Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 19, 2020 | Jun. 30, 2019 | |
Document And Entity Information [Abstract] | |||
Document Type | 10-K | ||
Amendment Flag | false | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Trading Symbol | LNTH | ||
Entity Registrant Name | LANTHEUS HOLDINGS, INC. | ||
Entity Central Index Key | 0001521036 | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Shell Company | false | ||
Entity Emerging Growth Company | false | ||
Entity Common Stock, Shares Outstanding | 39,252,651 | ||
Entity Public Float | $ 1,090.9 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets | ||
Cash and cash equivalents | $ 92,919 | $ 113,401 |
Accounts receivable, net | 43,529 | 43,753 |
Inventory | 29,180 | 33,019 |
Other current assets | 7,283 | 5,242 |
Total current assets | 172,911 | 195,415 |
Property, plant and equipment, net | 116,497 | |
Property, plant and equipment, net | 107,888 | |
Intangibles, net | 7,336 | 9,133 |
Goodwill | 15,714 | 15,714 |
Deferred tax assets, net | 71,834 | 81,449 |
Other long-term assets | 21,627 | 30,232 |
Total assets | 405,919 | 439,831 |
Current liabilities | ||
Current portion of long-term debt and other borrowings | 10,143 | 2,750 |
Accounts payable | 18,608 | 17,955 |
Accrued expenses and other liabilities | 37,360 | 32,050 |
Total current liabilities | 66,111 | 52,755 |
Asset retirement obligations | 12,883 | 11,572 |
Long-term debt, net and other borrowings | 183,927 | 263,709 |
Other long-term liabilities | 28,397 | 40,793 |
Total liabilities | 291,318 | 368,829 |
Commitments and contingencies (see Note 15) | ||
Stockholders’ equity | ||
Preferred stock ($0.01 par value, 25,000 shares authorized; no shares issued and outstanding) | 0 | 0 |
Common stock ($0.01 par value, 250,000 shares authorized; 39,251 and 38,466 shares issued and outstanding, respectively) | 393 | 385 |
Additional paid-in capital | 251,641 | 239,865 |
Accumulated deficit | (136,473) | (168,140) |
Accumulated other comprehensive loss | (960) | (1,108) |
Total stockholders’ equity | 114,601 | 71,002 |
Total liabilities and stockholders’ equity | $ 405,919 | $ 439,831 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2018 | Dec. 31, 2016 |
Statement of Financial Position [Abstract] | ||
Preferred stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized (in shares) | 25,000,000 | 25,000,000 |
Preferred stock, shares issued (in shares) | 0 | 0 |
Preferred stock, shares outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (in shares) | 250,000,000 | 250,000,000 |
Common stock, shares issued (in shares) | 39,251,000 | 38,466,000 |
Common stock, shares outstanding (in shares) | 39,251,000 | 38,466,000 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Revenues | $ 347,337 | $ 343,374 | $ 331,378 |
Cost of goods sold | 172,526 | 168,489 | 169,243 |
Gross profit | 174,811 | 174,885 | 162,135 |
Operating expenses | |||
Sales and marketing | 41,888 | 43,159 | 42,315 |
General and administrative | 61,244 | 50,167 | 49,842 |
Research and development | 20,018 | 17,071 | 18,125 |
Total operating expenses | 123,150 | 110,397 | 110,282 |
Operating income | 51,661 | 64,488 | 51,853 |
Interest expense | 13,617 | 17,405 | 18,410 |
Loss on extinguishment of debt | 3,196 | 0 | 2,442 |
Other expense (income) | 6,221 | (2,465) | (8,638) |
Income before income taxes | 28,627 | 49,548 | 39,639 |
Income tax (benefit) expense | (3,040) | 9,030 | (83,746) |
Net income | $ 31,667 | $ 40,518 | $ 123,385 |
Net income per common share: | |||
Basic (in dollars per share) | $ 0.81 | $ 1.06 | $ 3.31 |
Diluted (in dollars per share) | $ 0.79 | $ 1.03 | $ 3.17 |
Weighted-average common shares outstanding: | |||
Basic (in shares) | 38,988 | 38,233 | 37,276 |
Diluted (in shares) | 40,113 | 39,501 | 38,892 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Comprehensive Income [Abstract] | |||
Net income | $ 31,667 | $ 40,518 | $ 123,385 |
Other comprehensive income (loss): | |||
Foreign currency translation | 148 | (74) | (87) |
Total other comprehensive income (loss) | 148 | (74) | (87) |
Comprehensive income | $ 31,815 | $ 40,444 | $ 123,298 |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Deficit) - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-In Capital | Accumulated Deficit | Accumulated Other Comprehensive Loss |
Beginning balance (in shares) at Dec. 31, 2016 | 36,756 | ||||
Beginning balance at Dec. 31, 2016 | $ (106,516) | $ 367 | $ 226,462 | $ (332,398) | $ (947) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 123,385 | 123,385 | |||
Other comprehensive income (loss) | (87) | (87) | |||
Stock option exercises and employee stock plan purchases (in shares) | 478 | ||||
Stock option exercises and employee stock plan purchases | 3,434 | $ 5 | 3,429 | ||
Vesting of restricted stock awards and units (in shares) | 744 | ||||
Vesting of restricted stock awards and units | 0 | $ 8 | (8) | ||
Shares withheld to cover taxes (in shares) | (214) | ||||
Shares withheld to cover taxes | (2,853) | $ (2) | (2,851) | ||
Stock-based compensation | 5,928 | 5,928 | |||
Ending balance (in shares) at Dec. 31, 2017 | 37,765 | ||||
Ending balance at Dec. 31, 2017 | 23,291 | $ 378 | 232,960 | (209,013) | (1,034) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 40,518 | 40,518 | |||
Forfeiture of dividend equivalent right | 355 | 355 | |||
Other comprehensive income (loss) | (74) | (74) | |||
Stock option exercises and employee stock plan purchases (in shares) | 223 | ||||
Stock option exercises and employee stock plan purchases | 1,580 | $ 2 | 1,578 | ||
Vesting of restricted stock awards and units (in shares) | 672 | ||||
Vesting of restricted stock awards and units | 0 | $ 7 | (7) | ||
Shares withheld to cover taxes (in shares) | (194) | ||||
Shares withheld to cover taxes | (3,386) | $ (2) | (3,384) | ||
Stock-based compensation | 8,718 | 8,718 | |||
Ending balance (in shares) at Dec. 31, 2018 | 38,466 | ||||
Ending balance at Dec. 31, 2018 | 71,002 | $ 385 | 239,865 | (168,140) | (1,108) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Net income | 31,667 | 31,667 | |||
Other comprehensive income (loss) | 148 | 148 | |||
Stock option exercises and employee stock plan purchases (in shares) | 95 | ||||
Stock option exercises and employee stock plan purchases | 1,746 | $ 1 | 1,745 | ||
Vesting of restricted stock awards and units (in shares) | 796 | ||||
Vesting of restricted stock awards and units | 0 | $ 8 | (8) | ||
Shares withheld to cover taxes (in shares) | (106) | ||||
Shares withheld to cover taxes | (2,454) | $ (1) | (2,453) | ||
Stock-based compensation | 12,492 | 12,492 | |||
Ending balance (in shares) at Dec. 31, 2019 | 39,251 | ||||
Ending balance at Dec. 31, 2019 | $ 114,601 | $ 393 | $ 251,641 | $ (136,473) | $ (960) |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating activities | |||
Net income | $ 31,667 | $ 40,518 | $ 123,385 |
Adjustments to reconcile net income to net cash flows from operating activities: | |||
Depreciation, amortization and accretion | 13,379 | 13,929 | 19,231 |
Amortization of debt related costs | 978 | 1,279 | 1,361 |
Provision for bad debt | 146 | 321 | 136 |
Provision for excess and obsolete inventory | 1,851 | 2,875 | 1,215 |
Stock-based compensation | 12,492 | 8,718 | 5,928 |
Loss on impairment of land | 0 | 0 | 912 |
Loss on extinguishment of debt | 3,196 | 0 | 2,442 |
Deferred taxes | 9,725 | 5,762 | (86,946) |
Long-term income tax receivable | 10,635 | (2,855) | (8,413) |
Long-term income tax payable and other long-term liabilities | (13,156) | 3,219 | 2,793 |
Other | 422 | 1,399 | 1,049 |
Increases (decreases) in cash from operating assets and liabilities: | |||
Accounts receivable | 156 | (3,985) | (3,407) |
Inventory | 1,994 | (8,690) | (9,620) |
Other current assets | (2,411) | (661) | (388) |
Accounts payable | 3,233 | (2,886) | 604 |
Accrued expenses and other liabilities | 6,077 | 2,250 | 4,495 |
Net cash provided by operating activities | 80,384 | 61,193 | 54,777 |
Investing activities | |||
Capital expenditures | (22,061) | (20,132) | (17,543) |
Proceeds from sale of assets | 0 | 1,000 | 1,234 |
Net cash used in investing activities | (22,061) | (19,132) | (16,309) |
Financing activities | |||
Proceeds from issuance of common stock | 573 | 428 | 187 |
Payments for public offering costs | 0 | 0 | (74) |
Proceeds from issuance of long-term debt | 199,461 | 0 | 274,313 |
Payments on long-term debt and other borrowings | (275,376) | (2,862) | (286,694) |
Deferred financing costs | (2,258) | 0 | (1,576) |
Proceeds from stock option exercises | 1,173 | 1,152 | 3,247 |
Payments for minimum statutory tax withholding related to net share settlement of equity awards | (2,454) | (3,386) | (2,853) |
Net cash used in financing activities | (78,881) | (4,668) | (13,450) |
Effect of foreign exchange rates on cash and cash equivalents | 76 | (282) | 94 |
Net (decrease) increase in cash and cash equivalents | (20,482) | 37,111 | 25,112 |
Cash and cash equivalents, beginning of year | 113,401 | 76,290 | 51,178 |
Cash and cash equivalents, end of year | 92,919 | 113,401 | 76,290 |
Supplemental disclosure of cash flow information | |||
Interest | 12,253 | 15,869 | 16,653 |
Income taxes, net of refunds of $2, $35 and $17, respectively | 274 | 90 | 106 |
Schedule of non-cash investing and financing activities | |||
Additions of property, plant and equipment included in liabilities | $ 4,175 | $ 7,395 | $ 2,738 |
Consolidated Statements of Ca_2
Consolidated Statements of Cash Flows (Parenthetical) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Statement of Cash Flows [Abstract] | |||
Income taxes, refunds | $ 2 | $ 35 | $ 17 |
Description of Business
Description of Business | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Description of Business | Description of Business Lantheus Holdings, Inc., a Delaware corporation, is the parent company of Lantheus Medical Imaging, Inc. (“LMI”), also a Delaware corporation. The Company develops, manufactures and commercializes innovative diagnostic medical imaging agents and other products that assist clinicians in the diagnosis and treatment of cardiovascular and other diseases. The Company’s commercial products are used by cardiologists, nuclear physicians, radiologists, internal medicine physicians, technologists and sonographers working in a variety of clinical settings. The Company sells its products to radiopharmacies, integrated delivery networks, hospitals, clinics and group practices. The Company sells its products globally and has operations in the U.S., Puerto Rico and Canada and third-party distribution relationships in Europe, Canada, Australia, Asia-Pacific and Latin America. The Company’s product portfolio includes an ultrasound contrast agent, nuclear imaging products and a radiotherapeutic product. The Company’s principal products include the following: • DEFINITY is a microbubble contrast agent used in ultrasound exams of the heart, also known as echocardiography exams. DEFINITY contains perflutren-containing lipid microspheres and is indicated in the U.S. for use in patients with suboptimal echocardiograms to assist in imaging the left ventricular chamber and left endocardial border of the heart in ultrasound procedures. • TechneLite is a Tc-99m generator that provides the essential nuclear material used by radiopharmacies to radiolabel Cardiolite, Neurolite and other Tc-99m-based radiopharmaceuticals used in nuclear medicine procedures. TechneLite uses Mo-99 as its active ingredient. Sales of the Company’s microbubble contrast agent, DEFINITY, are made in the U.S. and Canada through a DEFINITY direct sales team. In the U.S., the Company’s nuclear imaging products, including TechneLite, Xenon, Neurolite and Cardiolite, are primarily distributed through commercial radiopharmacies, the majority of which are controlled by or associated with GE Healthcare, Cardinal, UPPI, Jubilant Radiopharma and PharmaLogic. A small portion of the Company’s nuclear imaging product sales in the U.S. are made through the Company’s direct sales force to hospitals and clinics that maintain their own in-house radiopharmaceutical preparation capabilities. The Company owns one radiopharmacy in Puerto Rico where they sell their own products as well as products of third parties to end-users. The Company also maintains its own direct sales force in Canada for certain of its products. In Europe, Australia, Asia-Pacific and Latin America, the Company generally relies on third-party distributors to market, sell and distribute its nuclear imaging and contrast agent products, either on a country-by-country basis or on a multi-country regional basis. Progenics Transaction On October 1, 2019, the Company entered into an Agreement and Plan of Merger (the “Initial Merger Agreement”) to acquire Progenics Pharmaceuticals, Inc. (NASDAQ: PGNX) (“Progenics”) in an all-stock transaction. Progenics is an oncology company developing innovative medicines and artificial intelligence to find, fight and follow cancer. Under the terms of the Initial Merger Agreement, the Company agreed to acquire all of the issued and outstanding shares of Progenics common stock at a fixed exchange ratio. Progenics stockholders would have received 0.2502 shares of the Company’s common stock for each share of Progenics common stock, representing an approximately 35% aggregate ownership stake in the combined company. The transaction contemplated by the Initial Merger Agreement was unanimously approved by the Boards of Directors of both companies and was subject to the terms and conditions set forth in the Initial Merger Agreement, including, among other things, the affirmative vote of a majority of the outstanding shares of common stock of Progenics and a majority of votes cast by the holders of the common stock of the Company. The Initial Merger Agreement further provides that in the event of a termination of the Initial Merger Agreement under certain circumstances, one party may be required to pay the other party a termination fee equal to $18.3 million . In the event of a termination of the Merger Agreement as a result of Progenics stockholders failing to adopt the Initial Merger Agreement, Progenics may be required to reimburse reasonable and documented out-of-pocket expenses incurred by the Company in connection with the Merger Agreement not to exceed $5.3 million . On February 20, 2020, the Company entered into an Amended and Restated Agreement and Plan of Merger (the “Amended Merger Agreement”) with Progenics that, among other things, increases the exchange ratio and provides for the issuance of CVRs in connection with the transaction. See Note 20, “Subsequent Events” for further details on the Amended Merger Agreement. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation, asset retirement obligations, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities and accrued expenses. Actual results could materially differ from those estimates or assumptions. Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods and services. See Note 3, “Revenue from Contracts with Customers” for further discussion on revenues. Accounts Receivable, net Accounts receivable consist of amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts for estimated losses. In determining the allowance, consideration includes the probability of recoverability based on past experience and general economic factors. Certain accounts receivable may be fully reserved when the Company becomes aware of any specific collection issues. Income Taxes The Company accounts for income taxes using an asset and liability approach. Income tax (benefit) expense represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax attributes are expected to be recovered or paid, and are adjusted for changes in tax rates and tax laws when such changes are enacted. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more-likely-than-not to be realized. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that the future tax benefit will not be realized. The assessment of whether or not a valuation allowance is required involves weighing both positive and negative evidence, including both historical and prospective information, with greater weight given to evidence that is objectively verifiable. A history of recent losses is negative evidence that is difficult to overcome with positive evidence. In evaluating prospective information there are four sources of taxable income: reversals of taxable temporary differences, items that can be carried back to prior tax years (such as net operating losses), pre-tax income, and prudent and feasible tax planning strategies. Adjustments to the deferred tax valuation allowances are made in the period when those assessments are made. The Company accounts for uncertain tax positions using a two-step recognition threshold and measurement analysis method to determine the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to other long-term assets and liabilities, or adjustments to deferred taxes, or both. The Company records the related interest and penalties to income tax (benefit) expense. Net Income per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities if those securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share is calculated by dividing the net loss by the weighted-average shares of common stock outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive. Cash and Cash Equivalents Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased. Concentration of Risks and Limited Suppliers Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to large national distributors, which in turn, resell the Company’s products. As of December 31, 2019, no customer accounted for greater than 10% of accounts receivable, net. One customer accounted for approximately 11% of accounts receivable, net for the year ended December 31, 2018. No customer accounted for greater than 10% of revenues for the years ended December 31, 2019 and December 31, 2018. Three customers accounted for approximately 12% , 10% and 10% of revenues for the year ended December 31, 2017. The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and would adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations. The Company has Mo-99 supply agreements with IRE of Belgium, running through December 31, 2022, and renewable by the Company on a year-to-year basis thereafter, and with ANSTO and NTP, running through December 31, 2021. The Company also has a Xenon supply agreement with IRE which runs through June 30, 2022, and which is subject to further extension. The Company currently relies on IRE as the sole supplier of bulk-unprocessed Xenon which the Company processes and finishes for its customers. The Company currently relies on JHS as its sole source manufacturer of DEFINITY, Neurolite, Cardiolite and evacuation vials for TechneLite. The following table sets forth revenues for each of the Company’s products representing 10% or more of revenues: Year Ended December 31, 2019 2018 2017 DEFINITY 62.6% 53.3% 47.5% TechneLite 24.9% 28.8% 31.6% Inventory Inventory includes material, direct labor and related manufacturing overhead and is stated at the lower of cost and net realizable value on a first-in, first-out basis. The Company records inventory when the Company takes title to the product. The Company assesses the recoverability of inventory to determine whether adjustments for excess and obsolete inventory are required. Inventory that is in excess of future requirements is written down to its estimated net realizable value based on product shelf life, forecasted demand and other factors. Inventory costs associated with product that has not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefits of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed as incurred. As of December 31, 2019 and 2018, the Company had no capitalized inventories associated with product that did not have regulatory approval, respectively. Property, Plant and Equipment, net Property, plant & equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. Certain costs to obtain or develop computer software are capitalized and amortized over the estimated useful life of the software. