Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2016 | Apr. 29, 2016 | |
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | RGEN | |
Entity Registrant Name | REPLIGEN CORP | |
Entity Central Index Key | 730,272 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 33,638,643 |
CONSOLIDATED BALANCE SHEETS
CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 53,213 | $ 54,092 |
Marketable securities | 16,482 | 17,682 |
Accounts receivable, less reserve for doubtful accounts of $19 and $31, respectively | 12,574 | 11,300 |
Other receivables | 331 | 82 |
Inventories | 21,318 | 17,998 |
Prepaid expenses and other current assets | 1,327 | 2,098 |
Total current assets | 105,245 | 103,252 |
Property, plant and equipment, net | 13,611 | 13,801 |
Long-term marketable securities | 1,217 | 1,633 |
Intangible assets, net | 12,455 | 12,755 |
Goodwill | 14,346 | 14,346 |
Restricted cash | 450 | 450 |
Total assets | 147,324 | 146,237 |
Current liabilities: | ||
Accounts payable | 5,144 | 6,724 |
Accrued liabilities | 10,677 | 12,057 |
Total current liabilities | 15,821 | 18,781 |
Other long-term liabilities | $ 2,617 | $ 4,708 |
Commitments and contingencies (Note 11) | ||
Stockholders' equity: | ||
Preferred stock, $.01 par value, 5,000,000 shares authorized, no shares issued or outstanding | ||
Common stock, $.01 par value, 80,000,000 shares authorized, 33,097,903 shares at March 31, 2016 and 32,949,353 shares at December 31, 2015 issued and outstanding | $ 331 | $ 329 |
Additional paid-in capital | 205,142 | 202,527 |
Accumulated other comprehensive loss | (6,670) | (8,566) |
Accumulated deficit | (69,917) | (71,542) |
Total stockholders' equity | 128,886 | 122,748 |
Total liabilities and stockholders' equity | $ 147,324 | $ 146,237 |
CONSOLIDATED BALANCE SHEETS (Pa
CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, reserve for doubtful accounts | $ 19 | $ 31 |
Preferred stock, par value | $ 0.01 | $ 0.01 |
Preferred stock, shares authorized | 5,000,000 | 5,000,000 |
Preferred stock, shares issued | 0 | 0 |
Preferred stock, shares outstanding | 0 | 0 |
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 80,000,000 | 80,000,000 |
Common stock, shares issued | 33,097,903 | 32,949,353 |
Common stock, shares outstanding | 33,097,903 | 32,949,353 |
CONSOLIDATED STATEMENTS OF OPER
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE INCOME - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Product revenue | $ 25,094 | $ 20,816 |
Operating expenses: | ||
Cost of product revenue | 11,069 | 8,073 |
Research and development | 1,539 | 1,568 |
Selling, general and administrative | 7,018 | 6,026 |
Contingent consideration - fair value adjustments | 2,005 | 1,111 |
Total operating expenses | 21,631 | 16,778 |
Income from operations | 3,463 | 4,038 |
Investment income | 61 | 37 |
Interest expense | (5) | (9) |
Other income (expense) | (979) | 132 |
Income before income taxes | 2,540 | 4,198 |
Income tax provision | 915 | 1,268 |
Net income | $ 1,625 | $ 2,930 |
Earnings per share: | ||
Basic | $ 0.05 | $ 0.09 |
Diluted | $ 0.05 | $ 0.09 |
Weighted average shares outstanding: | ||
Basic | 33,024,681 | 32,754,862 |
Diluted | 33,493,575 | 33,450,611 |
Other comprehensive income: | ||
Unrealized gain (loss) on investments | $ 15 | $ (17) |
Foreign currency translation gain (loss) | 1,881 | (3,849) |
Comprehensive income (loss) | $ 3,521 | $ (936) |
CONSOLIDATED STATEMENTS OF CASH
CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Cash flows from operating activities: | ||
Net income | $ 1,625 | $ 2,930 |
Adjustments to reconcile net income to net cash used in operating activities: | ||
Depreciation and amortization | 1,150 | 1,150 |
Stock-based compensation expense | 922 | 702 |
Deferred tax expense | 87 | |
Loss on revaluation of contingent consideration | 2,005 | 1,111 |
Loss on disposal of assets | 3 | |
Changes in assets and liabilities: | ||
Accounts receivable | (1,149) | (7,237) |
Other receivables | (249) | (155) |
Inventories | (3,092) | (514) |
Prepaid expenses and other current assets | 781 | 314 |
Accounts payable | (1,600) | 435 |
Accrued liabilities | (4,277) | 1,380 |
Long-term liabilities | 70 | (2,508) |
Net cash used in operating activities | (3,811) | (2,305) |
Cash flows from investing activities: | ||
Purchases of marketable securities | (3,969) | (3,287) |
Redemptions of marketable securities | 5,600 | 4,838 |
Purchases of property, plant and equipment | (431) | (1,272) |
Net cash provided by investing activities | 1,200 | 279 |
Cash flows from financing activities: | ||
Exercise of stock options | 821 | 402 |
Payment of contingent considerations | (498) | (99) |
Net cash provided by financing activities | 323 | 303 |
Effect of exchange rate changes on cash and cash equivalents | 1,409 | (2,430) |
Net increase (decrease) in cash and cash equivalents | (879) | (4,153) |
Cash and cash equivalents, beginning of period | 54,092 | 35,363 |
Cash and cash equivalents, end of period | 53,213 | 31,210 |
Supplemental disclosure of non-cash activities: | ||
Income taxes paid | 1,039 | $ 1,100 |
Payment of contingent consideration in common stock | $ 875 |
Basis of Presentation
Basis of Presentation | 3 Months Ended |
Mar. 31, 2016 | |
Basis of Presentation | 1. Basis of Presentation The consolidated financial statements included herein have been prepared by Repligen Corporation (the “Company,” “Repligen” or “we”) in accordance with generally accepted accounting principles in the United States (“U.S. GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q and Article 10 of Regulation S-X and do not include all of the information and footnote disclosures required by U.S. GAAP. These consolidated financial statements should be read in conjunction with the audited consolidated financial statements and accompanying notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015. The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates. The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries, Repligen Sweden AB and Repligen Singapore Pte. Ltd. All significant intercompany accounts and transactions have been eliminated in consolidation. In the opinion of management, the accompanying unaudited consolidated financial statements include all adjustments, consisting of only normal, recurring adjustments necessary for a fair presentation of the financial position, results of operations and cash flows. The results of operations for the interim periods presented are not necessarily indicative of results to be expected for the entire year. Recently Issued Accounting Pronouncements In May 2014, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) No. 2014-09, “Revenue from Contracts with Customers (Topic 606),” which supersedes the revenue recognition requirements in Accounting Standards Codification Topic 605, Revenue Recognition Revenue from Contracts with Customers In July 2015, the FASB issued ASU 2015-11, “Inventory (Topic 330): Simplifying the Measurement of Inventory.” (“ASU 2015-11”) ASU 2015-11 requires inventory be measured at the lower of cost and net realizable value, and options that currently exist for market value be eliminated. ASU 2015-11 defines net realizable value as estimated selling prices in the ordinary course of business, less reasonably predictable costs of completion, disposal, and transportation. The guidance is effective prospectively for reporting periods beginning after December 15, 2016 and interim periods within those fiscal years with early adoption permitted. The Company does not expect the adoption of ASU 2015-11 to have a material impact on its consolidated financial statements. In February 2016, the FASB issued ASU No. 2016-02, “Leases (Topic 842).” (“ASU 2016-02”) ASU 2016-02 requires lessees to recognize a right-of-use asset and a lease liability for most leases. Extensive quantitative and qualitative disclosures, including significant judgments made by management, will be required to provide greater insight into the extent of revenue and expense recognized and expected to be recognized from existing contracts. The accounting applied by a lessor is largely unchanged from that applied under the current standard. The standard must be adopted using a modified retrospective transition approach and provides for certain practical expedients. The ASU is effective for public entities for fiscal years beginning after December 15, 2018, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements. In March 2016, the FASB issued ASU No. 2016-09, “Compensation—Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting”, which aims to simplify several aspects of the accounting for share-based payment transactions, including the income tax consequences, classification of awards as either equity or liabilities, classification of certain items on the statement of cash flows and accounting for forfeitures. The ASU is effective for public entities for fiscal years beginning after December 15, 2016, with early adoption permitted. The Company has not yet completed its assessment of the impact of the new standard on its consolidated financial statements. |
Revenue Recognition
Revenue Recognition | 3 Months Ended |
Mar. 31, 2016 | |
