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RGEN Repligen

Cover Page

Cover Page - shares3 Months Ended
Mar. 31, 2020May 04, 2020
Cover [Abstract]
Amendment Flagfalse
Document Type10-Q
Document Fiscal Year Focus2020
Document Fiscal Period FocusQ1
Entity Central Index Key0000730272
Current Fiscal Year End Date--12-31
Document Period End DateMar. 31,
2020
Entity Current Reporting StatusYes
Entity Interactive Data CurrentYes
Entity File Number000-14656
Entity Registrant NameREPLIGEN CORP
Entity Filer CategoryLarge Accelerated Filer
Trading SymbolRGEN
Title of 12(b) SecurityCommon Stock
Security Exchange NameNASDAQ
Entity Incorporation, State or Country CodeDE
Entity Tax Identification Number04-2729386
Entity Address, Address Line One41 Seyon Street, Bldg. 1, Suite 100
Entity Address, City or TownWaltham
Entity Address, State or ProvinceMA
Entity Address, Postal Zip Code02453
City Area Code781
Entity Shell Companyfalse
Smaller reporting companyfalse
Emerging growth companyfalse
Local Phone Number250-0111
Document Quarterly Reporttrue
Document Transition Reportfalse
Entity Common Stock, Shares Outstanding52,305,744

CONSOLIDATED BALANCE SHEETS

CONSOLIDATED BALANCE SHEETS - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Current assets:
Cash and cash equivalents $ 529,525 $ 528,392
Restricted cash9,041 9,015
Accounts receivable, net of allowances of $658 and $525 at March 31, 2020 and December 31, 2019, respectively44,726 43,068
Royalties and other receivables30 148
Unbilled receivables456 456
Inventories, net61,781 54,832
Prepaid expenses and other current assets5,819 5,917
Total current assets651,378 641,828
Property, plant and equipment, net50,373 48,455
Intangible assets, net208,526 212,552
Goodwill468,382 468,413
Deferred tax assets2,904 2,920
Operating lease right of use assets24,688 25,707
Other assets230 238
Total assets1,406,481 1,400,113
Current liabilities:
Accounts payable10,176 11,425
Operating lease liability3,747 3,557
Accrued liabilities27,930 33,331
Total current liabilities41,853 48,313
Convertible senior notes, net235,458 232,767
Deferred tax liabilities29,868 29,944
Operating lease liability, long-term27,038 26,995
Other liabilities, long-term2,506 2,326
Total liabilities336,723 340,345
Commitments and contingencies (Note 10)
Stockholders' equity:
Preferred stock, $0.01 par value, 5,000,000 shares authorized, no shares issued or outstanding
Common stock, $0.01 par value; 80,000,000 shares authorized; 52,278,083 shares at March 31, 2020 and 52,078,258 shares at December 31, 2019 issued and outstanding523 521
Additional paid-in capital1,074,183 1,068,431
Accumulated other comprehensive loss(20,606)(15,027)
Accumulated earnings15,658 5,843
Total stockholders' equity1,069,758 1,059,768
Total liabilities and stockholders' equity $ 1,406,481 $ 1,400,113

CONSOLIDATED BALANCE SHEETS (Pa

CONSOLIDATED BALANCE SHEETS (Parenthetical) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Accounts receivable, reserve for doubtful accounts $ 658 $ 525
Preferred stock, par value $ 0.01 $ 0.01
Preferred stock, shares authorized5,000,000 5,000,000
Preferred stock, shares issued0 0
Preferred stock, shares outstanding0 0
Common stock, par value $ 0.01 $ 0.01
Common stock, shares authorized80,000,000 80,000,000
Common stock, shares issued52,278,083 52,078,258
Common stock, shares outstanding52,278,083 52,078,258

CONSOLIDATED STATEMENTS OF COMP

CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME - USD ($) shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Revenue:
Revenue $ 76,090 $ 60,634
Costs and operating expenses:
Cost of product revenue31,982 26,845
Research and development4,702 3,620
Selling, general and administrative27,500 18,998
Total costs and operating expenses64,184 49,463
Income from operations11,906 11,171
Other income (expenses):
Investment income1,364 713
Interest expense(2,976)(1,726)
Other income382 358
Other expenses, net(1,230)(655)
Income before income taxes10,676 10,516
Income tax provision861 2,463
Net income $ 9,815 $ 8,053
Earnings per share:
Basic $ 0.19 $ 0.18
Diluted $ 0.18 $ 0.17
Weighted average common shares outstanding:
Basic52,139 43,968
Diluted53,109 46,279
Net income $ 9,815 $ 8,053
Other comprehensive income (loss):
Foreign currency translation adjustment(5,579)(1,891)
Comprehensive income4,236 6,162
Products
Revenue:
Revenue76,060 60,612
Royalty and Other Revenue
Revenue:
Revenue $ 30 $ 22

CONSOLIDATED STATEMENTS OF STOC

CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY - USD ($) $ in ThousandsTotalCommon StockAdditional Paid-in CapitalAccumulated Other Comprehensive Income (Loss)Accumulated Earnings (Deficit)
Balance at Dec. 31, 2018 $ 615,568 $ 439 $ 642,590 $ (11,893) $ (15,568)
Balance (in shares) at Dec. 31, 201843,917,378
Net income8,053 8,053
Exercise of stock options and releases of restricted stock44 $ 2 42
Exercise of stock options and releases of restricted stock (in shares)156,620
Stock-based compensation expense3,251 3,251
Translation adjustment at Dec. 31, 2018(1,891)(1,891)
Balance at Mar. 31, 2019625,025 $ 441 645,883 (13,784)(7,515)
Balance (in shares) at Mar. 31, 201944,073,998
Balance at Dec. 31, 20191,059,768 $ 521 1,068,431 (15,027)5,843
Balance (in shares) at Dec. 31, 201952,078,258
Net income9,815 9,815
Exercise of stock options and releases of restricted stock1,589 $ 2 1,587
Exercise of stock options and releases of restricted stock (in shares)199,825
Stock-based compensation expense4,165 4,165
Translation adjustment at Dec. 31, 2019(5,579)(5,579)
Balance at Mar. 31, 2020 $ 1,069,758 $ 523 $ 1,074,183 $ (20,606) $ 15,658
Balance (in shares) at Mar. 31, 202052,278,083