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are as follows: Class Range of Estimated Useful Lives Buildings 10 - 50 years Land improvements 15 - 40 years Machinery and equipment 3 - 15 years Furniture and fixtures 15 years Leasehold improvements Lesser of lease term or 15 years Computer software 3 - 5 years Upon retirement or other disposal of property, plant & equipment, the cost and related amount of accumulated depreciation are removed from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in operating income. Included within machinery, equipment and fixtures are spare parts. Spare parts include replacement parts relating to plant & equipment and are either recognized as an expense when consumed or reclassified and capitalized as part of the related asset and depreciated over the remaining useful life of the related asset. Goodwill Goodwill is not amortized but is instead tested for impairment at least annually and whenever events or circumstances indicate that it is more likely-than-not that they may be impaired. The Company has elected to perform the annual test for goodwill impairment as of October 31 of each year. All goodwill has been allocated to the U.S. reporting unit. In performing the Company’s annual assessment, the Company is permitted to first perform a qualitative test and if necessary, perform a quantitative test. If the Company is required to perform the quantitative impairment test of goodwill, the Company compares the fair value of a reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company would record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company estimates the fair value of its reporting unit using discounted cash flow or other valuation models, such as comparative transactions and market multiples. The Company did not recognize any goodwill impairment charges during the years ended December 31, 2019, 2018 or 2017. Intangible and Long-Lived Assets The Company tests intangible and long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. The Company measures the recoverability of assets to be held and used by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If those assets are considered to be impaired, the impairment equals the amount by which the carrying amount of the assets exceeds the fair value of the assets. Any impairments are recorded as permanent reductions in the carrying amount of the assets. Long-lived assets, other than goodwill and other intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. Intangible assets, consisting of patents, trademarks and customer relationships related to the Company’s products are amortized in a method equivalent to the estimated utilization of the economic benefit of the asset. Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, product and environmental liability. The Company records accruals for those loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company does not recognize gain contingencies until realized. Fair Values of Financial Instruments The estimated fair values of the Company’s financial instruments, including its cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the carrying values of these instruments due to their short term nature. The estimated fair value of the Company’s long term debt approximates its carrying values as the applicable interest rates are subject to change with market interest rates. Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. During the years ended December 31, 2019, 2018 and 2017, the Company incurred $3.8 million , $4.0 million and $4.4 million , respectively in advertising and promotion costs, which are included in sales and marketing in the consolidated statements of operations. Research and Development Research and development costs are expensed as incurred and relate primarily to the development of new products to add to the Company’s portfolio and costs related to its medical affairs and medical information functions. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and recognized as an expense as the goods are delivered or the related services are performed. Foreign Currency The consolidated statements of operations of the Company’s foreign subsidiaries are translated into U.S. Dollars using weighted-average exchange rates. The net assets of the Company’s foreign subsidiaries are translated into U.S. Dollars using the end of period exchange rates. The impact from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in accumulated other comprehensive loss in the consolidated balance sheets. Remeasurement of the Company’s foreign currency denominated transactions are included in net income. Transaction gains and losses are reported as a component of o ther expense (income) in the consolidated statements of operations. Stock-Based Compensation The Company’s stock-based compensation cost is measured at the grant date of the stock-based award based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. The Company estimates the fair value of each stock-based award on its measurement date using either the current market price of the stock, the Black-Scholes option valuation model or the Monte Carlo Simulation valuation model, whichever is most appropriate. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions such as stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. Expense for performance restricted stock awards is recognized based upon the fair value of the awards on the date of grant and the number of shares expected to vest based on the terms of the u nderlying award agreement and the requisite service period(s). Other Expense (Income) Other expense (income) consisted of the following: Year Ended December 31, (in thousands) 2019 2018 2017 Foreign currency (gains) losses $ (33 ) $ 557 $ (253 ) Tax indemnification expense (income), net 10,635 (2,855 ) (8,367 ) Interest income (686 ) (167 ) (18 ) Arbitration award (3,453 ) — — Other income (242 ) — — Total other expense (income) $ 6,221 $ (2,465 ) $ (8,638 ) Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. For the Company, other comprehensive income (loss) consists of foreign currency translation gains and losses. The accumulated other comprehensive loss balance consists entirely of foreign currency translation gains and losses. Asset Retirement Obligations The Company’s compliance with federal, state, local and foreign environmental laws and regulations may require it to remove or mitigate the effects of the disposal or release of chemical substances in jurisdictions where it does business or maintains properties. The Company establishes accruals when those costs are legally obligated and can be reasonably estimated. Accrual amounts are estimated, which may include the assistance of third-party environmental specialists, and are based on currently available information, regulatory requirements, remediation strategies, historical experience, the relative shares of the total remediation costs, a relevant discount rate, and the time periods of when estimated costs can be reasonably predicted. Changes in these assumptions could impact the Company’s future reported results. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and San Juan, Puerto Rico sites. The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at the present value of the obligation expected to be incurred and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying values of the related long-lived assets and depreciated over the assets’ useful lives. The Company has identified conditional asset retirement obligations related to the future removal and disposal of asbestos contained in certain of the buildings located on the Company’s North Billerica, Massachusetts campus. The Company believes the asbestos is appropriately contained and it is compliant with all applicable environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. The Company is required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2019 and 2018, sufficient information was not available to estimate a liability for such conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations has been recorded in the accompanying consolidated balance sheets as of December 31, 2019 and 2018. Self-Insurance Reserves The Company’s consolidated balance sheets at both December 31, 2019 and 2018 include $0.6 million of accrued liabilities associated with employee medical costs that are retained by the Company. The Company estimates the required liability of those claims on an undiscounted basis based upon various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents (frequency) and change in the ultimate cost per incident (severity). The Company also maintains a separate cash account to fund these medical claims and must maintain a minimum balance as determined by the plan administrator. The balance of this restricted cash account was approximately $0.2 million and $0.1 million at December 31, 2019 and 2018, respectively, and is included in other current assets. Recent Accounting Pronouncements Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326)” This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company has completed its assessment on the impact of the standard and concluded that upon adoption of this standard there will not be a material impact to its consolidated financial statements. Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Accounting Standards Adopted During the Year Ended December 31, 2019 ASU 2016-02, “Leases (Topic 842)” This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 13, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Revenue from Contract with Customers | Revenue from Contracts with Customers Adoption of ASC Topic 606, “Revenue from Contracts with Customers” (“ASC 606”) The Company adopted ASC 606 on January 1, 2018 using the modified retrospective method for all contracts not completed as of the date of adoption. The reported results for 2019 and 2018 reflect the application of ASC 606 guidance while the reported results for 2017 were prepared under the guidance of ASC 605. The adoption of ASC 606 did not have a material impact on the Company’s consolidated balance sheet, results of operations, equity or cash flows as of the adoption date or for the periods presented. Revenue Recognition Revenue is recognized when a customer obtains control of promised goods or services. The amount of revenue recognized reflects the consideration to which the Company expects to be entitled to receive in exchange for these goods or services. To achieve this core principle, the Company applies the following five steps: (1) identify the contracts with a customer; (2) identify the performance obligations in the contract; (3) determine the transaction price; (4) allocate the transaction price to the performance obligations in the contract; and (5) recognize revenue when (or as) the Company satisfies a performance obligation. Disaggregation of Revenue The following table summarizes revenue by revenue source and reportable segment as follows: Year Ended December 31, Major Products/Service Lines by Segment (in thousands) 2019 2018 U.S. Product revenue, net (1) $ 303,989 $ 288,580 Total U.S. revenues 303,989 288,580 International Product revenue, net (1) 41,287 52,556 License and royalty revenues 2,061 2,238 Total International revenues 43,348 54,794 Total revenues $ 347,337 $ 343,374 _ _____________________________ (1) The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all of its principal products. Product Revenue, Net The Company sells its products principally to hospitals and clinics, radiopharmacies and distributors. The Company considers customer purchase orders, which in some cases are governed by master sales or group purchasing organization agreements, to be the contracts with a customer. For each contract, the Company considers the promise to transfer products, each of which is distinct, to be the identified performance obligations. In determining the transaction price, the Company evaluates whether the price is subject to refund or adjustment to determine the net consideration to which the Company expects to be entitled. The Company typically invoices customers upon satisfaction of identified performance obligations. As the Company’s standard payment terms are 30 to 60 days from invoicing, the Company has elected to use the significant financing component practical expedient. The Company allocates the transaction price to each distinct product based on their relative standalone selling price. The product price as specified on the purchase order is considered the standalone selling price as it is an observable input which depicts the price as if sold to a similar customer in similar circumstances. Revenue is recognized when control of the product is transferred to the customer (i.e., when the Company’s performance obligation is satisfied), which typically occurs upon delivery to the customer. Further, in determining whether control has transferred, the Company considers if there is a present right to payment and legal title, along with risks and rewards of ownership having transferred to the customer. Frequently, the Company receives orders for products to be delivered over multiple dates that may extend across several reporting periods. The Company invoices for each delivery upon shipment and recognizes revenues for each distinct product delivered, assuming transfer of control has occurred. The Company generally does not separately charge customers for shipping and handling costs, but any shipping and handling costs charged to customers are included in product revenue, net. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues. Variable Consideration Revenues from product sales are recorded at the net sales price (transaction price), which includes estimates of variable consideration for which reserves are established for discounts, returns, rebates and allowances that are offered within contracts between the Company and its customers. These reserves are based on the amounts earned or to be claimed on the related sales and are classified as a current liability. Where appropriate, these estimates take into consideration a range of possible outcomes which are probability-weighted for relevant factors such as the Company’s historical experience, current contractual and statutory requirements, specific known market events and trends, industry data and forecasted customer buying and payment patterns. Overall, these reserves reflect the Company’s best estimates of the amount of consideration to which it is entitled based on the terms of the contract. The amount of variable consideration which is included in the transaction price may be constrained, and is included in the net sales price only to the extent that it is probable that a significant reversal in the amount of the cumulative revenue recognized will not occur in a future period. Actual amounts of consideration ultimately received may differ from the Company’s estimates. If actual results in the future vary from the Company’s estimates, the Company adjusts these estimates, which would affect product revenue and earnings in the period such variances become known. Rebates and Allowances: The Company provides certain customers with rebates and allowances that are explicitly stated in the Company’s contracts and are recorded as a reduction of revenue in the period the related product revenue is recognized. The Company establishes a liability for such amounts, which is included in accrued expenses in the accompanying consolidated balance sheets. These rebates and allowances result from performance-based offers that are primarily based on attaining contractually specified sales volumes and administrative fees the Company is required to pay to group purchasing organizations. The Company estimates the amount of rebates and allowances that are explicitly stated in the Company’s contracts based on a combination of actual purchases and an estimate of the customer’s buying patterns. Product Returns: The Company generally offers customers a limited right of return due to non-conforming product. The Company estimates the amount of its product sales that may be returned by its customers and records this estimate as a reduction of revenue in the period the related product revenue is recognized. The Company currently estimates product return liabilities using its historical product return information and considers other factors that it believes could significantly impact its expected returns, including product recalls. Reserves for product returns are not significant to the Company due to the nature of its products including radiopharmaceutical products with limited half-lives. License and Royalty Revenues The Company has entered into licensing agreements, under which it licenses certain rights to third parties. The terms of these arrangements typically include payment to the Company of one or more of the following: non-refundable, up-front license fees; development, regulatory and commercial milestone payments; and royalties on net sales of licensed products. The Company also has distribution licenses which are treated as combined performance obligations with the delivery of its products and are classified as product revenue, net. In determining the appropriate amount of revenue to be recognized as it fulfills its obligations under each of its agreements, the Company performs the five-step approach stated earlier. The Company uses judgment in determining the number of performance obligations in a license agreement by assessing whether the license is distinct or should be combined with another performance obligation, as well as the nature of the license. As part of the accounting for these arrangements, the Company must develop assumptions that require judgment to determine the stand-alone selling price for each performance obligation identified in the contract. The Company uses key assumptions to determine the stand-alone selling price, which may include market conditions, reimbursement rates for personnel costs, development timelines and probabilities of regulatory success. Licenses of intellectual property: If the license to the Company’s intellectual property is determined to be distinct from the other performance obligations identified in the arrangement, the Company recognizes revenues from non-refundable, up-front fees allocated to the license when the license is transferred to the customer and the customer is able to use and benefit from the license. For licenses that are bundled with other promises, the Company utilizes judgment to assess the nature of the combined performance obligation to determine whether the combined performance obligation is satisfied over time or at a point in time and, if over time, the appropriate method of measuring progress for purposes of recognizing revenue from non-refundable, up-front fees. The Company evaluates the measure of progress each reporting period and, if necessary, adjusts the measure of performance and related revenue recognition. Milestone Payments: At the inception of each arrangement that includes development milestone payments, the Company evaluates whether the milestones are considered probable of being reached and estimates the amount to be included in the transaction price using the most likely amount method. If it is probable that a significant revenue reversal would not occur, the associated milestone value is included in the transaction price. Milestone payments that are not within the control of the Company or the licensee, such as regulatory approvals, are not considered probable of being achieved until those approvals are received. The transaction price is then allocated to each performance obligation on a relative stand-alone selling price basis, for which the Company recognizes revenue as or when the performance obligations under the contract are satisfied. At the end of each subsequent reporting period, the Company re-evaluates the probability of achievement of such development milestones and any related constraint, and if necessary, adjusts its estimate of the overall transaction price. Any such adjustments are recorded on a cumulative catch-up basis, which would affect license and royalty revenues and earnings in the period of adjustment. At December 31, 2019, the Company is constraining variable consideration related to milestone payments requiring regulatory approvals. Royalty Revenues: For arrangements that include sales-based royalties, including milestone payments based on the level of sales, and the license is deemed to be the predominant item to which the royalties relate, the Company recognizes revenue at the later of (i) when the related sales occur, or (ii) when the performance obligation to which some or all of the royalty has been allocated has been satisfied (or partially satisfied). Contract Costs The Company recognizes an asset for incremental costs of obtaining a contract with a customer if it expects to recover those costs. The Company’s sales incentive compensation plans qualify for capitalization since these plans are directly related to sales achieved during a period of time. However, the Company has elected the practical expedient to expense the costs as they are incurred, within sales and marketing expenses, since the amortization period is less than one year. The Company recognized certain revenues as follows: Year Ended December 31, (in thousands) 2019 2018 Amounts included in the contract liability at the beginning of the period $ 33 $ 33 Performance obligations satisfied (or partially satisfied) in previous periods $ — $ — The Company’s performance obligations are typically part of contracts that have an original expected duration of one year or less. As such, the Company is not disclosing the aggregate amount of the transaction price allocated to performance obligations that are unsatisfied (or partially satisfied) as of the end of the reporting period. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In order to increase consistency and comparability of fair value measurements, financial instruments are categorized based on a hierarchy that prioritizes observable and unobservable inputs used to measure fair value into three broad levels, which are described below: • Level 1 — Inputs are unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. • Level 2 — Inputs include quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active, inputs other than quoted prices that are observable for the asset or liability (i.e., interest rates, yield curves, etc.) and inputs that are derived principally from or corroborated by observable market data by correlation or other means (market corroborated inputs). • Level 3 — Unobservable inputs that reflect a Company’s estimates about the assumptions that market participants would use in pricing the asset or liability. The Company develops these inputs based on the best information available, including its own data. The Company’s financial assets measured at fair value on a recurring basis consist of money market funds. The Company invests excess cash from its operating cash accounts in overnight investments and reflects these amounts in cash and cash equivalents in the consolidated balance sheets at fair value using quoted prices in active markets for identical assets. The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: December 31, 2019 (in thousands) Total Fair Level 1 Level 2 Level 3 Money market $ 39,530 $ 39,530 $ — $ — Total $ 39,530 $ 39,530 $ — $ — December 31, 2018 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 61,391 $ 61,391 $ — $ — Total $ 61,391 $ 61,391 $ — $ — |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes The components of income before income taxes is summarized as follows: Year Ended December 31, (in thousands) 2019 2018 2017 U.S. $ 25,432 $ 46,945 $ 39,559 International 3,195 2,603 80 Income before income taxes $ 28,627 $ 49,548 $ 39,639 The income tax (benefit) expense is summarized as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Current Federal $ 287 $ (21 ) $ (58 ) State (13,166 ) 3,424 3,242 International 114 (135 ) 16 (12,765 ) 3,268 3,200 Deferred Federal 8,712 7,821 (71,742 ) State 790 1,411 (15,220 ) International 223 (3,470 ) 16 9,725 5,762 (86,946 ) Income tax (benefit) expense $ (3,040 ) $ 9,030 $ (83,746 ) The reconciliation of income taxes at the U.S. federal statutory rate to the actual income taxes is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 U.S. statutory rate $ 6,012 $ 10,405 $ 13,873 Permanent items 3,737 505 (1,916 ) Uncertain tax positions (13,156 ) 3,227 3,128 Other tax credits (1,685 ) (742 ) (175 ) State and local taxes 1,914 2,125 1,252 Impact of rate change on deferred taxes — — 45,129 True-up of prior year tax — — 7 Foreign tax rate differential (238 ) 30 97 Valuation allowance (22 ) (4,073 ) (141,094 ) Benefit of windfall related to stock compensation (2,768 ) (1,760 ) (2,723 ) Increase in indemnification deferred tax asset 2,531 (731 ) (1,055 ) Other 635 44 (269 ) Income tax (benefit) expense $ (3,040 ) $ 9,030 $ (83,746 ) The components of deferred income tax assets (liabilities) are as follows: December 31, (in thousands) 2019 2018 Deferred Tax Assets Federal benefit of state tax liabilities $ 5,278 $ 7,809 Reserves, accruals and other 15,026 11,005 Inventory obsolescence 550 428 Capitalized research and development 5,086 7,491 Amortization of intangibles other than goodwill 1,569 2,809 Net operating loss carryforwards 47,095 55,938 Depreciation 56 — Deferred tax assets 74,660 85,480 Deferred Tax Liabilities Reserves, accruals and other (881 ) (1,078 ) Customer relationships (707 ) (986 ) Depreciation — (727 ) Deferred tax liability (1,588 ) (2,791 ) Less: valuation allowance (1,238 ) (1,240 ) $ 71,834 $ 81,449 Recorded in the accompanying consolidated balance sheets as: Noncurrent deferred tax assets, net $ 71,834 $ 81,449 On December 22, 2017, the United States enacted the Tax Cuts and Jobs Act of 2017 (the “Act”). The Act is significant and has wide-ranging effects. The Company has completed its study of the ramifications of the Act, and has confirmed the primary material impact of the Act to be the remeasurement of the Company’s deferred tax assets, which was recorded in fiscal 2017 as a result of the reduction in U.S. corporate tax rates from 35% to 21%. As of December 31, 2017, the Company determined it had no accumulated unrepatriated foreign earnings, and therefore recorded no liability for the repatriation transition tax. The Company has also completed its evaluation of and accounting for all other relevant changes resulting from the Act, and has determined that through December 31, 2018, these changes do not materially impact the Company's effective tax rate. The Company regularly assesses its ability to realize its deferred tax assets. Assessing the realizability of deferred tax assets requires significant management judgment. In determining whether its deferred tax assets are more-likely-than-not realizable, the Company evaluated all available positive and negative evidence, and weighed the objective evidence and expected impact. During the fourth quarter of fiscal year 2018, the Company's Canada subsidiary entered an accumulated three year period of profitability, removing a strong item of negative evidence previously supporting the recording of a full valuation allowance. Management has determined that the weight of the relevant positive evidence outweigh the negative evidence, and released the valuation allowance against its Canada subsidiary's net deferred tax assets, resulting in an income tax benefit of $4.0 million in fiscal 2018. The Company continues to record a valuation allowance of $1.2 million against the net deferred tax assets of its U.K. subsidiary. During the fourth quarter of 2017, the Company determined based on its consideration of the weight of positive and negative evidence that there was sufficient positive evidence that its U.S. federal and state deferred tax assets were more-likely-than-not realizable. The Company’s conclusion was primarily driven by the achievement of a sustained level of U.S. profitability, the expectation of sustained future profitability, and mitigating factors related to external supplier and customer risk sufficient to outweigh the available negative evidence. Accordingly, the Company released the valuation allowance previously recorded against its U.S. net deferred tax assets, resulting in a fiscal 2017 income tax benefit of $141.1 million . The Company will continue to assess the level of the valuation allowance required. If the weight of negative evidence exists in future periods to again support the recording of a partial or full valuation allowance against the Company’s deferred tax assets, there would likely be a material negative impact on the Company’s results of operations in that future period. A summary of the changes in the Company’s valuation allowance is summarized below: (in thousands) Amount Balance, January 1, 2018 $ 5,368 Charged to income tax (benefit) expense (103 ) Foreign currency (56 ) Release valuation allowance (3,969 ) Balance, December 31, 2018 1,240 Charged to income tax (benefit) expense (22 ) Foreign currency 20 Release valuation allowance — Balance, December 31, 2019 $ 1,238 The Company’s U.S. federal income tax returns are subject to examination for three years. The state and foreign income tax returns are subject to examination for periods varying from three to four years depending on the specific jurisdictions’ statutes of limitation. At December 31, 2019, the Company has U.S. federal net operating loss carryovers of approximately $174.0 million , which will expire between 2032 and 2037 , and U.S. federal research credits of $1.4 million which will begin to expire in 2037. The Company has state research credit carryforwards of $3.0 million , which will expire between 2024 and 2033. The Company has state investment tax credit carryforwards of $2.1 million , of which $0.7 million have no expiration date, and the remainder of which will begin to expire in 2020 and fully expire in 2022. A reconciliation of the Company’s changes in uncertain tax positions for 2019 and 2018 is as follows: (in thousands) Amount Balance of uncertain tax positions as of January 1, 2018 $ 9,866 Additions related to current year tax positions — Reductions related to prior year tax positions (4 ) Settlements — Lapse of statute of limitations (74 ) Balance of uncertain tax positions as of December 31, 2018 9,788 Additions related to current year tax positions — Reductions related to prior year tax positions (4,496 ) Settlements — Lapse of statute of limitations — Balance of uncertain tax positions as of December 31, 2019 $ 5,292 In connection with the Company’s acquisition of the medical imaging business from Bristol-Myers Squibb (“BMS”) in 2008, the Company recorded a liability for uncertain tax positions related to the acquired business and simultaneously entered into a tax indemnification agreement with BMS under which BMS agreed to indemnify the Company for any payments made to settle those uncertain tax positions with the taxing authorities. Accordingly, a long-term receivable is recorded to account for the expected value to the Company of future indemnification payments, net of actual tax benefits received, to be paid on behalf of the Company by BMS. The tax indemnification receivable is recorded within other long-term assets. In accordance with the Company’s accounting policy, the change in the tax liability, penalties and interest associated with these uncertain tax positions (net of any offsetting federal or state benefit) is recognized within income tax (benefit) expense. Contemporaneously, changes in the tax indemnification receivable are recognized within other expense (income) in the consolidated statement of operations. Accordingly, as these reserves change, adjustments are included in income tax (benefit) expense with an offsetting adjustment included in other expense (income). Assuming that the receivable from BMS continues to be considered recoverable by the Company, there will be no effect on net income and no net cash outflows related to these liabilities. For the year ended December 31, 2019, the Company released $17.1 million of liabilities for uncertain tax positions, including interest and penalties of $12.7 million . This included a release of a liability of $1.9 million , including interest and penalties of $1.4 million , arising from a settlement during the year. The remaining release of $15.2 million of liability was due to a change in estimate with respect to the Company’s indemnified uncertain tax positions. In late 2019 the Company reassessed its indemnified uncertain tax positions and obtained, with the assistance of third-party tax experts, additional technical insights with respect to the indemnified uncertain tax positions. On the basis of the new information obtained, the Company changed its estimate with respect to certain of its indemnified uncertain tax positions and consequently released $15.2 million of related reserves. The combined release of $17.1 million was recorded to income tax (benefit) expense and offset by a reduction in deferred tax assets of $3.3 million and a $13.8 million reduction of the indemnification receivable recorded to other expense (income). The amount due from BMS as of December 31, 2019, was also increased by $3.2 million , due to the accrual of interest on the liability with respect to the remaining uncertain tax positions. Similarly, the amount due from BMS increased by $3.3 million in 2018, due to the accrual of interest on the existing liability for uncertain tax positions. In 2017, the amount due from BMS increased by $8.4 million , primarily due to the decrease in U.S. corporate tax rates effective January 1, 2018. As noted above, there is no effect on net income or net cash flows in any period due to the indemnification agreement in place. As of December 31, 2019 and 2018, total liabilities for uncertain tax positions including interest and penalties were $27.0 million and $40.2 million , respectively, consisting of uncertain tax positions of $5.3 million and $9.8 million , interest accruals of $20.7 million and $28.2 million , and penalty accruals of $1.0 million and $2.2 million , respectively. As of December 31, 2019 and 2018, all of these liabilities were included in other long-term liabilities. Included in the 2019, 2018 and 2017 tax provisions are a benefit of $13.2 million and expense of $3.2 million and $3.1 million , respectively, relating to accrual of interest, net of benefits for reversals of uncertain tax positions, recognized upon settlements, effective settlements or lapses of relevant statutes of limitation. The total long-term asset related to the indemnification was $18.9 million and $29.5 million at December 31, 2019 and 2018, respectively. Included in other expense (income) for the years ended December 31, 2019, 2018 and 2017, is tax indemnification expense (income), net of $10.6 million , $(2.9) million and $(8.4) million , respectively. For the year ended December 31, 2017, $6.5 million of the tax indemnification income is related to the impact of the U.S. federal tax rate reduction, and the remainder arises from increases in the indemnified liabilities. |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | Inventory Inventory consisted of the following: December 31, (in thousands) 2019 2018 Raw materials $ 11,417 $ 11,100 Work in process 9,450 4,261 Finished goods 8,313 17,658 Total inventory $ 29,180 $ 33,019 |
Property, Plant & Equipment, Ne
Property, Plant & Equipment, Net | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant & Equipment, Net | Property, Plant and Equipment, Net Property, plant and equipment, net, consisted of the following: December 31, (in thousands) 2019 2018 Land $ 13,450 $ 13,450 Buildings 75,654 64,444 Machinery, equipment and fixtures 87,763 69,298 Computer software 20,739 19,266 Construction in progress 10,546 24,169 208,152 190,627 Less: accumulated depreciation and amortization (91,655 ) (82,739 ) Total property, plant and equipment, net $ 116,497 $ 107,888 Depreciation and amortization expense related to property, plant & equipment, net, was $10.3 million , $10.1 million and $14.8 million for the years ended December 31, 2019, 2018 and 2017, respectively. |
Asset Retirement Obligations
Asset Retirement Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset Retirement Obligations | Asset Retirement Obligations The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and San Juan, Puerto Rico sites. As of December 31, 2019, the liability is measured at the present value of the obligation expected to be incurred, of approximately $26.9 million . The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance, January 1, 2019 $ 11,572 Revisions in estimated cash flows 20 Accretion expense 1,291 Balance, December 31, 2019 $ 12,883 The Company is required to provide the U.S. Nuclear Regulatory Commission and Massachusetts Department of Public Health financial assurance demonstrating the Company’s ability to fund the decommissioning of its North Billerica, Massachusetts production facility upon closure, although the Company does not intend to close the facility. The Company has provided this financial assurance in the form of a $28.2 million surety bond. |
Intangibles, Net
Intangibles, Net | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangibles, Net | Intangibles, Net Intangibles, net, consisted of the following: December 31, 2019 (in thousands) Amortization Cost Accumulated Amortization Net Trademarks Straight-Line $ 13,540 $ (10,407 ) $ 3,133 Customer relationships Accelerated 99,019 (94,816 ) 4,203 Total $ 112,559 $ (105,223 ) $ 7,336 December 31, 2018 (in thousands) Amortization Cost Accumulated Amortization Net Trademarks Straight-Line $ 13,540 $ (9,856 ) $ 3,684 Customer relationships Accelerated 98,912 (93,463 ) 5,449 Patents Straight-Line 6,570 (6,570 ) — Total $ 119,022 $ (109,889 ) $ 9,133 The Company recorded amortization expense for its intangible assets of $1.8 million , $2.6 million and $3.3 million for the years ended December 31, 2019, 2018 and 2017, respectively. The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets: (in thousands) Amount 2020 $ 1,568 2021 1,311 2022 1,174 2023 579 2024 496 2025 and thereafter 2,208 Total $ 7,336 |
Accrued Expenses and Other Liab
Accrued Expenses and Other Liabilities | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Accrued Expenses and Other Liabilities | Accrued Expenses and Other Liabilities Accrued expenses are comprised of the following: December 31, (in thousands) 2019 2018 Compensation and benefits $ 15,100 $ 15,962 Freight, distribution and operations 6,260 7,721 Accrued rebates, discounts and chargebacks 6,985 4,654 Accrued professional fees 6,917 1,673 Other 2,098 2,040 Total accrued expenses and other liabilities $ 37,360 $ 32,050 |
Long-Term Debt, Net, and Other
Long-Term Debt, Net, and Other Borrowings | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Long-Term Debt, Net, and Other Borrowings | Long-Term Debt, Net, and Other Borrowings In June 2019, the Company refinanced its previous $275 million five-year term loan agreement (the “2017 Term Facility”) with a new five-year $200 million term loan facility (the “2019 Term Facility” and the loans thereunder, the “2019 Term Loans”). In addition, the Company replaced its previous $75 million five-year revolving credit facility (the “2017 Revolving Facility”) with a new $200 million five-year revolving credit facility (the “2019 Revolving Facility” and, together with the 2019 Term Facility, the “2019 Facility”). The terms of the 2019 Facility are set forth in the Credit Agreement, dated as of June 27, 2019 (the “2019 Credit Agreement”), by and among Holdings, the Company, the lenders from time to time party thereto and Wells Fargo Bank, N.A., as administrative agent and collateral agent. The Company has the right to request an increase to the 2019 Term Facility or request the establishment of one or more new incremental term loan facilities, in an aggregate principal amount of up to $100 million , plus additional amounts, in certain circumstances. The net proceeds of the 2019 Term Facility, together with approximately $73 million of cash on hand, were used to refinance in full the aggregate remaining principal amount of the loans outstanding under the 2017 Term Facility and pay related interest, transaction fees and expenses. No amounts were outstanding under the 2017 Revolving Facility at that time. The Company accounted for the refinancing of the 2017 Term Facility as a debt extinguishment and the 2017 Revolving Facility as a debt modification by evaluating the refinancing on a creditor by creditor basis. The Company recorded a loss on extinguishment of debt of $3.2 million related to the write-off of unamortized debt issuance costs and debt discounts. In addition, the Company incurred and capitalized $2.8 million of new debt issuance costs and debt discounts related to the refinancing. 2019 Term Facility The 2019 Term Loans under the 2019 Term Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio (as defined in the 2019 Credit Agreement) or (ii) the Base Rate (as defined in the 2019 Credit Agreement) plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. The use of the LIBOR is expected to be phased out by the end of 2021. The 2019 Credit Agreement allows for a replacement interest rate in the event the LIBOR is phased out. At December 31, 2019, the Company’s interest rate under the 2019 Term Facility was 3.55% . The Company is permitted to voluntarily prepay the 2019 Term Loans, in whole or in part, without premium or penalty. The 2019 Term Facility requires the Company to make mandatory prepayments of the outstanding 2019 Term Loans in certain circumstances. The 2019 Term Loans mature in June 2024. As of December 31, 2019, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount 2020 $ 10,000 2021 10,000 2022 11,250 2023 15,000 2024 148,750 Total principal outstanding 195,000 Unamortized debt discount (485 ) Unamortized debt issuance costs (774 ) Finance lease liabilities 329 Total 194,070 Less: current portion (10,143 ) Total long-term debt $ 183,927 2019 Revolving Facility Under the terms of the 2019 Revolving Facility, the lenders thereunder agreed to extend credit to the Company from time to time until June 27, 2024 consisting of revolving loans (the “Revolving Loans” and, together with the 2019 Term Loans, the “Loans”) in an aggregate principal amount not to exceed $200 million (the “Revolving Commitment”) at any time outstanding. The 2019 Revolving Facility includes a $20 million sub-facility for the issuance of letters of credit (the “Letters of Credit”). The 2019 Revolving Facility includes a $10 million sub-facility for swingline loans (the “Swingline Loans”). The Letters of Credit, Swingline Loans and the borrowings under the 2019 Revolving Facility are expected to be used for working capital and other general corporate purposes. The Revolving Loans under the 2019 Revolving Facility bear interest, with pricing based from time to time at the Company’s election at (i) LIBOR plus a spread ranging from 1.25% to 2.25% as determined by the Company’s total net leverage ratio or (ii) the Base Rate plus a spread ranging from 0.25% to 1.25% as determined by the Company’s total net leverage ratio. The 2019 Revolving Facility also includes a commitment fee, which ranges from 0.15% to 0.30% as determined by the Company’s total net leverage ratio. The Company is permitted to voluntarily prepay the Revolving Loans, in whole or in part, or reduce or terminate the Revolving Commitment, in each case, without premium or penalty. On any business day on which the total amount of outstanding Revolving Loans and Letters of Credit exceeds the total Revolving Commitment, the Company must prepay the Revolving Loans in an amount equal to such excess. As of December 31, 2019, there were no outstanding borrowings under the 2019 Revolving Facility. 