 ) (1,750 ) Total 39 24 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | December 31, 2016 12 2017 12 2018 4 2019 - 2020 - Total 28 |
Accounts Payable and Accrued 46
Accounts Payable and Accrued Liabilities Disclosure (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accounts Payable and Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Trade accounts payable 5,641 5,156 Notes payable 457 349 Total 6,098 5,505 |
Other Accrued Liabilities (Tabl
Other Accrued Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 2015 2014 Retirement indemnities 1,600 1,407 Provision for warranty costs 576 712 Accruals for social expenses 973 493 Conditional government subsidies 357 296 Value added tax payable 169 178 Advances received from customers 771 6 Others 297 284 Total 4,742 3,377 Less non-current portion (1,973 ) (1,706 ) Current portion 2,768 1,671 |
Schedule of changes in warranty costs provision [Table Text Block] | December 31, 2015 2014 Beginning of year 712 705 Amount used during the year (490 ) (422 ) New warranty expenses 354 429 End of year 576 712 Less current portion (434 ) (550 ) Long term portion 141 162 |
Lease Obligations (Tables)
Lease Obligations (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | December 31, 2016 254 2017 178 2018 84 2019 32 2020 11 Total minimum lease payments 559 Less: amount representing interest (27 ) Present value of minimum lease payments 531 Less: current portion (238 ) Long-term portion 294 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | France Japan 2016 321 184 2017 321 139 2018 321 33 2019 321 - 2020 321 - 2021 321 - 2022 321 - 2023 321 - 2024 321 - 2025 152 - Total 3,041 356 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Debt [Table Text Block] | December 31, 2015 2014 Japanese yen term loan 183 234 Germany term loan 443 - Italy term loan 175 220 Malaysia term loan 1 5 Total long term debt 802 458 Less current portion (209 ) (116 ) Total long-term portion 592 342 |
Schedule of f inancial instruments carried at fair value [Table Text Block] | December 31, 2015 2014 Investor Warrants 4,205 1,943 Placement Agent Warrants 172 148 Total 4,377 2,092 Less current portion (172 ) - Total long-term portion 4,205 2,092 |
Schedule Of Long-term Debt, Debentures And Financial InstrumentsMaturities [Table Text Block] | 2016 382 2017 1,901 2018 2,698 2019 117 2020 83 Total 5,179 |
Long Term Debt Schedule 2 [Table Text Block] | Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 55,000,000 June 30, 2018 1.80% 10,000,000 June 30, 2018 2.10% |
Long Term Debt Schedule 3 [Table Text Block] | Initial Amount Maturation Interest rate EDAP Technomed Co. Ltd 10,000,000 March 31, 2015 2.30% 55,000,000 June 30, 2018 1.80% 10,000,000 June 30, 2018 2.10% |
Other Long-Term Liabilities (Ta
Other Long-Term Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of other long term liabilities [Table Text Block] | December 31, 2015 2014 Provision for retirement indemnities (Japan & France) 1,596 1,404 Provision for employee termination indemnities (Italy) 310 285 Provision for warranty costs, less current portion 141 162 Conditional government subsidies, less current portion 237 140 Total 2,285 1,991 |
Schedule of Projected Benefit Obligations and the accumulated benefit obligations [Table Text Block] | France Japan 2016 - 4 2017 26 5 2018 9 66 2019 - 53 2020 78 112 2021 - 2025 208 430 |
Schedule of provision presentation according to ASC 715, current [Table Text Block] | France Japan Non-current liabilities 694 902 Current liabilities - 4 Accumulated other comprehensive income (loss) (82 ) (314 ) Total 612 592 |
Schedule of pension cost components France [Table Text Block] | France 2015 2014 2013 Change in benefit obligations: Benefit obligations at beginning of year 665 491 517 Service cost 46 35 39 Interest cost 13 16 17 Actuarial (gain) / loss (30 ) 123 (75 ) Amortization of net prior service cost - - 4 Benefits paid - - (11 ) Benefit obligations at end of year (1) 694 665 491 Unrecognized actuarial (gain) loss (2) 58 89 27 Unrecognized prior service cost (2) 24 25 (33 ) Accrued pension cost 612 550 498 |
Schedule of pension cost components Japan [Table Text Block] | Japan 2015 2014 2013 Change in benefit obligations: Benefit obligations at beginning of year 742 640 538 Service cost 72 64 46 Interest cost 8 9 7 Amortization of net loss - - 9 Actuarial (gain) / loss - 35 156 Benefits paid - (4 ) - Exchange rate impact 84 (2 ) (116 ) Benefit obligations at end of year (1) 906 742 640 Unrecognized actuarial (gain) loss (2) 314 299 280 Unrecognized prior service cost (2) - - Accrued pension cost 592 443 360 |
Schedule of actuarial assumptions of post retirement benefit plan FR [Table Text Block] | Pension Benefits – France 2015 2014 2013 Discount rate 2.20 % 1.90 % 3.30 % Salary increase 2.50 % 2.50 % 2.50 % Retirement age 65 65 65 Average retirement remaining service period 24 24 24 |
Schedule of actuarial assumptions of post retirement benefit plan JA [Table Text Block] | Pension Benefits – Japan 2015 2014 2013 Discount rate 1.00 % 1.00 % 1.40 % Salary increase 2.00 % 2.00 % 2.00 % Retirement age 60 60 60 Average retirement remaining service period 16 16 16 |
Schedule of provision presentation according to ASC715, year-1 [Table Text Block] | France Japan Non-current liabilities 665 739 Current liabilities - 3 Accumulated other comprehensive income (loss) (115 ) (299 ) Total 550 443 |
Shareholders Equity (Tables)
Shareholders Equity (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award [Table Text Block] | 2015 2014 2013 Options Weighted average exercise price Options Weighted average exercise price Options Weighted average exercise price Outstanding on January 1, 1,095,850 2.76 1,310,850 2.70 810,850 3.18 Granted - - - - 500,000 1.91 Exercised (72,412 ) 2.13 (750 ) 3.99 - - Forfeited (106,250 ) 2.88 (90,250 ) 2.07 - - Expired - - (124,000 ) 2.60 - - Outstanding on December 31, 917,188 2.79 1,095,850 2.76 1,310,850 2.70 Exercisable on December 31, 724,688 3.03 784,600 3.09 743,347 3.27 Shares purchase options available for grant on December 31 232,428 232,428 83,428 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Outstanding options Fully vested options (1) Exercise price (€) Options Weighted Weighted Aggregate Options Weighted Aggregate 3.99 359,088 1.8 3.99 359,088 3.99 2.38 138,100 4.5 2.38 195,191 138,100 2.38 195,191 1.91 370,000 7.0 1.91 696,860 177,500 1.91 334,304 1.88 50,000 4.5 1.88 95,670 50,000 1.88 95,670 1.88 to 3.99 917,188 4.5 2.79 987,721 724,688 3.03 625,165 |
Disclosure of sharebased compensation arrangements by sharebased payment award nonvested [Table Text Block] | Options Weighted average Grant-Date Fair Value (€) Non-vested at January 1, 2015 311,250 1.32 Granted - - Vested (103,750 ) 1.32 Forfeited (15,000 ) 1.32 Non-vested at December 31, 2015 192,500 1.32 |
Other Revenues (Tables)
Other Revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of other revenues [Table Text Block] | 2015 2014 2013 Licenses and others 35 533 15 Total 35 533 15 |
Research And Development Expe53
Research And Development Expenses (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Research and development expenses [Table Text Block] | 2015 2014 2013 Gross research and development expenses (3,308 ) (3,728 ) (3,711 ) Research Tax Credit 448 518 561 Grants 170 278 555 Net Research and development expenses (2,690 ) (2,932 ) (2,595 ) |
Financial Income, Net (Tables)
Financial Income, Net (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of financial income (expense) [Table Text Block] | 2015 2014 2013 Interest income 18 31 59 Interest expense (64 ) (65 ) (1,967 ) Warrants exercises 330 83 - Changes in fair value of the warrants (2,377 ) 1,722 1,007 Total (2,094 ) 1,771 (901 ) |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | 2015 2014 2013 France (543 ) 2,029 (2,018 ) EDAP Inc, U.S.A. (380 ) (1,811 ) (2,060 ) Other countries 16 (614 ) (808 ) Total (907 ) (396 ) (4,886 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | 2015 2014 2013 Current income tax expense: France (712 ) (124 ) (101 ) Other countries (55 ) (10 ) (24 ) Sub-total current income tax expense (767 ) (133 ) (125 ) Deferred income tax (expense) benefit: France (4 ) (4 ) (2 ) Other countries 11 22 (7 ) Sub-total deferred income tax (expense) benefit 7 18 (9 ) Total (759 ) (116 ) (135 ) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2015 2014 Net operating loss carry forwards 18,295 22,366 Elimination of intercompany profit in inventory 172 156 Elimination of intercompany profit in fixed assets 199 145 Provisions for retirement indemnities 262 222 Other items 335 283 Total deferred tax assets 19,263 23,172 Capital leases treated as operating leases for tax - (3 ) Other items (4 ) (4 ) Total deferred tax liabilities (4 ) (7 ) Net deferred tax assets 19,259 23,165 Valuation allowance for deferred tax assets (19,212 ) (23,125 ) Deferred tax assets (liabilities), net of allowance 47 40 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | 2015 2014 2013 French statutory rate 33.3 % 33.3 % 33.3 % Income of foreign subsidiaries taxed at different tax rates 3.9 % 23.5 % 1.9 % Effect of net operating loss carry-forwards and valuation allowances 52.4 % (81.3 %) (51.5 %) Non-taxable debt fair value variation (83.9 %) 113.2 % (4.3 %) Non-deductible entertainment expenses 40.7 % 42.3 % 2.6 % Effect of cancellation of intra-group positions (78.3 %) (44.2 %) 12.7 % French business tax included in income tax (CVAE) (16.0 %) (31.2 %) (2.0 %) Other (35.8 %) (84.8 %) (4.5 %) Effective tax rate (83.7 %) (29.2 %) (2.8 % |