Revenue Recognition | 2. Revenue Recognition Product Sales The Company’s revenue recognition policy is to recognize revenues from product sales and services in accordance with ASC 605, Revenue Recognition The Company’s product revenues are from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. On product sales to end customers, revenue is recognized, net of discounts, when both the title and risk of loss have transferred to the customer, as determined by the shipping terms provided there are no uncertainties regarding acceptance, and all obligations have been completed. Generally, our product arrangements for equipment sales are multiple element arrangements, and may include services, such as installation and training, and multiple products, such as consumables and spare parts. In accordance with ASC 605-25, based on terms and conditions of the product arrangements, the Company believes that these services and undelivered products can be accounted for separately from the delivered product element, as the delivered products have value to our customers on a standalone basis. Accordingly, revenue for services not yet performed at the time of product shipment are deferred and recognized as such services are performed. The relative selling price of any undelivered products is also deferred at the time of shipment and recognized as revenue when these products are delivered. For product sales to distributors, the Company recognizes revenue for both equipment and consumables upon delivery to the distributor unless direct shipment to the end user is requested. In this case, revenue is recognized upon delivery to the end user’s location. In general, distributors are responsible for shipment to the end customer along with installation, training and acceptance of the equipment by the end customer. Sales to distributors are not contingent upon resale of the product. At the time of sale, the Company also evaluates the need to accrue for warranty and sales returns. The supply agreements the Company has with its customers and the related purchase orders identify the terms and conditions of each sale and the price of the goods ordered. Due to the nature of the sales arrangements, inventory produced for sale is tested for quality specifications prior to shipment. Since the product is manufactured to order and in compliance with required specifications prior to shipment, the likelihood of sales return, warranty or other issues is largely diminished. Furthermore, there is no customer right of return in our sales agreements. Sales returns and warranty issues are infrequent and have not had a material impact on the Company’s financial statements historically. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of product revenue. Therapeutics Licensing Agreements Activities under licensing agreements are evaluated in accordance with ASC 605-25 to determine if they represent a multiple element revenue arrangement. The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. The Company accounts for those components as separate units of accounting if the following two criteria are met: • The delivered item or items have value to the customer on a stand-alone basis. • If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within the Company’s control. Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the licensee could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. Revenue is recognized for each unit of accounting when the appropriate revenue recognition criteria are met. Future milestone payments, if any, under a license agreement will be recognized under the provisions of ASC 605-28, which the Company adopted on January 1, 2011. The Company has elected to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is substantive if: • It can only be achieved based in whole or in part on either the Company’s performance or the occurrence of a specific outcome resulting from the Company’s performance; • There is substantive uncertainty at the date an arrangement is entered into that the event will be achieved; and • It would result in additional payments being due to the entity. The commercial milestone payments and royalty payments received under license agreements, if any, will be recognized as revenue when they are earned. Sale of Intellectual Property to BioMarin In January 2014, the Company entered into an asset purchase agreement (the “BioMarin Asset Purchase Agreement”) with BioMarin Pharmaceutical Inc. (“BioMarin”) to sell Repligen’s histone deacetylase inhibitor (HDACi) portfolio. Pursuant to the terms of the BioMarin Asset Purchase Agreement, the Company received $2 million from BioMarin as an upfront payment on January 30, 2014 and a $125,675 payment on September 3, 2014 upon completion of the Technology Transfer. The Company is entitled to receive up to $160 million in potential future milestone payments for the development, regulatory approval and commercial sale of portfolio compounds included in the agreement. These potential milestone payments are approximately 37% related to clinical development and 63% related to initial commercial sales in specific geographies. In addition, Repligen is eligible to receive royalties on sales of therapeutic products originating from the HDACi portfolio. The royalty rates are tiered and begin in the mid-single-digits for the first HDACi portfolio product and for the first non-HDACi portfolio product with lesser amounts for any backup products developed under the BioMarin Asset Purchase Agreement. Repligen’s receipt of these royalties is subject to customary offsets and deductions. There are no refund provisions in this agreement. Any milestones earned upon specified clinical development or commercial sales events or future royalty payments, under the BioMarin Asset Purchase Agreement will be recognized as revenue when they are earned. Activities under this agreement were evaluated in accordance with ASC 605-25 to determine if they represented a multiple element revenue arrangement. The Company identified the following deliverables in the BioMarin agreement: • The assignment by Repligen to BioMarin of the Repligen Technology (“Repligen Know-How” and “Repligen Patents”) and the Scripps Agreement (the “Transferred Assets”); • The transfer of certain notebooks, data, documents, biological materials (if any) and other such documents in our possession that might be useful to further development of the program (the “Technology Transfer”). Two criteria must be met in order for a deliverable to be considered a separate unit of accounting. The first criterion requires that the delivered item or items have value to the customer on a stand-alone basis. The second criterion, which relates to evaluating a general right of return, is not applicable because such a provision does not exist in the BioMarin Asset Purchase Agreement. The deliverables outlined above were deemed to have stand-alone value and to meet the criteria to be accounted for as separate units of accounting. Factors considered in this determination included, among other things, BioMarin’s right under the agreement to assign the Transferred Assets, whether any other vendors sell the items separately and if BioMarin could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the multiple-element arrangements guidance addresses how to allocate the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. The Company identified the arrangement consideration to allocate among the units of accounting as the $2.0 million non-refundable up-front payment and the $125,675 payment to be received upon completion of the Technology Transfer. The Company excluded the potential milestone payments provided for in the BioMarin Asset Purchase Agreement from the arrangement consideration as they were not considered fixed or determinable at the time the BioMarin Asset Purchase Agreement was signed. Because Repligen had not sold these items on a standalone basis previously, Repligen had no vendor-specific objective evidence of selling price. Furthermore, Repligen did not have detailed third-party evidence of selling price, and as a result we used our best estimate of selling price for each item. In determining these prices, Repligen considered what Repligen would be willing to sell the items for on a standalone basis, what the market would bear for such items and what another party might charge for these items. The up-front arrangement consideration allocated to the Transferred Assets was recognized upon execution of the BioMarin Asset Purchase Agreement as the risks and rewards associated with the Transferred Assets transferred at that time. The Company used a discounted cash flow analysis to determine the value of the Transferred Assets. Key assumptions in the analysis included: the estimated market size for a compound targeted at Friedreich’s Ataxia, the estimated remaining costs of development and time to commercialization, and the probability of successfully developing and commercializing the program. Based on this analysis, the Company allocated $2,115,000 to the value of the Transferred Assets. However, as the recognized revenue is limited to the non-contingent consideration received, the Company recognized $2,000,000, the amount of the up-front payment, as revenue in the three months ended March 31, 2014. In addition to the $2.1 million up-front payment, the Company is also eligible to receive up to $160 million in potential milestone payments from BioMarin comprised of: • Up to $60 million related to the achievement of specified clinical and regulatory milestone events; and • Up to $100 million related to the achievement of specified commercial sales events, specifically the first commercial sale in specific territories. The Company evaluated the potential milestones in accordance with ASC 605-28, which allows an entity to make an accounting policy election to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. This evaluation included an assessment of the risks that must be overcome to achieve the respective milestone as well as whether the achievement of the milestone was due in part to our initial clinical work, the level of effort and investment required to achieve the respective milestone and whether the milestone consideration is reasonable relative to all deliverables and payment terms in the arrangement. There is considerable judgment involved in determining whether a milestone satisfies all of the criteria required to conclude that a milestone is substantive. Milestones that are not considered substantive are recognized as earned if there are no remaining performance obligations or over the remaining period of performance, assuming all other revenue recognition criteria are met. The Company believes that the $60 million of specified clinical and regulatory milestone payments are substantive. Therefore, any such milestones achieved will be recognized as revenue when earned. Any milestones achieved upon specified commercial sales events or future royalty payments are considered contingent revenue under the BioMarin Asset Purchase Agreement, and will be recognized as revenue when they are earned as there are no undelivered elements remaining and no continuing performance obligations under the arrangement. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income | 3 Months Ended |
Mar. 31, 2016 | |