CONSOLIDATED STATEMENTS OF CASH

CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Cash flows from operating activities:
Net income $ 9,815 $ 8,053
Adjustments to reconcile net income to net cash provided by operating activities:
Depreciation and amortization6,390 4,213
Non-cash interest expense2,691 1,107
Stock-based compensation expense4,165 3,251
Deferred tax expense892
Other140
Changes in operating assets and liabilities, excluding impact of acquisitions:
Accounts receivable(2,399)(6,692)
Royalties and other receivables148 112
Unbilled receivables2,602
Inventories(7,191)(1,478)
Prepaid expenses and other assets36 215
Operating lease right of use assets919 784
Accounts payable(709)(570)
Accrued expenses(4,989)(1,855)
Operating lease liability334 (840)
Long-term liabilities180 (6)
Total cash provided by operating activities9,530 9,788
Cash flows from investing activities:
Additions to capitalized software costs(911)(1,740)
Purchases of property, plant and equipment(4,126)(2,088)
Total cash used in investing activities(5,037)(3,828)
Cash flows from financing activities:
Exercise of stock options1,599 44
Payment of tax withholding obligation on vesting of restricted stock(10)
Total cash provided by financing activities1,589 44
Effect of exchange rate changes on cash, cash equivalents and restricted cash(4,923)(3,691)
Net increase in cash, cash equivalents and restricted cash1,159 2,313
Cash, cash equivalents and restricted cash, beginning of period537,407 193,822
Cash, cash equivalents and restricted cash, end of period538,566 196,135
Supplemental disclosure of cash flow information:
Income taxes paid1,756 $ 1,055
Interest paid527
Supplemental disclosure of non-cash investing and financing activities:
Assets acquired under operating leases $ 17

Summary of Significant Accounti

Summary of Significant Accounting Policies3 Months Ended
Mar. 31, 2020
Summary of Significant Accounting Policies1. Summary of Significant Accounting Policies 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 (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q S-X 10-K The preparation of financial statements in conformity with 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, Repligen GmbH, Spectrum LifeSciences, LLC and its subsidiaries (“Spectrum”), C Technologies, Inc. (“C Technologies” ) 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. Risks and Uncertainties There are many uncertainties COVID-19 COVID-19 Recent Accounting Standards Updates We consider the applicability and impact of all Accounting Recently Issued Accounting Standard Updates – Adopted During the Period In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” 2018-13 “Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements ” 2018-13 In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” 2018-15 internal-use internal-use 2018-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326).” 2016-13 significantly 2016-13 2016-13 2016-13 The Company continues to monitor processes and controls for indications of an adjustment for future economic conditions at quarterly and annual reporting periods. See Note 5, “Credit Losses,” In November 2018, the FASB issued ASU 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606.” 2018-18 “Collaborative Arrangements,” “Revenue from Contracts with Customers,” 2018-13 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.” 2019-12 year-to-date 2018-13

Fair Value Measurements

Fair Value Measurements3 Months Ended
Mar. 31, 2020
Fair Value Measurements2. Fair Value Measurements The Company uses various valuation approaches in determining the fair value of its assets and liabilities. 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. As of March 31, 2020 and December 31, 2019, cash and cash equivalents on the Company’s consolidated balance sheets included $414.2 million and $415.6 million, respectively, in a money market account. These funds are valued on a recurring basis using Level 1 inputs. In , the Company issued $ million aggregate principal amount of the Company’s % Convertible Senior Notes due July , (the “ Notes”). Interest is payable in arrears on January and July of each year. The Notes will mature on unless earlier converted or repurchased in accordance with their terms. As of March , , the carrying value of the Notes was $ million, net of discount, and the fair value of the Notes was $ million. The fair value of the Notes is a Level valuation and was determined based on the most recent trade activity of the Notes as of March , . The Notes are discussed in more detail in Note , “Convertible Senior Notes” to these consolidated financial statements. D , t of financial assets and liabilities that are not measured at fair value on a recurring basis.