Deferred Revenues (Tables)
Deferred Revenues (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of deferred revenues [Table Text Block] | December 31, 2015 2014 Deferred revenues on maintenance contracts 1,294 920 Deferred revenue on RPP 126 84 Deferred revenue on sale of devices 287 172 Deferral of the gain on sale-lease-back transactions - 2 Deferred research and development grants 394 - Total 2,101 1,177 Less long term portion (504 ) (74 ) Current portion 1,597 1,102 |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | For the year ended Dec. 31, 2015 For the year ended Dec. 31, 2014 For the year ended Dec. 31, 2013 Loss in euro (Numera- Shares (Denominator) Per-Share Amount Loss in euro (Numerator) Shares (Denomin- Per-Share Amount Loss in euro (Numerator) Shares (Denomin- Per-Share Amount Basic EPS Income (loss) available to common Shareholders (1,666,658 ) 25,021,966 (0.07 ) (512,007 ) 23,600,428 (0.02 ) (5,021,229 ) 20,593,720 (0.24 ) Effect of dilutive securities: Stock options only in the money - Diluted EPS Income (Loss) available to common shareholders, including assumed Conversions (1,666,658 ) 25,021,966 (0.07 ) (512,007 ) 23,600,428 (0.02 ) (5,021,229 ) 20,593,720 (0.24 ) |
Fair Value Of Financial Instr58
Fair Value Of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Fair Value Measurement Inputs Level 1 [Table Text Block] | ASC 820 December 31, December 31, Assets: Cash and cash equivalents Level 1 13,578 11,142 Short term investments Level 1 1,000 1,000 Liabilities: Short-term borrowings Level 1 2,814 2,126 Long-Term Debt Level 1 802 458 Investor Warrants Level 3 4,205 1,943 Placement Agent Warrants Level 3 172 148 |
Schedule Of Fair Value Measurement Inputs Level 3 [Table Text Block] | All amounts in thousands Euros unless otherwise stated As of Warrants FV adjust- USD/ As of Investor Warrants 2012 1,691 (251 ) 947 102 893 Placement Agent Warrants 2012 99 (79 ) 57 11 110 Investor Warrants 2013 2,514 1,343 121 1,050 Placement Agent Warrants 2013 73 30 4 39 Total Financial instruments carried at fair value 4,377 (330 ) 2,377 238 2,092 |
ScheduleOfFairValueMeasurement Input Level 3 bis [Table Text Block] | All amounts in thousands Euros unless otherwise stated As of Warrants FV adjust- USD/ As of Investor Warrants 2012 893 (83 ) (743 ) 197 1,522 Placement Agent Warrants 2012 110 - (95 ) 24 181 Investor Warrants 2013 1,050 - (799 ) 221 1,628 Placement Agent Warrants 2013 39 - (85 ) 15 109 Total Financial instruments carried at fair value 2,092 (83 ) (1,722 ) 457 3,439 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Reconciliation of operating profit (loss) from segments to consolidated [Table] [Table Text Block] | 2015 2014 2013 Segment operating income (loss) 488 (1,736 ) (2,755 ) Financial income (expense), net (2,094 ) 1,771 (901 ) Foreign Currency exchange (losses) gains, net 699 (431 ) (1,230 ) Other income (expense), net - - - Income tax (expense) credit (759 ) (116 ) (135 ) Consolidated net loss (1,667 ) (512 ) (5,021 ) |
Schedule Of Segment Reporting Information By Segment N [Table Text Block] | HIFU Division UDS Division EDAP TMS FDA Total 2015 Sales of goods 4,878 17,027 - - 21,906 Sales of RPPs & leases 2,908 1,501 - - 4,408 Sales of spare parts and services 658 5,246 - - 5,904 Total sales 8,444 23,774 - - 32,218 External other revenues 32 3 - - 35 Total revenues 8,476 23,777 - - 32,253 Total COS (3,636 ) (14,832 ) - - (18,468 ) Gross margin 4,841 8,945 - - 13,785 R&D (1,387 ) (992 ) - (311 ) (2,690 ) Selling and marketing expenses (2,284 ) (5,122 ) - (7,406 ) G&A (646 ) (1,192 ) (1,363 ) (3,202 ) Total expenses (4,318 ) (7,306 ) (1,363 ) (311 ) (13,298 ) Operating income (loss) 523 1,639 (1,363 ) (311 ) 488 Total Assets 9,619 25,818 3,144 - 38,581 Capital expenditures 457 207 - - 664 Long-lived assets 1,437 3,320 192 - 4,949 Goodwill 645 1,767 - - 2,412 |
ScheduleOfSegment Reporting Information By segment N-1 [Table Text Block] | HIFU Division UDS Division EDAP TMS FDA Total 2014 Sales of goods 5,270 11,625 - - 16,895 Sales of RPPs & leases 2,170 1,787 - - 3,957 Sales of spare parts and services 760 4,640 - - 5,400 Total sales 8,200 18,052 - - 26,252 External other revenues 518 15 - - 533 Total revenues 8,718 18,067 - - 26,785 Total COS (3,683 ) (11,901 ) - - (15,584 ) Gross margin 5,035 6,166 - - 11,201 R&D (1,062 ) (646 ) - (1,224 ) (2,932 ) Selling and marketing expenses (2,151 ) (4,527 ) - - (6,678 ) G&A (660 ) (1,153 ) (1,514 ) - (3,328 ) Total expenses (3,874 ) (6,326 ) (1,514 ) (1,224 ) (12,937 ) Operating income (loss) 1,162 (160 ) (1,514 ) (1,224 ) (1,736 ) Total Assets 7,468 20,778 3,715 193 32,154 Capital expenditures 464 569 - - 1,033 Long-lived assets 1,410 3,300 192 - 4,902 Goodwill 645 1,767 - - 2,412 |
Schedule Of Segment Reporting Information By Segment N-2 [Table Text Block] | HIFU Division UDS Division EDAP TMS FDA Total 2013 Sales of goods 1,747 13,020 - - 14,767 Sales of RPPs & leases 2,335 1,588 - - 3,922 Sales of spare parts and services 1,031 4,344 - - 5,375 Total sales 5,113 18,952 - - 24,065 External other revenues 15 - - 15 Total revenues 5,128 18,952 - - 24,080 Total COS (2,490 ) (12,271 ) - - (14,761 ) Gross margin 2,638 6,681 - - 9,319 R&D (1,097 ) (525 ) - (973 ) (2,595 ) Selling and marketing expenses (1,587 ) (4,692 ) - - (6,279 ) G&A (657 ) (963 ) (1,415 ) (165 ) (3,200 ) Total expenses (3,342 ) (6,179 ) (1,415 ) (1,138 ) (12,074 ) Operating income (loss) (704 ) 502 (1,415 ) (1,138 ) (2,755 ) Total Assets 6,769 18,303 1,692 110 26,874 Capital expenditures 38 720 - - 758 Long-lived assets 1,251 2,981 202 - 4,434 Goodwill 645 1,767 - - 2,412 |
Valuation Accounts (Tables)
Valuation Accounts (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Valuation accounts [Table Text Block] | Allowance for Allowance for Slow-moving Balance as of December 31, 2012 20,375 1,602 934 Charges to costs and expenses 2,168 186 225 Deductions: write-off and others - (693 ) (422 ) Balance as of December 31, 2013 22,543 1,094 737 Charges to costs and expenses 1,143 323 172 Deductions: write-off and others (561 ) (143 ) (168 ) Balance as of December 31, 2014 23,125 1,274 741 Charges to costs and expenses 218 124 275 Deductions: write-off and others (4,131 ) (307 ) (288 ) Balance as of December 31, 2015 19,212 1,091 728 |
Supplemental Disclosures Of C61
Supplemental Disclosures Of Cash Flow Information (Tables) | 12 Months Ended |
Dec. 31, 2015 | |
Schedule of Cash Flow, Supplemental Disclosures - Interest [Table Text Block] | 2015 2014 2013 Income taxes paid (refunds received) 159 141 118 Interest paid 43 39 293 Interest received 7 12 6 |
Schedule of Cash Flow, Supplemental Disclosures - Non cash transactions [Table Text Block] | Non-cash transactions: 2015 2014 2013 Capital lease obligations incurred 105 236 64 |
Summary Of Significant Accoun62
Summary Of Significant Accounting Policies (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Advertising Expense | € 461 | € 413 | € 391 |
Warranty expense | 354 | 429 | 354 |
Research tax credit | € 448 | € 518 | € 561 |
Cash and Cash Equivalents Dis63
Cash and Cash Equivalents Disclosure (Narrative) (Details) - EUR (€) € in Millions | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Short term Investments pledged | € 1 | |
Collateral to short term loan | € 1 |
Trade Accounts And Notes Rece64
Trade Accounts And Notes Receivable, Net (Narrative) (Details) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015EUR (€) | Dec. 31, 2014EUR (€) | Dec. 31, 2013EUR (€) | |
NotesReceivableInitialMaturities | 90,000 | ||