2019 Facility Covenants The 2019 Facility contains a number of affirmative, negative, reporting and financial covenants, in each case subject to certain exceptions and materiality thresholds. The 2019 Facility requires the Company to be in quarterly compliance, measured on a trailing four quarter basis, with two financial covenants. The minimum interest coverage ratio, commencing with the fiscal quarter ending September 30, 2019, must be at least 3.00 to 1.00. The maximum total net leverage ratio permitted by the financial covenant is displayed in the table below: 2019 Facility Financial Covenant Period Consolidated Q1 2020 to Q2 2020 4.00 to 1.00 Q3 2020 to Q2 2021 3.75 to 1.00 Thereafter 3.50 to 1.00 The Company may elect to increase the maximum total net leverage ratio by 0.50 to 1.00 (subject to a maximum of 4.25 to 1.00) up to two separate times during the term of the 2019 Facility in connection with any Material Acquisition (as defined in the Credit Agreement). The 2019 Facility contains usual and customary restrictions on the ability of the Company and its subsidiaries to: (i) incur additional indebtedness (ii) create liens; (iii) consolidate, merge, sell or otherwise dispose of all or substantially all of its assets; (iv) sell certain assets; (v) pay dividends on, repurchase or make distributions in respect of capital stock or make other restricted payments; (vi) make certain investments; (vii) repay subordinated indebtedness prior to stated maturity; and (viii) enter into certain transactions with its affiliates. Upon an event of default, the administrative agent under the Credit Agreement will have the right to declare the Loans and other obligations outstanding immediately due and payable and all commitments immediately terminated or reduced. The 2019 Facility is guaranteed by Holdings and Lantheus MI Real Estate, LLC, and obligations under the 2019 Facility are generally secured by first priority liens over substantially all of the assets of each of LMI, Holdings and Lantheus MI Real Estate, LLC (subject to customary exclusions set forth in the transaction documents) owned as of June 27, 2019 or thereafter acquired. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | Stock-Based Compensation Equity Incentive Plans As of December 31, 2019 , the Company’s approved equity incentive plans included the 2015 Equity Incentive Plan (“2015 Plan”), the 2013 Equity Incentive Plan (“2013 Plan”), and the 2008 Equity Incentive Plan (“2008 Plan”). These plans are administered by the Board of Directors and permit the granting of stock options, stock appreciation rights, restricted stock, restricted stock units and dividend equivalent rights (“DERs”) to employees, officers, directors and consultants of the Company. The Company has certain stock option and restricted stock awards outstanding under each of its equity incentive plans but, upon adoption of the 2015 Plan, no longer grants new equity awards under its 2008 and 2013 Plans. The Company adopted its 2015 Plan in June 2015 and subsequently amended the plan in April 2016, 2017 and 2019 which increased the common stock reserved for issuance under the plan to an aggregate 6,580,277 shares. Stock-based compensation expense recognized in the consolidated statements of operations is summarized below: Year Ended December 31, (in thousands) 2019 2018 2017 Cost of goods sold $ 2,091 $ 1,140 $ 1,692 Sales and marketing 1,953 1,244 640 General and administrative 6,990 4,990 2,964 Research and development 1,458 1,344 632 Total stock-based compensation expense $ 12,492 $ 8,718 $ 5,928 Stock Options Stock option awards under the 2015 Plan are granted with an exercise price equal to the fair value of the Company’s common stock at the date of grant. All option awards have a ten -year contractual term. A summary of option activity for 2019 is presented below: Total Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at January 1, 2019 357,075 $ 17.50 Options granted — $ — Options exercised (67,558 ) $ 17.37 Options cancelled and expired (17,293 ) $ 18.66 Outstanding at December 31, 2019 272,224 $ 17.44 3.7 1,096,000 Exercisable at December 31, 2019 272,224 $ 17.44 3.7 1,096,000 During the years ended December 31, 2019 , 2018 and 2017, 67,558 , 192,550 and 465,232 options were exercised having aggregate intrinsic values of $0.6 million , $2.4 million and $5.1 million , respectively. Restricted Stock A summary of restricted stock awards and restricted stock units activity for 2019 is presented below: Shares Weighted- Average Grant Date Fair Value Per Share Nonvested balance at January 1, 2019 1,508,539 $ 9.51 Granted 409,821 $ 23.33 Vested (795,503 ) $ 8.52 Forfeited (91,085 ) $ 15.84 Nonvested balance at December 31, 2019 1,031,772 $ 15.20 As of December 31, 2019 , there was $9.9 million of unrecognized compensation expense related to outstanding restricted stock, which is expected to be recognized over a weighted-average period of 2.0 years. The weighted average grant-date fair value for restricted stock granted during the fiscal years ended December 31, 2019, 2018 and 2017 was $23.33 , $15.46 and $12.94 per share, respectively. The total fair value of restricted stock vested in fiscal years 2019, 2018 and 2017 was $6.8 million , $4.3 million and $2.9 million , respectively. Performance Restricted Stock Awards Performance awards vest based on the requisite service period subject to the achievement of specific financial performance targets. The Company monitors the probability of achieving the performance targets on a quarterly basis and may adjust periodic stock compensation expense accordingly. The performance targets include the achievement of internal performance targets only. A summary of performance restricted stock award activity for 2019 is presented below: Shares Weighted- Nonvested balance at January 1, 2019 241,880 $ 16.71 Granted — $ — Vested — $ — Forfeited (15,870 ) $ 18.10 Nonvested balance at December 31, 2019 226,010 $ 16.62 As of December 31, 2019 , there was $0.4 million of unrecognized compensation expense related to outstanding performance restricted stock which is expected to be recognized over a weighted-average period of 0.2 years. The weighted average grant-date fair value for performance restricted stock granted during the fiscal year ended December 31, 2017 was $16.69 per share. Total Stockholder Return Restricted Stock Awards (“TSR Awards”) During the years ended December 31, 2019 and 2018, the Company granted total stockholder return (“TSR”) Awards that include a three -year market condition where the performance measurement period is three years. Vesting of the TSR Awards is based on the Company’s level of attainment of specified TSR targets relative to the percentage appreciation of a specified index of companies for the respective three -year period and is also subject to the continued employment of the grantees. The number of shares that are earned over the performance period ranges from 0% to 200% of the initial award. The fair value of these awards are based on a Monte Carlo Simulation valuation model with the following assumptions: Year Ended December 31, 2019 2018 Expected volatility 71.7 % 84.3 % Risk-free interest rate 2.4 % 2.4 % Expected life (in years) 2.9 2.8 Expected dividend yield — — A summary of TSR Award activity for 2019 is presented below: Shares Weighted- Nonvested balance at January 1, 2019 179,913 $ 22.76 Granted 152,869 $ 39.92 Vested — $ — Forfeited (26,552 ) $ 31.64 Nonvested balance at December 31, 2019 306,230 $ 30.56 As of December 31, 2019 , there was $5.8 million of unrecognized compensation expense related to outstanding performance restricted stock which is expected to be recognized over a weighted-average period of 1.9 years. The weighted average grant-date fair value for TSR Awards granted during the fiscal years ended December 31, 2019 and 2018 was $39.92 and $22.76 per share, respectively. Employee Stock Purchase Plan In April 2017, the Company’s stockholders approved the 2017 Employee Stock Purchase Plan (“2017 ESPP”), which authorized the issuance of up to 250,000 shares of common stock thereunder. Under the terms of the 2017 ESPP, eligible U.S. employees can elect to acquire shares of the Company’s common stock through periodic payroll deductions during a series of six month offering periods, which will generally begin in March and September of each year. Purchases under the 2017 ESPP are effected on the last business day of each offering period at a 15% discount to the closing price on that day. The 2017 ESPP was implemented, subject to stockholder approval, on March 10, 2017, and the first purchases thereunder were made on September 13, 2017. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | Leases Adoption of ASC Topic 842, “Leases” The Company adopted ASC 842 on January 1, 2019, using the prospective approach which provides a method for recording existing leases at adoption using the effective date of the standard as its initial application date. ASC 842 generally requires all leases to be recognized on the balance sheet. In addition, the Company elected the relief package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company not to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and initial direct costs for any existing leases. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the guidance of ASC 840, Leases. The adoption of ASC 842 resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. ASC 842 did not materially impact the Company’s consolidated results of operations, equity or cash flows as of the adoption date or for the periods presented. Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating and finance lease assets and liabilities are as follows: (in thousands) Classification December 31, 2019 Assets Operating Other long-term assets $ 935 Finance Property, plant and equipment, net 348 Total leased assets $ 1,283 Liabilities Current Operating Accrued expenses and other liabilities $ 193 Finance Current portion of long-term debt and other borrowings 143 Noncurrent Operating Other long-term liabilities 812 Finance Long-term debt, net and other borrowings 186 Total leased liabilities $ 1,334 The components of lease expense were as follows: (in thousands) Year Ended Operating lease expense $ 223 Finance lease expense Amortization of ROU assets 167 Interest on lease liabilities 11 Short-term lease expense 91 Total lease expense $ 492 Other information related to leases were as follows: December 31, 2019 Weighted-average remaining lease term (Years): Operating leases 4.8 Finance leases 2.5 Weighted-average discount rate: Operating leases 5.1% Finance leases 5.4% (in thousands) Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 230 Operating cash flows from finance leases 11 Financing cash flows from finance leases 190 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 379 Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2020 $ 238 $ 135 2021 238 136 2022 238 83 2023 238 — 2024 178 — Total future minimum lease payments 1,130 354 Less: interest 125 25 Total $ 1,005 $ 329 |
Leases | Leases Adoption of ASC Topic 842, “Leases” The Company adopted ASC 842 on January 1, 2019, using the prospective approach which provides a method for recording existing leases at adoption using the effective date of the standard as its initial application date. ASC 842 generally requires all leases to be recognized on the balance sheet. In addition, the Company elected the relief package of practical expedients permitted under the transition guidance within the new standard, which, among other things, allowed the Company not to reassess whether any expired or existing contracts are or contain leases, the lease classification for any expired or existing leases and initial direct costs for any existing leases. The reported results for 2019 reflect the application of ASC 842 guidance while the reported results for 2018 were prepared under the guidance of ASC 840, Leases. The adoption of ASC 842 resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. ASC 842 did not materially impact the Company’s consolidated results of operations, equity or cash flows as of the adoption date or for the periods presented. Leases The Company determines if an arrangement is a lease at inception. The Company has operating and finance leases for vehicles, corporate offices and certain equipment. Operating lease right-of-use (“ROU”) assets and operating lease liabilities are recognized based on the present value of the future minimum lease payments over the lease term at commencement date. Lease agreements with lease and non-lease components are accounted for separately. As the Company’s leases do not provide an implicit rate, the Company used the incremental borrowing rate based on the information available at commencement date in determining the present value of future payments. The operating lease ROU asset also includes any lease payments made and excludes lease incentives and initial direct costs incurred. The lease terms may include options to extend or terminate the lease when it is reasonably certain that the Company will exercise that option. Lease expense for minimum lease payments is recognized on a straight-line basis over the lease term. Leases with an initial term of 12 months or less are not recorded on the balance sheet as the Company has elected to apply the short-term lease exemption. The Company recognizes lease expense for these leases on a straight-line basis over the lease term. Operating and finance lease assets and liabilities are as follows: (in thousands) Classification December 31, 2019 Assets Operating Other long-term assets $ 935 Finance Property, plant and equipment, net 348 Total leased assets $ 1,283 Liabilities Current Operating Accrued expenses and other liabilities $ 193 Finance Current portion of long-term debt and other borrowings 143 Noncurrent Operating Other long-term liabilities 812 Finance Long-term debt, net and other borrowings 186 Total leased liabilities $ 1,334 The components of lease expense were as follows: (in thousands) Year Ended Operating lease expense $ 223 Finance lease expense Amortization of ROU assets 167 Interest on lease liabilities 11 Short-term lease expense 91 Total lease expense $ 492 Other information related to leases were as follows: December 31, 2019 Weighted-average remaining lease term (Years): Operating leases 4.8 Finance leases 2.5 Weighted-average discount rate: Operating leases 5.1% Finance leases 5.4% (in thousands) Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 230 Operating cash flows from finance leases 11 Financing cash flows from finance leases 190 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 379 Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2020 $ 238 $ 135 2021 238 136 2022 238 83 2023 238 — 2024 178 — Total future minimum lease payments 1,130 354 Less: interest 125 25 Total $ 1,005 $ 329 |
Net Income Per Common Share
Net Income Per Common Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Net Income Per Common Share | Net Income Per Common Share A summary of net income per common share is presented below: Year Ended (in thousands, except per share amounts) 2019 2018 2017 Net income $ 31,667 $ 40,518 $ 123,385 Basic weighted-average common shares outstanding 38,988 38,233 37,276 Effect of dilutive stock options 75 61 288 Effect of dilutive restricted stock 1,050 1,207 1,328 Diluted weighted-average common shares outstanding 40,113 39,501 38,892 Basic income per common share $ 0.81 $ 1.06 $ 3.31 Diluted income per common share $ 0.79 $ 1.03 $ 3.17 Antidilutive securities excluded from diluted net income per common share 50 424 604 |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Purchase Commitments The Company has entered into purchasing arrangements in which minimum quantities of goods or services have been committed to be purchased on an annual basis. As of December 31, 2019 , future payments required under purchase commitments are as follows: (in thousands) Amount 2020 $ 4,132 2021 4,132 2022 2,066 Total $ 10,330 The Company has entered into agreements which contain certain percentage volume purchase requirements. The Company has excluded these future purchase commitments from the table above since there are no minimum purchase commitments or payments under these agreements. Legal Proceedings From time to time, the Company is a party to various legal proceedings arising in the ordinary course of business. In addition, the Company has in the past been, and may in the future be, subject to investigations by governmental and regulatory authorities, which expose it to greater risks associated with litigation, regulatory or other proceedings, as a result of which the Company could be required to pay significant fines or penalties. The costs and outcome of litigation, regulatory or other proceedings cannot be predicted with certainty, and some lawsuits, claims, actions or proceedings may be disposed of unfavorably to the Company and could have a material adverse effect on the Company’s results of operations or financial condition. In addition, intellectual property disputes often have a risk of injunctive relief which, if imposed against the Company, could materially and adversely affect its financial condition or results of operations. In October 2019, the Company was awarded a total of approximately $3.5 million , consisting of damages, pre-judgment interest, and certain arbitration fees, compensation and expenses in its arbitration with Pharmalucence in connection with a Manufacturing and Supply Agreement dated November 12, 2013, under which Pharmalucence agreed to manufacture and supply DEFINITY for the Company. The commercial arrangement contemplated by that agreement was repeatedly delayed and ultimately never successfully realized. After extended settlement discussions between Sun Pharma, the ultimate parent of Pharmalucence, and the Company, which did not lead to a mutually acceptable outcome, on November 10, 2017, the Company filed an arbitration demand (and later an amended arbitration demand) with the American Arbitration Association against Pharmalucence, alleging breach of contract, breach of the covenant of good faith and fair dealing, tortious misrepresentation and violation of the Massachusetts Consumer Protection Law, also known as Chapter 93A. In November 2019, the Company received proceeds of $3.5 million , which is recorded in other expense (income) in the consolidated statement of operations. As of December 31, 2019 , except as disclosed above the Company had no material ongoing litigation in which the Company was a party. In addition, the Company had no material ongoing regulatory or other proceedings and no knowledge of any investigations by government or regulatory authorities in which the Company is a target, in either case that the Company believes could have a material and adverse effect on its current business. |
401(k) Plan
401(k) Plan | 12 Months Ended |
Dec. 31, 2019 | |
Retirement Benefits [Abstract] | |
401(k) Plan | 401(k) Plan The Company maintains a qualified 401(k) plan (the “401(k) Plan”) for its U.S. employees. The 401(k) Plan covers U.S. employees who meet certain eligibility requirements. Under the terms of the 401(k) Plan, the employees may elect to make tax-deferred contributions through payroll deductions within statutory and plan limits, and the Company may elect to make non-elective discretionary contributions. The Company may also make optional contributions to the 401(k) Plan for any plan year at its discretion. Expense recognized by the Company for matching contributions made to the 401(k) Plan was $2.1 million , $1.8 million and $1.8 million for the years ended December 31, 2019 , 2018 and 2017, respectively. |
Segment Information