Accumulated Other Comprehensive Income | 3. Accumulated Other Comprehensive Income The following table summarizes the changes in accumulated other comprehensive income by component (in thousands): (In thousands) Unrealized gain Foreign currency Total Balance at December 31, 2015 $ (11 ) $ (8,555 ) $ (8,566 ) Other comprehensive income 15 1,881 1,896 Balance at March 31, 2016 $ 4 $ (6,674 ) $ (6,670 ) |
Earnings Per Share
Earnings Per Share | 3 Months Ended |
Mar. 31, 2016 | |
Earnings Per Share | 4. Earnings Per Share The Company reports earnings per share in accordance with Accounting Standards Codification Topic 260, “Earnings Per Share,” which establishes standards for computing and presenting earnings per share. Basic earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares outstanding during the period. Diluted earnings per share is computed by dividing net income available to common shareholders by the weighted-average number of common shares and dilutive common share equivalents then outstanding. Potential common share equivalents consist of restricted stock awards and the incremental common shares issuable upon the exercise of stock options. Under the treasury stock method, unexercised “in-the-money” stock options and warrants are assumed to be exercised at the beginning of the period or at issuance, if later. The assumed proceeds are then used to purchase common shares at the average market price during the period. Share-based payment awards that entitle their holders to receive non-forfeitable dividends before vesting are considered participating securities and are considered in the calculation of basic and diluted earnings per share. There were no such participating securities outstanding during the three-month periods ended March 31, 2016 and 2015. Basic and diluted weighted average shares outstanding were as follows: Three Months Ended 2016 2015 Weighted average common shares 33,024,681 32,754,862 Dilutive common stock options and restricted stock units 468,894 695,749 Weighted average common shares, assuming dilution 33,493,575 33,450,611 At March 31, 2016, there were outstanding options to purchase 1,312,508 shares of the Company’s common stock at a weighted average exercise price of $11.50 per share. For the three-month period ended March 31, 2016, 520,030 options to purchase shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive. At March 31, 2015, there were outstanding options to purchase 1,295,312 shares of the Company’s common stock at a weighted average exercise price of $9.44 per share. For the three-month period ended March 31, 2015, 199,580 options to purchase shares of the Company’s common stock were excluded from the calculation of diluted earnings per share because the exercise prices of the stock options were greater than or equal to the average price of the common shares, and were therefore anti-dilutive. |
Cash, Cash Equivalents and Mark
Cash, Cash Equivalents and Marketable Securities | 3 Months Ended |
Mar. 31, 2016 | |
Cash, Cash Equivalents and Marketable Securities | 5. Cash, Cash Equivalents and Marketable Securities At March 31, 2016 and December 31, 2015, the Company’s investments included money market funds as well as short-term and long-term marketable securities. These marketable securities are classified as available-for-sale. Marketable securities are investments with original maturities of greater than 90 days. Long-term marketable securities are securities with maturities of greater than one year. The average remaining contractual maturity of marketable securities at March 31, 2016 is approximately 4.12 months. Management reviewed the Company’s investments as of March 31, 2016 and December 31, 2015 and concluded that there are no securities with other than temporary impairments in the investment portfolio. The Company does not intend to sell any investments in an unrealized loss position, and it is not more likely than not that the Company will be required to sell the investments before recovery of their amortized cost bases. Investments in marketable securities consisted of the following at March 31, 2016 (in thousands): March 31, 2016 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 5,778 $ — $ — $ 5,778 Corporate and other debt securities 10,700 7 (3 ) 10,704 16,478 7 (3 ) 16,482 Long-term marketable securities: U.S. Government and agency securities 417 — — 417 Corporate and other debt securities 800 — — 800 1,217 — — 1,217 Total $ 17,695 $ 7 $ (3 ) $ 17,699 At March 31, 2016, the Company’s investments included sixteen securities in unrealized loss positions with a total unrealized loss of approximately $3,000 and a total fair market value of approximately $6,122,000. All investments with gross unrealized losses have been in unrealized loss positions for less than 12 months. The unrealized losses were caused primarily by current economic and market conditions. There was no change in the credit risk of the securities. There were no realized gains or losses on the investments for the three months ended March 31, 2016 or the three months ended March 31, 2015. Investments in marketable securities consisted of the following at December 31, 2015 (in thousands): December 31, 2015 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 7,029 $ — $ (6 ) $ 7,023 Corporate and other debt securities 10,659 7 (7 ) 10,659 17,688 7 (13 ) 17,682 Long-term marketable securities: U.S. Government and agency securities 838 — (2 ) 836 Corporate and other debt securities 800 — (3 ) 797 1,638 — (5 ) 1,633 Total $ 19,326 $ 7 $ (18 ) $ 19,315 The contractual maturities of money market funds and marketable securities at March 31, 2016 were as follows: Amortized Fair Value Due in 1 year or less $ 16,478 $ 16,482 Due in 1 to 2 years 1,217 1,217 $ 17,695 $ 17,699 |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2016 | |
Inventories | 6. Inventories Inventories relate to the Company’s bioprocessing business. The Company values inventory at cost or, if lower, market value, using the first-in, first-out method. The Company reviews its inventories at least quarterly and records a provision for excess and obsolete inventory based on its estimates of expected sales volume, production capacity and expiration dates of raw materials, work-in-process and finished products. Expected sales volumes are determined based on supply forecasts provided by key customers for the next 3 to 12 months. The Company writes down inventory that has become obsolete, inventory that has a cost basis in excess of its expected net realizable value, and inventory in excess of expected requirements to cost of product revenue. Manufacturing of bioprocessing finished goods is done to order and tested for quality specifications prior to shipment. Reserves for excess and obsolete inventory were approximately $343,000 at March 31, 2016 and December 31, 2015. A change in the estimated timing or amount of demand for the Company’s products could result in additional provisions for excess inventory quantities on hand. Any significant unanticipated changes in demand or unexpected quality failures could have a significant impact on the value of inventory and reported operating results. During all periods presented in the accompanying financial statements, there have been no material adjustments related to a revised estimate of inventory valuations. Work-in-process and finished products inventories consist of material, labor, outside processing costs and manufacturing overhead. Inventories consist of the following (in thousands): March 31, December 31, Raw Materials $ 12,576 $ 10,671 Work-in-process 3,387 1,586 Finished products 5,355 5,741 Total $ 21,318 $ 17,998 |
Property, Plant and Equipment
Property, Plant and Equipment | 3 Months Ended |
Mar. 31, 2016 | |
Property, Plant and Equipment | 7. Property, Plant and Equipment Property, plant and equipment consist of the following (in thousands): March 31, 2016 December 31, 2015 Leasehold improvements $ 13,365 $ 13,306 Equipment 14,418 13,758 Furniture and fixtures 2,961 2,808 Construction in progress 282 425 Total property, plant and equipment 31,026 30,297 Less: accumulated depreciation (17,415 ) (16,496 ) Property, plant and equipment, net $ 13,611 $ 13,801 Depreciation expense totaled approximately $751,000 and $749,000 for the three-month periods ended March 31, 2016 and 2015, respectively. |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2016 | |
Intangible Assets | 8. Intangible Assets Intangible assets, except for the Refine Technology, LLC tradename and in-process research and development, are amortized over their useful lives using the estimated economic benefit method, as applicable, and the amortization expense is recorded within selling, general and administrative expense in the Company’s statements of comprehensive income (loss). The Refine Technology, LLC tradename and in-process research and development are not amortized. The Company reviews its indefinite-lived intangible assets not subject to amortization to determine if adverse conditions exist or a change in circumstances exists that would indicate an impairment. Intangible assets and their related useful lives are reviewed at least annually to determine if any adverse conditions exist that would indicate the carrying value of these assets may not be recoverable. More frequent impairment assessments are conducted if certain conditions exist, including a change in the competitive landscape, any internal decisions to pursue new or different technology strategies, a loss of a significant customer, or a significant change in the marketplace, including changes in the prices paid for our products or changes in the size of the market for our products. An impairment results if the carrying value of the asset exceeds the estimated fair value of the asset. If the estimate of an intangible asset’s remaining useful life is changed, the remaining carrying amount of the intangible asset is amortized prospectively over the revised remaining useful life. The Company continues to believe that its intangible assets are recoverable at March 31, 2016. Intangible assets consisted of the following at March 31, 2016 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,315 $ (854 ) 12 In process research and development 1,600 — — Patents 240 (185 ) 8 Customer relationships 11,985 (4,346 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,840 $ (5,385 ) 10 Intangible assets consisted of the following at December 31, 2015 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,295 $ (782 ) 12 In process research and development 1,600 — — Patents 240 (177 ) 8 Customer relationships 11,805 (3,926 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,640 $ (4,885 ) 10 Amortization expense for amortized intangible assets was approximately $399,000 and $401,000 for the three months ended March 31, 2016 and 2015, respectively. As of March 31, 2016, the Company expects to record amortization expense as follows (in thousands): Years Ending Amortization Expense December 31, 2016 (nine months remaining) $ 1,279 December 31, 2017 1,705 December 31, 2018 1,541 December 31, 2019 1,526 December 31, 2020 1,190 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2016 | |