Bad debt expenses | € 17 | € 450 | € 163 |
Inventories (Narrative) (Detail
Inventories (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Inventory Write-down | € (8) | € 34 | € (162) |
Property And Equipment, Net (Na
Property And Equipment, Net (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | € 8,055 | € 8,085 | |
Depreciation, Depletion and Amortization, Nonproduction | 683 | 726 | € 726 |
Equipment Held under Capital Leases [Member] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 2,338 | 2,599 | |
Depreciation, Depletion and Amortization, Nonproduction | 207 | 310 | € 363 |
Capital Leased Assets, Gross | 2,466 | 2,826 | |
Vehicles held under capital leases [member] | |||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 353 | 231 | |
Capital Leased Assets, Gross | € 627 | € 543 |
Goodwill And Intangible Asset67
Goodwill And Intangible Assets (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Amortization expenses related to intangible assets | € 6 | € 26 | € 32 |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | 12 | ||
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 12 | ||
Goodwill | 2,412 | 2,412 | |
Urology Devices and Services (UDS) [Member] | |||
Goodwill | € 1,767 | 1,767 | 1,767 |
Fair Value Inputs, Discount Rate | 10.00% | ||
High Intensity Focused Ultrasound (HIFU) [Member] | |||
Goodwill | € 645 | 645 | 645 |
Fair Value Inputs, Discount Rate | 15.00% | ||
Fair Value Inputs, Long-term Revenue Growth Rate | 10.00% | ||
EDAP TMS (Corporate) [Member] | |||
Goodwill | € 0 | 0 | 0 |
FDA [Member] | |||
Goodwill | € 0 | € 0 | € 0 |
Lease Obligations (Narrative) (
Lease Obligations (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest Expense, Lessee, Assets under Capital Lease | € 24 | € 27 | € 35 |
Operating Leases, Rent Expense | 772 | € 742 | € 693 |
Equipment Held under Capital Leases [Member] | |||
medical devices | 249 | ||
vehicles | € 282 |
Long-Term Debt (Narrative) (Det
Long-Term Debt (Narrative) (Details) | 12 Months Ended | 41 Months Ended | 59 Months Ended |
Dec. 31, 2015EUR (€)mo | Jun. 06, 2019EUR (€) | Nov. 30, 2020EUR (€) | |
Long-term Debt 8 | € 450,000 | ||
Long-term Debt 9 | € 391,000 | ||
Long-term Debt 11 | mo | 1 | ||
Long-term Debt 12 | 4.50% | ||
Long-term Debt 14 | mo | 1 | ||
Long-term Debt 15 | 4.50% | ||
ITALY [Member] | |||
Initial Amount | € 242,000 | ||
GERMANY [Member] | |||
Interest rate | € 2.49 |
Short-Term Borrowings (Narrativ
Short-Term Borrowings (Narrative) (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
account receivables factored | € 1,814 | € 1,124 |
loan in euro | € 1,000 | € 1,000 |
Other Long-Term Liabilities (Na
Other Long-Term Liabilities (Narrative) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2015EUR (€) | |
Other Long-term Liabilities 1 | 26 |
Defined Benefit Plan, Expected Future Benefit Payments, Fiscal Year Maturity [Abstract] | |
Other Long-term Liabilities 2 | 27 |
Other Long-term Liabilities 3 | € 474 |
Other Long-term Liabilities 4 | 460 |
Other Long-term Liabilities 5 | 1 |
Other Long-term Liabilities 6 | 749 |
Other Long-term Liabilities 7 | 614 |
Other Long-term Liabilities 8 | € 15 |
Other Long-term Liabilities 9 | 28 |
Shareholders Equity (Narrative)
Shareholders Equity (Narrative) (Details) - EUR (€) € / shares in Units, € in Thousands | 2 Months Ended | 5 Months Ended | 12 Months Ended | ||||||||
Jul. 31, 2001 | Dec. 31, 1998 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2007 | Jan. 02, 2015 | Jan. 02, 2014 | Jan. 02, 2013 | |
RetainedEarningsStatutoryAccumulatedDeficit | € 13,292 | ||||||||||
Treasury Stock, Shares, Acquired | 180,290 | 190,238 | |||||||||
Treasury Stock, Value, Acquired, Par Value Method | € 493 | € 649 | |||||||||
Employee Stock Option [Member] | Common Class A [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 0 | 0 | 500,000 | ||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | € 0 | € 0 | € 1.91 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 917,188 | 1,095,850 | 1,310,850 | 1,095,850 | 1,310,850 | 810,850 | |||||
Plan 2 - 2007 [Member] | Employee Stock Option [Member] | Common Class A [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 600,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 504,088 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | € 3.99 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | € 1,731 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 359,088 | ||||||||||
Plan 3 - 2010 [Member] | Employee Stock Option [Member] | Common Class A [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 229,100 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | € 2.38 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | € 328 | ||||||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonCashFinancialCharge | € 26 | € 8 | € 0 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 138,100 | ||||||||||
Plan 4 - 2012 [Member] | Employee Stock Option [Member] | Common Class A [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 500,000 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 500,000 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | € 1.91 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | € 660 | ||||||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonCashFinancialCharge | € 66 | 128 | 327 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 370,000 | ||||||||||
Plan 2b - 2007 [Member] | Employee Stock Option [Member] | Common Class A [Member] | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 95,912 | ||||||||||
Share-based Compensation Arrangements by Share-based Payment Award, Options, Grants in Period, Exercise Price | € 1.88 | ||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested in Period, Fair Value | € 143 | ||||||||||
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsNonCashFinancialCharge | € 0 | € 4 | € 15 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Number | 50,000 |
Other Revenues (Narrative) (Det
Other Revenues (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Revenue, Net | € 35 | € 533 | € 15 |
Sales of licenses | € 35 | € 533 | € 15 |
Financial Income, Net (Narrativ
Financial Income, Net (Narrative) (Details) € in Thousands | 12 Months Ended |
Dec. 31, 2013EUR (€) | |
Interest expense on Non convertible debenture | € 1,889 |
Interest on Non convertible debenture | € 252 |
interest coupon | 9.00% |
Income Taxes (Narrative) (Detai
Income Taxes (Narrative) (Details) | 12 Months Ended |
Dec. 31, 2015EUR (€) | |
Income Tax Examination, Penalties from Examination | € 772,822 |
of which late interest | 374,156 |
Deferred Tax Assets, Operating Loss Carryforwards, Foreign | 18,295,000 |
Deferred Tax Assets, Operating Loss Carryforwards, Not Subject to Expiration | 10,977,000 |
Foreign Tax Authority [Member] | Edap TechnomedI nc [Member] | |
Operating Loss Carryforwards | 18,332,000 |
Foreign Tax Authority [Member] | Edap Technomed Co Ltd [Member] | |
Operating Loss Carryforwards | 2,207,000 |
Foreign Tax Authority [Member] | Edap Tms Gmbh [Member] | |
Operating Loss Carryforwards | 245,000 |
Foreign Tax Authority [Member] | Edap Tms Sa [Member] | |
Operating Loss Carryforwards | 32,153,000 |
Foreign Tax Authority [Member] | Edap technomed italia srl [Member] | |
Operating Loss Carryforwards | € 607,000 |
Earnings (Loss) Per Share (Narr
Earnings (Loss) Per Share (Narrative) (Details) - shares | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Weighted Average Number Diluted Shares Outstanding Adjustment | 1,978,758 | 0 | 2,158,112 |
Concentration Of Credit Risk (N
Concentration Of Credit Risk (Narrative) (Details) - EUR (€) | Dec. 31, 2015 | Dec. 31, 2014 |
Allowance for Doubtful Accounts Receivable | € 1,100,000,000,000 | € 1,300,000,000,000 |
Related Party Transactions (Nar
Related Party Transactions (Narrative) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Revenue from Related Parties | € 408 | € 308 | € 516 |
Related Parties Amount in Cost of Sales | 78 | 68 | € 65 |
Due to Related Parties, Current | 53 | 25 | |
Accounts Receivable, Related Parties, Current | € 380 | € 112 |
Subsequent Significant Events (
Subsequent Significant Events (Narrative) (Details) - shares | Mar. 31, 2016 | Feb. 18, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Issuance of ADRs | 57,496 | |||||
Shares, Issued | 1,000,000 | 25,383,461 | 24,865,420 | 21,789,670 | 18,372,229 |
Schedule of Cash and Cash Equiv
Schedule of Cash and Cash Equivalents (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Cash and cash equivalents | € 13,578 | € 11,142 | € 6,681 | € 7,041 |