Segment Information | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Informatio n The Company reports two operating segments, U.S. and International, based on geographic customer base. The results of these operating segments are regularly reviewed by the Company’s chief operating decision maker, the President and Chief Executive Officer. The Company’s segments derive revenues through the manufacture, marketing, selling and distribution of medical imaging products, focused primarily on cardiovascular diagnostic imaging. All goodwill has been allocated to the U.S. operating segment. The Company does not identify or allocate assets to its segments. Selected information regarding the Company’s segments are provided as follows: Year Ended (in thousands) 2019 2018 2017 Revenue by product from external customers U.S. DEFINITY $ 211,777 $ 178,440 $ 153,581 TechneLite 72,534 74,042 90,489 Other nuclear 36,231 48,935 54,822 Rebates and allowances (16,553 ) (12,837 ) (8,890 ) Total U.S. Revenues 303,989 288,580 290,002 International DEFINITY 5,731 4,633 3,687 TechneLite 14,058 24,816 14,155 Other nuclear 23,574 25,349 23,558 Rebates and allowances (15 ) (4 ) (24 ) Total International Revenues 43,348 54,794 41,376 Worldwide DEFINITY 217,508 183,073 157,268 TechneLite 86,592 98,858 104,644 Other nuclear 59,805 74,284 78,380 Rebates and allowances (16,568 ) (12,841 ) (8,914 ) Total Revenues $ 347,337 $ 343,374 $ 331,378 Year Ended (in thousands) 2019 2018 2017 Geographical revenues U.S. $ 303,989 $ 288,580 $ 290,002 International 43,348 54,794 41,376 Total revenues $ 347,337 $ 343,374 $ 331,378 Operating income U.S. $ 44,275 $ 56,327 $ 49,239 International 7,386 8,161 2,614 Operating income 51,661 64,488 51,853 Interest expense 13,617 17,405 18,410 Loss on extinguishment of debt 3,196 — 2,442 Other expense (income) 6,221 (2,465 ) (8,638 ) Income before income taxes $ 28,627 $ 49,548 $ 39,639 Depreciation and amortization U.S. $ 11,673 $ 12,278 $ 17,672 International 414 491 517 Total depreciation and amortization $ 12,087 $ 12,769 $ 18,189 December 31, (in thousands) 2019 2018 Long-lived assets U.S. $ 115,560 $ 106,755 International 937 1,133 Total long-lived assets $ 116,497 $ 107,888 |
Valuation and Qualifying Accoun
Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Valuation and Qualifying Accounts | Valuation and Qualifying Accounts (in thousands) Balance at Beginning of Year Charged to Income Deductions from Reserves (1) Other Adjustments Balance at End of Year Allowance for doubtful accounts Year ended December 31, 2019 $ 1,119 $ 146 $ (323 ) $ — $ 942 Year ended December 31, 2018 $ 977 $ 321 $ (179 ) $ — $ 1,119 Year ended December 31, 2017 $ 969 $ 136 $ (128 ) $ — $ 977 Rebates and allowances Year ended December 31, 2019 $ 4,654 $ 16,729 $ (14,237 ) $ (161 ) $ 6,985 Year ended December 31, 2018 $ 2,860 $ 13,202 $ (11,047 ) $ (361 ) $ 4,654 Year ended December 31, 2017 $ 2,297 $ 9,568 $ (8,351 ) $ (654 ) $ 2,860 ________________________________ (1) Amounts charged to deductions from allowance for doubtful accounts represent the write-off of uncollectible balances and represent payments for rebates and allowances. |
Quarterly Consolidated Financia
Quarterly Consolidated Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Consolidated Financial Data (Unaudited) | Quarterly Consolidated Financial Data (Unaudited) Summarized quarterly consolidated financial data is presented below: Quarterly Periods During the Year Ended December 31, 2019 Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenues $ 86,510 $ 85,705 $ 85,776 $ 89,346 Gross profit $ 44,084 $ 44,573 $ 41,589 $ 44,565 Net income $ 9,949 $ 6,412 $ 4,856 $ 10,450 Basic income per weighted-average share (a) $ 0.26 $ 0.16 $ 0.12 $ 0.27 Diluted income per weighted-average share (a) $ 0.25 $ 0.16 $ 0.12 $ 0.26 Quarterly Periods During the Year Ended December 31, 2018 Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenues $ 82,630 $ 85,573 $ 88,900 $ 86,271 Gross profit $ 42,309 $ 43,846 $ 44,885 $ 43,845 Net income $ 8,211 $ 9,745 $ 9,269 $ 13,293 Basic income per weighted-average share (a) $ 0.22 $ 0.25 $ 0.24 $ 0.35 Diluted income per weighted-average share (a) $ 0.21 $ 0.25 $ 0.24 $ 0.34 ________________________________ (a) Quarterly and annual computations are prepared independently. Accordingly, the sum of each quarter may not necessarily total the fiscal year period amounts noted elsewhere within this Annual Report on Form 10-K. |
Subsequent Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Subsequent Events [Abstract] | |
Subsequent Events | Subsequent Events On February 20, 2020, the Company entered into the Amended Merger Agreement with Progenics, which amends and restates the Initial Merger Agreement. Under the terms of the Amended Merger Agreement, the Company will acquire all of the issued and outstanding shares of Progenics common stock at a fixed exchange ratio whereby Progenics stockholders will receive, for each share of Progenics stock held at the time of the closing of the merger, 0.31 of a share of the Company’s common stock, increased from 0.2502 under the Initial Merger Agreement, together with a non-tradeable contingent value right (a “CVR”) tied to the financial performance of PyL TM ( 18 F-DCFPyL), Progenics’ prostate-specific membrane antigen targeted imaging agent designed to visualize prostate cancer currently in late stage clinical development (“PyL”). Each CVR will entitle its holder to receive a pro rata share of aggregate cash payments equal to 40% of U.S. net sales generated by PyL in 2022 and 2023 in excess of $100 million and $150 million , respectively. In no event will the Company’s aggregate payments under the CVRs exceed 19.9% of the total consideration the Company pays in the transaction. As a result of the increase in the exchange ratio, following the completion of the merger, former Progenics stockholders’ aggregate ownership stake will increase to approximately 40% of the combined company from approximately 35% under the Initial Merger Agreement. Progenics’ stockholders will also now be entitled to appraisal rights as provided under Delaware law. The transaction contemplated by the Amended Merger Agreement was unanimously approved by the Boards of Directors of both companies and requires, among other things, the affirmative vote of a majority of the outstanding shares of common stock of Progenics and a majority of votes cast by the holders of the common stock of the Company. In addition, pursuant to the Amended Merger Agreement, the holder of each in-the-money option to purchase shares of Progenics common stock under any equity based compensation plan of Progenics (“Progenics Stock Option”) will be entitled to receive in exchange for each such in-the-money option (i) an option to purchase Lantheus Common Stock (each, a “Lantheus Stock Option”) converted based on the 0.31 exchange ratio and (ii) a vested or unvested CVR depending on whether the underlying option is vested. Holders of out-of-the-money Progenics Stock Options will receive Lantheus Stock Options converted on an exchange ratio adjusted based on actual trading prices of common stock of Progenics and Lantheus Holdings prior to the effective time of the merger. The Amended Merger Agreement also provides that on closing the Company’s board of directors will appoint Dr. Gerard Ber and Mr. Heinz Mausli, who are currently members of the board of directors of Progenics, to serve on the Company’s board of directors. In addition, the Company’s board of directors, subject to complying with applicable fiduciary duties, will use commercially reasonable efforts to cause Dr. Ber and Mr. Mausli to be nominated for reelection following the closing through 2023. The Company’s board of directors will be reduced in size from ten to nine members at the Company’s annual meeting of stockholders on April 23, 2020 (or sooner if the transaction closes before then) and will be further reduced in size from nine to eight members prior to the date of the Company’s 2021 annual meeting of stockholders. Except as described above, the material terms of the Amended Merger Agreement are substantially the same as the terms of the Initial Merger Agreement. The transaction is currently expected to close in the second quarter of 2020. Upon completion of the acquisition, which the parties intend to report as tax-deferred to Progenics’ stockholders with respect to the stock component of the merger consideration for U.S. federal income tax purposes, the combined company will continue to be headquartered in North Billerica, Massachusetts and will trade on the NASDAQ under the ticker symbol LNTH. |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with U.S. GAAP. The consolidated financial statements include the accounts of the Company and its direct and indirect wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. |
Use of Estimates | Use of Estimates The preparation of consolidated financial statements in conformity with U.S. GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements, and the reported amounts of revenues and expenses during the reporting period. The more significant estimates reflected in the Company’s consolidated financial statements include, but are not limited to, certain judgments regarding revenue recognition, goodwill, tangible and intangible asset valuation, inventory valuation, asset retirement obligations, income tax liabilities and related indemnification receivable, deferred tax assets and liabilities and accrued expenses. Actual results could materially differ from those estimates or assumptions. |
Revenue Recognition | Revenue Recognition The Company recognizes revenue when it transfers control of promised goods or services to its customers in an amount that reflects the consideration to which the Company expects to be entitled to in exchange for those goods and services. See Note 3, “Revenue from Contracts with Customers” for further discussion on revenues. |
Accounts Receivable, net | Accounts Receivable, net Accounts receivable consist of amounts billed and currently due from customers. The Company maintains an allowance for doubtful accounts for estimated losses. In determining the allowance, consideration includes the probability of recoverability based on past experience and general economic factors. Certain accounts receivable may be fully reserved when the Company becomes aware of any specific collection issues. |
Income Taxes | Income Taxes The Company accounts for income taxes using an asset and liability approach. Income tax (benefit) expense represents income taxes paid or payable for the current year plus the change in deferred taxes during the year. Deferred taxes result from differences between the financial and tax bases of the Company’s assets and liabilities. Deferred tax assets and liabilities are measured using the currently enacted tax rates that apply to taxable income in effect for the years in which those tax attributes are expected to be recovered or paid, and are adjusted for changes in tax rates and tax laws when such changes are enacted. The Company recognizes deferred tax assets to the extent that the Company believes that these assets are more-likely-than-not to be realized. Valuation allowances are recorded to reduce deferred tax assets when it is more-likely-than-not that the future tax benefit will not be realized. The assessment of whether or not a valuation allowance is required involves weighing both positive and negative evidence, including both historical and prospective information, with greater weight given to evidence that is objectively verifiable. A history of recent losses is negative evidence that is difficult to overcome with positive evidence. In evaluating prospective information there are four sources of taxable income: reversals of taxable temporary differences, items that can be carried back to prior tax years (such as net operating losses), pre-tax income, and prudent and feasible tax planning strategies. Adjustments to the deferred tax valuation allowances are made in the period when those assessments are made. The Company accounts for uncertain tax positions using a two-step recognition threshold and measurement analysis method to determine the financial statement impact of uncertain tax positions taken or expected to be taken in a tax return. Differences between tax positions taken in a tax return and amounts recognized in the financial statements are recorded as adjustments to other long-term assets and liabilities, or adjustments to deferred taxes, or both. The Company records the related interest and penalties to income tax (benefit) expense. |
Net Income per Common Share | Net Income per Common Share Basic earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period. Diluted earnings per common share is computed by dividing net income by the weighted-average number of shares of common stock outstanding during the period, plus the potential dilutive effect of other securities if those securities were converted or exercised. During periods in which the Company incurs net losses, both basic and diluted loss per common share is calculated by dividing the net loss by the weighted-average shares of common stock outstanding and potentially dilutive securities are excluded from the calculation because their effect would be antidilutive. |
Cash and Cash Equivalents | Cash and Cash Equivalents Cash and cash equivalents include savings deposits, certificates of deposit and money market funds that have original maturities of three months or less when purchased. |
Concentration of Risks and Limited Suppliers | Concentration of Risks and Limited Suppliers Financial instruments which potentially subject the Company to concentrations of credit risk consist principally of trade accounts receivable. The Company periodically reviews its accounts receivable for collectability and provides for an allowance for doubtful accounts to the extent that amounts are not expected to be collected. The Company sells primarily to large national distributors, which in turn, resell the Company’s products. As of December 31, 2019, no customer accounted for greater than 10% of accounts receivable, net. One customer accounted for approximately 11% of accounts receivable, net for the year ended December 31, 2018. No customer accounted for greater than 10% of revenues for the years ended December 31, 2019 and December 31, 2018. Three customers accounted for approximately 12% , 10% and 10% of revenues for the year ended December 31, 2017. The Company relies on certain materials used in its development and manufacturing processes, some of which are procured from only one or a few sources. The failure of one of these suppliers to deliver on schedule could delay or interrupt the manufacturing or commercialization process and would adversely affect the Company’s operating results. In addition, a disruption in the commercial supply of, or a significant increase in the cost of one of the Company’s materials from these sources could have a material adverse effect on the Company’s business, financial position and results of operations. The Company has Mo-99 supply agreements with IRE of Belgium, running through December 31, 2022, and renewable by the Company on a year-to-year basis thereafter, and with ANSTO and NTP, running through December 31, 2021. The Company also has a Xenon supply agreement with IRE which runs through June 30, 2022, and which is subject to further extension. The Company currently relies on IRE as the sole supplier of bulk-unprocessed Xenon which the Company processes and finishes for its customers. The Company currently relies on JHS as its sole source manufacturer of DEFINITY, Neurolite, Cardiolite and evacuation vials for TechneLite. |
Inventory | Inventory Inventory includes material, direct labor and related manufacturing overhead and is stated at the lower of cost and net realizable value on a first-in, first-out basis. The Company records inventory when the Company takes title to the product. The Company assesses the recoverability of inventory to determine whether adjustments for excess and obsolete inventory are required. Inventory that is in excess of future requirements is written down to its estimated net realizable value based on product shelf life, forecasted demand and other factors. Inventory costs associated with product that has not yet received regulatory approval are capitalized if the Company believes there is probable future commercial use of the product and future economic benefits of the asset. If future commercial use of the product is not probable, then inventory costs associated with such product are expensed as incurred. |
Property, Plant and Equipment, net | Property, Plant and Equipment, net Property, plant & equipment are stated at cost. Replacements of major units of property are capitalized, and replaced properties are retired. Replacements of minor components of property and repair and maintenance costs are charged to expense as incurred. Certain costs to obtain or develop computer software are capitalized and amortized over the estimated useful life of the software. Depreciation and amortization is computed on a straight-line basis over the estimated useful lives of the related assets. The estimated useful lives of the major classes of depreciable assets are as follows: Class Range of Estimated Useful Lives Buildings 10 - 50 years Land improvements 15 - 40 years Machinery and equipment 3 - 15 years Furniture and fixtures 15 years Leasehold improvements Lesser of lease term or 15 years Computer software 3 - 5 years Upon retirement or other disposal of property, plant & equipment, the cost and related amount of accumulated depreciation are removed from the asset and accumulated depreciation accounts, respectively. The difference, if any, between the net asset value and the proceeds is included in operating income. Included within machinery, equipment and fixtures are spare parts. Spare parts include replacement parts relating to plant & equipment and are either recognized as an expense when consumed or reclassified and capitalized as part of the related asset and depreciated over the remaining useful life of the related asset. |
Goodwill | Goodwill Goodwill is not amortized but is instead tested for impairment at least annually and whenever events or circumstances indicate that it is more likely-than-not that they may be impaired. The Company has elected to perform the annual test for goodwill impairment as of October 31 of each year. All goodwill has been allocated to the U.S. reporting unit. In performing the Company’s annual assessment, the Company is permitted to first perform a qualitative test and if necessary, perform a quantitative test. If the Company is required to perform the quantitative impairment test of goodwill, the Company compares the fair value of a reporting unit to its carrying value. If the reporting unit’s carrying value exceeds its fair value, the Company would record an impairment loss to the extent that the carrying value of goodwill exceeds its implied fair value. The Company estimates the fair value of its reporting unit using discounted cash flow or other valuation models, such as comparative transactions and market multiples. The Company did not recognize any goodwill impairment charges during the years ended December 31, 2019, 2018 or 2017. |
Intangible and Long-Lived Assets | Intangible and Long-Lived Assets The Company tests intangible and long-lived assets for recoverability whenever events or changes in circumstances suggest that the carrying value of an asset or group of assets may not be recoverable. The Company measures the recoverability of assets to be held and used by comparing the carrying amount of the asset to future undiscounted net cash flows expected to be generated by the asset. If those assets are considered to be impaired, the impairment equals the amount by which the carrying amount of the assets exceeds the fair value of the assets. Any impairments are recorded as permanent reductions in the carrying amount of the assets. Long-lived assets, other than goodwill and other intangible assets that are held for sale are recorded at the lower of the carrying value or the fair market value less the estimated cost to sell. Intangible assets, consisting of patents, trademarks and customer relationships related to the Company’s products are amortized in a method equivalent to the estimated utilization of the economic benefit of the asset. |
Contingencies | Contingencies In the normal course of business, the Company is subject to loss contingencies, such as legal proceedings and claims arising out of its business, that cover a wide range of matters, including, among others, product and environmental liability. The Company records accruals for those loss contingencies when it is probable that a liability will be incurred and the amount of loss can be reasonably estimated. The Company does not recognize gain contingencies until realized. |
Fair Values of Financial Instruments | Fair Values of Financial Instruments The estimated fair values of the Company’s financial instruments, including its cash and cash equivalents, accounts receivable, accounts payable and accrued expenses approximate the carrying values of these instruments due to their short term nature. The estimated fair value of the Company’s long term debt approximates its carrying values as the applicable interest rates are subject to change with market interest rates. |
Advertising and Promotion Costs | Advertising and Promotion Costs Advertising and promotion costs are expensed as incurred. |
Research and Development | Research and Development Research and development costs are expensed as incurred and relate primarily to the development of new products to add to the Company’s portfolio and costs related to its medical affairs and medical information functions. Nonrefundable advance payments for goods or services that will be used or rendered for future research and development activities are deferred and recognized as an expense as the goods are delivered or the related services are performed. |