Acquisition of C Technologies,

Acquisition of C Technologies, Inc3 Months Ended
Mar. 31, 2020
Acquisition of C Technologies, Inc.3. Acquisition of C Technologies, Inc. On April 25, 2019, Repligen agreed to acquire C Technologies, pursuant to the terms of a Stock Purchase Agreement (the “Agreement”), by and among Repligen, C Technologies and Craig Harrison, an individual and sole stockholder of C Technologies (such acquisition, the “C Technologies Acquisition”). C Technologies’ business consists of two major product categories (i) biotechnology, or Biotech, and (ii) Legacy and Other. Through its Biotech category, C Technologies sells instruments, consumables and accessories that are designed to allow bioprocessing technicians to measure the protein concentration of a liquid sample using C Technologies’ Slope Spectroscopy ® off-line at-line in-line Consideration Transferred The C Technologies Acquisition was accounted for as a purchase of a business under Accounting Standards Codification No. 805, “Business Combinations” (“ASC 805 recorded as of the acquisition date, at their respective fair values, and consolidated with those of . The fair value of the net tangible assets acquired was $ million, the fair value of the intangible assets acquired was $ million, and the residual goodwill was $ million. The consideration and purchase price information has been prepared using a valuation that required the use of significant assumptions and estimates. Critical estimates included, but were not limited to, future expected cash flows, including projected revenues and expenses, and the applicable discount rates. These estimates were based on assumptions that believes to be reasonable , h owever, actual results may differ from these estimates. Total consideration transferred is as follows (amounts in thousands):
Cash consideration $ 185,949
Equity consideration 53,938
Fair value of net assets acquired $ 239,887
Acquisition-related costs are not included as a component of consideration transferred but are expensed in the periods in which the costs are incurred. The Company incurred $4.0 million in transaction costs in 2019. The transaction costs are included in selling, general and administrative expenses in the consolidated statements of comprehensive income. In connection with the transaction, an additional $9.0 million in cash will be due to employees based on their continued employment with the Company one year after the date of the close of the C Technologies Acquisition. For the period ended March 31, 2020, the Company recognized $2.2 million of compensation expense associated with this amount due to employees. The Company has recognized a total of $7.5 million of compensation expense associated with this amount due to employees since the C Technologies Acquisition. Fair Value of Net Assets Acquired The allocation of purchase price is based on the fair value of assets acquired and liabilities assumed as of the acquisition date, based on the preliminary valuation. The Company obtains this information during due diligence and through other sources. In the months after closing, the Company may obtain additional information about these assets and liabilities as it learns more about C Technologies and will refine the estimates of fair value to more accurately allocate the purchase price. Only items identified as of the acquisition date are considered for subsequent adjustment. We will make appropriate adjustments to the purchase price allocation, if any, prior to the completion of the measurement period, which is up to one year from the acquisition date.
Cash and cash equivalents $ 3,795
Restricted cash 26,933
Accounts receivable 3,044
Inventory 3,783
Prepaid expenses and other current assets 93
Fixed assets 40
Operating lease right of use asset 3,836
Customer relationships 59,680
Developed technology 28,920
Trademark and tradename 1,570
Non-competition 660
Goodwill 142,314
Deferred taxes 895
Accounts payable (436 )
Accrued liabilities (2,767 )
Accrued bonus (26,928 )
Deferred revenue (1,709 )
Operating lease liability (51 )
Operating lease liability, long-term (3,785 )
Fair value of net assets acquired $ 239,887
Acquired Goodwill The goodwill of $ million represents future economic benefits expected to arise from synergies from combining operations and commercial organizations to increase market presence and the extension of existing customer relationships. Substantially all of the goodwill recorded is expected to be deductible for income tax purposes. Pursuant to the Company’s business combination accounting policy included in Note , “Summary of Significant Accounting Policies – Business Combinations, Goodwill and Intangible Assets,” of our Annual Report on Form 10-K for the fiscal year ended December 31, 2019 the Company recorded goodwill adjustments for the effects on goodwill of changes to net assets acquired during the period that such change is identified, provided that any such change is within the measurement period (up to one year from the date of the acquisition). In , the Company recorded a deferred tax asset for the C Technologies Acquisition of $ million as an adjustment to goodwill. In , the Company recorded an additional adjustment to goodwill of $ million related to additional state income tax liabilities to be paid to the seller, which were incurred from the Company’s finalized (h) tax election. Intangible Assets The following table sets forth the components of the identified intangible assets associated with the C Technologies Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 17 years $ 59,680
Developed technology 18 years 28,920
Trademark and tradename 20 years 1,570
Non-competition 4 years 660
$ 90,830
Revenue, Net Income and Pro Forma Presentation The Company recorded revenue from C Technologies of $6.6 million for the three months ended March 31, 2020 and $16.4 million from May 31, 2019, the date of acquisition, to December 31, 2019. The Company recorded a net loss from C Technologies’ results of operations of $2.2 million for the three months ended March 31, 2020 and a net loss of $7.4 million from May 31, 2019 to December 31, 2019. The Company has included the operating results of C Technologies in its consolidated statements of comprehensive income since the May 31, 2019 acquisition date. The following pro forma financial information presents the combined results of operations of and C Technologies as if the acquisition had occurred on January , after giving effect to certain pro forma adjustments. The pro forma adjustments reflected herein include only those adjustments that are directly attributable to the C Technologies Acquisition, factually supportable and have a recurring impact. These pro forma adjustments include amortization expense on the acquired identifiable intangible assets, adjustments to stock-based compensation expense for equity compensation issued to C Technologies employees and the income tax effect of the adjustments made. In addition, acquisition-related transaction costs and an accounting adjustment to record inventory at fair value were excluded from pro forma net income in . Prior to the C Technologies Acquisition, C Technologies did not generate monthly or quarterly financial statements that were prepared in accordance with GAAP. The following pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on January 1, 2019 or of future results:
Three Months Ended March 31, 2019
Total revenue $ 66,052
Net income $ 10,664
Earnings per share:
Basic $ 0.24
Diluted $ 0.23