Short-term investment | 1,000 | 1,000 | ||
Total cash and cash equivalents, and short term investments | € 14,578 | € 12,142 |
Schedule of Accounts, Notes, Lo
Schedule of Accounts, Notes, Loans and Financing Receivable (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Current portion of net trade accounts and notes receivable | € 10,744 | € 6,943 |
Total long-term portion | 593 | 638 |
Sales type leases [Member] | ||
Trade accounts receivable | 11,869 | |
Notes receivable | 560 | |
Less: allowance for doubtful accounts | 1,091 | |
Total | 11,338 | |
Current portion of net trade accounts and notes receivable | (10,744) | |
Total long-term portion | € 593 | |
License revenue [Member] | ||
Trade accounts receivable | 8,309 | |
Notes receivable | 546 | |
Less: allowance for doubtful accounts | 1,274 | |
Total | 7,581 | |
Current portion of net trade accounts and notes receivable | (6,943) | |
Total long-term portion | € 638 |
Schedule of capital leases futu
Schedule of capital leases future minimum payments receivable (Details) € in Thousands | Dec. 31, 2015EUR (€) |
Sales type leases [Member] | |
2,016 | € 173 |
2,017 | 134 |
2,018 | 70 |
2,019 | 48 |
2,020 | 24 |
2,021 | 14 |
Total minimum lease payments | 463 |
License revenue [Member] | |
2,016 | 152 |
2,017 | 152 |
2,018 | 152 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
Total minimum lease payments | € 455 |
Schedule of other receivables (
Schedule of other receivables (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
ValueAddedTaxReceivableCurrent | € 329 | € 210 |
InvestmentTaxReceivableCurrent | 419 | 510 |
Research and development subsidies receivable from the French State | 112 | 318 |
Other receivables from the French State | 121 | 125 |
OtherReceivables | 37 | 36 |
NontradeReceivablesCurrent | € 1,018 | € 1,200 |
Schedule of Inventory, Current
Schedule of Inventory, Current (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Components, spare parts | € 4,085 | € 4,225 |
Work-in-progress | 676 | 832 |
Finished goods | 2,118 | 1,591 |
Total gross inventories | 6,879 | 6,648 |
Less: provision for slow-moving inventory | 728 | 741 |
Total | € 6,151 | € 5,908 |
Schedule of Other Assets (Detai
Schedule of Other Assets (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Other prepaid expenses, current portion | € 500 | € 381 |
Total | € 500 | € 381 |
Schedule of Property, Plant and
Schedule of Property, Plant and Equipment (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total gross value | € 10,177 | € 10,208 |
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | 8,055 | 8,085 |
Total | 2,123 | 2,122 |
Equipment [Member] | ||
Total gross value | 7,203 | 7,400 |
Furniture and Fixtures [Member] | ||
Total gross value | 2,974 | 2,807 |
Vehicles held under capital leases [member] | ||
Accumulated Depreciation, Depletion and Amortization, Property, Plant, and Equipment | € 353 | € 231 |
Schedule of Finite-Lived Intang
Schedule of Finite-Lived Intangible Assets (Details) - EUR (€) | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Licenses | € 462,000 | € 443,000 |
Goodwill And Intangible Assets Schedule Of Finite-lived Intangible Assets 13 | 39 | |
Trade name and trademark | 596,000 | 556,000 |
Goodwill And Intangible Assets Schedule Of Finite-lived Intangible Assets 14 | 24 | |
Patents | 412,000 | 412,000 |
Organization costs | 363,000 | 363,000 |
Total gross value | 1,833,000 | 1,774,000 |
Less: accumulated amortization | € (1,794,000) | € (1,750,000) |
Schedule of Finite-Lived Inta88
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense (Details) € in Thousands | Dec. 31, 2015EUR (€) |
Finite-Lived Intangible Assets, Amortization Expense, Next Twelve Months | € 12 |
Finite-Lived Intangible Assets, Amortization Expense, Year Two | 12 |
2,018 | 4 |
2,019 | 0 |
2,020 | 0 |
Total | € 28 |
Schedule of Accounts Payable an
Schedule of Accounts Payable and Accrued Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Trade accounts payable | € 5,641 | € 5,156 |
Notes payable | 457 | 349 |
Total | € 6,098 | € 5,505 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Retirement indemnities | € 1,600 | € 1,407 |
Provision for warranty costs | 576 | 712 |
Accruals for social expenses | 973 | 493 |
Conditional government subsidies | 357 | 296 |
Value added tax payable | 169 | 178 |
Advances received from customers | 771 | 6 |
Others | 297 | 284 |
Accrued Liabilities and Other Liabilities | 4,742 | 3,377 |
Other Accrued Liabilities, Noncurrent | (1,973) | (1,706) |
Current portion | € 2,768 | € 1,671 |
Schedule of changes in warranty
Schedule of changes in warranty costs provision (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Warranty costs provision, Beginning of year | € 712 | € 705 |
Amounts used during the year (payments) | (490) | (422) |
New Warranty Expenses | 354 | 429 |
Warranty costs provision, End of year | 576 | 712 |
WarrantyCostsProvision | (434) | (550) |
Current portion of provision for warranty costs | € 141 | € 162 |
Schedule of Future Minimum Leas
Schedule of Future Minimum Lease Payments for Capital Leases (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
2,016 | € 254 | |
2,017 | 178 | |
2,018 | 84 | |
2,019 | 32 | |
2,020 | 11 | |
Total minimum lease payments | 559 | |
Less: amount representing interest | 27 | |
Present value of minimum lease payments | 531 | |
Current portion of capital lease obligations | 238 | € 217 |
Long-term portion | € 294 | € 355 |
Schedule of Future Minimum Rent
Schedule of Future Minimum Rental Payments for Operating Leases (Details) € in Thousands | Dec. 31, 2015EUR (€) |
FRANCE [Member] | |
2,016 | € 321 |
2,017 | 321 |
2,018 | 321 |
2,019 | 321 |
2,020 | 321 |
2,021 | 321 |
2,022 | 321 |
2,023 | 321 |
2,024 | 321 |
2,025 | 152 |
Total | 3,041 |
JAPAN [Member] | |
2,016 | 184 |
2,017 | 139 |
2,018 | 33 |
2,019 | 0 |
2,020 | 0 |
2,021 | 0 |
2,022 | 0 |
2,023 | 0 |
2,024 | 0 |
2,025 | 0 |
Total | € 356 |
Schedule of Debt (Details)
Schedule of Debt (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total long term debt | € 802 | € 458 |
Less current portion | 209 | 116 |
Total long-term portion | 592 | 342 |
JAPAN [Member] | ||
Total long term debt | 183 | 234 |
ITALY [Member] | ||
Total long term debt | 175 | 220 |
MALAYSIA [Member] | ||
Total long term debt | 1 | 5 |
GERMANY [Member] | ||
Total long term debt | € 443 | € 0 |
Schedule of f inancial instrume
Schedule of f inancial instruments carried at fair value (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Total Financial Instruments | € 4,377 | € 2,092 |
Less current portion | (172) | 0 |
Total long-term portion | 4,205 | 2,092 |
Placement Agent Warrants [Member] | ||
Total Financial Instruments | 172 | 148 |
Investor warrants [Member] | ||
Total Financial Instruments | € 4,205 | € 1,943 |
Schedule of details of debts (D
Schedule of details of debts (Details) | 3 Months Ended | 30 Months Ended | 41 Months Ended | 59 Months Ended | ||
Mar. 31, 2015EUR (€) | Mar. 31, 2015JPY (¥) | Jun. 30, 2018EUR (€) | Jun. 30, 2018JPY (¥) | Jun. 06, 2019EUR (€) | Nov. 30, 2020EUR (€) | |
JAPAN [Member] | Edap Technomed Co Ltd [Member] | Loan One [Member] | ||||||
Initial Amount | ¥ | ¥ 55,000,000 | |||||
JAPAN [Member] | Edap Technomed Co Ltd [Member] | Loan Two [Member] | ||||||
Initial Amount | ¥ | 10,000,000 | |||||
JAPAN [Member] | Edap Technomed Co Ltd [Member] | Loan Three [Member] | ||||||
Initial Amount | ¥ | ¥ 10,000,000 | |||||
Interest rate | € | € 2.30 | |||||
JAPAN [Member] | Edap Technomed Co Ltd [Member] | Loan Four [Member] | ||||||
Initial Amount | ¥ | 55,000,000 | |||||
Interest rate | € | € 1.80 | |||||
JAPAN [Member] | Edap Technomed Co Ltd [Member] | Loan Five [Member] | ||||||
Initial Amount | ¥ | ¥ 10,000,000 | |||||
Interest rate | € | € 2.10 | |||||
ITALY [Member] | ||||||
Initial Amount | € | € 242,000 | |||||
GERMANY [Member] | ||||||
Interest rate | € | € 2.49 |
Schedule Of Long-term Debt, Deb
Schedule Of Long-term Debt, Debentures And Financial InstrumentsMaturities (Details) € in Thousands | Dec. 31, 2015EUR (€) |
2,016 | € 382 |
2,017 | 1,901 |
2,018 | 2,698 |
2,019 | 117 |
2,020 | 83 |
Total Long-term Debt | € 5,179 |
Long Term Debt Schedule 2 (Deta
Long Term Debt Schedule 2 (Details) | 3 Months Ended | 30 Months Ended | 59 Months Ended | ||
Mar. 31, 2015EUR (€) | Mar. 31, 2015JPY (¥) | Jun. 30, 2018EUR (€) | Jun. 30, 2018JPY (¥) | Nov. 30, 2020EUR (€) | |
JAPAN [Member] | Loan One [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 55,000,000 | ||||
Long-term Debt Long Term Debt Schedule 2 2 | 1.80% | 1.80% | |||