Accrued Liabilities | 9. Accrued Liabilities Accrued liabilities consist of the following (in thousands): March 31, 2016 December 31, 2015 Employee compensation $ 2,888 $ 4,680 Taxes 9 166 Current portion of contingent consideration 4,168 4,480 Professional fees 485 269 Unearned revenue 411 258 Other accrued expenses 2,716 2,204 Total $ 10,677 $ 12,057 |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation | 10. Stock-Based Compensation For the three months ended March 31, 2016 and 2015, the Company recorded stock-based compensation expense of approximately $922,000 and $702,000, respectively, for share-based awards granted under the Second Amended and Restated 2001 Repligen Corporation Stock Plan (the “2001 Plan”) and the Repligen Corporation Amended and Restated 2012 Stock Option and Incentive Plan (the “2012 Plan,” and collectively with the 2001 Plan and the 1992 Repligen Corporation Stock Option Plan, the “Plans”). The following table presents stock-based compensation expense included in the Company’s consolidated statements of comprehensive income (loss): Three Months Ended 2016 2015 Cost of product revenue $ 60 $ 43 Research and development 80 69 Selling, general and administrative 782 590 Total $ 922 $ 702 The 2012 Plan allows for the granting of incentive and nonqualified options to purchase shares of common stock, restricted stock and other equity awards. Incentive options granted to employees under the Plans generally vest over a three to five-year period, with 20%-33% vesting on the first anniversary of the date of grant and the remainder vesting in equal yearly installments thereafter. Nonqualified options issued to non-employee directors under the Plans generally vest over one year. Options granted under the Plans have a maximum term of ten years from the date of grant and generally, the exercise price of the stock options equals the fair market value of the Company’s common stock on the date of grant. At March 31, 2016, options to purchase 1,312,508 shares were outstanding under the Plans. At March 31, 2016, 2,085,727 shares were available for future grant under the 2012 Plan. The Company uses the Black-Scholes option pricing model to calculate the fair value of stock option awards on the grant date, and the Company uses the value of the common stock as of the grant date to value restricted stock units. The Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award, and recognizes awards with service based vesting as expense over the employee’s requisite service period on a straight-line basis. The Company records the expense for share-based awards subject to performance-based milestone vesting over the remaining service period when management determines that achievement of the milestone is probable. Management evaluates whether the achievement of a performance-based milestone is probable as of the reporting date. The Company has no awards that are performance-based or subject to market conditions. The Company recognizes stock-based compensation expense for options that are ultimately expected to vest, and accordingly, such compensation expense has been adjusted for estimated forfeitures. Information regarding option activity for the three months ended March 31, 2016 under the Plans is summarized below: Options Weighted- Weighted- Aggregate (in thousands) Options outstanding at January 1, 2016 1,240,935 $ 10.44 Granted 244,220 13.44 Exercised (113,747 ) 6.86 Forfeited/Cancelled (58,900 ) 6.15 Options outstanding at March 31, 2016 1,312,508 $ 11.50 7.34 $ 20,679 Options exercisable at March 31, 2016 517,769 $ 7.91 5.11 $ 9,792 Vested and expected to vest at March 31, 2016 (1) 1,221,408 $ 11.61 7.26 $ 19,133 (1) This represents the number of vested options as of March 31, 2016 plus the number of unvested options expected to vest as of March 31, 2016 based on the unvested outstanding options at March 31, 2016 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the difference between the closing price of the common stock on March 31, 2016 of $26.82 and the exercise price of each in-the-money option) that would have been received by the option holders had all option holders exercised their options on March 31, 2016. The weighted average grant date fair value of options granted during the three months ended March 31, 2016 and 2015 was $19.57 and $19.67, respectively. The total fair value of stock options that vested during the three months ended March 31, 2016 and 2015 was approximately $1,387,000 and $671,000, respectively. As of March 31, 2016, there was approximately $9,764,000 of total unrecognized compensation cost related to unvested share-based awards. This cost is expected to be recognized over a weighted average remaining requisite service period of 2.93 years. The Company expects 703,639 unvested options to vest over the next five years. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2016 | |
Income Taxes | 11. Income Taxes For the three months ended March 31, 2016, the Company had income before taxes of approximately $2,540,000 and recorded a tax provision of approximately $915,000 for an effective tax rate of approximately 36.0%. For the three months ended March 31, 2015, the Company had income before taxes of approximately $4,198,000 and recorded a tax provision of $1,268,000 for an effective tax rate of approximately 30.2%. This was based on expected effective tax rates of 26.5% and 25.9% for the years ending December 31, 2016 and 2015, respectively. The effective income tax rate is based upon the forecasted income by jurisdiction. The effective tax rate for the three months ended March 31, 2016 is higher than the U.S. statutory tax rate mainly due to the tax treatment of contingent consideration expense. The effective tax rate for the three months ended March 31, 2015 is lower than the U.S. statutory tax rate due to the lower statutory tax rate in Sweden. The Company has net operating loss carryforwards of approximately $46,984,000 and business tax credit carryforwards of approximately $1,920,000 available to reduce future federal income taxes, if any. The net operating loss and business tax credits carryforwards will continue to expire at various dates through December 2035. Net operating loss carryforwards and available tax credits are subject to review and possible adjustment by the Internal Revenue Service and may be limited in the event of certain changes in the ownership interest of significant stockholders. As of December 31, 2015, we concluded that realization of deferred tax assets beyond December 31, 2015 is not more likely than not, and as such, as of December 31, 2015 we maintained a valuation allowance against the majority of our remaining deferred tax assets. As of March 31, 2016, we concluded that realization of deferred tax assets beyond March 31, 2016 is not more likely than not, and as such, as of March 31, 2016 we maintained a valuation allowance against the majority of our remaining deferred tax assets. The fiscal years ended December 31, 2012, 2013, 2014 and 2015 are subject to examination by U.S. federal, state and Sweden taxing authorities. |
Fair Value Measurement
Fair Value Measurement | 3 Months Ended |
Mar. 31, 2016 | |
Fair Value Measurement | 12. Fair Value Measurement In determining the fair value of its assets and liabilities, the Company uses various valuation approaches. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. The Company’s fixed income investments are comprised of obligations of U.S. government agencies and corporate marketable securities. These investments have been initially valued at the transaction price and subsequently valued, at the end of each reporting period, utilizing third party pricing services or other market observable data. The pricing services utilize industry standard valuation models, including both income and market based approaches and observable market inputs to determine value. These observable market inputs include reportable trades, benchmark yields, credit spreads, broker/dealer quotes, bids, offers, current spot rates and other industry and economic events. At least annually, the Company validates the prices provided by third party pricing services by reviewing their pricing methods and matrices, obtaining market values from other pricing sources, analyzing pricing data in certain instances and confirming that the relevant markets are active. The Company did not adjust or override any fair value measurements provided by the pricing services as of March 31, 2016. The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of March 31, 2016 (in thousands): Fair value measurement at reporting date using: Quoted prices in Significant Significant Total Assets: Money market funds $ 11,331 $ — $ — $ 11,331 U.S. Government and agency securities 5,896 300 — 6,196 Corporate and other debt securities — 11,503 — 11,503 Total $ 17,227 $ 11,803 $ — $ 29,030 Liabilities: Contingent consideration – short-term — — 4,018 4,018 Contingent consideration – long-term — — 145 145 Total $ — $ — $ 4,163 $ 4,163 The Company has no other assets or liabilities for which fair value measurement is either required or has been elected to be applied. The liabilities for contingent consideration recorded in connection with the BioFlash Partners, LLC (“BioFlash”) and Refine Technology, LLC (“Refine”) business combinations. The contingent consideration related to BioFlash is valued using management’s estimates of royalties to be paid to the former shareholders of BioFlash based on sales of the acquired assets. The contingent consideration related to the Refine is valued using management’s estimates of expected future milestone payments based on forecasted sales and a portion of any receipts that might be received in connection with the resolution, withdrawal or settlement of certain patent disputes with a third party to be paid to Refine. These valuations are Level 3 valuations as the primary inputs are unobservable. Changes in the fair value of contingent consideration in the three-month period ended March 31, 2016 are primarily attributable to an increase to the expected 2016 Refine milestone payment of $1,999,000, a $4,350,000 milestone payment to Refine and a $130,000 minimum royalty payment made to BioFlash, which were previously accrued. The following table provides a rollforward of the fair value of the contingent consideration (in thousands): Balance at December 31, 2015 $ 6,788 Payments (4,480 ) Changes in fair value 2,005 Balance at March 31, 2016 $ 4,313 The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands): Contingent Consideration Refine Fair value as of March 31, 2016 $4,018 Valuation technique Probability-adjusted Remaining period in which milestones can be achieved 2016 Fixed Earn-out Maximum Accrued 2016 4,250 1,300 4,018 The significant unobservable inputs used in the fair value measurement of Refine’s contingent consideration are the probabilities of successful achievement of 2016 sales milestones. During the first quarter of 2016, the estimated fair value of the 2016 contingent payment was increased by $1,999,000 to $4,018,000 based on revised sales forecasts. Increases or decreases in the Company’s projected sales during 2016 may result in a significantly higher or lower fair value measurement, respectively and could result in a reversal of the current accrual. There were no remeasurements to fair value during the three months ended March 31, 2016 of financial assets and liabilities that are not measured at fair value on a recurring basis. |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2016 | |
Commitments and Contingencies | 13. Commitments and Contingencies Future minimum rental commitments under the amended lease as of March 31, 2016 are as follows (in thousands): Minimum Rental 2016 $ 2,126 2017 1,907 2018 1,437 2019 1,420 2020 1,371 Thereafter 2,700 |
Segment Reporting
Segment Reporting | 3 Months Ended |
Mar. 31, 2016 | |
Segment Reporting | 14. Segment Reporting The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one operating segment. As a result, the financial information disclosed herein represents all of the material financial information related to the Company’s principal operating segment. The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Three months ended 2016 2015 United States 30 % 28 % Sweden 24 % 38 % United Kingdom 13 % 19 % Other 33 % 15 % 100 % 100 % Revenue from significant customers as a percentage of the Company’s total revenue is as follows: Three months ended 2016 2015 GE Healthcare 24 % 37 % MilliporeSigma 28 % 39 % Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable are as follows: March 31, December 31, GE Healthcare 45 % 13 % MilliporeSigma 20 % 32 % Bioprocessing Customer C — 21 % |
Subsequent Event - Acquisition
Subsequent Event - Acquisition of Atoll GmbH | 3 Months Ended |
Mar. 31, 2016 | |
Subsequent Event - Acquisition of Atoll GmbH | 15. Subsequent Event – Acquisition of Atoll GmbH On April 1, 2016, pursuant to the terms of a Share Purchase Agreement dated as of March 31, 2016, Repligen Sweden AB, a wholly-owned subsidiary of the Company, acquired Atoll GmbH (“Atoll”) from UV-Cap GmbH & Co. KG (the “Seller”). Atoll, headquartered in Weingarten, Germany, is an innovator and manufacturer of MediaScout ® Under the terms of the Share Purchase Agreement, Repligen Sweden paid to the Seller in consideration for all of the equity interests in Atoll GmbH a purchase price of $9.1 million in cash and 538,700 shares of the Company’s common stock. The Share Purchase Agreement includes a future contingent payment by Repligen Sweden to the Seller consisting of €1.0 million in cash if Atoll’s revenue increases by a specified amount from calendar year 2015 to calendar year 2016. Because the Company is still in the process of valuing acquired assets and liabilities, the Company determined it was impracticable to provide all the disclosures required for a business combination pursuant to ASC 805, Business Combinations |
Revenue Recognition (Policies)
Revenue Recognition (Policies) | 3 Months Ended |
Mar. 31, 2016 | |
Revenue Recognition | Revenue Recognition Product Sales The Company’s revenue recognition policy is to recognize revenues from product sales and services in accordance with ASC 605, Revenue Recognition The Company’s product revenues are from the sale of bioprocessing products, equipment devices, and related consumables used with these equipment devices to customers in the life science and biopharmaceutical industries. On product sales to end customers, revenue is recognized, net of discounts, when both the title and risk of loss have transferred to the customer, as determined by the shipping terms provided there are no uncertainties regarding acceptance, and all obligations have been completed. Generally, our product arrangements for equipment sales are multiple element arrangements, and may include services, such as installation and training, and multiple products, such as consumables and spare parts. In accordance with ASC 605-25, based on terms and conditions of the product arrangements, the Company believes that these services and undelivered products can be accounted for separately from the delivered product element, as the delivered products have value to our customers on a standalone basis. Accordingly, revenue for services not yet performed at the time of product shipment are deferred and recognized as such services are performed. The relative selling price of any undelivered products is also deferred at the time of shipment and recognized as revenue when these products are delivered. For product sales to distributors, the Company recognizes revenue for both equipment and consumables upon delivery to the distributor unless direct shipment to the end user is requested. In this case, revenue is recognized upon delivery to the end user’s location. In general, distributors are responsible for shipment to the end customer along with installation, training and acceptance of the equipment by the end customer. Sales to distributors are not contingent upon resale of the product. At the time of sale, the Company also evaluates the need to accrue for warranty and sales returns. The supply agreements the Company has with its customers and the related purchase orders identify the terms and conditions of each sale and the price of the goods ordered. Due to the nature of the sales arrangements, inventory produced for sale is tested for quality specifications prior to shipment. Since the product is manufactured to order and in compliance with required specifications prior to shipment, the likelihood of sales return, warranty or other issues is largely diminished. Furthermore, there is no customer right of return in our sales agreements. Sales returns and warranty issues are infrequent and have not had a material impact on the Company’s financial statements historically. Shipping and handling fees are recorded as a component of product revenue, with the associated costs recorded as a component of cost of product revenue. Therapeutics Licensing Agreements Activities under licensing agreements are evaluated in accordance with ASC 605-25 to determine if they represent a multiple element revenue arrangement. The Company identifies the deliverables included within the agreement and evaluates which deliverables represent separate units of accounting. The Company accounts for those components as separate units of accounting if the following two criteria are met: • The delivered item or items have value to the customer on a stand-alone basis. • If there is a general right of return relative to the delivered items, delivery or performance of the undelivered items is considered probable and within the Company’s control. Factors considered in this determination include, among other things, whether any other vendors sell the items separately and if the licensee could use the delivered item for its intended purpose without the receipt of the remaining deliverables. If multiple deliverables included in an arrangement are separable into different units of accounting, the Company allocates the arrangement consideration to those units of accounting. The amount of allocable arrangement consideration is limited to amounts that are fixed or determinable. Arrangement consideration is allocated at the inception of the arrangement to the identified units of accounting based on their relative selling price. Revenue is recognized for each unit of accounting when the appropriate revenue recognition criteria are met. Future milestone payments, if any, under a license agreement will be recognized under the provisions of ASC 605-28, which the Company adopted on January 1, 2011. The Company has elected to recognize a payment that is contingent upon the achievement of a substantive milestone in its entirety in the period in which the milestone is achieved. A milestone is substantive if: • It can only be achieved based in whole or in part on either the Company’s performance or the occurrence of a specific outcome resulting from the Company’s performance; • There is substantive uncertainty at the date an arrangement is entered into that the event will be achieved; and • It would result in additional payments being due to the entity. The commercial milestone payments and royalty payments received under license agreements, if any, will be recognized as revenue when they are earned. |