Foreign Currency | Foreign Currency The consolidated statements of operations of the Company’s foreign subsidiaries are translated into U.S. Dollars using weighted-average exchange rates. The net assets of the Company’s foreign subsidiaries are translated into U.S. Dollars using the end of period exchange rates. The impact from translating the net assets of these subsidiaries at changing rates are recorded in the foreign currency translation adjustment account, which is included in accumulated other comprehensive loss in the consolidated balance sheets. Remeasurement of the Company’s foreign currency denominated transactions are included in net income. Transaction gains and losses are reported as a component of o ther expense (income) in the consolidated statements of operations. |
Stock-Based Compensation | Stock-Based Compensation The Company’s stock-based compensation cost is measured at the grant date of the stock-based award based on the fair value of the award and is recognized as expense over the requisite service period, which generally represents the vesting period, and includes an estimate of the awards that will be forfeited. The Company estimates the fair value of each stock-based award on its measurement date using either the current market price of the stock, the Black-Scholes option valuation model or the Monte Carlo Simulation valuation model, whichever is most appropriate. The Black-Scholes and Monte Carlo Simulation valuation models incorporate assumptions such as stock price volatility, the expected life of options or awards, a risk-free interest rate and dividend yield. Expense for performance restricted stock awards is recognized based upon the fair value of the awards on the date of grant and the number of shares expected to vest based on the terms of the u nderlying award agreement and the requisite service period(s). |
Comprehensive Income (Loss) | Comprehensive Income (Loss) Comprehensive income (loss) consists of net income and other gains and losses affecting stockholders’ equity that, under U.S. GAAP, are excluded from net income. For the Company, other comprehensive income (loss) consists of foreign currency translation gains and losses. |
Asset Retirement Obligations | Asset Retirement Obligations The Company’s compliance with federal, state, local and foreign environmental laws and regulations may require it to remove or mitigate the effects of the disposal or release of chemical substances in jurisdictions where it does business or maintains properties. The Company establishes accruals when those costs are legally obligated and can be reasonably estimated. Accrual amounts are estimated, which may include the assistance of third-party environmental specialists, and are based on currently available information, regulatory requirements, remediation strategies, historical experience, the relative shares of the total remediation costs, a relevant discount rate, and the time periods of when estimated costs can be reasonably predicted. Changes in these assumptions could impact the Company’s future reported results. The Company has production facilities which manufacture and process radioactive materials at its North Billerica, Massachusetts and San Juan, Puerto Rico sites. The Company considers its legal obligation to remediate its facilities upon a decommissioning of its radioactive-related operations as an asset retirement obligation. The fair value of a liability for asset retirement obligations is recognized in the period in which the liability is incurred. The liability is measured at the present value of the obligation expected to be incurred and is adjusted in subsequent periods as accretion expense is recorded. The corresponding asset retirement costs are capitalized as part of the carrying values of the related long-lived assets and depreciated over the assets’ useful lives. The Company has identified conditional asset retirement obligations related to the future removal and disposal of asbestos contained in certain of the buildings located on the Company’s North Billerica, Massachusetts campus. The Company believes the asbestos is appropriately contained and it is compliant with all applicable environmental regulations. If these properties undergo major renovations or are demolished, certain environmental regulations are in place, which specify the manner in which asbestos must be handled and disposed. The Company is required to record the fair value of these conditional liabilities if they can be reasonably estimated. As of December 31, 2019 and 2018, sufficient information was not available to estimate a liability for such conditional asset retirement obligations as the obligations to remove the asbestos from these properties have indeterminable settlement dates. As such, no liability for conditional asset retirement obligations has been recorded in the accompanying consolidated balance sheets as of December 31, 2019 and 2018. |
Self-Insurance Reserves | Self-Insurance Reserves The Company’s consolidated balance sheets at both December 31, 2019 and 2018 include $0.6 million of accrued liabilities associated with employee medical costs that are retained by the Company. The Company estimates the required liability of those claims on an undiscounted basis based upon various assumptions which include, but are not limited to, the Company’s historical loss experience and projected loss development factors. The required liability is also subject to adjustment in the future based upon changes in claims experience, including changes in the number of incidents (frequency) and change in the ultimate cost per incident (severity). The Company also maintains a separate cash account to fund these medical claims and must maintain a minimum balance as determined by the plan administrator. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326)” This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company has completed its assessment on the impact of the standard and concluded that upon adoption of this standard there will not be a material impact to its consolidated financial statements. Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Accounting Standards Adopted During the Year Ended December 31, 2019 ASU 2016-02, “Leases (Topic 842)” This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 13, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of product concentration risk | The following table sets forth revenues for each of the Company’s products representing 10% or more of revenues: Year Ended December 31, 2019 2018 2017 DEFINITY 62.6% 53.3% 47.5% TechneLite 24.9% 28.8% 31.6% |
Schedule of estimated useful lives of major classes of depreciable assets | The estimated useful lives of the major classes of depreciable assets are as follows: Class Range of Estimated Useful Lives Buildings 10 - 50 years Land improvements 15 - 40 years Machinery and equipment 3 - 15 years Furniture and fixtures 15 years Leasehold improvements Lesser of lease term or 15 years Computer software 3 - 5 years Property, plant and equipment, net, consisted of the following: December 31, (in thousands) 2019 2018 Land $ 13,450 $ 13,450 Buildings 75,654 64,444 Machinery, equipment and fixtures 87,763 69,298 Computer software 20,739 19,266 Construction in progress 10,546 24,169 208,152 190,627 Less: accumulated depreciation and amortization (91,655 ) (82,739 ) Total property, plant and equipment, net $ 116,497 $ 107,888 |
Schedule of other expense (income) | Other expense (income) consisted of the following: Year Ended December 31, (in thousands) 2019 2018 2017 Foreign currency (gains) losses $ (33 ) $ 557 $ (253 ) Tax indemnification expense (income), net 10,635 (2,855 ) (8,367 ) Interest income (686 ) (167 ) (18 ) Arbitration award (3,453 ) — — Other income (242 ) — — Total other expense (income) $ 6,221 $ (2,465 ) $ (8,638 ) |
Schedule of recent account pronouncements | Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Recently Issued Accounting Standards Not Yet Adopted ASU 2016-13, “Financial Instruments-Credit Losses (Topic 326)” This ASU will require financial instruments measured at amortized cost and accounts receivable to be presented at the net amount expected to be collected. The new model requires an entity to estimate credit losses based on historical information, current information and reasonable and supportable forecasts that affect the collectability of the reported amount. ASU 2016-13 is effective for annual reporting periods beginning after December 15, 2019. January 1, 2020 The Company has completed its assessment on the impact of the standard and concluded that upon adoption of this standard there will not be a material impact to its consolidated financial statements. Standard Description Effective Date for Company Effect on the Consolidated Financial Statements Accounting Standards Adopted During the Year Ended December 31, 2019 ASU 2016-02, “Leases (Topic 842)” This ASU supersedes existing guidance on accounting for leases in “Leases (Topic 840)” and generally requires all leases to be recognized on the balance sheet. In July 2018, an amendment was made that allows companies the option of using the effective date of the new standard as the initial application date (at the beginning of the period in which it is adopted, rather than at the beginning of the earliest comparative period). January 1, 2019 See Note 13, "Leases" for the required disclosures related to the impact of adopting this standard. The adoption of this standard resulted in the recording of an additional lease asset and lease liability of approximately $1.1 million as of January 1, 2019. |
Revenue from Contracts with C_2
Revenue from Contracts with Customers (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of disaggregation of revenue | The following table summarizes revenue by revenue source and reportable segment as follows: Year Ended December 31, Major Products/Service Lines by Segment (in thousands) 2019 2018 U.S. Product revenue, net (1) $ 303,989 $ 288,580 Total U.S. revenues 303,989 288,580 International Product revenue, net (1) 41,287 52,556 License and royalty revenues 2,061 2,238 Total International revenues 43,348 54,794 Total revenues $ 347,337 $ 343,374 _ _____________________________ (1) The Company’s principal products include DEFINITY and TechneLite and are categorized within product revenue, net. The Company applies the same revenue recognition policies and judgments for all of its principal products. |
Schedule of contracts with customer | The Company recognized certain revenues as follows: Year Ended December 31, (in thousands) 2019 2018 Amounts included in the contract liability at the beginning of the period $ 33 $ 33 Performance obligations satisfied (or partially satisfied) in previous periods $ — $ — |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Schedule of assets and liabilities measured at fair value on a recurring basis | The tables below present information about the Company’s assets and liabilities measured at fair value on a recurring basis: December 31, 2019 (in thousands) Total Fair Level 1 Level 2 Level 3 Money market $ 39,530 $ 39,530 $ — $ — Total $ 39,530 $ 39,530 $ — $ — December 31, 2018 (in thousands) Total Fair Value Level 1 Level 2 Level 3 Money market $ 61,391 $ 61,391 $ — $ — Total $ 61,391 $ 61,391 $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of components of income before income taxes | The components of income before income taxes is summarized as follows: Year Ended December 31, (in thousands) 2019 2018 2017 U.S. $ 25,432 $ 46,945 $ 39,559 International 3,195 2,603 80 Income before income taxes $ 28,627 $ 49,548 $ 39,639 |
Schedule of income tax (benefit) expense | The income tax (benefit) expense is summarized as follows: Year Ended December 31, (in thousands) 2019 2018 2017 Current Federal $ 287 $ (21 ) $ (58 ) State (13,166 ) 3,424 3,242 International 114 (135 ) 16 (12,765 ) 3,268 3,200 Deferred Federal 8,712 7,821 (71,742 ) State 790 1,411 (15,220 ) International 223 (3,470 ) 16 9,725 5,762 (86,946 ) Income tax (benefit) expense $ (3,040 ) $ 9,030 $ (83,746 ) |
Schedule of reconciliation of income taxes at the U.S. federal statutory rate to the actual income taxes | The reconciliation of income taxes at the U.S. federal statutory rate to the actual income taxes is as follows: Year Ended December 31, (in thousands) 2019 2018 2017 U.S. statutory rate $ 6,012 $ 10,405 $ 13,873 Permanent items 3,737 505 (1,916 ) Uncertain tax positions (13,156 ) 3,227 3,128 Other tax credits (1,685 ) (742 ) (175 ) State and local taxes 1,914 2,125 1,252 Impact of rate change on deferred taxes — — 45,129 True-up of prior year tax — — 7 Foreign tax rate differential (238 ) 30 97 Valuation allowance (22 ) (4,073 ) (141,094 ) Benefit of windfall related to stock compensation (2,768 ) (1,760 ) (2,723 ) Increase in indemnification deferred tax asset 2,531 (731 ) (1,055 ) Other 635 44 (269 ) Income tax (benefit) expense $ (3,040 ) $ 9,030 $ (83,746 ) |
Schedule of components of deferred incomes tax assets (liabilities) | The components of deferred income tax assets (liabilities) are as follows: December 31, (in thousands) 2019 2018 Deferred Tax Assets Federal benefit of state tax liabilities $ 5,278 $ 7,809 Reserves, accruals and other 15,026 11,005 Inventory obsolescence 550 428 Capitalized research and development 5,086 7,491 Amortization of intangibles other than goodwill 1,569 2,809 Net operating loss carryforwards 47,095 55,938 Depreciation 56 — Deferred tax assets 74,660 85,480 Deferred Tax Liabilities Reserves, accruals and other (881 ) (1,078 ) Customer relationships (707 ) (986 ) Depreciation — (727 ) Deferred tax liability (1,588 ) (2,791 ) Less: valuation allowance (1,238 ) (1,240 ) $ 71,834 $ 81,449 Recorded in the accompanying consolidated balance sheets as: Noncurrent deferred tax assets, net $ 71,834 $ 81,449 |
Schedule of valuation allowance | A summary of the changes in the Company’s valuation allowance is summarized below: (in thousands) Amount Balance, January 1, 2018 $ 5,368 Charged to income tax (benefit) expense (103 ) Foreign currency (56 ) Release valuation allowance (3,969 ) Balance, December 31, 2018 1,240 Charged to income tax (benefit) expense (22 ) Foreign currency 20 Release valuation allowance — Balance, December 31, 2019 $ 1,238 |
Schedule of reconciliation of the Company's changes in uncertain tax positions | A reconciliation of the Company’s changes in uncertain tax positions for 2019 and 2018 is as follows: (in thousands) Amount Balance of uncertain tax positions as of January 1, 2018 $ 9,866 Additions related to current year tax positions — Reductions related to prior year tax positions (4 ) Settlements — Lapse of statute of limitations (74 ) Balance of uncertain tax positions as of December 31, 2018 9,788 Additions related to current year tax positions — Reductions related to prior year tax positions (4,496 ) Settlements — Lapse of statute of limitations — Balance of uncertain tax positions as of December 31, 2019 $ 5,292 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of inventory | Inventory consisted of the following: December 31, (in thousands) 2019 2018 Raw materials $ 11,417 $ 11,100 Work in process 9,450 4,261 Finished goods 8,313 17,658 Total inventory $ 29,180 $ 33,019 |
Property, Plant & Equipment, _2
Property, Plant & Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Schedule of property, plant, and equipment, net | The estimated useful lives of the major classes of depreciable assets are as follows: Class Range of Estimated Useful Lives Buildings 10 - 50 years Land improvements 15 - 40 years Machinery and equipment 3 - 15 years Furniture and fixtures 15 years Leasehold improvements Lesser of lease term or 15 years Computer software 3 - 5 years Property, plant and equipment, net, consisted of the following: December 31, (in thousands) 2019 2018 Land $ 13,450 $ 13,450 Buildings 75,654 64,444 Machinery, equipment and fixtures 87,763 69,298 Computer software 20,739 19,266 Construction in progress 10,546 24,169 208,152 190,627 Less: accumulated depreciation and amortization (91,655 ) (82,739 ) Total property, plant and equipment, net $ 116,497 $ 107,888 |
Asset Retirement Obligations (T
Asset Retirement Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Asset Retirement Obligation Disclosure [Abstract] | |
Summary of asset retirement obligations | The following table provides a summary of the changes in the Company’s asset retirement obligations: (in thousands) Amount Balance, January 1, 2019 $ 11,572 Revisions in estimated cash flows 20 Accretion expense 1,291 Balance, December 31, 2019 $ 12,883 |
Intangibles, Net (Tables)
Intangibles, Net (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of intangibles | Intangibles, net, consisted of the following: December 31, 2019 (in thousands) Amortization Cost Accumulated Amortization Net Trademarks Straight-Line $ 13,540 $ (10,407 ) $ 3,133 Customer relationships Accelerated 99,019 (94,816 ) 4,203 Total $ 112,559 $ (105,223 ) $ 7,336 December 31, 2018 (in thousands) Amortization Cost Accumulated Amortization Net Trademarks Straight-Line $ 13,540 $ (9,856 ) $ 3,684 Customer relationships Accelerated 98,912 (93,463 ) 5,449 Patents Straight-Line 6,570 (6,570 ) — Total $ 119,022 $ (109,889 ) $ 9,133 |
Schedule of expected future amortization expense | The below table summarizes the estimated aggregate amortization expense expected to be recognized on the above intangible assets: (in thousands) Amount 2020 $ 1,568 2021 1,311 2022 1,174 2023 579 2024 496 2025 and thereafter 2,208 Total $ 7,336 |
Accrued Expenses and Other Li_2
Accrued Expenses and Other Liabilities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Payables and Accruals [Abstract] | |
Schedule of accrued expenses | Accrued expenses are comprised of the following: December 31, (in thousands) 2019 2018 Compensation and benefits $ 15,100 $ 15,962 Freight, distribution and operations 6,260 7,721 Accrued rebates, discounts and chargebacks 6,985 4,654 Accrued professional fees 6,917 1,673 Other 2,098 2,040 Total accrued expenses and other liabilities $ 37,360 $ 32,050 |
Long-Term Debt, Net, and Othe_2
Long-Term Debt, Net, and Other Borrowings (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Schedule of maturities of principal obligations under new term facility | As of December 31, 2019, the Company’s maturities of principal obligations under its long-term debt and other borrowings are as follows: (in thousands) Amount 2020 $ 10,000 2021 10,000 2022 11,250 2023 15,000 2024 148,750 Total principal outstanding 195,000 Unamortized debt discount (485 ) Unamortized debt issuance costs (774 ) Finance lease liabilities 329 Total 194,070 Less: current portion (10,143 ) Total long-term debt $ 183,927 |
Schedule of total net leverage ratio | The maximum total net leverage ratio permitted by the financial covenant is displayed in the table below: 2019 Facility Financial Covenant Period Consolidated Q1 2020 to Q2 2020 4.00 to 1.00 Q3 2020 to Q2 2021 3.75 to 1.00 Thereafter 3.50 to 1.00 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of stock-based compensation expense recognized | Stock-based compensation expense recognized in the consolidated statements of operations is summarized below: Year Ended December 31, (in thousands) 2019 2018 2017 Cost of goods sold $ 2,091 $ 1,140 $ 1,692 Sales and marketing 1,953 1,244 640 General and administrative 6,990 4,990 2,964 Research and development 1,458 1,344 632 Total stock-based compensation expense $ 12,492 $ 8,718 $ 5,928 |
Schedule of option activity | A summary of option activity for 2019 is presented below: Total Stock Options Weighted- Average Exercise Price Weighted- Average Remaining Contractual Term (Years) Aggregate Intrinsic Value Balance at January 1, 2019 357,075 $ 17.50 Options granted — $ — Options exercised (67,558 ) $ 17.37 Options cancelled and expired (17,293 ) $ 18.66 Outstanding at December 31, 2019 272,224 $ 17.44 3.7 1,096,000 Exercisable at December 31, 2019 272,224 $ 17.44 3.7 1,096,000 |
Summary of restricted stock awards activity | A summary of performance restricted stock award activity for 2019 is presented below: Shares Weighted- Nonvested balance at January 1, 2019 241,880 $ 16.71 Granted — $ — Vested — $ — Forfeited (15,870 ) $ 18.10 Nonvested balance at December 31, 2019 226,010 $ 16.62 A summary of TSR Award activity for 2019 is presented below: Shares Weighted- Nonvested balance at January 1, 2019 179,913 $ 22.76 Granted 152,869 $ 39.92 Vested — $ — Forfeited (26,552 ) $ 31.64 Nonvested balance at December 31, 2019 306,230 $ 30.56 A summary of restricted stock awards and restricted stock units activity for 2019 is presented below: Shares Weighted- Average Grant Date Fair Value Per Share Nonvested balance at January 1, 2019 1,508,539 $ 9.51 Granted 409,821 $ 23.33 Vested (795,503 ) $ 8.52 Forfeited (91,085 ) $ 15.84 Nonvested balance at December 31, 2019 1,031,772 $ 15.20 |