Revenue Recognition

Revenue Recognition3 Months Ended
Mar. 31, 2020
Revenue Recognition4. Revenue Recognition We generate revenue 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. Under ASC 606, “Revenue from Contracts with Customers,” Disaggregation of Revenue Revenues for the three months ended March 31, 2020 and 2019 were as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
Product revenue $ 76,060 $ 60,612
Royalty and other income 30 22
Total revenue $ 76,090 $ 60,634
When disaggregating revenue, the Company considered all of the economic factors that may affect its revenues. Because all of its revenues are from bioprocessing customers, there are no differences in the nature, timing and uncertainty of the Company’s revenues and cash flows from any of its product lines. However, given that the Company’s revenues are generated in different geographic regions, factors such as regulatory and geopolitical factors within those regions could impact the nature, timing and uncertainty of the Company’s revenues and cash flows. In addition, a significant portion of the Company’s revenues are generated from two customers; therefore, economic factors specific to these two customers could impact the nature, timing and uncertainty of the Company’s revenues and cash flows. Disaggregated revenue from contracts with customers by geographic region can be found in Note 15, “Segment Reporting,” Revenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
MilliporeSigma $ 10,873 $ 9,407
GE Healthcare N/A $ 7,666 Chromatography Products The Company’s chromatography products include a number of products used in the downstream purification and quality control of biological drugs. The majority of chromatography revenue relates to the OPUS ® pre-packed chromatography column line. OPUS columns typically consist of the outer hardware of the column with a resin as ordered by the customer packed inside of the column. OPUS columns may also be ordered without the packed resin. In either scenario, the OPUS column and resin are not interdependent of one another and are therefore considered distinct products that represent separate performance obligations. Chromatography product revenue is generally recognized at a point in time upon transfer of control to the customer. Filtration Products The Company’s filtration products generate revenue through the sale of KrosFlo ® ™ ® ™ ® single-use The Company’s KrosFlo systems are used in the filtration, isolation, purification and concentration of biologics and diagnostic products. TFF is a rapid and efficient method for separation and purification of biomolecules that is widely used in laboratory, process development and process scale applications in biopharmaceutical manufacturing. Sales of large-scale systems generally include components and consumables as well as training and installation services at the request of the customer. Because the initial sale of components and consumables are necessary for the operation of the system, such items are combined with the systems as a single performance obligation. Training and installation services do not significantly modify or customize these systems and therefore represent a distinct performance obligation. The Company’s TangenX flat sheet cassettes (SIUS ™ The Company’s other filtration product offerings are not highly interdependent of one another and are therefore considered distinct products that represent separate performance obligations. Revenue on these products is generally recognized at a point in time upon transfer of control to the customer. The Company invoices the customer for the installation and training services in an amount that directly corresponds with the value to the customer of the Company’s performance to date; therefore, revenue recognized is based on the amount billable to the customer in accordance with the practical expedient under ASC 606-10-55-18. The Company also markets the XCell ATF system, a technologically advanced filtration device used in upstream processes to continuously remove cellular metabolic waste products during the course of a fermentation run, freeing healthy cells to continue producing the biologic drug of interest. XCell ATF systems typically include a filtration system and consumables (i.e., tube devices, metal stands) as well as training and installation services at the request of the customer. The filtration system and consumables are considered distinct products and therefore represent separate performance obligations. First time purchasers of the systems typically purchase a controller that is shipped with the tube device(s) and metal stand(s). The controller is not considered distinct as it is a proprietary product that is highly interdependent with the filtration system; therefore, the controller is combined with the filtration system and accounted for as a single performance obligation. The training and installation services do not significantly modify or customize the XCell ATF system and therefore represent a distinct performance obligation. XCell ATF system product revenue related to the filtration system (including the controller if applicable) and consumables is generally recognized at a point in time upon transfer of control to the customer. XCell ATF system service revenue related to training and installation services is generally recognized over time, as the customer simultaneously receives and consumes the benefits as the Company performs. The Company invoices the customer for the installation and training services in an amount that directly corresponds with the value to the customer of the Company’s performance to date; therefore, revenue recognized is based on the amount billable to the customer in accordance with the practical expedient under ASC 606-10-55-18. Process Analytics Products On May 31, 2019, the Company consummated its acquisition of C Technologies and added a fourth franchise, Process Analytics, to its bioprocessing business. The Process Analytics franchise generates revenue primarily through the sale of the SoloVPE and FlowVPE Slope Spectroscopy systems. These products complement and support the Company’s existing Filtration, Chromatography and Proteins franchises as they allow end users to make in-line Protein Products The Company’s Protein franchise generates revenue through the sale of Protein A affinity ligands and growth factors. Protein A ligands are an essential component of Protein A chromatography resins (media) used in the purification of virtually all mAb-based Other Products The Company’s other products include operating room products sold to hospitals. Other product revenue is generally recognized at a point in time upon transfer of control to the customer. Transaction Price Allocated to Future Performance Obligations Remaining performance obligations represents the transaction price of contracts for which work has not been performed or has been partially performed. The Company’s future performance obligations relate primarily to the installation and training of certain of its systems sold to customers. These performance obligations are completed within one year of receipt of a purchase order from its customers. Accordingly, the Company has elected to not disclose the value of these unsatisfied performance obligations as provided under ASC 606-10-50-14. Contract Balances from Contracts with Customers The following table provides information about receivables and deferred revenues from contracts with customers as of March 31, 2020 (amounts in thousands):
2020
Balances from contracts with customers only:
Accounts receivable $ 44,726
Deferred revenue (included in accrued liabilities in the consolidated balance sheets) 6,305
Revenue recognized for the three months ended March 31, 2020 relating to:
The beginning deferred revenue balance $ 1,911
Changes in pricing related to products or services satisfied in previous periods — The timing of revenue recognition, billings and cash collections results in the accounts receivables and deferred revenue balances on the Company’s consolidated balance sheets. There were no impairment losses recognized on receivables during the three months ended March 31, 2020 or for the same period in 2019. A contract asset is created when the Company satisfies a performance obligation by transferring a promised good to the customer. Contract assets may represent conditional or unconditional rights to consideration. The right is conditional, and recorded as a contract asset, if the Company must first satisfy another performance obligation in the contract before it is entitled to payment from the customer. Contract assets are transferred to billed receivables once the right becomes unconditional. If the Company has the unconditional right to receive consideration from the customer, the contract asset is accounted for as a billed receivable and presented separately from other contract assets. A right is unconditional if nothing other than the passage of time is required before payment of that consideration is due. When consideration is received, or such consideration is unconditionally due, from a customer prior to transferring goods or services to the customer under the terms of a contract, a contract liability is recorded. Contract liabilities are recognized as revenue after control of the products or services is transferred to the customer and all revenue recognition criteria have been met. Costs to Obtain or Fulfill a Customer Contract The Company’s sales commission structure is based on achieving revenue targets. The commissions are driven by revenue derived from customer purchase orders which are short term in nature. Applying the practical expedient in paragraph 340-40-25-4, the Company recognizes the incremental costs of obtaining contracts as an expense when incurred if the amortization period of the assets that the Company otherwise would have recognized is one year or less. These costs are included in selling, general, and administrative expenses. When shipping and handling costs are incurred after a customer obtains control of the products, the Company accounts for these as costs to fulfill the promise and not as a separate performance obligation.