Fair Value Measurement | Fair Value Measurement In determining the fair value of its assets and liabilities, the Company uses various valuation approaches. The Company employs a hierarchy for inputs used in measuring fair value that maximizes the use of observable inputs and minimizes the use of unobservable inputs by requiring that observable inputs be used when available. Observable inputs are inputs that market participants would use in pricing the asset or liability based on market data obtained from sources independent of the Company. Unobservable inputs are inputs that reflect the Company’s assumptions about the inputs that market participants would use in pricing the asset or liability and are developed based on the best information available in the circumstances. The fair value hierarchy is broken down into three levels based on the source of inputs as follows: Level 1 – Valuations based on unadjusted quoted prices in active markets for identical assets or liabilities that the Company has the ability to access Level 2 – Valuations based on quoted prices for similar assets or liabilities in active markets, quoted prices for identical or similar assets or liabilities in markets that are not active and models for which all significant inputs are observable, either directly or indirectly Level 3 – Valuations based on inputs that are unobservable and significant to the overall fair value measurement The availability of observable inputs can vary among the various types of financial assets and liabilities. To the extent that the valuation is based on models or inputs that are less observable or unobservable in the market, the determination of fair value requires more judgment. In certain cases, the inputs used to measure fair value may fall into different levels of the fair value hierarchy. In such cases, for financial statement disclosure purposes, the level in the fair value hierarchy within which the fair value measurement is categorized is based on the lowest level input that is significant to the overall fair value measurement. |
Accumulated Other Comprehensi22
Accumulated Other Comprehensive Income (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Summary of Changes in Accumulated Other Comprehensive Income | The following table summarizes the changes in accumulated other comprehensive income by component (in thousands): (In thousands) Unrealized gain Foreign currency Total Balance at December 31, 2015 $ (11 ) $ (8,555 ) $ (8,566 ) Other comprehensive income 15 1,881 1,896 Balance at March 31, 2016 $ 4 $ (6,674 ) $ (6,670 ) |
Earnings Per Share (Tables)
Earnings Per Share (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Basic and Diluted Weighted Average Shares Outstanding | Basic and diluted weighted average shares outstanding were as follows: Three Months Ended 2016 2015 Weighted average common shares 33,024,681 32,754,862 Dilutive common stock options and restricted stock units 468,894 695,749 Weighted average common shares, assuming dilution 33,493,575 33,450,611 |
Cash, Cash Equivalents and Ma24
Cash, Cash Equivalents and Marketable Securities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Investments in Marketable Securities | Investments in marketable securities consisted of the following at March 31, 2016 (in thousands): March 31, 2016 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 5,778 $ — $ — $ 5,778 Corporate and other debt securities 10,700 7 (3 ) 10,704 16,478 7 (3 ) 16,482 Long-term marketable securities: U.S. Government and agency securities 417 — — 417 Corporate and other debt securities 800 — — 800 1,217 — — 1,217 Total $ 17,695 $ 7 $ (3 ) $ 17,699 Investments in marketable securities consisted of the following at December 31, 2015 (in thousands): December 31, 2015 Amortized Gross Gross Fair Value Marketable securities: U.S. Government and agency securities $ 7,029 $ — $ (6 ) $ 7,023 Corporate and other debt securities 10,659 7 (7 ) 10,659 17,688 7 (13 ) 17,682 Long-term marketable securities: U.S. Government and agency securities 838 — (2 ) 836 Corporate and other debt securities 800 — (3 ) 797 1,638 — (5 ) 1,633 Total $ 19,326 $ 7 $ (18 ) $ 19,315 |
Contractual Maturities of Marketable Securities | The contractual maturities of money market funds and marketable securities at March 31, 2016 were as follows: Amortized Fair Value Due in 1 year or less $ 16,478 $ 16,482 Due in 1 to 2 years 1,217 1,217 $ 17,695 $ 17,699 |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Inventories | Inventories consist of the following (in thousands): March 31, December 31, Raw Materials $ 12,576 $ 10,671 Work-in-process 3,387 1,586 Finished products 5,355 5,741 Total $ 21,318 $ 17,998 |
Property, Plant and Equipment (
Property, Plant and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Property Plant and Equipment | Property, plant and equipment consist of the following (in thousands): March 31, 2016 December 31, 2015 Leasehold improvements $ 13,365 $ 13,306 Equipment 14,418 13,758 Furniture and fixtures 2,961 2,808 Construction in progress 282 425 Total property, plant and equipment 31,026 30,297 Less: accumulated depreciation (17,415 ) (16,496 ) Property, plant and equipment, net $ 13,611 $ 13,801 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Intangible assets | Intangible assets consisted of the following at March 31, 2016 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,315 $ (854 ) 12 In process research and development 1,600 — — Patents 240 (185 ) 8 Customer relationships 11,985 (4,346 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,840 $ (5,385 ) 10 Intangible assets consisted of the following at December 31, 2015 (in thousands): Gross Carrying Accumulated Weighted Technology – developed $ 3,295 $ (782 ) 12 In process research and development 1,600 — — Patents 240 (177 ) 8 Customer relationships 11,805 (3,926 ) 9 Trademark/ tradename 700 — — Total intangible assets $ 17,640 $ (4,885 ) 10 |
Schedule of Amortization Expense for Amortized Intangible Assets | As of March 31, 2016, the Company expects to record amortization expense as follows (in thousands): Years Ending Amortization Expense December 31, 2016 (nine months remaining) $ 1,279 December 31, 2017 1,705 December 31, 2018 1,541 December 31, 2019 1,526 December 31, 2020 1,190 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Schedule of Accrued Liabilities | Accrued liabilities consist of the following (in thousands): March 31, 2016 December 31, 2015 Employee compensation $ 2,888 $ 4,680 Taxes 9 166 Current portion of contingent consideration 4,168 4,480 Professional fees 485 269 Unearned revenue 411 258 Other accrued expenses 2,716 2,204 Total $ 10,677 $ 12,057 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Stock-Based Compensation Expense | The following table presents stock-based compensation expense included in the Company’s consolidated statements of comprehensive income (loss): Three Months Ended 2016 2015 Cost of product revenue $ 60 $ 43 Research and development 80 69 Selling, general and administrative 782 590 Total $ 922 $ 702 |
Summary of Option Activity | Information regarding option activity for the three months ended March 31, 2016 under the Plans is summarized below: Options Weighted- Weighted- Aggregate (in thousands) Options outstanding at January 1, 2016 1,240,935 $ 10.44 Granted 244,220 13.44 Exercised (113,747 ) 6.86 Forfeited/Cancelled (58,900 ) 6.15 Options outstanding at March 31, 2016 1,312,508 $ 11.50 7.34 $ 20,679 Options exercisable at March 31, 2016 517,769 $ 7.91 5.11 $ 9,792 Vested and expected to vest at March 31, 2016 (1) 1,221,408 $ 11.61 7.26 $ 19,133 (1) This represents the number of vested options as of March 31, 2016 plus the number of unvested options expected to vest as of March 31, 2016 based on the unvested outstanding options at March 31, 2016 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. |
Fair Value Measurement (Tables)
Fair Value Measurement (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Assets Measured at Fair Value on Recurring Basis | The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of March 31, 2016 (in thousands): Fair value measurement at reporting date using: Quoted prices in Significant Significant Total Assets: Money market funds $ 11,331 $ — $ — $ 11,331 U.S. Government and agency securities 5,896 300 — 6,196 Corporate and other debt securities — 11,503 — 11,503 Total $ 17,227 $ 11,803 $ — $ 29,030 Liabilities: Contingent consideration – short-term — — 4,018 4,018 Contingent consideration – long-term — — 145 145 Total $ — $ — $ 4,163 $ 4,163 |
Roll Forward of Fair Value of Contingent Consideration | The following table provides a rollforward of the fair value of the contingent consideration (in thousands): Balance at December 31, 2015 $ 6,788 Payments (4,480 ) Changes in fair value 2,005 Balance at March 31, 2016 $ 4,313 |
Quantitative Information Associated With Fair Value Measurement of Contingent Consideration | The following tables provide quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands): Contingent Consideration Refine Fair value as of March 31, 2016 $4,018 Valuation technique Probability-adjusted Remaining period in which milestones can be achieved 2016 Fixed Earn-out Maximum Accrued 2016 4,250 1,300 4,018 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Future Minimum Rental Commitments under Amended Lease | Future minimum rental commitments under the amended lease as of March 31, 2016 are as follows (in thousands): Minimum Rental 2016 $ 2,126 2017 1,907 2018 1,437 2019 1,420 2020 1,371 Thereafter 2,700 |
Segment Reporting (Tables)
Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2016 | |
Percentage of Revenue from Significant Customers | Revenue from significant customers as a percentage of the Company’s total revenue is as follows: Three months ended 2016 2015 GE Healthcare 24 % 37 % MilliporeSigma 28 % 39 % |
Total Revenue | |
Percentage by Geographic Area or Significant Customers | The following table represents the Company’s total revenue by geographic area (based on the location of the customer): Three months ended 2016 2015 United States 30 % 28 % Sweden 24 % 38 % United Kingdom 13 % 19 % Other 33 % 15 % 100 % 100 % |
Accounts Receivable | |
Percentage by Geographic Area or Significant Customers | Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable are as follows: March 31, December 31, GE Healthcare 45 % 13 % MilliporeSigma 20 % 32 % Bioprocessing Customer C — 21 % |