JAPAN [Member] | Loan Two [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 10,000,000 | ||||
Long-term Debt Long Term Debt Schedule 2 4 | 2.10% | 2.10% | |||
JAPAN [Member] | Loan Three [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 10,000,000 | ||||
Interest rate | € | € 2.30 | ||||
JAPAN [Member] | Loan Four [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 55,000,000 | ||||
Interest rate | € | € 1.80 | ||||
JAPAN [Member] | Loan Five [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 10,000,000 | ||||
Interest rate | € | € 2.10 | ||||
GERMANY [Member] | |||||
Interest rate | € | € 2.49 |
Long Term Debt Schedule 3 (Deta
Long Term Debt Schedule 3 (Details) | 3 Months Ended | 30 Months Ended | 59 Months Ended | ||
Mar. 31, 2015EUR (€) | Mar. 31, 2015JPY (¥) | Jun. 30, 2018EUR (€) | Jun. 30, 2018JPY (¥) | Nov. 30, 2020EUR (€) | |
GERMANY [Member] | |||||
Interest rate | € | € 2.49 | ||||
Loan One [Member] | JAPAN [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 55,000,000 | ||||
Loan Two [Member] | JAPAN [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | 10,000,000 | ||||
Loan Three [Member] | JAPAN [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 10,000,000 | ||||
Interest rate | € | € 2.30 | ||||
Loan Four [Member] | JAPAN [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | 55,000,000 | ||||
Interest rate | € | € 1.80 | ||||
Loan Five [Member] | JAPAN [Member] | Edap Technomed Co Ltd [Member] | |||||
Initial Amount | ¥ 10,000,000 | ||||
Interest rate | € | € 2.10 |
Schedule of other long term lia
Schedule of other long term liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Provision for retirement indemnities (Japan & France) | € 1,596 | € 1,404 |
Provision for employee termination indemnities (Italy) | 310 | 285 |
Provision for warranty costs, less current portion | 141 | 162 |
Conditional government subsidies, less current portion | 237 | 140 |
Total | € 2,285 | € 1,991 |
Schedule of Projected Benefit O
Schedule of Projected Benefit Obligations and the accumulated benefit obligations (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 1 | € 0 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 2 | 4 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 3 | 26 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 4 | 5 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 5 | 9 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 6 | 66 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 7 | 0 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 8 | 53 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 9 | 78 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 10 | 112 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 11 | 2,021 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 12 | 2,025 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 13 | 208 | ||
Other Long-term Liabilities Schedule Of Projected Benefit Obligations And The Accumulated Benefit Obligations 14 | 430 | ||
FRANCE [Member] | |||
Normal cost | 13,000 | € 16,000 | € 17,000 |
JAPAN [Member] | |||
Normal cost | € 8,000 | € 9,000 | € 7,000 |
Schedule of provision presentat
Schedule of provision presentation according to ASC 715, current (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Non current liabilities | € 1,596 | € 1,404 |
FRANCE [Member] | ||
Non current liabilities | 694 | 665 |
Current liabilities | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (82) | (115) |
Total | 612 | 550 |
JAPAN [Member] | ||
Non current liabilities | 902 | 739 |
Current liabilities | 4 | 3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (314) | (299) |
Total | € 592 | € 443 |
Schedule of pension cost compon
Schedule of pension cost components France (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
FRANCE [Member] | ||||
Benefit obligations | € 694 | € 665 | € 491 | € 517 |
Service cost | 46 | 35 | 39 | |
Interest cost | 13 | 16 | 17 | |
Actuarial (gain) loss | (30) | 123 | (75) | |
Amortization of net prior service cost (Credit) | 0 | 0 | 4 | |
Benefits paid | 0 | 0 | (11) | |
Unrecognized actuarial (gain) loss | 58 | 89 | 27 | |
Unrecognized prior service cost | 24 | 25 | (33) | |
Accrued pension cost | 612 | 550 | 498 | |
JAPAN [Member] | ||||
Benefit obligations | 906 | 742 | 640 | € 538 |
Service cost | 72 | 64 | 46 | |
Interest cost | 8 | 9 | 7 | |
Actuarial (gain) loss | 0 | 35 | 156 | |
Benefits paid | 0 | (4) | 0 | |
Unrecognized actuarial (gain) loss | 314 | 299 | 280 | |
Accrued pension cost | € 592 | € 443 | € 360 |
Schedule of pension cost com104
Schedule of pension cost components Japan (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
JAPAN [Member] | ||||
Benefit obligations | € 906 | € 742 | € 640 | € 538 |
Service cost | 72 | 64 | 46 | |
Normal cost | 8 | 9 | 7 | |
Actuarial (gain) loss | 0 | 35 | 156 | |
Benefits paid | 0 | (4) | 0 | |
Exchange rate impact | 84 | (2) | (116) | |
Unrecognized actuarial (gain) loss | 314 | 299 | 280 | |
Unrecognized prior service cost | 0 | 0 | 0 | |
Accrued pension cost | 592 | 443 | 360 | |
Amortization of (Gains) Losses | 0 | 0 | 9 | |
FRANCE [Member] | ||||
Benefit obligations | 694 | 665 | 491 | € 517 |
Service cost | 46 | 35 | 39 | |
Normal cost | 13 | 16 | 17 | |
Actuarial (gain) loss | (30) | 123 | (75) | |
Benefits paid | 0 | 0 | (11) | |
Unrecognized actuarial (gain) loss | 58 | 89 | 27 | |
Accrued pension cost | € 612 | € 550 | € 498 |
Schedule of actuarial assumptio
Schedule of actuarial assumptions of post retirement benefit plan FR (Details) - Foreign Pension Plans, Defined Benefit [Member] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
FRANCE [Member] | |||
Discount rate | 2.20% | 1.90% | 3.30% |
Salary increase | 2.50% | 2.50% | 2.50% |
Retirement age | 65 | 65 | 65 |
Average retirement remaining service period | 24 | 24 | 24 |
JAPAN [Member] | |||
Discount rate | 1.00% | 1.00% | 1.40% |
Salary increase | 2.00% | 2.00% | 2.00% |
Retirement age | 60 | 60 | 60 |
Average retirement remaining service period | 16 | 16 | 16 |
Schedule of actuarial assump106
Schedule of actuarial assumptions of post retirement benefit plan JA (Details) - Foreign Pension Plans, Defined Benefit [Member] | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
FRANCE [Member] | |||
Discount rate | 2.20% | 1.90% | 3.30% |
Salary increase | 2.50% | 2.50% | 2.50% |
Retirement age | 65 | 65 | 65 |
Average retirement remaining service period | 24 | 24 | 24 |
JAPAN [Member] | |||
Discount rate | 1.00% | 1.00% | 1.40% |
Salary increase | 2.00% | 2.00% | 2.00% |
Retirement age | 60 | 60 | 60 |
Average retirement remaining service period | 16 | 16 | 16 |
Schedule of provision presen107
Schedule of provision presentation according to ASC715, year-1 (Details) - EUR (€) € in Thousands | 12 Months Ended | |
Dec. 31, 2015 | Dec. 31, 2014 | |
Non current liabilities | € 1,596 | € 1,404 |
FRANCE [Member] | ||
Non current liabilities | 694 | 665 |
Postemployment Benefits Liability, Current | 0 | 0 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (82) | (115) |
Total | 612 | 550 |
JAPAN [Member] | ||
Non current liabilities | 902 | 739 |
Postemployment Benefits Liability, Current | 4 | 3 |
Other Comprehensive Income (Loss), Pension and Other Postretirement Benefit Plans, Adjustment, Net of Tax | (314) | (299) |
Total | € 592 | € 443 |
Disclosure of Share-based Compe
Disclosure of Share-based Compensation Arrangements by Share-based Payment Award (Details) - Employee Stock Option [Member] - Common Class A [Member] - € / shares | 12 Months Ended | ||||||||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2010 | Dec. 31, 2007 | Jan. 02, 2015 | Jan. 02, 2014 | Jan. 02, 2013 | |
Granted - Number | 0 | 0 | 500,000 | ||||||
Exercised - Number | (72,412) | (750) | 0 | ||||||
Forfeited - Number | (106,250) | (90,250) | 0 | ||||||
Expired - Number | 0 | (124,000) | 0 | ||||||
Outstanding - Number | 917,188 | 1,095,850 | 1,310,850 | 1,095,850 | 1,310,850 | 810,850 | |||
Exercisable - Number | 724,688 | 784,600 | 743,347 | ||||||
Share purchase options available for grant - Number | 232,428 | 232,428 | 83,428 | ||||||
Outstanding - Weighted average exercise price | € 2.79 | € 2.76 | € 2.70 | € 2.76 | € 2.70 | € 3.18 | |||
Granted - Weighted average exercise price | 0 | 0 | 1.91 | ||||||
Exercized - Weighted average exercise price | 2.13 | 3.99 | 0 | ||||||
Forfeited - Weighted average exercise price | 2.88 | 2.07 | 0 | ||||||
Expired - Weighted average exercise price | 0 | 2.60 | 0 | ||||||