Credit Losses

Credit Losses3 Months Ended
Mar. 31, 2020
Credit Losses5. Credit o s Effective January 1, 2020, the Company adopted ASU 2016-13, “Financial Instruments – Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,” 2016-13 The Company is exposed to credit losses primarily through sales of products and services. The Company’s expected loss allowance methodology for accounts receivable is developed using historical collection experience, current and future economic and market conditions and a review of the current status of customers’ trade accounts receivables. Customers are pooled based on sharing specific risk factors, including geographic location. Due to the short-term nature of such receivables, the estimated accounts receivable that may not be collected is based on aging of the accounts receivable balances. Customers are assessed for credit worthiness upfront through a credit review, which includes assessment based on our analysis of their financial statements when a credit rating is not available. The Company evaluates contract terms and conditions, country and political risk, and may require prepayment to mitigate risk of loss. Specific allowance amounts are established to record the appropriate provision for customers that have a higher probability of default. The Company monitors changes to the receivables balance on timely basis, and balances are written off as they are determined to be uncollectable after all collection efforts have been exhausted. Estimates of potential credit losses are used to determine the allowance. It is based on assessment of anticipated payment and all other historical, current and future information that is reasonably available. The accounts receivable balance on our consolidated balance sheet as of March 31, 2020 was $44.7 million, net of $0.7 million of allowances. Changes in the allowance were not material for the three months ended March 31, 2020. The following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (amounts in thousands):
2020
Balance at January 1, 2020 $ (525 )
Current period change for expected credit losses (133 )
Balance at March 31, 2020 $ (658 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets3 Months Ended
Mar. 31, 2020
Goodwill and Intangible Assets6. Goodwill and Intangible Assets Goodwill Goodwill represents the difference between the purchase price and the estimated fair value of identifiable assets acquired and liabilities assumed. Goodwill acquired in a business combination and determined to have an indefinite useful life is not amortized, but instead is tested for impairment at least annually in accordance with ASC 350. The following table represents the change in the carrying value of goodwill for the three months ended March 31, 2020 (amounts in thousands):
Balance as of December 31, 2019 $ 468,413
Goodwill adjustment related to C Technologies, Inc. 293
Cumulative translation adjustment (324 )
Balance as of March 31, 2020 $ 468,382
During each of the fourth quarters of 2019, 2018 and 2017, we completed our annual impairment assessments and concluded that goodwill was not impaired in any of those years. The Company has not identified any “triggering” events which indicate an impairment of goodwill in the three months ended March 31, 2020. Intangible Assets Intangible assets with a definitive life are amortized over their useful lives using the straight-line method, and the amortization expense is recorded within cost of product revenue and selling, general and administrative expense s 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, 2020. Indefinite-lived assets are reviewed for impairment at least annually. There has been no impairment of our intangible assets for the periods presented. Intangible assets, net consisted of the following at March 31, 2020:
March 31, 2020
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology—developed $ 82,095 $ (10,725 ) $ 71,370 19
Patents 240 (240 ) — 8
Customer relationships 160,425 (27,970 ) 132,455 15
Trademarks 3,752 (380 ) 3,372 20
Other intangibles 1,696 (1,067 ) 629 3
Total finite-lived intangible assets 248,208 (40,382 ) 207,826 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 248,908 $ (40,382 ) $ 208,526
Intangible assets consisted of the following at December 31, 2019:
December 31, 2019
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology—developed $ 82,169 $ (9,669 ) $ 72,500 19
Patents 240 (240 ) — 8
Customer relationships 160,825 (25,642 ) 135,183 15
Trademarks 3,752 (333 ) 3,419 20
Other intangibles 1,697 (947 ) 750 3
Total finite-lived intangible assets 248,683 (36,831 ) 211,852 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 249,383 $ (36,831 ) $ 212,552
The increase in intangible assets during 2019 is related to the acquisition of C Technologies on May 31, 2019. See Note 3, “Acquisition of C Technologies, Inc.” Amortization expense for finite-lived intangible assets was $ million and $ million for the three months ended March 31, 2020 and 2019, respectively.
Estimated
Amortization
For the Three Months Ended March 31, Expense
2020 (remaining nine months) $ 11,348
2021 14,728
2022 14,726
2023 14,630
2024 14,188
2025 and thereafter 138,206
Total $ 207,826

Consolidated Balance Sheet Deta

Consolidated Balance Sheet Detail3 Months Ended
Mar. 31, 2020
Consolidated Balance Sheet Detail7. Consolidated Balance Sheet Detail Inventories, net Inventories, net consists of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Raw materials $ 34,752 $ 29,328
Work-in-process 7,227 8,360
Finished products 19,802 17,144
Total inventories, net $ 61,781 $ 54,832
Property, Plant and Equipment Property, plant and equipment consist of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Land $ 1,023 $ 1,023
Buildings 764 764
Leasehold improvements 28,652 23,905
Equipment 36,987 36,257
Furniture, fixtures and office equipment 6,441 6,312
Computer hardware and software 9,007 8,810
Construction in progress 4,703 6,707
Other 50 56
Total property, plant and equipment 87,627 83,834
Less—Accumulated depreciation (37,254 ) (35,379 )
Total property, plant and equipment, net $ 50,373 $ 48,455
Depreciation expenses totaled $2.5 million and $1.6 million for the three months ended March 31, 2020 and 2019, respectively. Accrued Liabilities Accrued liabilities consist of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Employee compensation $ 16,770 $ 19,850
Taxes 2,148 3,874
Royalty and license fees 887 123
Warranties 762 1,500
Professional fees 546 1,081
Deferred revenue 6,305 5,005
Other 512 1,898
Total accrued liabilities $ 27,930 $ 33,331