Revenue Recognition - Additiona
Revenue Recognition - Additional Information (Detail) - USD ($) | Sep. 03, 2014 | Jan. 30, 2014 | Mar. 31, 2016 | Mar. 31, 2014 |
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Non-refundable up-front payment | $ 2,000,000 | |||
Payment to be received upon signing of agreement | 125,675 | |||
Revenue recognized | 2,115,000 | |||
Revenue recognized under revenue recognition, up front payment | $ 2,000,000 | |||
Clinical Development | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Milestone Payment | 60,000,000 | |||
Potential milestone payments to be received | 60,000,000 | |||
Initial Commercial Sales | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Potential milestone payments to be received | 100,000,000 | |||
BioMarin Pharmaceutical, Inc. | Asset Purchase Agreement | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Upfront payment received under purchase agreement | $ 2,000,000 | |||
Potential milestone payments to be received | 160,000,000 | |||
Provision for refund | $ 0 | |||
BioMarin Pharmaceutical, Inc. | Clinical Development | Asset Purchase Agreement | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Percentage relate to clinical development from Milestone payment | 37.00% | |||
BioMarin Pharmaceutical, Inc. | Initial Commercial Sales | Asset Purchase Agreement | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Percentage relate to clinical development from Milestone payment | 63.00% | |||
BioMarin Pharmaceutical, Inc. | Technology Transfer Payments | Asset Purchase Agreement | ||||
Revenue Recognition, Multiple-deliverable Arrangements [Line Items] | ||||
Milestone Payment | $ 125,675 |
Change in Accumulated Other Com
Change in Accumulated Other Comprehensive Income (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at December 31, 2015 | $ (8,566) |
Other comprehensive income | 1,896 |
Balance at March 31, 2016 | (6,670) |
Accumulated Net Unrealized Investment Gain (Loss) | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at December 31, 2015 | (11) |
Other comprehensive income | 15 |
Balance at March 31, 2016 | 4 |
Accumulated Translation Adjustment | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | |
Balance at December 31, 2015 | (8,555) |
Other comprehensive income | 1,881 |
Balance at March 31, 2016 | $ (6,674) |
Earnings Per Share - Additional
Earnings Per Share - Additional Information (Detail) - $ / shares | 3 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2015 | |
Earnings Per Share [Line Items] | |||
Participating securities outstanding | 0 | 0 | |
Stock options, outstanding | 1,312,508 | 1,295,312 | 1,240,935 |
Stock options, weighted average exercise price | $ 11.50 | $ 9.44 | $ 10.44 |
Common stock excluded from calculation of diluted earnings per share | 520,030 | 199,580 |
Basic and Diluted Weighted Aver
Basic and Diluted Weighted Average Shares Outstanding (Detail) - shares | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Weighted Average Number of Shares Outstanding [Line Items] | ||
Weighted average common shares | 33,024,681 | 32,754,862 |
Dilutive common stock options and restricted stock units | 468,894 | 695,749 |
Weighted average common shares, assuming dilution | 33,493,575 | 33,450,611 |
Cash Cash Equivalents and Marke
Cash Cash Equivalents and Marketable Securities - Additional Information (Detail) | 3 Months Ended | |
Mar. 31, 2016USD ($)Investment | Mar. 31, 2015USD ($) | |
Cash, cash equivalents and marketable securities [Line Items] | ||
Long-term marketable securities, minimum original maturity term | 1 year | |
Marketable securities, average remaining contractual maturity period | 4 months 4 days | |
Number of debt securities in unrealized loss positions | Investment | 16 | |
Debt securities in unrealized loss positions, total unrealized loss | $ 3,000 | |
Debt securities in unrealized loss positions, total fair market value | 6,122,000 | |
Credit risk | 0 | |
Gain (loss) on investments | $ 0 | $ 0 |
Minimum | ||
Cash, cash equivalents and marketable securities [Line Items] | ||
Short-term marketable securities, minimum original maturity term | 90 days |
Investments in Marketable Secur
Investments in Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | $ 17,695 | $ 19,326 |
Gross Unrealized Gain | 7 | 7 |
Gross Unrealized Loss | (3) | (18) |
Fair Value | 17,699 | 19,315 |
Marketable securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 16,478 | 17,688 |
Gross Unrealized Gain | 7 | 7 |
Gross Unrealized Loss | (3) | (13) |
Fair Value | 16,482 | 17,682 |
Marketable securities | U.S. Government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 5,778 | 7,029 |
Gross Unrealized Loss | (6) | |
Fair Value | 5,778 | 7,023 |
Marketable securities | Corporate and other debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 10,700 | 10,659 |
Gross Unrealized Gain | 7 | 7 |
Gross Unrealized Loss | (3) | (7) |
Fair Value | 10,704 | 10,659 |
Long-term marketable securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 1,217 | 1,638 |
Gross Unrealized Loss | (5) | |
Fair Value | 1,217 | 1,633 |
Long-term marketable securities | U.S. Government and agency securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 417 | 838 |
Gross Unrealized Loss | (2) | |
Fair Value | 417 | 836 |
Long-term marketable securities | Corporate and other debt securities | ||
Schedule of Available-for-sale Securities [Line Items] | ||
Amortized Cost | 800 | 800 |
Gross Unrealized Loss | (3) | |
Fair Value | $ 800 | $ 797 |
Contractual Maturities of Marke
Contractual Maturities of Marketable Securities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Available-for-sale Securities [Line Items] | ||
Due in 1 year or less | $ 16,478 | |
Due in 1 to 2 years | 1,217 | |
Amortized Cost | 17,695 | $ 19,326 |
Due in 1 year or less | 16,482 | |
Due in 1 to 2 years | 1,217 | |
Fair Value | $ 17,699 | $ 19,315 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Reserves for excess and obsolete inventory | $ 343,000 | $ 343,000 |
Schedule of Inventories (Detail
Schedule of Inventories (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Inventory [Line Items] | ||
Raw materials | $ 12,576 | $ 10,671 |
Work-in-process | 3,387 | 1,586 |
Finished products | 5,355 | 5,741 |
Total | $ 21,318 | $ 17,998 |
Property Plant and Equipment (D
Property Plant and Equipment (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Property, Plant and Equipment [Line Items] | ||
Leasehold improvements | $ 13,365 | $ 13,306 |
Equipment | 14,418 | 13,758 |
Furniture and fixtures | 2,961 | 2,808 |
Construction in progress | 282 | 425 |
Total property, plant and equipment | 31,026 | 30,297 |
Less: accumulated depreciation | (17,415) | (16,496) |
Property, plant and equipment, net | $ 13,611 | $ 13,801 |
Property Plant and Equipment -
Property Plant and Equipment - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense of property and equipment | $ 751,000 | $ 749,000 |
Other Intangible Assets (Detail
Other Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 17,840 | $ 17,640 |
Accumulated Amortization | $ (5,385) | $ (4,885) |
Weighted Average Useful Life (in years) | 10 years | 10 years |
Technology - developed | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 3,315 | $ 3,295 |
Accumulated Amortization | $ (854) | $ (782) |
Weighted Average Useful Life (in years) | 12 years | 12 years |
Patents | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 240 | $ 240 |
Accumulated Amortization | $ (185) | $ (177) |
Weighted Average Useful Life (in years) | 8 years | 8 years |
Customer relationships | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 11,985 | $ 11,805 |
Accumulated Amortization | $ (4,346) | $ (3,926) |
Weighted Average Useful Life (in years) | 9 years | 9 years |
In process research and development ("IPR&D") | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, indefinite lived intangible assets | $ 1,600 | $ 1,600 |
Trademark / tradename | ||
Intangible Assets [Line Items] | ||
Gross Carrying Amount, indefinite lived intangible assets | $ 700 | $ 700 |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Finite-Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 399,000 | $ 401,000 |
Amortization Expense for Amorti
Amortization Expense for Amortized Intangible Assets (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Finite-Lived Intangible Assets [Line Items] | |
December 31, 2016 (nine months remaining) | $ 1,279 |
December 31, 2017 | 1,705 |
December 31, 2018 | 1,541 |
December 31, 2019 | 1,526 |
December 31, 2020 | $ 1,190 |
Schedule of Accrued Liabilities
Schedule of Accrued Liabilities (Detail) - USD ($) $ in Thousands | Mar. 31, 2016 | Dec. 31, 2015 |
Schedule of Accrued Liabilities [Line Items] | ||
Employee compensation | $ 2,888 | $ 4,680 |
Taxes | 9 | 166 |
Current portion of contingent consideration | 4,168 | 4,480 |
Professional fees | 485 | 269 |
Unearned revenue | 411 | 258 |
Other accrued expenses | 2,716 | 2,204 |
Total | $ 10,677 | $ 12,057 |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2012 | Dec. 31, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation expense | $ 922,000 | $ 702,000 | ||
Stock options, outstanding | 1,312,508 | 1,295,312 | 1,240,935 | |
Number of shares available for future grant | 2,085,727 | |||
Closing price of common stock | $ 26.82 | |||
Weighted average grant date fair value of share-based awards granted | $ 19.57 | $ 19.67 | ||
Total fair value of stock options vested | $ 1,387,000 | $ 671,000 | ||
Total unrecognized compensation cost | $ 9,764,000 | |||
Unrecognized compensation cost, weighted average remaining requisite service period | 2 years 11 months 5 days | |||
Number of unvested options | 703,639 | |||
Unvested Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting period | 5 years | |||
Employee Stock Option | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting period | 3 years | |||
Employee Stock Option | Minimum | Vest Over Three Year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting percentage | 20.00% | |||
Employee Stock Option | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting period | 5 years | |||
Incentive options, term | 10 years | |||