Exercisable - Weighted average exercise price | € 3.03 | € 3.09 | € 3.27 | ||||||
Plan 2 - 2007 [Member] | |||||||||
Granted - Number | 504,088 | ||||||||
Outstanding - Number | 359,088 | ||||||||
Granted - Weighted average exercise price | € 3.99 | ||||||||
Plan 3 - 2010 [Member] | |||||||||
Granted - Number | 229,100 | ||||||||
Outstanding - Number | 138,100 | ||||||||
Granted - Weighted average exercise price | € 2.38 | ||||||||
Plan 4 - 2012 [Member] | |||||||||
Granted - Number | 500,000 | ||||||||
Outstanding - Number | 370,000 | ||||||||
Granted - Weighted average exercise price | € 1.91 | ||||||||
Plan 2b - 2007 [Member] | |||||||||
Granted - Number | 95,912 | ||||||||
Outstanding - Number | 50,000 | ||||||||
Granted - Weighted average exercise price | € 1.88 |
Schedule of Share-based Compens
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range (Details) | 12 Months Ended |
Dec. 31, 2015EUR (€)€ / sharesshares | |
1.88 [Member] | |
Outstanding options - Number | shares | 50,000 |
Outstanding options - Weighted average remaining contractual life | 4 years 6 months |
Outstanding options - Weighted average exercise price | € / shares | € 1.88 |
Exercisable options - Number | shares | 50,000 |
Exercisable options - Weighted average exercise price | € / shares | € 1.88 |
Outstanding options - Aggregate intrinsic value | € | € 95,670 |
Exercisable options - Aggregate intrinsic value | € | € 95,670 |
2.38 [Member] | |
Outstanding options - Number | shares | 138,100 |
Outstanding options - Weighted average remaining contractual life | 4 years 6 months |
Outstanding options - Weighted average exercise price | € / shares | € 2.38 |
Exercisable options - Number | shares | 138,100 |
Exercisable options - Weighted average exercise price | € / shares | € 2.38 |
Outstanding options - Aggregate intrinsic value | € | € 195,191 |
Exercisable options - Aggregate intrinsic value | € | € 195,191 |
3.99 [Member] | |
Outstanding options - Number | shares | 359,088 |
Outstanding options - Weighted average remaining contractual life | 1 year 9 months 18 days |
Outstanding options - Weighted average exercise price | € / shares | € 3.99 |
Exercisable options - Number | shares | 359,088 |
Exercisable options - Weighted average exercise price | € / shares | € 3.99 |
1.91 [Member] | |
Outstanding options - Number | shares | 370,000 |
Outstanding options - Weighted average remaining contractual life | 7 years |
Outstanding options - Weighted average exercise price | € / shares | € 1.91 |
Exercisable options - Number | shares | 177,500 |
Exercisable options - Weighted average exercise price | € / shares | € 1.91 |
Outstanding options - Aggregate intrinsic value | € | € 696,860 |
Exercisable options - Aggregate intrinsic value | € | € 334,304 |
1.88 to 3.99 [Member] | |
Outstanding options - Number | shares | 917,188 |
Outstanding options - Weighted average remaining contractual life | 4 years 6 months |
Outstanding options - Weighted average exercise price | € / shares | € 2.79 |
Exercisable options - Number | shares | 724,688 |
Exercisable options - Weighted average exercise price | € / shares | € 3.03 |
Outstanding options - Aggregate intrinsic value | € | € 987,721 |
Exercisable options - Aggregate intrinsic value | € | € 625,165 |
Disclosure of sharebased compen
Disclosure of sharebased compensation arrangements by sharebased payment award nonvested (Details) - € / shares | 12 Months Ended | |
Dec. 31, 2015 | Jan. 02, 2015 | |
Non-vested options outstanding | 192,500 | 311,250 |
Non-vested options outstanding - Weighted average Grant-Date Fair Value | € 1.32 | € 1.32 |
Non-vested options granted | 0 | |
Non-vested options granted - Weighted average Grant-Date Fair Value | € 0 | |
Non-vested options vested | (103,750) | |
Non-vested options vested - Weighted average Grant-Date Fair Value | € 1.32 | |
Non-vested options forfeited | (15,000) | |
Non-vested options forfeitedvested - Weighted average Grant-Date Fair Value | € 1.32 |
Changes In Warrants Stock Optio
Changes In Warrants Stock Options And Capital Increase (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Warrants and stock options granted | € 92 | € 140 | € 367 |
Capital increase | € 1,219 | € 6,219 | € 5,671 |
Schedule of other revenues (Det
Schedule of other revenues (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Licenses Revenue | € 35 | € 533 | € 15 |
Other Revenue, Net | € 35 | € 533 | € 15 |
Schedule of Research and develo
Schedule of Research and development expenses (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Gross research and development expenses | € 3,308 | € 3,728 | € 3,711 |
Research tax credit | 448 | 518 | 561 |
Research grants credit | 170 | 278 | 555 |
Research and Development Expense | € 2,690 | € 2,932 | € 2,595 |
Schedule of financial income (e
Schedule of financial income (expense) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Interest income | € 18 | € 31 | € 59 |
Interest expense | 64 | 65 | 1,967 |
Changes in fair value of the warrants | (2,377) | 1,722 | 1,007 |
Warrants exercises | 330 | 83 | 0 |
Financial (expense) income, net | € (2,094) | € 1,771 | € (901) |
Schedule of Income before Incom
Schedule of Income before Income Tax, Domestic and Foreign (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
FRANCE [Member] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | € (543) | € 2,029 | € (2,018) |
UNITED STATES [Member] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | (380) | (1,811) | (2,060) |
UNKNOWN COUNTRY [Member] | |||
Income (Loss) from Continuing Operations before Income Taxes, Foreign | € 16 | € (614) | € (808) |
Schedule of Components of Incom
Schedule of Components of Income Tax Expense (Benefit) (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Current Income Tax (Expense) Benefit | € (767) | € (133) | € (125) |
Deferred Income Tax (Expense) Benefit | 23 | (18) | (65) |
Sub total deferred income tax (expense) benefit | 7 | 18 | (9) |
Income tax (expense) benefit | (759) | (116) | (135) |
FRANCE [Member] | |||
Current Income Tax (Expense) Benefit | (712) | (124) | (101) |
Deferred Income Tax (Expense) Benefit | (4) | (4) | (2) |
UNKNOWN COUNTRY [Member] | |||
Current Income Tax (Expense) Benefit | (55) | (10) | (24) |
Deferred Income Tax (Expense) Benefit | € 11 | € 22 | € (7) |
Schedule of Deferred Tax Assets
Schedule of Deferred Tax Assets and Liabilities (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Net operating loss carryforwards | € 18,295 | € 22,366 |
Elimination of intercompany profit in inventory | 172 | 156 |
Elimination of intercompany profit in fixed assets | 199 | 145 |
Other items | 335 | 283 |
Total deferred tax assets | 19,263 | 23,172 |
capital leases treated as operating leases for tax | 0 | (3) |
Provisions for retirement indemnities | 262 | 222 |
Other items | (4) | (4) |
Total deferred tax liabilities | (4) | (7) |
Net deferred tax assets | 19,259 | 23,165 |
Valuation allowance for deferred tax assets | € (19,212) | € (23,125) |
Schedule of Effective Income Ta
Schedule of Effective Income Tax Rate Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Effective Income Tax Rate Reconciliation, at Federal Statutory Income Tax Rate | 33.30% | 33.30% | 33.30% |
Effective Income Tax Rate Reconciliation, Foreign Income Tax Rate Differential | 3.90% | 23.50% | 1.90% |
Effect of net operating loss carry-forwards and valuation allowances | 52.40% | (81.30%) | (51.50%) |
Non taxable debt fair value variation | (83.90%) | 113.20% | (4.30%) |
Non deductible entertainment expenses | 40.70% | 42.30% | 2.60% |
Effect of cancellation of intra-group positions | (78.30%) | (44.20%) | 12.70% |
French business tax included in income tax (CVAE) | (16.00%) | (31.20%) | (2.00%) |
Other | (35.80%) | (84.80%) | (4.50%) |
Effective tax rate | (83.70%) | (29.20%) | (2.80%) |
Schedule of deferred revenues (
Schedule of deferred revenues (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 |
Deferred revenues on maintenance contracts | € 1,294 | € 920 |
Deferred revenue on RPP | 126 | 84 |
Deferred revenue on sale of devices | 287 | 172 |
Deferral of the gain on sale-lease-back transactions | 0 | 2 |
Deferred research and development grants | 394 | 0 |
Total | 2,101 | 1,177 |
Deferred Revenue, Noncurrent | 504 | 74 |
Deferred Revenue, Current | € 1,597 | € 1,102 |
Schedule of Earnings Per Share,
Schedule of Earnings Per Share, Basic and Diluted (Details) - EUR (€) | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income (loss) available to common Shareholders | € (1,666,658) | € (512,007) | € (5,021,229) |