Schedule of valuation model | The fair value of these awards are based on a Monte Carlo Simulation valuation model with the following assumptions: Year Ended December 31, 2019 2018 Expected volatility 71.7 % 84.3 % Risk-free interest rate 2.4 % 2.4 % Expected life (in years) 2.9 2.8 Expected dividend yield — — |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Schedule of operating and finance lease assets and liabilities | Operating and finance lease assets and liabilities are as follows: (in thousands) Classification December 31, 2019 Assets Operating Other long-term assets $ 935 Finance Property, plant and equipment, net 348 Total leased assets $ 1,283 Liabilities Current Operating Accrued expenses and other liabilities $ 193 Finance Current portion of long-term debt and other borrowings 143 Noncurrent Operating Other long-term liabilities 812 Finance Long-term debt, net and other borrowings 186 Total leased liabilities $ 1,334 |
Schedule of components of lease expense and other information | The components of lease expense were as follows: (in thousands) Year Ended Operating lease expense $ 223 Finance lease expense Amortization of ROU assets 167 Interest on lease liabilities 11 Short-term lease expense 91 Total lease expense $ 492 Other information related to leases were as follows: December 31, 2019 Weighted-average remaining lease term (Years): Operating leases 4.8 Finance leases 2.5 Weighted-average discount rate: Operating leases 5.1% Finance leases 5.4% (in thousands) Year Ended Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases 230 Operating cash flows from finance leases 11 Financing cash flows from finance leases 190 ROU assets obtained in exchange for lease obligations: Operating leases — Finance leases 379 |
Schedule of future minimum lease payments under operating leases | Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2020 $ 238 $ 135 2021 238 136 2022 238 83 2023 238 — 2024 178 — Total future minimum lease payments 1,130 354 Less: interest 125 25 Total $ 1,005 $ 329 |
Schedule of future minimum lease payments under finance leases | Future minimum lease payments under non-cancellable leases as of December 31, 2019 were as follows: (in thousands) Operating Leases Finance Leases 2020 $ 238 $ 135 2021 238 136 2022 238 83 2023 238 — 2024 178 — Total future minimum lease payments 1,130 354 Less: interest 125 25 Total $ 1,005 $ 329 |
Net Income Per Common Share (Ta
Net Income Per Common Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Summary of net income per common share | A summary of net income per common share is presented below: Year Ended (in thousands, except per share amounts) 2019 2018 2017 Net income $ 31,667 $ 40,518 $ 123,385 Basic weighted-average common shares outstanding 38,988 38,233 37,276 Effect of dilutive stock options 75 61 288 Effect of dilutive restricted stock 1,050 1,207 1,328 Diluted weighted-average common shares outstanding 40,113 39,501 38,892 Basic income per common share $ 0.81 $ 1.06 $ 3.31 Diluted income per common share $ 0.79 $ 1.03 $ 3.17 Antidilutive securities excluded from diluted net income per common share 50 424 604 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of future payments required | As of December 31, 2019 , future payments required under purchase commitments are as follows: (in thousands) Amount 2020 $ 4,132 2021 4,132 2022 2,066 Total $ 10,330 |
Segment Information (Tables)
Segment Information (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Schedule of selected information for each business segment | Selected information regarding the Company’s segments are provided as follows: Year Ended (in thousands) 2019 2018 2017 Revenue by product from external customers U.S. DEFINITY $ 211,777 $ 178,440 $ 153,581 TechneLite 72,534 74,042 90,489 Other nuclear 36,231 48,935 54,822 Rebates and allowances (16,553 ) (12,837 ) (8,890 ) Total U.S. Revenues 303,989 288,580 290,002 International DEFINITY 5,731 4,633 3,687 TechneLite 14,058 24,816 14,155 Other nuclear 23,574 25,349 23,558 Rebates and allowances (15 ) (4 ) (24 ) Total International Revenues 43,348 54,794 41,376 Worldwide DEFINITY 217,508 183,073 157,268 TechneLite 86,592 98,858 104,644 Other nuclear 59,805 74,284 78,380 Rebates and allowances (16,568 ) (12,841 ) (8,914 ) Total Revenues $ 347,337 $ 343,374 $ 331,378 Year Ended (in thousands) 2019 2018 2017 Geographical revenues U.S. $ 303,989 $ 288,580 $ 290,002 International 43,348 54,794 41,376 Total revenues $ 347,337 $ 343,374 $ 331,378 Operating income U.S. $ 44,275 $ 56,327 $ 49,239 International 7,386 8,161 2,614 Operating income 51,661 64,488 51,853 Interest expense 13,617 17,405 18,410 Loss on extinguishment of debt 3,196 — 2,442 Other expense (income) 6,221 (2,465 ) (8,638 ) Income before income taxes $ 28,627 $ 49,548 $ 39,639 Depreciation and amortization U.S. $ 11,673 $ 12,278 $ 17,672 International 414 491 517 Total depreciation and amortization $ 12,087 $ 12,769 $ 18,189 December 31, (in thousands) 2019 2018 Long-lived assets U.S. $ 115,560 $ 106,755 International 937 1,133 Total long-lived assets $ 116,497 $ 107,888 |
Valuation and Qualifying Acco_2
Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
SEC Schedule, 12-09, Valuation and Qualifying Accounts [Abstract] | |
Schedule of valuation and qualifying accounts | (in thousands) Balance at Beginning of Year Charged to Income Deductions from Reserves (1) Other Adjustments Balance at End of Year Allowance for doubtful accounts Year ended December 31, 2019 $ 1,119 $ 146 $ (323 ) $ — $ 942 Year ended December 31, 2018 $ 977 $ 321 $ (179 ) $ — $ 1,119 Year ended December 31, 2017 $ 969 $ 136 $ (128 ) $ — $ 977 Rebates and allowances Year ended December 31, 2019 $ 4,654 $ 16,729 $ (14,237 ) $ (161 ) $ 6,985 Year ended December 31, 2018 $ 2,860 $ 13,202 $ (11,047 ) $ (361 ) $ 4,654 Year ended December 31, 2017 $ 2,297 $ 9,568 $ (8,351 ) $ (654 ) $ 2,860 ________________________________ (1) Amounts charged to deductions from allowance for doubtful accounts represent the write-off of uncollectible balances and represent payments for rebates and allowances. |
Quarterly Consolidated Financ_2
Quarterly Consolidated Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Summary of quarterly financial information | Summarized quarterly consolidated financial data is presented below: Quarterly Periods During the Year Ended December 31, 2019 Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenues $ 86,510 $ 85,705 $ 85,776 $ 89,346 Gross profit $ 44,084 $ 44,573 $ 41,589 $ 44,565 Net income $ 9,949 $ 6,412 $ 4,856 $ 10,450 Basic income per weighted-average share (a) $ 0.26 $ 0.16 $ 0.12 $ 0.27 Diluted income per weighted-average share (a) $ 0.25 $ 0.16 $ 0.12 $ 0.26 Quarterly Periods During the Year Ended December 31, 2018 Q1 Q2 Q3 Q4 (in thousands, except per share data) Revenues $ 82,630 $ 85,573 $ 88,900 $ 86,271 Gross profit $ 42,309 $ 43,846 $ 44,885 $ 43,845 Net income $ 8,211 $ 9,745 $ 9,269 $ 13,293 Basic income per weighted-average share (a) $ 0.22 $ 0.25 $ 0.24 $ 0.35 Diluted income per weighted-average share (a) $ 0.21 $ 0.25 $ 0.24 $ 0.34 ________________________________ (a) Quarterly and annual computations are prepared independently. Accordingly, the sum of each quarter may not necessarily total the fiscal year period amounts noted elsewhere within this Annual Report on Form 10-K. |
Description of Business (Detail
Description of Business (Details) $ in Millions | Oct. 01, 2019USD ($)shares | Dec. 31, 2019pharmacy |
Business Acquisition [Line Items] | ||
Number of stores (in pharmacies) | pharmacy | 1 | |
Progenics Pharmaceuticals | ||
Business Acquisition [Line Items] | ||
Common stock portion, number of stock for each share of progenics common stock (in shares) | shares | 0.2502 | |
Ownership percentage | 35.00% | |
Business acquisition termination fee amount | $ 18.3 | |
Merger agreement not to exceed | $ 5.3 |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies - Concentration of Risk and Limited Suppliers (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue Benchmark | Product Concentration Risk | DEFINITY | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 62.60% | 53.30% | 47.50% |
Revenue Benchmark | Product Concentration Risk | TechneLite | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 24.90% | 28.80% | 31.60% |
Accounts Receivable | Customer Concentration Risk | Company A | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 11.00% | ||
Revenues | Customer Concentration Risk | Company A | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 12.00% | ||
Revenues | Customer Concentration Risk | Company B | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% | ||
Revenues | Customer Concentration Risk | Company C | |||
Concentration Risk [Line Items] | |||
Concentration risk percentage | 10.00% |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies - Estimated Useful Lives (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Buildings | Minimum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 10 years |
Buildings | Maximum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 50 years |
Land improvements | Minimum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 15 years |
Land improvements | Maximum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 40 years |
Machinery and equipment | Minimum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 3 years |
Machinery and equipment | Maximum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 15 years |
Furniture and fixtures | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 15 years |
Leasehold improvements | Maximum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 15 years |
Computer software | Minimum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 3 years |
Computer software | Maximum | |
Property, Plant & Equipment [Line Items] | |
Estimated useful lives | 5 years |
Summary of Significant Accoun_6
Summary of Significant Accounting Policies - Goodwill (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Goodwill, impairment loss | $ 0 | $ 0 | $ 0 |
Summary of Significant Accoun_7
Summary of Significant Accounting Policies - Advertising and Promotion Costs (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Advertising and promotion costs | $ 3.8 | $ 4 | $ 4.4 |
Summary of Significant Accoun_8
Summary of Significant Accounting Policies - Other Expense (Income) (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Accounting Policies [Abstract] | |||
Foreign currency (gains) losses | $ (33) | $ 557 | $ (253) |
Tax indemnification expense (income), net | 10,635 | (2,855) | (8,367) |
Interest income | 686 | 167 | 18 |
Arbitration award | (3,453) | 0 | 0 |
Other income | (242) | 0 | 0 |
Total other expense (income) | $ 6,221 | $ (2,465) | $ (8,638) |
Summary of Significant Accoun_9
Summary of Significant Accounting Policies - Self-Insurance Reserves (Details) - USD ($) $ in Millions | Dec. 31, 2019 | Dec. 31, 2018 |
Accounting Policies [Abstract] | ||
Accrued liabilities associated with employee medical costs | $ 0.6 | $ 0.6 |
Restricted cash account | $ 0.2 | $ 0.1 |
Summary of Significant Accou_10
Summary of Significant Accounting Policies Summary of Significant Accounting Policies - Recent Accounting Pronouncements (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,283 | |
Total leased liabilities | $ 1,334 | |
ASC 842 | ||
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,100 | |
Total leased liabilities | $ 1,100 |
Revenue from Contracts with C_3
Revenue from Contracts with Customers Revenue from Contracts with Customers - Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 89,346 | $ 85,776 | $ 85,705 | $ 86,510 | $ 86,271 | $ 88,900 | $ 85,573 | $ 82,630 | $ 347,337 | $ 343,374 | $ 331,378 |
U.S. | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 303,989 | 288,580 | 290,002 | ||||||||
U.S. | Product revenue, net | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 303,989 | 288,580 | |||||||||
International | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 43,348 | 54,794 | $ 41,376 | ||||||||
International | Product revenue, net | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | 41,287 | 52,556 | |||||||||
International | License and royalty revenues | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Total revenues | $ 2,061 | $ 2,238 |
Revenue from Contracts with C_4
Revenue from Contracts with Customers Revenue from Contracts with Customers - Contract Costs (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue from Contract with Customer [Abstract] | ||
Amounts included in the contract liability at the beginning of the period | $ 33 | $ 33 |
Performance obligations satisfied (or partially satisfied) in previous periods | $ 0 | $ 0 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | $ 39,530 | $ 61,391 |
Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 39,530 | 61,391 |
Level 1 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 39,530 | 61,391 |
Level 1 | Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 39,530 | 61,391 |
Level 2 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 2 | Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | 0 | 0 |
Level 3 | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Total | 0 | 0 |
Level 3 | Money market | ||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||
Money market | $ 0 | $ 0 |
Income Taxes - Schedule of Comp
Income Taxes - Schedule of Components of Income (Loss) Before Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. | $ 25,432 | $ 46,945 | $ 39,559 |
International | 3,195 | 2,603 | 80 |
Income before income taxes | $ 28,627 | $ 49,548 | $ 39,639 |
Income Taxes - Schedule of (Ben
Income Taxes - Schedule of (Benefit) Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current | |||
Federal | $ 287 | $ (21) | $ (58) |
State | (13,166) | 3,424 | 3,242 |
International | 114 | (135) | 16 |
Current | (12,765) | 3,268 | 3,200 |
Deferred | |||
Federal | 8,712 | 7,821 | (71,742) |
State | 790 | 1,411 | (15,220) |
International | 223 | (3,470) | 16 |
Deferred | 9,725 | 5,762 | (86,946) |
Income tax (benefit) expense | $ (3,040) | $ 9,030 | $ (83,746) |
Income Taxes - Differences in S
Income Taxes - Differences in Statutory Rate and Effective Rate (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. statutory rate | $ 6,012 | $ 10,405 | $ 13,873 |
Permanent items | 3,737 | 505 | (1,916) |
Uncertain tax positions | (13,156) | 3,227 | 3,128 |
Other tax credits | (1,685) | (742) | (175) |
State and local taxes | 1,914 | 2,125 | 1,252 |
Impact of rate change on deferred taxes | 0 | 0 | 45,129 |
True-up of prior year tax | 0 | 0 | 7 |
Foreign tax rate differential | (238) | 30 | 97 |
Valuation allowance | (22) | (4,073) | (141,094) |
Benefit of windfall related to stock compensation | (2,768) | (1,760) | (2,723) |
Increase in indemnification deferred tax asset | 2,531 | (731) | (1,055) |
Other | 635 | 44 | (269) |
Income tax (benefit) expense | $ (3,040) | $ 9,030 | $ (83,746) |
Income Taxes - Components of De
Income Taxes - Components of Deferred Income Tax Assets (Liabilities) (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred Tax Assets | ||
Federal benefit of state tax liabilities | $ 5,278 | $ 7,809 |
Reserves, accruals and other | 15,026 | 11,005 |
Inventory obsolescence | 550 | 428 |
Capitalized research and development | 5,086 | 7,491 |
Amortization of intangibles other than goodwill | 1,569 | 2,809 |
Net operating loss carryforwards | 47,095 | 55,938 |
Depreciation | 56 | 0 |
Deferred tax assets | 74,660 | 85,480 |
Deferred Tax Liabilities | ||
Reserves, accruals and other | (881) | (1,078) |
Customer relationships | (707) | (986) |
Depreciation | 0 | (727) |
Deferred tax liability | (1,588) | (2,791) |
Less: valuation allowance | (1,238) | (1,240) |
Net deferred tax liabilities | 71,834 | 81,449 |
Recorded in the accompanying consolidated balance sheets as: | ||
Noncurrent deferred tax assets, net | $ 71,834 | $ 81,449 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | $ 3,040 | $ (9,030) | $ 83,746 |
Deferred tax asset, valuation allowance | 1,238 | 1,240 | |
Release valuation allowance | 141,100 | ||
Decrease in uncertain tax liabilities | 17,100 | ||
Accrued interest and penalties to income tax (benefit) expense | 12,700 | ||
Uncertain tax positions | 5,292 | 9,788 | 9,866 |
Decrease in deferred tax asset | (3,300) | ||
Expense from reversal of indemnification receivable | 13,800 | ||
Total liabilities for uncertain tax positions including interest and penalties | 27,000 | 40,200 | |
Interest accruals | 20,700 | 28,200 | |
Penalty accruals | 1,000 | 2,200 | |
Income tax expense (benefit) of uncertain tax positions | 13,156 | (3,227) | (3,128) |
Tax indemnification receivable | 18,900 | 29,500 | |
Tax indemnification expense (income), net | (10,635) | 2,855 | 8,367 |
BMS | |||
Operating Loss Carryforwards [Line Items] | |||
Increase in amount due from BMS included within other long-term assets | 3,200 | 3,300 | 8,400 |
Canada | |||
Operating Loss Carryforwards [Line Items] | |||
Income tax expense (benefit) | $ 4,000 | ||
Federal | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryovers | 174,000 | ||
Tax indemnification expense (income), net | $ 6,500 | ||
Federal | 2037 | |||
Operating Loss Carryforwards [Line Items] | |||
Net operating loss carryovers | 1,400 | ||
State Research Credit | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credits | 3,000 | ||
Investment Tax Credit Carryforward | Massachusetts | |||
Operating Loss Carryforwards [Line Items] | |||
Tax credits | 2,100 | ||
Net operating loss carryovers without expiration date | 700 | ||
Settlement with Taxing Authority | |||
Operating Loss Carryforwards [Line Items] | |||
Accrued interest and penalties to income tax (benefit) expense | 1,400 | ||
Uncertain tax positions | 1,900 | ||
Change In Estimate | |||
Operating Loss Carryforwards [Line Items] | |||
Uncertain tax positions | $ 15,200 |
Income Taxes - Valuation Allowa
Income Taxes - Valuation Allowance (Details) - Valuation Allowance, Deferred Tax Asset - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets Valuation Allowance [Roll Forward] | ||
Balance at Beginning of Year | $ 1,240 | $ 5,368 |
Charged to income tax (benefit) expense | (22) | (103) |
Foreign currency | 20 | (56) |
Release valuation allowance | 0 | (3,969) |
Balance at End of Year | $ 1,238 | $ 1,240 |
Income Taxes - Reconciliation o
Income Taxes - Reconciliation of Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Reconciliation of Uncertain Tax Positions [Roll Forward] | ||
Beginning balance of uncertain tax positions | $ 9,788 | $ 9,866 |
Additions related to current year tax positions | 0 | 0 |
Reductions related to prior year tax positions | (4,496) | (4) |
Settlements | 0 | 0 |
Lapse of statute of limitations | 0 | (74) |
Ending balance of uncertain tax positions | $ 5,292 | $ 9,788 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 11,417 | $ 11,100 |
Work in process | 9,450 | 4,261 |
Finished goods | 8,313 | 17,658 |
Total inventory | $ 29,180 | $ 33,019 |
Property, Plant & Equipment, _3
Property, Plant & Equipment, Net - Schedule of Property, Plant & Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 208,152 | |
Property, plant and equipment, gross | $ 190,627 | |
Less: accumulated depreciation and amortization | (91,655) | |
Less: accumulated depreciation and amortization | (82,739) | |
Total property, plant and equipment, net | 116,497 | |
Total property, plant and equipment, net | 107,888 | |
Land | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | 13,450 | |
Property, plant and equipment, gross | 13,450 | |
Buildings | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | 75,654 | |
Property, plant and equipment, gross | 64,444 | |
Machinery, equipment and fixtures | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | 87,763 | |
Property, plant and equipment, gross | 69,298 | |
Computer software | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | 20,739 | |
Property, plant and equipment, gross | 19,266 | |
Construction in progress | ||
Property, Plant & Equipment [Line Items] | ||
Property, plant and equipment, gross | $ 10,546 | |
Property, plant and equipment, gross | $ 24,169 |
Property, Plant & Equipment, _4
Property, Plant & Equipment, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation and amortization expense | $ 10.3 | $ 10.1 | $ 14.8 |
Asset Retirement Obligations -
Asset Retirement Obligations - Additional Information (Details) $ in Millions | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Asset Retirement Obligation Disclosure [Abstract] | |
Asset retirement obligation liabilities expected, present value | $ 26.9 |
Financial assurance in form of surety bond | $ 28.2 |
Asset Retirement Obligations _2
Asset Retirement Obligations - Schedule of Reconciliation of Company's Asset Retirement Obligations (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Asset Retirement Obligation, Roll Forward Analysis [Roll Forward] | |
Balance at the beginning of the period | $ 11,572 |
Revisions in estimated cash flows | 20 |
Accretion expense | 1,291 |
Balance at the ending of the period | $ 12,883 |
Intangibles, Net - Schedule of
Intangibles, Net - Schedule of Intangibles, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 112,559 | $ 119,022 |
Accumulated Amortization | (105,223) | (109,889) |
Net | 7,336 | 9,133 |
Trademarks | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 13,540 | 13,540 |
Accumulated Amortization | (10,407) | (9,856) |
Net | 3,133 | 3,684 |
Customer relationships | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 99,019 | 98,912 |
Accumulated Amortization | (94,816) | (93,463) |
Net | $ 4,203 | 5,449 |
Patents | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | 6,570 | |