Convertible Senior Notes

Convertible Senior Notes3 Months Ended
Mar. 31, 2020
Convertible Senior Notes8. Convertible Senior Notes 0.375% Convertible Senior Notes due 2024 On July 19, 2019, the Company issued $287.5 million aggregate principal amount of 0.375% Convertible Senior Notes due 2024 (“2019 Notes”), which includes the underwriters’ exercise in full of an option to purchase an additional $37.5 million aggregate principal amount of 2019 Notes (the “Notes Offering”). The net proceeds of the Notes Offering, after deducting underwriting discounts and commissions and other related offering expenses payable by the Company, were approximately $278.5 million. The 2019 Notes are senior, unsecured obligations of the Company, and bear interest at a rate of 0.375% per year. Interest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020. The 2019 Notes will mature on July 15, 2024, unless earlier repurchased or converted in accordance with their terms. The initial conversion rate for the 2019 Notes is 8.6749 shares of the Company’s common stock per $1,000 principal amount of 2019 Notes (which is equivalent to an initial conversion price of approximately $115.28 per share). Prior to the close of business on the business day immediately preceding April 15, 2024, the 2019 Notes will be convertible at the option of the holders of 2019 Notes only upon the satisfaction of specified conditions and during certain periods. Thereafter until the close of business on the second scheduled trading day immediately preceding the maturity date, the 2019 Notes will be convertible at the options of the holders of 2019 Notes at any time regardless of these conditions. Conversion of the 2019 Notes will be settled in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. The 2019 Notes are not redeemable by the Company prior to maturity. Holders of 2019 Notes may require the Company to repurchase their 2019 Notes upon the occurrence of a fundamental change prior to maturity at a repurchase price equal to 100% of the principal amount thereof, plus accrued and unpaid interest to, but excluding, the date of repurchase. In connection with certain corporate events, the Company will, under certain circumstances, increase the conversion rate for holders of 2019 Notes who elect to convert their 2019 Notes in connection with such corporate events. As of March 31, 2020, the conditions allowing holders of the 2019 Notes to convert have not been met and therefore the 2019 Notes are not yet convertible and are recorded as a long-term liability in our consolidated balance sheet at March 31, 2020. N The Company accounts for the 2019 Notes as separate liability and equity components. We determined the carrying amount of the liability component as the present value of its cash flows using a discount rate of 4.5% based on comparative convertible transactions for similar companies. The proceeds allocated to the debt conversion feature were $52.1 million. This amount was calculated by deducting the carrying value of the liability component from the principal amount of the 2019 Notes as a whole. The difference represents a debt discount that is amortized to interest expense on our consolidated statement of comprehensive income over the term of the 2019 Notes using the effective interest rate method. The Company will assess the equity classification of the cash conversion feature quarterly, and it is not re-measured The Company s The net carrying value of the liability component of the 2019 Notes is as follows:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
0.375% convertible senior notes due 2024:
Principal amount $ 287,500 $ 287,500
Less: unamortized debt discount (45,565 ) (47,921 )
Less: unamortized debt issuance costs (6,477 ) (6,812 )
Total debt 235,458 232,767
Less: current portion — —
Net carrying amount $ 235,458 $ 232,767
The net carrying value of the equity component of the 2019 Notes is as follows:
March 31, December 31,
2020 2019
(
Proceeds allocated to the conversion feature $ 52,062 $ 52,062
Less: transaction costs allocated to the conversion feature (1,621 ) (1,621 )
Less: deferred taxes (11,371 ) (11,371 )
Net carrying value $ 39,070 $ 39,070
Interest expense recognized on the 2019 Notes for the three months ended March 31, 2020 was $0.3 million, $2.4 million and $0.3 million for the contractual coupon interest, the accretion of the debt discount and the amortization of the debt issuance costs, respectively. The effective interest rate on the 2019 Notes is 5.1%, which included the interest on the 2019 Notes, amortization of the debt discount and debt issuance costs. As of March 31, 2020, the carrying value of the 2019 Notes was $235.5 million and the fair value of the principal was $304.1 million. The fair value of the 2019 Notes was determined based on the most recent trade activity of the 2019 Notes as of March 31, 2020. Conversion of the 2.125% Convertible Senior Notes due 2021 The Company utilized a portion of the proceeds from the issuance of the 2019 Notes to settle its outstanding 2.125% Convertible Senior Notes due 2021 (the “2016 Notes”) during the third quarter of 2019. On July 16, 2019, the Company entered into separate privately negotiated agreements with certain holders of the 2016 Notes to exchange an aggregate of $92.0 million principal aggregate amount of the 2016 Notes for shares of the Company’s common stock, together with cash, in private placement transactions (the “Note Exchanges”). On July 19, 2019 and July 22, 2019, the Company used approximately $92.3 million (including $0.3 million of accrued interest) and 1,850,155 shares of its common stock valued at $161.0 million to settle the Note Exchanges for total consideration of $253.3 million, of which $163.6 million was allocated to reacquiring the equity component of the 2016 Notes. The Company allocated the consideration transferred to the liability and equity components using the same proportions as the initial carrying value of the 2016 Notes. The transaction resulted in a loss on extinguishment of debt of $4.6 million in the Company’s consolidated statements of comprehensive income in 2019. On July 19, 2019, the Company issued a Notice of Redemption in respect of the 2016 Notes, which provided that, on September 23, 2019, the Company would redeem all 2016 Notes that had not been converted, repurchased or exchanged prior to such date at a redemption price in cash equal to 100% of the principal amount thereof plus accrued and unpaid interest. On September 23, 2019, the Company used $23.0 million and 466,045 shares of its common stock valued at $37.8 million to settle the remaining 2016 Notes for a total of $60.8 million, of which $38.3 million was allocated to reacquiring the equity component of the 2016 Notes. This transaction resulted in a loss on extinguishment of debt of $1.1 million recorded on the Company’s consolidated statements of comprehensive income. The total loss in 2019 of $5.7 million represents the difference between the fair value of the liability component of the 2016 Notes and its related carrying value immediately before the exchange. The fair value of the liability component was calculated using a discounted cash flow technique with an effective interest rate of 3.9%, representing the estimated nonconvertible debt borrowing rate with a maturity as of the measurement date consistent with the 2016 Notes maturity date of June 1, 2021. In addition, in accordance with this guidance, a portion of the fair value of the consideration transferred is allocated to the reacquisition of the equity component, which is the difference between the fair value of the consideration transferred and the fair value of the liability component immediately before the exchange. As a result, on a gross basis, $200.1 million was allocated to the reacquisition of the equity component of the original instrument, which is recorded net of deferred taxes within additional paid-in The cash conversion feature of the 2016 Notes required bifurcation from the 2016 Notes and was initially accounted for as an equity instrument classified to stockholders’ equity, as the conversion feature was determined to be clearly and closely related to the Company’s stock. Based on market data available for publicly traded, senior, unsecured corporate bonds issued by companies in the same industry and asset base and with similar maturity, the Company estimated the implied interest rate, assuming no conversion option. Assumptions used in the estimate represent what market participants would use in pricing the liability component, including market interest rates, credit standing, and yield curves, all of which are defined as Level 2 observable inputs. The estimated implied interest rate was applied to the 2016 Notes, which resulted in a fair value of the liability component of $96.3 million upon issuance, calculated as the present value of implied future payments based on the $115.0 million aggregate principal amount. The equity component of the 2016 Notes was recognized as a debt discount, recorded in additional paid-in Interest expense recognized on the 2016 Notes for the three months ended March 31, 2019 was $0.6 million, $0.9 million and $0.2 million for the contractual coupon interest, the accretion of the debt discount and the amortization of the debt issuance costs, respectively. The effective interest rate on the 2016 Notes was 6.6%, which included the interest on the 2016 Notes, amortization of the debt discount and debt issuance costs.