Employee Stock Option | Maximum | Vest Over Five Year | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting percentage | 33.00% | |||
Non-Employee Directors | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Incentive options, vesting period | 1 year |
Stock-Based Compensation Expens
Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 922 | $ 702 |
Cost of product revenue | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 60 | 43 |
Research and development | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | 80 | 69 |
Selling, general and administrative | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock-based compensation expense | $ 782 | $ 590 |
Summary of Information Regardin
Summary of Information Regarding Option Activity (Detail) $ / shares in Units, $ in Thousands | 3 Months Ended | |
Mar. 31, 2016USD ($)$ / sharesshares | ||
Options Outstanding | ||
Options outstanding at January 1, 2016 | shares | 1,240,935 | |
Granted | shares | 244,220 | |
Exercised | shares | (113,747) | |
Forfeited/cancelled | shares | (58,900) | |
Options outstanding at March 31, 2016 | shares | 1,312,508 | |
Options exercisable at March 31, 2016 | shares | 517,769 | |
Vested and expected to vest at March 31, 2016 | shares | 1,221,408 | [1] |
Weighted-Average Exercise Price Per Share | ||
Options outstanding at January 1, 2016 | $ / shares | $ 10.44 | |
Granted | $ / shares | 13.44 | |
Exercised | $ / shares | 6.86 | |
Forfeited/Cancelled | $ / shares | 6.15 | |
Options outstanding at March 31, 2016 | $ / shares | 11.50 | |
Options exercisable at March 31, 2016 | $ / shares | 7.91 | |
Vested and expected to vest at March 31, 2016 | $ / shares | $ 11.61 | [1] |
Weighted-Average Remaining Contractual Term (in years) | ||
Options outstanding at December 31, 2015 | 7 years 4 months 2 days | |
Options exercisable at December 31, 2015 | 5 years 1 month 10 days | |
Vested and expected to vest at December 31, 2015 | 7 years 3 months 4 days | [1] |
Aggregate Intrinsic Value | ||
Options outstanding at December 31, 2015 | $ | $ 20,679 | |
Options exercisable at December 31, 2015 | $ | 9,792 | |
Vested and expected to vest at December 31, 2015 | $ | $ 19,133 | [1] |
[1] | This represents the number of vested options as of March 31, 2016 plus the number of unvested options expected to vest as of March 31, 2016 based on the unvested outstanding options at March 31, 2016 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive level employees and 3% for awards granted to executive level employees. |
Summary of Information Regard51
Summary of Information Regarding Option Activity (Parenthetical) (Detail) - Employee Stock Option | Mar. 31, 2016 |
Awards Granted to Non-Executive Level Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated forfeiture rates | 8.00% |
Awards Granted to Executive Level Employees | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Estimated forfeiture rates | 3.00% |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |||
Mar. 31, 2016 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | |
Income Taxes [Line Items] | ||||
Income before income taxes | $ 2,540,000 | $ 4,198,000 | ||
Income tax provision | $ 915,000 | $ 1,268,000 | ||
Effective tax rate | 36.00% | 30.20% | ||
Expected effective tax rate | 25.90% | |||
Latest Tax Year | ||||
Income Taxes [Line Items] | ||||
Net operating loss and business tax credit carry forwards expiration date | At various dates through December 2035. | |||
Scenario, Forecast | ||||
Income Taxes [Line Items] | ||||
Expected effective tax rate | 26.50% | |||
Available to Reduce Future Federal Income Taxes | ||||
Income Taxes [Line Items] | ||||
Net operating loss carry forwards | $ 46,984,000 | |||
Business tax credit carry forwards | $ 1,920,000 |
Major Category of Assets Measur
Major Category of Assets Measured at Fair Value on Recurring Basis (Detail) - Fair Value, Measurements, Recurring $ in Thousands | Mar. 31, 2016USD ($) |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | $ 29,030 |
Liabilities | 4,163 |
Money market funds | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 11,331 |
U.S. Government and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 6,196 |
Corporate and other debt securities | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 11,503 |
Contingent consideration - short-term | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Liabilities | 4,018 |
Contingent consideration - long-term | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Liabilities | 145 |
Quoted prices in active markets for identical assets (Level 1) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 17,227 |
Quoted prices in active markets for identical assets (Level 1) | Money market funds | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 11,331 |
Quoted prices in active markets for identical assets (Level 1) | U.S. Government and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 5,896 |
Significant other observable inputs (Level 2) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 11,803 |
Significant other observable inputs (Level 2) | U.S. Government and agency securities | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 300 |
Significant other observable inputs (Level 2) | Corporate and other debt securities | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Assets | 11,503 |
Significant unobservable inputs (Level 3) | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Liabilities | 4,163 |
Significant unobservable inputs (Level 3) | Contingent consideration - short-term | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Liabilities | 4,018 |
Significant unobservable inputs (Level 3) | Contingent consideration - long-term | |
Fair Value, Assets and Liabilities Measured on Recurring Basis [Line Items] | |
Liabilities | $ 145 |
Fair Value Measurement - Additi
Fair Value Measurement - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Fair value of other assets | $ 0 | |
Fair value of other liabilities | 0 | |
Increase to milestone payment | 2,005,000 | $ 1,111,000 |
Payment of contingent considerations | 498,000 | $ 99,000 |
Refine Technology, LLC | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Increase to milestone payment | 1,999,000 | |
Refine Technology, LLC | Milestone Payments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Payment of contingent considerations | 4,350,000 | |
Bio Flash | Minimum | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Royalty payment | 130,000 | |
Significant unobservable inputs (Level 3) | Refine Technology, LLC | Milestone Payments | ||
Fair Value, Balance Sheet Grouping, Financial Statement Captions [Line Items] | ||
Increase to milestone payment | 1,999,000 | |
Accrued Balance | $ 4,018,000 |
Roll Forward of Fair Value of C
Roll Forward of Fair Value of Contingent Consideration (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Line Items] | |
Balance at December 31, 2015 | $ 6,788 |
Payments | (4,480) |
Changes in fair value | 2,005 |
Balance at March 31, 2016 | $ 4,313 |
Quantitative Information Associ
Quantitative Information Associated With Fair Value Measurement of Contingent Consideration (Detail) - Significant unobservable inputs (Level 3) - Refine Technology, LLC - Milestone Payments | 3 Months Ended |
Mar. 31, 2016USD ($) | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Accrued Balance | $ 4,018,000 |
Valuation technique | Probability-adjusted discounted cash flow |
Remaining period in which milestones can be achieved | 2,016 |
Scenario, Actual | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | |
Fixed Earn-out | $ 4,250,000 |
Maximum Variable Earn-out | 1,300,000 |
Accrued Balance | $ 4,018,000 |
Future Minimum Rental Commitmen
Future Minimum Rental Commitments under Amended Lease (Detail) $ in Thousands | Mar. 31, 2016USD ($) |
Operating Leased Assets [Line Items] | |
2,016 | $ 2,126 |
2,017 | 1,907 |
2,018 | 1,437 |
2,019 | 1,420 |
2,020 | 1,371 |
Thereafter | $ 2,700 |
Segment Reporting - Additional
Segment Reporting - Additional Information (Detail) | 3 Months Ended |
Mar. 31, 2016Segment | |
Segment Reporting Information [Line Items] | |
Number of operating segment | 1 |
Percentage of Revenue by Geogra
Percentage of Revenue by Geographic Area (Detail) - Geographic Concentration Risk - Total Revenue | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
Concentration Risk [Line Items] | ||
Revenues, percentage by country | 100.00% | 100.00% |
United States | ||
Concentration Risk [Line Items] | ||
Revenues, percentage by country | 30.00% | 28.00% |
Sweden | ||
Concentration Risk [Line Items] | ||
Revenues, percentage by country | 24.00% | 38.00% |
United Kingdom | ||
Concentration Risk [Line Items] | ||
Revenues, percentage by country | 13.00% | 19.00% |
Other | ||
Concentration Risk [Line Items] | ||
Revenues, percentage by country | 33.00% | 15.00% |
Percentage of Revenue from Sign
Percentage of Revenue from Significant Customers (Detail) - Customer Concentration Risk - Sales Revenue | 3 Months Ended | |
Mar. 31, 2016 | Mar. 31, 2015 | |
GE Healthcare | ||
Revenue, Major Customer [Line Items] | ||
Revenue from significant customers as a percentage of total revenue | 24.00% | 37.00% |
MilliporeSigma | ||
Revenue, Major Customer [Line Items] | ||
Revenue from significant customers as a percentage of total revenue | 28.00% | 39.00% |
Percentage of Accounts Receivab
Percentage of Accounts Receivable by Significant Customers (Detail) - Customer Concentration Risk - Accounts Receivable | 3 Months Ended | 12 Months Ended |
Mar. 31, 2016 | Dec. 31, 2015 | |
GE Healthcare | ||
Concentration Risk [Line Items] | ||
Accounts receivable, percentage by customer | 45.00% | 13.00% |
MilliporeSigma | ||
Concentration Risk [Line Items] | ||
Accounts receivable, percentage by customer | 20.00% | 32.00% |
Bioprocessing Customer C | ||
Concentration Risk [Line Items] | ||
Accounts receivable, percentage by customer | 21.00% |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Apr. 01, 2016 - Subsequent Event - Repligen Sweden - Share Purchase Agreement € in Millions | USD ($) | EUR (€) |
Subsequent Event [Line Items] | ||
Consideration paid to seller, cash | $ 9,100,000 | |
Consideration paid to seller, shares | $ 538,700 | |
Future contingent payment if revenue increases by specified amount | € | € 1 |