Income (Loss) available to common shareholders, including assumed Conversions | € (1,666,658) | € (512,007) | € (5,021,229) |
Weighted Average Number of Shares Issued, Basic | 25,021,966 | 23,600,428 | 20,593,720 |
Weighted Average Number of Shares Outstanding, Diluted | 25,021,966 | 23,600,428 | 20,593,720 |
Basic income (loss) per share | € (0.07) | € (0.02) | € (0.24) |
Diluted income (loss) per share | € (0.07) | € (0.02) | € (0.24) |
Schedule of Fair Value Measurem
Schedule of Fair Value Measurement Inputs Level 1 (Details) - EUR (€) € in Thousands | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
Assets [Abstract] | ||||
Cash and cash equivalents | € 13,578 | € 11,142 | € 6,681 | € 7,041 |
Short-term investment | 1,000 | 1,000 | ||
Liabilities [Abstract] | ||||
Short-term borrowings | 2,814 | 2,126 | ||
Trade accounts payable | 5,641 | 5,156 | ||
Long-term Debt | 802 | 458 | ||
Fair Value, Inputs, Level 1 [Member] | ||||
Assets [Abstract] | ||||
Cash and cash equivalents | 13,578 | 11,142 | ||
Short-term investment | 1,000 | 1,000 | ||
Liabilities [Abstract] | ||||
Short-term borrowings | 2,814 | 2,126 | ||
Long-term Debt | 802 | 458 | ||
Fair Value, Inputs, Level 3 [Member] | ||||
Liabilities [Abstract] | ||||
Investor Warrants | 4,205 | 1,943 | ||
Placement Agent Warrants | € 172 | € 148 |
Schedule Of Fair Value Measu122
Schedule Of Fair Value Measurement Inputs Level 3 (Details) - Fair Value, Inputs, Level 3 [Member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value | € 4,377 | € 2,092 | € 3,439 |
Impact of Placement, Reimbursement Of Convertible Debentures | (330) | (83) | |
Fair-value Adjustments | 2,377 | (1,722) | |
USD EUR Exchange Impact | 238 | 457 | |
InvestorWarrants2012 [Member] | |||
Fair Value | 1,691 | 893 | 1,522 |
Impact of Placement, Reimbursement Of Convertible Debentures | (251) | (83) | |
Fair-value Adjustments | 947 | (743) | |
USD EUR Exchange Impact | 102 | 197 | |
PlacementAgentsWarrants2012 [Member] | |||
Fair Value | 99 | 110 | 181 |
Impact of Placement, Reimbursement Of Convertible Debentures | (79) | 0 | |
Fair-value Adjustments | 57 | (95) | |
USD EUR Exchange Impact | 11 | 24 | |
Investor Warrants 2013 [Member] | |||
Fair Value | 2,514 | 1,050 | 1,628 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ||
Fair-value Adjustments | 1,343 | (799) | |
USD EUR Exchange Impact | 121 | 221 | |
Placement Agent Warrants 2013 [Member] | |||
Fair Value | 73 | 39 | € 109 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ||
Fair-value Adjustments | 30 | (85) | |
USD EUR Exchange Impact | € 4 | € 15 |
ScheduleOfFairValueMeasurement
ScheduleOfFairValueMeasurement Input Level 3 bis (Details) - Fair Value, Inputs, Level 3 [Member] - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Fair Value | € 4,377 | € 2,092 | € 3,439 |
Impact of Placement, Reimbursement Of Convertible Debentures | (330) | (83) | |
Fair-value Adjustments | 2,377 | (1,722) | |
USD EUR Exchange Impact | 238 | 457 | |
Investor Warrants 2013 [Member] | |||
Fair Value | 2,514 | 1,050 | 1,628 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ||
Fair-value Adjustments | 1,343 | (799) | |
USD EUR Exchange Impact | 121 | 221 | |
Placement Agent Warrants 2013 [Member] | |||
Fair Value | 73 | 39 | 109 |
Impact of Placement, Reimbursement Of Convertible Debentures | 0 | ||
Fair-value Adjustments | 30 | (85) | |
USD EUR Exchange Impact | 4 | 15 | |
InvestorWarrants2012 [Member] | |||
Fair Value | 1,691 | 893 | 1,522 |
Impact of Placement, Reimbursement Of Convertible Debentures | (251) | (83) | |
Fair-value Adjustments | 947 | (743) | |
USD EUR Exchange Impact | 102 | 197 | |
PlacementAgentsWarrants2012 [Member] | |||
Fair Value | 99 | 110 | € 181 |
Impact of Placement, Reimbursement Of Convertible Debentures | (79) | 0 | |
Fair-value Adjustments | 57 | (95) | |
USD EUR Exchange Impact | € 11 | € 24 |
Reconciliation of operating pro
Reconciliation of operating profit (loss) from segments to consolidated [Table] (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Segment operating loss | € 488 | € (1,736) | € (2,755) |
Segment Information Reconciliation Of Operating Profit (loss) From Segments To Consolidated 10 | 0 | ||
Segment Information Reconciliation Of Operating Profit (loss) From Segments To Consolidated 11 | 0 | ||
Foreign currency exchange gain (loss), net | 699 | (431) | (1,230) |
Segment Information Reconciliation Of Operating Profit (loss) From Segments To Consolidated 12 | 0 | ||
Interest Income (Expense), Net | (2,094) | 1,771 | (901) |
Income tax (expense) benefit | (759) | (116) | (135) |
Net income (loss) | € (1,667) | € (512) | € (5,021) |
Schedule Of Segment Reporting I
Schedule Of Segment Reporting Information By Segment N (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales of goods | € 21,906 | € 16,895 | € 14,767 |
Sales of RPPs and leases | 4,408 | 3,957 | 3,922 |
Sales of spare parts and services | 5,904 | 5,400 | 5,375 |
Total sales | 32,218 | 26,252 | 24,065 |
Other Revenue, Net | 35 | 533 | 15 |
Total revenues | 32,253 | 26,785 | 24,080 |
Total cost of sales | (18,468) | (15,584) | (14,761) |
Gross margin | 13,785 | 11,201 | 9,319 |
Research and development expenses | (2,690) | (2,932) | (2,595) |
Selling and marketing expenses | (7,406) | (6,678) | (6,279) |
General and administrative expenses | (3,202) | (3,328) | (3,200) |
Total expenses | (13,298) | (12,937) | (12,074) |
Operating income (loss) | 488 | (1,736) | (2,755) |
Total assets | 38,581 | 32,154 | |
Capital expenditures | 664 | 1,033 | 758 |
Long-lived assets | 4,949 | 4,902 | 4,434 |
Goodwill | 2,412 | 2,412 | |
Urology Devices and Services (UDS) [Member] | |||
Sales of goods | 17,027 | 11,625 | 13,020 |
Sales of RPPs and leases | 1,501 | 1,787 | 1,588 |
Sales of spare parts and services | 5,246 | 4,640 | 4,344 |
Total sales | 23,774 | 18,052 | 18,952 |
Other Revenue, Net | 3 | 15 | |
Total revenues | 23,777 | 18,067 | 18,952 |
Total cost of sales | (14,832) | (11,901) | (12,271) |
Gross margin | 8,945 | 6,166 | 6,681 |
Research and development expenses | (992) | (646) | (525) |
Selling and marketing expenses | (5,122) | (4,527) | (4,692) |
General and administrative expenses | (1,192) | (1,153) | (963) |
Total expenses | (7,306) | (6,326) | (6,179) |
Operating income (loss) | 1,639 | (160) | 502 |
Total assets | 25,818 | 20,778 | 18,303 |
Capital expenditures | 207 | 569 | 720 |
Long-lived assets | 3,320 | 3,300 | 2,981 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs and leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | (311) | (1,224) | (973) |
Selling and marketing expenses | 0 | 0 | |
General and administrative expenses | 0 | (165) | |
Total expenses | (311) | (1,224) | (1,138) |
Operating income (loss) | (311) | (1,224) | (1,138) |
Total assets | 0 | 193 | 110 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 0 | 0 | 0 |
Goodwill | 0 | 0 | 0 |
EDAP TMS (Corporate) [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs and leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Selling and marketing expenses | 0 | 0 | 0 |
General and administrative expenses | (1,363) | (1,514) | (1,415) |
Total expenses | (1,363) | (1,514) | (1,415) |
Operating income (loss) | (1,363) | (1,514) | (1,415) |
Total assets | 3,144 | 3,715 | 1,692 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 192 | 192 | 202 |
Goodwill | 0 | 0 | 0 |
High Intensity Focused Ultrasound (HIFU) [Member] | |||
Sales of goods | 4,878 | 5,270 | 1,747 |
Sales of RPPs and leases | 2,908 | 2,170 | 2,335 |
Sales of spare parts and services | 658 | 760 | 1,031 |
Total sales | 8,444 | 8,200 | 5,113 |
Other Revenue, Net | 32 | 518 | 15 |
Total revenues | 8,476 | 8,718 | 5,128 |
Total cost of sales | (3,636) | (3,683) | (2,490) |
Gross margin | 4,841 | 5,035 | 2,638 |
Research and development expenses | (1,387) | (1,062) | (1,097) |
Selling and marketing expenses | (2,284) | (2,151) | (1,587) |
General and administrative expenses | (646) | (660) | (657) |
Total expenses | (4,318) | (3,874) | (3,342) |
Operating income (loss) | 523 | 1,162 | (704) |
Total assets | 9,619 | 7,468 | 6,769 |
Capital expenditures | 457 | 464 | 38 |
Long-lived assets | 1,437 | 1,410 | 1,251 |
Goodwill | € 645 | € 645 | € 645 |
ScheduleOfSegment Reporting Inf
ScheduleOfSegment Reporting Information By segment N-1 (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales of goods | € 21,906 | € 16,895 | € 14,767 |
Sales of RPPs & leases | 4,408 | 3,957 | 3,922 |
Sales of spare parts and services | 5,904 | 5,400 | 5,375 |
Total sales | 32,218 | 26,252 | 24,065 |