Stockholders' Equity

Stockholders' Equity3 Months Ended
Mar. 31, 2020
Stockholders' Equity9. Stockholders’ Equity Public Offerings of Common Stock On July 19, 2019, the Company completed a public offering in which 1,587,000 shares of its common stock, including the underwriters’ exercise in full of an option to purchase an additional 207,000 shares, were sold to the public at a price of $87.00 per share (the “Stock Offering”). The net proceeds of the Stock Offering, after deducting underwriting discounts and commissions and other estimated offering expenses payable by the Company, were approximately $131.1 million. On May 3, 2019, the Company completed a public offering in which 3,144,531 shares of its common stock, which includes the underwriters’ exercise in full of an option to purchase up to an additional 410,156 shares, were sold to the public at a price of $64.00 per share. The total proceeds received by the Company from this offering, net of underwriting discounts and commissions and other estimated offering expenses payable by the Company, totaled approximately $189.6 million. Stock Option and Incentive Plans At our 2018 annual meeting of shareholders held on May 16, 2018, our shareholders approved the 2018 Stock Option and Incentive Plan (the “2018 Plan”). Under the 2018 Plan the number of shares of our common stock that are reserved and available for issuance is 2,778,000 plus the number of shares of common stock available for issuance under our Amended and Restated 2012 Stock Option and Incentive Plan (the “2012 Plan”). The shares of common stock underlying any awards under the 2018 Plan and 2012 Plan ( together, Stock-Based Compensation For the three months ended March 31, 2020 and 2019, the Company recorded stock-based compensation expense of $4.2 million and $3.3 million, respectively, for share-based awards granted under the Plans. The following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
Cost of product revenue $ 433 $ 324
Research and development 372 321
Selling, general and administrative 3,360 2,606
Total stock-based compensation $ 4,165 $ 3,251
The 2018 Plan allows for the granting of incentive and nonqualified options to purchase shares of common stock, restricted stock and other equity awards. Employee grants under the Plans generally vest over a three five 20%-33% non-employee ( “ RSU ) 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 RSUs. The Company measures stock-based compensation cost at the grant date based on the estimated fair value of the award. The Company recognizes expense on awards with service-based vesting over the employee’s requisite service period on a straight-line basis. In the third quarter of 2017, the Company issued performance stock units to certain employees related to the Spectrum Acquisition which were tied to the achievement of certain 2018 revenue and gross margin metrics and the passage of time. Additionally, in the first quarter of 2018 and again in the first quarter of 2019, the Company issued performance stock units to certain individuals which are tied to the achievement of certain annual revenue and return on invested capital metrics. The Company recognizes expense on performance-based awards over the vesting period based on the probability that the performance metrics will be achieved. 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, 2020 under the Plans is summarized below:
Shares Weighted average exercise price Weighted- (in Years) Aggregate (in Thousands)
Options outstanding at December 31, 2019 957,559 $ 30.81
Granted 25,836 $ 86.10
Exercised (67,877 ) $ 23.56
Forfeited/expired/cancelled — $ —
Options outstanding at March 31, 2020 915,518 $ 32.91 6.64 $ 58,257
Options exercisable at March 31, 2020 555,159 $ 26.77 5.65 $ 38,734
Vested and expected to vest at March 31, 2020 (1) 885,461 6.59 $ 56,522
(1) Represents the number of vested options as of March 31, 2020 plus the number of unvested options expected to vest as of March 31, 2020 based on the unvested outstanding options at March 31, 2020 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive The aggregate intrinsic value in the table above represents the total pre-tax in-the-money The weighted average grant date fair value of options granted during the three months ended March 31, 2020 and 2019 was $41.77 and $30.21, respectively. The total fair value of stock options that vested during the three months ended March 31, 2020 and 2019 was $2.0 million and $2.2 million, respectively. The fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the three months ended March 31, 2020 under the Plans is summarized below:
Shares Weighted- (in Years) Aggregate (in Thousands)
Unvested at December 31, 2019 734,984
Awarded 127,286
Vested (132,053 )
Forfeited/expired/cancelled (13,587 )
Unvested at March 31, 2020 716,630 3.69 $ 69,183
Vested and expected to vest at March 31, 2020 (1) 656,225 3.43 $ 63,352
(1) Represents the number of vested stock units as of March 31, 2020 plus the number of unvested stock units expected to vest as of December 31, 2019 based on the unvested outstanding stock units at December 31, 2019 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive The aggregate intrinsic value in the table above represents the total pre-tax The weighted average grant date fair value of stock units vested during the three months ended March 31, 2020 and 2019 was $57.85 and $31.79, respectively. The total fair value of stock units that vested during the three months ended March 31, 2020 and 2019 was $5.3 million and $4.9 million, respectively. As of March 31, 2020, there was $43.7 million 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 3.90 years. The Company expects 1,721,681 unvested options and stock units to vest over the next five years.