Accumulated Amortization | (6,570) | |
Net | $ 0 |
Intangibles, Net - Additional I
Intangibles, Net - Additional Information (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |||
Amortization expense | $ 1.8 | $ 2.6 | $ 3.3 |
Intangibles, Net - Schedule o_2
Intangibles, Net - Schedule of Expected Future Amortization Expense Related to Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Goodwill and Intangible Assets Disclosure [Abstract] | ||
2020 | $ 1,568 | |
2021 | 1,311 | |
2022 | 1,174 | |
2023 | 579 | |
2024 | 496 | |
2025 and thereafter | 2,208 | |
Net | $ 7,336 | $ 9,133 |
Accrued Expenses and Other Li_3
Accrued Expenses and Other Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Payables and Accruals [Abstract] | ||
Compensation and benefits | $ 15,100 | $ 15,962 |
Freight, distribution and operations | 6,260 | 7,721 |
Accrued rebates, discounts and chargebacks | 6,985 | 4,654 |
Accrued professional fees | 6,917 | 1,673 |
Other | 2,098 | 2,040 |
Total accrued expenses and other liabilities | $ 37,360 | $ 32,050 |
Long-Term Debt, Net, and Othe_3
Long-Term Debt, Net, and Other Borrowings - Additional Information (Details) - USD ($) | 1 Months Ended | 12 Months Ended | ||
Jun. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Debt Instrument [Line Items] | ||||
Loss on extinguishment of debt | $ 3,200,000 | $ 3,196,000 | $ 0 | $ 2,442,000 |
Capitalized debt issuance cost | 2,800,000 | |||
Interest rate under long-term debt | 3.55% | |||
2017 Term Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 275,000,000 | |||
Debt instrument, term (in years) | 5 years | |||
Repayments of debt | $ 73,000,000 | |||
2019 Term Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | |||
Debt instrument, term (in years) | 5 years | |||
Additional borrowing capacity | $ 100,000,000 | |||
2019 Term Facility | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.25% | |||
2019 Term Facility | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.25% | |||
2019 Term Facility | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.25% | |||
2019 Term Facility | Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.25% | |||
2017 Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 75,000,000 | |||
Debt instrument, term (in years) | 5 years | |||
Outstanding borrowings | $ 0 | |||
2019 Revolving Facility | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 200,000,000 | 200,000,000 | ||
Debt instrument, term (in years) | 5 years | |||
Outstanding borrowings | $ 0 | |||
2019 Revolving Facility | Minimum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.25% | |||
2019 Revolving Facility | Minimum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.25% | |||
2019 Revolving Facility | Minimum | Leverage Ratio Range | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.15% | |||
2019 Revolving Facility | Maximum | LIBOR | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 2.25% | |||
2019 Revolving Facility | Maximum | Base Rate | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 1.25% | |||
2019 Revolving Facility | Maximum | Leverage Ratio Range | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate (as a percent) | 0.30% | |||
Revolving Credit Facility | Letter of Credit | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 20,000,000 | |||
Revolving Credit Facility | Swingline Loan | ||||
Debt Instrument [Line Items] | ||||
Debt instrument, face amount | $ 10,000,000 |
Long-Term Debt, Net, and Othe_4
Long-Term Debt, Net, and Other Borrowings - Schedule of Minimum Payments Maturities of Principal Obligations Under Term Facility (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
2020 | $ 10,000 | |
2021 | 10,000 | |
2022 | 11,250 | |
2023 | 15,000 | |
2024 | 148,750 | |
Total principal outstanding | 195,000 | |
Unamortized debt discount | (485) | |
Unamortized debt issuance costs | (774) | |
Finance lease liabilities | 329 | |
Total | 194,070 | |
Less: current portion | (10,143) | $ (2,750) |
Total long-term debt | $ 183,927 | $ 263,709 |
Long-Term Debt, Net, and Othe_5
Long-Term Debt, Net, and Other Borrowings - Schedule of Net Leverage Ratio (Details) - 2019 Facility | 12 Months Ended |
Dec. 31, 2019financial_covenanttime | |
Debt Instrument [Line Items] | |
Number of covenants | financial_covenant | 2 |
Minimum interest coverage ratio | 3 |
Maximum | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 4.25 |
Election to increase the maximum total net leverage ratio, amount | 0.50 |
Election to increase the maximum total net leverage ratio, number of times | time | 2 |
Q1 2020 to Q2 2020 | Maximum | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 4 |
Q3 2020 to Q2 2021 | Maximum | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 3.75 |
Thereafter | Maximum | |
Debt Instrument [Line Items] | |
Total Net Leverage Ratio | 3.50 |
Stock-Based Compensation - Equi
Stock-Based Compensation - Equity Incentive Plans (Details) | Dec. 31, 2019shares |
Share-based Payment Arrangement [Abstract] | |
Share based compensation, shares authorized (in shares) | 6,580,277 |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Recognized (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 12,492 | $ 8,718 | $ 5,928 |
Cost of goods sold | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 2,091 | 1,140 | 1,692 |
Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 1,953 | 1,244 | 640 |
General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | 6,990 | 4,990 | 2,964 |
Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Total stock-based compensation expense | $ 1,458 | $ 1,344 | $ 632 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Contractual term | 10 years | ||
Total Stock Options | |||
Options outstanding, beginning balance (in shares) | 357,075 | ||
Options granted (in shares) | 0 | ||
Options exercised (in shares) | (67,558) | (192,550) | (465,232) |
Options cancelled and expired (in shares) | (17,293) | ||
Options outstanding, ending balance (in shares) | 272,224 | 357,075 | |
Exercisable (in shares) | 272,224 | ||
Weighted- Average Exercise Price | |||
Options outstanding, beginning balance, weighted average exercise price (in dollars per share) | $ 17.50 | ||
Options granted, weighted average exercise price (in dollars per share) | 0 | ||
Options exercised, weighted average exercise price (in dollars per share) | 17.37 | ||
Options cancelled and expired, weighted average exercise price (in dollars per share) | 18.66 | ||
Options outstanding, ending balance, weighted average exercise price (in dollars per share) | 17.44 | $ 17.50 | |
Exercisable, weighted average exercise price (in dollars per share) | $ 17.44 | ||
Stock Option Activity, Additional Disclosures | |||
Options outstanding, weighted average remaining contractual term (in years) | 3 years 8 months 9 days | ||
Exercisable, weighted average remaining contractual term (in years) | 3 years 8 months 9 days | ||
Options outstanding, aggregate intrinsic value | $ 1,096,000 | ||
Exercisable, aggregate intrinsic value | $ 1,096,000 | ||
Options exercised (in shares) | 67,558 | 192,550 | 465,232 |
Aggregate intrinsic value | $ 600 | $ 2,400 | $ 5,100 |
Stock-Based Compensation - Summ
Stock-Based Compensation - Summary of Restricted Stock Awards Activity (Details) - Effect of dilutive restricted stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Shares | |||
Nonvested beginning balance (in shares) | 1,508,539 | ||
Granted (in shares) | 409,821 | ||
Vested (in shares) | (795,503) | ||
Forfeited (in shares) | (91,085) | ||
Nonvested ending balance (in shares) | 1,031,772 | 1,508,539 | |
Weighted- Average Grant Date Fair Value Per Share | |||
Nonvested beginning balance (in dollars per share) | $ 9.51 | ||
Granted (in dollars per share) | 23.33 | $ 15.46 | $ 12.94 |
Vested (in dollars per share) | 8.52 | ||
Forfeited (in dollars per share) | 15.84 | ||
Nonvested, ending balance (in dollars per share) | $ 15.20 | $ 9.51 | |
Unrecognized compensation expense | $ 9.9 | ||
Weighted-average remaining period for recognition of unrecognized compensation costs | 1 year 11 months 15 days | ||
Fair of vested restricted stock | $ 6.8 | $ 4.3 | $ 2.9 |
Stock-Based Compensation - Su_2
Stock-Based Compensation - Summary of Performance Restricted Stock Awards Activity (Details) - Performance Restricted Stock - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2017 | |
Shares | ||
Nonvested beginning balance (in shares) | 241,880 | |
Granted (in shares) | 0 | |
Vested (in shares) | 0 | |
Cancelled (in shares) | (15,870) | |
Nonvested ending balance (in shares) | 226,010 | |
Weighted- Average Grant Date Fair Value Per Share | ||
Nonvested beginning balance (in dollars per share) | $ 16.71 | |
Granted (target) (in dollars per share) | 0 | $ 16.69 |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 18.10 | |
Nonvested, ending balance (in dollars per share) | $ 16.62 | |
Unrecognized compensation expense | $ 0.4 | |
Weighted-average remaining period for recognition of unrecognized compensation costs | 2 months | |
Weighted average grant-date fair value granted (in dollars per share) | $ 0 | $ 16.69 |
Stock-Based Compensation Stock-
Stock-Based Compensation Stock-Based Compensation - Total Stockholder Return Restricted Awards (Details) - Total Stockholder Return Restricted Stock Awards | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance awards, measurement period | 3 years | |
Expected volatility | 71.70% | 84.30% |
Risk-free interest rate | 2.40% | 2.40% |
Expected life (in years) | 2 years 11 months | 2 years 9 months 18 days |
Expected dividend yield | 0.00% | 0.00% |
Minimum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentages attainable during period | 0.00% | |
Maximum | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting percentages attainable during period | 200.00% |
Stock-Based Compensation Stoc_2
Stock-Based Compensation Stock-Based Compensation - Summary of TSR Award Activity (Details) - Total Stockholder Return Restricted Stock Awards - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Shares | ||
Nonvested beginning balance (in shares) | 179,913 | |
Granted (in shares) | 152,869 | |
Vested (in shares) | 0 | |
Forfeited (in shares) | (26,552) | |
Nonvested ending balance (in shares) | 306,230 | 179,913 |
Weighted- Average Grant Date Fair Value Per Share | ||
Nonvested beginning balance (in dollars per share) | $ 22.76 | |
Granted (in dollars per share) | 39.92 | $ 22.76 |
Vested (in dollars per share) | 0 | |
Forfeited (in dollars per share) | 31.64 | |
Nonvested, ending balance (in dollars per share) | $ 30.56 | $ 22.76 |
Unrecognized compensation expense | $ 5.8 | |
Weighted-average remaining period for recognition of unrecognized compensation costs | 1 year 11 months |
Stock-based Compensation - Empl
Stock-based Compensation - Employee Stock Purchase Plan (Details) | 1 Months Ended |
Apr. 30, 2017shares | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Number of shares authorized for issuance | 250,000 |
2017 Employee Stock Purchase Plan | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Employee stock purchase plan discount percentage | 15.00% |
Leases - Additional Information
Leases - Additional Information (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Jan. 01, 2019 |
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,283 | |
Total leased liabilities | $ 1,334 | |
ASC 842 | ||
Lessee, Lease, Description [Line Items] | ||
Total leased assets | $ 1,100 | |
Total leased liabilities | $ 1,100 |
Leases - Operating and Financin
Leases - Operating and Financing Lease Assets and Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Assets | |
Operating | $ 935 |
Finance | 348 |
Total leased assets | 1,283 |
Current | |
Operating | 193 |
Finance | 143 |
Noncurrent | |
Operating | 812 |
Finance | 186 |
Total leased liabilities | $ 1,334 |
Leases - Components of Lease Ex
Leases - Components of Lease Expense (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease expense | $ 223 |
Finance lease expense | |
Amortization of ROU assets | 167 |
Interest on lease liabilities | 11 |
Short-term lease expense | 91 |
Total lease expense | $ 492 |
Leases - Other Information Rela
Leases - Other Information Related to Leases (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2019USD ($) | |
Weighted-average remaining lease term (Years): | |
Operating leases | 4 years 9 months |
Finance leases | 2 years 6 months |
Weighted-average discount rate: | |
Operating leases | 5.10% |
Finance leases | 5.40% |
Cash paid for amounts included in the measurement of lease liabilities: | |
Operating cash flows from operating leases | $ 230 |
Operating cash flows from finance leases | 11 |
Financing cash flows from finance leases | 190 |
ROU assets obtained in exchange for lease obligations: | |
Operating leases | 0 |
Finance leases | $ 379 |
Leases - Future Minimum Lease P
Leases - Future Minimum Lease Payments (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Operating Leases | |
2020 | $ 238 |
2021 | 238 |
2022 | 238 |
2023 | 238 |
2024 | 178 |
Total future minimum lease payments | 1,130 |
Less: interest | 125 |
Total | 1,005 |
Finance Leases | |
2020 | 135 |
2021 | 136 |
2022 | 83 |
2023 | 0 |
2024 | 0 |
Total future minimum lease payments | 354 |
Less: interest | 25 |
Total | $ 329 |
Net Income Per Common Share (De
Net Income Per Common Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Earnings Per Share [Abstract] | |||||||||||
Net income | $ 10,450 | $ 4,856 | $ 6,412 | $ 9,949 | $ 13,293 | $ 9,269 | $ 9,745 | $ 8,211 | $ 31,667 | $ 40,518 | $ 123,385 |
Basic weighted-average common shares outstanding (in shares) | 38,988 | 38,233 | 37,276 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Diluted weighted-average common shares outstanding (in shares) | 40,113 | 39,501 | 38,892 | ||||||||
Basic income per common share (in dollars per share) | $ 0.27 | $ 0.12 | $ 0.16 | $ 0.26 | $ 0.35 | $ 0.24 | $ 0.25 | $ 0.22 | $ 0.81 | $ 1.06 | $ 3.31 |
Diluted income per common share (in dollars per share) | $ 0.26 | $ 0.12 | $ 0.16 | $ 0.25 | $ 0.34 | $ 0.24 | $ 0.25 | $ 0.21 | $ 0.79 | $ 1.03 | $ 3.17 |
Antidilutive securities excluded from diluted net income per common share (in shares) | 50 | 424 | 604 | ||||||||
Effect of dilutive stock options | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Effect of dilutive share-based payments (in shares) | 75 | 61 | 288 | ||||||||
Effect of dilutive restricted stock | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||||||
Effect of dilutive share-based payments (in shares) | 1,050 | 1,207 | 1,328 |
Commitments and Contingencies -
Commitments and Contingencies - Schedule of Minimum Lease and Purchase Commitments Under Noncancelable Arrangements (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Commitments and Contingencies Disclosure [Abstract] | |
2020 | $ 4,132 |
2021 | 4,132 |
2022 | 2,066 |
Total | $ 10,330 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional Information (Details) - USD ($) | Oct. 31, 2019 | Nov. 30, 2019 | Dec. 31, 2019 |
Gain Contingencies [Line Items] | |||
Minimum purchase commitments or payments under agreements | $ 0 | ||
Arbitration with Pharmalucence | |||
Gain Contingencies [Line Items] | |||
Total amount awarded | $ 3,500,000 | ||
Proceeds from litigation received | $ 3,500,000 |
401(k) Plan (Details)
401(k) Plan (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Retirement Benefits [Abstract] | |||
Expense recognized by the company for matching contributions | $ 2.1 | $ 1.8 | $ 1.8 |
Segment Information - Additiona
Segment Information - Additional Information (Details) | 12 Months Ended |
Dec. 31, 2019segment | |
Segment Reporting [Abstract] | |
Number of operating segments | 2 |
Segment Information - Schedule
Segment Information - Schedule of Selected Information for Each Business Segment (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ 89,346 | $ 85,776 | $ 85,705 | $ 86,510 | $ 86,271 | $ 88,900 | $ 85,573 | $ 82,630 | $ 347,337 | $ 343,374 | $ 331,378 |
Operating income | |||||||||||
Operating income | 51,661 | 64,488 | 51,853 | ||||||||
Interest expense | 13,617 | 17,405 | 18,410 | ||||||||
Loss on extinguishment of debt | 3,196 | 0 | 2,442 | ||||||||
Other expense (income) | (6,221) | 2,465 | 8,638 | ||||||||
Income before income taxes | 28,627 | 49,548 | 39,639 | ||||||||
Total depreciation and amortization | 12,087 | 12,769 | 18,189 | ||||||||
Total long-lived assets | 116,497 | 107,888 | 116,497 | 107,888 | |||||||
U.S. | |||||||||||
Operating income | |||||||||||
Total long-lived assets | 115,560 | 106,755 | 115,560 | 106,755 | |||||||
International | |||||||||||
Operating income | |||||||||||
Total long-lived assets | $ 937 | $ 1,133 | 937 | 1,133 | |||||||
U.S. | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 303,989 | 288,580 | 290,002 | ||||||||
Operating income | |||||||||||
Operating income | 44,275 | 56,327 | 49,239 | ||||||||
Total depreciation and amortization | 11,673 | 12,278 | 17,672 | ||||||||
U.S. | DEFINITY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 211,777 | 178,440 | 153,581 | ||||||||
U.S. | TechneLite | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 72,534 | 74,042 | 90,489 | ||||||||
U.S. | Other nuclear | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 36,231 | 48,935 | 54,822 | ||||||||
U.S. | Rebates and allowances | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (16,553) | (12,837) | (8,890) | ||||||||
International | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 43,348 | 54,794 | 41,376 | ||||||||
Operating income | |||||||||||
Operating income | 7,386 | 8,161 | 2,614 | ||||||||
Total depreciation and amortization | 414 | 491 | 517 | ||||||||
International | DEFINITY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 5,731 | 4,633 | 3,687 | ||||||||
International | TechneLite | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 14,058 | 24,816 | 14,155 | ||||||||
International | Other nuclear | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 23,574 | 25,349 | 23,558 | ||||||||
International | Rebates and allowances | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | (15) | (4) | (24) | ||||||||
Worldwide | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 347,337 | 343,374 | 331,378 | ||||||||
Worldwide | DEFINITY | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 217,508 | 183,073 | 157,268 | ||||||||
Worldwide | TechneLite | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 86,592 | 98,858 | 104,644 | ||||||||
Worldwide | Other nuclear | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | 59,805 | 74,284 | 78,380 | ||||||||
Worldwide | Rebates and allowances | |||||||||||
Segment Reporting Information [Line Items] | |||||||||||
Total revenues | $ (16,568) | $ (12,841) | $ (8,914) |
Valuation and Qualifying Acco_3
Valuation and Qualifying Accounts (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allowance for doubtful accounts | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | $ 1,119 | $ 977 | $ 969 |
Charged to income tax (benefit) expense | 146 | 321 | 136 |
Deductions from Reserves | (323) | (179) | (128) |
Other Adjustments | 0 | 0 | 0 |
Balance at End of Year | 942 | 1,119 | 977 |
Rebates and allowances | |||
SEC Schedule, 12-09, Movement in Valuation Allowances and Reserves [Roll Forward] | |||
Balance at Beginning of Year | 4,654 | 2,860 | 2,297 |
Charged to income tax (benefit) expense | 16,729 | 13,202 | 9,568 |
Deductions from Reserves | (14,237) | (11,047) | (8,351) |
Other Adjustments | (161) | (361) | (654) |
Balance at End of Year | $ 6,985 | $ 4,654 | $ 2,860 |
Quarterly Consolidated Financ_3
Quarterly Consolidated Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenues | $ 89,346 | $ 85,776 | $ 85,705 | $ 86,510 | $ 86,271 | $ 88,900 | $ 85,573 | $ 82,630 | $ 347,337 | $ 343,374 | $ 331,378 |
Gross profit | 44,565 | 41,589 | 44,573 | 44,084 | 43,845 | 44,885 | 43,846 | 42,309 | 174,811 | 174,885 | 162,135 |
Net income | $ 10,450 | $ 4,856 | $ 6,412 | $ 9,949 | $ 13,293 | $ 9,269 | $ 9,745 | $ 8,211 | $ 31,667 | $ 40,518 | $ 123,385 |
Basic income per weighted-average share (in dollars per share) | $ 0.27 | $ 0.12 | $ 0.16 | $ 0.26 | $ 0.35 | $ 0.24 | $ 0.25 | $ 0.22 | $ 0.81 | $ 1.06 | $ 3.31 |
Diluted income per weighted-average share (in dollars per share) | $ 0.26 | $ 0.12 | $ 0.16 | $ 0.25 | $ 0.34 | $ 0.24 | $ 0.25 | $ 0.21 | $ 0.79 | $ 1.03 | $ 3.17 |
Subsequent Events (Details)
Subsequent Events (Details) - Progenics Pharmaceuticals - USD ($) $ in Millions | Feb. 20, 2020 | Oct. 01, 2019 |
Subsequent Event [Line Items] | ||
Common stock portion, number of stock for each share of progenics common stock (in shares) | 0.2502 | |
Ownership percentage | 35.00% | |
Subsequent Event | ||
Subsequent Event [Line Items] | ||
Common stock portion, number of stock for each share of progenics common stock (in shares) | 0.31 | |
Aggregate cash payments percentage | 40.00% | |
Ownership percentage | 40.00% | |
Cash Payments, 2022 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Aggregate cash payments | $ 100 | |
Cash Payments, 2023 | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Aggregate cash payments | $ 150 | |
Maximum | Subsequent Event | ||
Subsequent Event [Line Items] | ||
Percentage of total consideration | 19.90% |