Other Revenue, Net | 35 | 533 | 15 |
Total revenues | 32,253 | 26,785 | 24,080 |
Total cost of sales | (18,468) | (15,584) | (14,761) |
Gross margin | 13,785 | 11,201 | 9,319 |
Research and development expenses | (2,690) | (2,932) | (2,595) |
Selling and marketing expenses | (7,406) | (6,678) | (6,279) |
General and administrative expenses | (3,202) | (3,328) | (3,200) |
Total expenses | (13,298) | (12,937) | (12,074) |
Operating income (loss) | 488 | (1,736) | (2,755) |
Total assets | 38,581 | 32,154 | |
Capital expenditures | 664 | 1,033 | 758 |
Long-lived assets | 4,949 | 4,902 | 4,434 |
Goodwill | 2,412 | 2,412 | |
Urology Devices and Services (UDS) [Member] | |||
Sales of goods | 17,027 | 11,625 | 13,020 |
Sales of RPPs & leases | 1,501 | 1,787 | 1,588 |
Sales of spare parts and services | 5,246 | 4,640 | 4,344 |
Total sales | 23,774 | 18,052 | 18,952 |
Other Revenue, Net | 3 | 15 | |
Total revenues | 23,777 | 18,067 | 18,952 |
Total cost of sales | (14,832) | (11,901) | (12,271) |
Gross margin | 8,945 | 6,166 | 6,681 |
Research and development expenses | (992) | (646) | (525) |
Selling and marketing expenses | (5,122) | (4,527) | (4,692) |
General and administrative expenses | (1,192) | (1,153) | (963) |
Total expenses | (7,306) | (6,326) | (6,179) |
Operating income (loss) | 1,639 | (160) | 502 |
Total assets | 25,818 | 20,778 | 18,303 |
Capital expenditures | 207 | 569 | 720 |
Long-lived assets | 3,320 | 3,300 | 2,981 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs & leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | (311) | (1,224) | (973) |
Selling and marketing expenses | 0 | 0 | |
General and administrative expenses | 0 | (165) | |
Total expenses | (311) | (1,224) | (1,138) |
Operating income (loss) | (311) | (1,224) | (1,138) |
Total assets | 0 | 193 | 110 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 0 | 0 | 0 |
Goodwill | 0 | 0 | 0 |
EDAP TMS (Corporate) [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs & leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Selling and marketing expenses | 0 | 0 | 0 |
General and administrative expenses | (1,363) | (1,514) | (1,415) |
Total expenses | (1,363) | (1,514) | (1,415) |
Operating income (loss) | (1,363) | (1,514) | (1,415) |
Total assets | 3,144 | 3,715 | 1,692 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 192 | 192 | 202 |
Goodwill | 0 | 0 | 0 |
High Intensity Focused Ultrasound (HIFU) [Member] | |||
Sales of goods | 4,878 | 5,270 | 1,747 |
Sales of RPPs & leases | 2,908 | 2,170 | 2,335 |
Sales of spare parts and services | 658 | 760 | 1,031 |
Total sales | 8,444 | 8,200 | 5,113 |
Other Revenue, Net | 32 | 518 | 15 |
Total revenues | 8,476 | 8,718 | 5,128 |
Total cost of sales | (3,636) | (3,683) | (2,490) |
Gross margin | 4,841 | 5,035 | 2,638 |
Research and development expenses | (1,387) | (1,062) | (1,097) |
Selling and marketing expenses | (2,284) | (2,151) | (1,587) |
General and administrative expenses | (646) | (660) | (657) |
Total expenses | (4,318) | (3,874) | (3,342) |
Operating income (loss) | 523 | 1,162 | (704) |
Total assets | 9,619 | 7,468 | 6,769 |
Capital expenditures | 457 | 464 | 38 |
Long-lived assets | 1,437 | 1,410 | 1,251 |
Goodwill | € 645 | € 645 | € 645 |
Schedule Of Segment Reportin127
Schedule Of Segment Reporting Information By Segment N-2 (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Sales of goods | € 21,906 | € 16,895 | € 14,767 |
Sales of RPPs & leases | 4,408 | 3,957 | 3,922 |
Sales of spare parts and services | 5,904 | 5,400 | 5,375 |
Total sales | 32,218 | 26,252 | 24,065 |
Other Revenue, Net | 35 | 533 | 15 |
Total revenues | 32,253 | 26,785 | 24,080 |
Total cost of sales | (18,468) | (15,584) | (14,761) |
Gross margin | 13,785 | 11,201 | 9,319 |
Research and development expenses | (2,690) | (2,932) | (2,595) |
Selling and marketing expenses | (7,406) | (6,678) | (6,279) |
General and administrative expenses | (3,202) | (3,328) | (3,200) |
Total expenses | (13,298) | (12,937) | (12,074) |
Operating income (loss) | 488 | (1,736) | (2,755) |
Total assets | 38,581 | 32,154 | |
Capital expenditures | 664 | 1,033 | 758 |
Long-lived assets | 4,949 | 4,902 | 4,434 |
Goodwill | 2,412 | 2,412 | |
Urology Devices and Services (UDS) [Member] | |||
Sales of goods | 17,027 | 11,625 | 13,020 |
Sales of RPPs & leases | 1,501 | 1,787 | 1,588 |
Sales of spare parts and services | 5,246 | 4,640 | 4,344 |
Total sales | 23,774 | 18,052 | 18,952 |
Other Revenue, Net | 3 | 15 | |
Total revenues | 23,777 | 18,067 | 18,952 |
Total cost of sales | (14,832) | (11,901) | (12,271) |
Gross margin | 8,945 | 6,166 | 6,681 |
Research and development expenses | (992) | (646) | (525) |
Selling and marketing expenses | (5,122) | (4,527) | (4,692) |
General and administrative expenses | (1,192) | (1,153) | (963) |
Total expenses | (7,306) | (6,326) | (6,179) |
Operating income (loss) | 1,639 | (160) | 502 |
Total assets | 25,818 | 20,778 | 18,303 |
Capital expenditures | 207 | 569 | 720 |
Long-lived assets | 3,320 | 3,300 | 2,981 |
Goodwill | 1,767 | 1,767 | 1,767 |
FDA [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs & leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | (311) | (1,224) | (973) |
Selling and marketing expenses | 0 | 0 | |
General and administrative expenses | 0 | (165) | |
Total expenses | (311) | (1,224) | (1,138) |
Operating income (loss) | (311) | (1,224) | (1,138) |
Total assets | 0 | 193 | 110 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 0 | 0 | 0 |
Goodwill | 0 | 0 | 0 |
EDAP TMS (Corporate) [Member] | |||
Sales of goods | 0 | 0 | 0 |
Sales of RPPs & leases | 0 | 0 | 0 |
Sales of spare parts and services | 0 | 0 | 0 |
Total sales | 0 | 0 | 0 |
Other Revenue, Net | 0 | 0 | 0 |
Total revenues | 0 | 0 | 0 |
Total cost of sales | 0 | 0 | 0 |
Gross margin | 0 | 0 | 0 |
Research and development expenses | 0 | 0 | 0 |
Selling and marketing expenses | 0 | 0 | 0 |
General and administrative expenses | (1,363) | (1,514) | (1,415) |
Total expenses | (1,363) | (1,514) | (1,415) |
Operating income (loss) | (1,363) | (1,514) | (1,415) |
Total assets | 3,144 | 3,715 | 1,692 |
Capital expenditures | 0 | 0 | 0 |
Long-lived assets | 192 | 192 | 202 |
Goodwill | 0 | 0 | 0 |
High Intensity Focused Ultrasound (HIFU) [Member] | |||
Sales of goods | 4,878 | 5,270 | 1,747 |
Sales of RPPs & leases | 2,908 | 2,170 | 2,335 |
Sales of spare parts and services | 658 | 760 | 1,031 |
Total sales | 8,444 | 8,200 | 5,113 |
Other Revenue, Net | 32 | 518 | 15 |
Total revenues | 8,476 | 8,718 | 5,128 |
Total cost of sales | (3,636) | (3,683) | (2,490) |
Gross margin | 4,841 | 5,035 | 2,638 |
Research and development expenses | (1,387) | (1,062) | (1,097) |
Selling and marketing expenses | (2,284) | (2,151) | (1,587) |
General and administrative expenses | (646) | (660) | (657) |
Total expenses | (4,318) | (3,874) | (3,342) |
Operating income (loss) | 523 | 1,162 | (704) |
Total assets | 9,619 | 7,468 | 6,769 |
Capital expenditures | 457 | 464 | 38 |
Long-lived assets | 1,437 | 1,410 | 1,251 |
Goodwill | € 645 | € 645 | € 645 |
Schedule of Valuation accounts
Schedule of Valuation accounts (Details) - EUR (€) € in Thousands | 12 Months Ended | |||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | |
Inventory Valuation Reserve [Member] | ||||
Valuation Allowances and Reserves, Balance | € 728 | € 741 | € 737 | € 934 |
Charges to costs and expenses | 275 | 172 | 225 | |
Deductions: write-off provided in prior periods | (288) | (168) | (422) | |
Allowance for deferred tax assets [Member] | ||||
Valuation Allowances and Reserves, Balance | 19,212 | 23,125 | 22,543 | 20,375 |
Charges to costs and expenses | 218 | 1,143 | 2,168 | |
Deductions: write-off provided in prior periods | (4,131) | (561) | 0 | |
Allowance for Doubtful Accounts [Member] | ||||
Valuation Allowances and Reserves, Balance | 1,091 | 1,274 | 1,094 | € 1,602 |
Charges to costs and expenses | 124 | 323 | 186 | |
Deductions: write-off provided in prior periods | € (307) | € (143) | € (693) |
Schedule of Cash Flow, Suppleme
Schedule of Cash Flow, Supplemental Disclosures - Interest (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Income taxes paid (refunds received) | € 159 | € 141 | € 118 |
Interest paid | 43 | 39 | 293 |
Interest received | € 7 | € 12 | € 6 |
Schedule of Cash Flow, Suppl130
Schedule of Cash Flow, Supplemental Disclosures - Non cash transactions (Details) - EUR (€) € in Thousands | 12 Months Ended | ||
Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |
Capital Lease Obligations Incurred | € 105 | € 236 | € 64 |