Commitments and Contingencies

Commitments and Contingencies3 Months Ended
Mar. 31, 2020
Commitments and Contingencies10. Commitments and Contingencies Licensing and Research Agreements The Company licenses certain technologies that are, or may be, incorporated into its technology under several agreements and also has entered into several clinical research agreements which require the Company to fund certain research projects. Generally, the license agreements require the Company to pay annual maintenance fees and royalties on product sales once a product has been established using the technologies. Research and development expenses associated with license agreements were immaterial amounts for the years ended December 31, 2019, 2018 and 2017. In September 2018, the Company entered into a collaboration agreement with Sartorius Stedim Biotech (“SSB”), a leading international supplier for the biopharmaceutical industry, to integrate our XCell ATF cell retention control technology into Sartorius’s BIOSTAT ® single-use end-users In June 2018, the Company secured an agreement with Navigo for the exclusive co-development NGL-Impact ™ NGL-Impact

Accumulated Other Comprehensive

Accumulated Other Comprehensive Loss3 Months Ended
Mar. 31, 2020
Accumulated Other Comprehensive Loss11. Accumulated Other Comprehensive Loss The following shows the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 2020 which consisted of only foreign currency translation adjustments for the periods shown (amounts in thousands):
Foreign
Currency
Translation
Adjustment
Balance as of December 31, 2019 $ (15,027 )
Other comprehensive loss (5,579 )
Balance as of March 31, 2020 $ (20,606 )

Income Taxes

Income Taxes3 Months Ended
Mar. 31, 2020
Income Taxes12. Income Taxes The Company’s effective tax rate for the three months ended March 31, 2020 was 8.1%, compared to 23.4% for the corresponding period in the prior year. The effective tax rate for the three months ended March 31, 2020 was lower than the U.S. statutory rate of 21% due primarily to windfall benefits on stock option exercises and the vesting of stock units. The effective tax rate for the three months ended March 31, 2019 was higher than the U.S. statutory rate of 21% due to state tax effects and the impact of the Global Intangible Low-Taxed . At December 31, 2019, the Company had federal business tax credit of $ million and state business tax credit of $ million available to reduce future domestic income taxes, if any. The business tax credits will expire at various dates through December 2039. The net operating loss and business tax credit 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. The Company is subject to a territorial tax system under the TCJA, in which the Company is required to provide for tax on GILTI earned by certain foreign subsidiaries. The Company has adopted an accounting policy to provide for the tax expense related to GILTI in the year the tax is incurred as a period expense. On March 27, 2020, President Trump signed the $2.2 trillion bipartisan Coronavirus Aid, Relief, and Economic Security (“CARES”) Act. The CARES Act, the third congressional bill to address COVID-19 The Company’s tax returns are subject to examination by federal, state and international tax authorities for the following periods:
Jurisdiction Fiscal Years
United States—federal and state 2016-2019
Sweden 2013-2019
Germany 2019
Netherlands 2013-2019

Earnings Per Share

Earnings Per Share3 Months Ended
Mar. 31, 2020
Earnings Per Share13. Earnings Per Share The Company reports earnings per share in accordance with ASC 260, “Earnings Per Share,” “in-the-money” Basic and diluted weighted average shares outstanding were as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands, except per share data)
Net income $ 9,815 $ 8,053
Weighted average shares used in computing net income per share—basic 52,139 43,968
Effect of dilutive shares:
Stock options and restricted stock awards 970 725
Convertible senior notes — 1,586
Dilutive potential common shares 970 2,311
Weighted average shares used in computing net income per share—diluted 53,109 46,279
Earnings per share:
Basic $ 0.19 $ 0.18
Diluted $ 0.18 $ 0.17
At March 31, 2020, there were outstanding options to purchase 915,518 shares of the Company’s common stock at a weighted average exercise price of $32.91 per share and 716,630 shares of common stock issuable upon the vesting of stock units, which include RSU At March 31, 2019, there were outstanding options to purchase 1,027,831 shares of the Company’s common stock at a weighted average exercise price of $28.53 per share and 680,549 shares issuable upon the vesting of stock units. For the three months ended March 31, 2019, 210,388 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. As provided by the terms of the indenture underlying the 2016 Notes, the Company had a choice to settle the conversion obligation for the 2016 Notes in cash, shares or any combination of the two. During the third quarter of 2019, the Company settled the remaining 2016 Notes for a total aggregate principal of $ million a In July 2019, the Company issued $287.5 million aggregate principal amount of the 2019 Notes. As provided by the terms of the indenture underlying the 2019 Notes, conversion of the 2019 Notes will be settled in cash, shares of the Company’s common stock or a combination thereof, at the Company’s election. As of March 31, 2020, the 2019 Notes were not convertible. The Company currently intends to settle the par value of the 2019 Notes in cash and any excess conversion premium in shares. The Company applies the provisions of ASC 260, “Earnings Per Share”, 10-45-44,

Related Party Transactions

Related Party Transactions3 Months Ended
Mar. 31, 2020
Related Party Transactions14. Related Party Transactions Certain facilities leased by Spectrum are owned by Roy Eddleman, the former owner of Spectrum. As of March 31, 2020, Mr. Eddleman owned greater than 5% of the Company’s outstanding shares and the Company considers him to be a related party. The lease amounts paid to this shareholder prior to the public offering were negotiated in connection with the Spectrum Acquisition. The Company incurred rent expense totaling $0.2 million for the three months ended March 31, 2020 related to these leases.

Segment Reporting

Segment Reporting3 Months Ended
Mar. 31, 2020
Segment Reporting [Abstract]
Segment Reporting15. Segment Reporting The Company views its operations, makes decisions regarding how to allocate resources and manages its business as one reportable segment and one reporting unit. As a result, the financial information disclosed herein represents all of the material financial information related to the Company. The following table represents the Company’s total revenue by geographic area (based on the location of the customer):
Three Months Ended
March 31,
2020 2019
Revenue by customers’ geographic locations:
North America 48 % 47 %
Europe 41 % 40 %
APAC 11 % 13 %
Other 0 % 0 %
Total revenue 100 % 100 %
Concentrations of Credit Risk and Significant Customers Financial instruments that subject the Company to significant concentrations of credit risk primarily consist of cash and cash equivalents, marketable securities and accounts receivable. Per the Company’s investment policy, cash equivalents and marketable securities are invested in financial instruments with high credit ratings and credit exposure to any one issue, issuer (with the exception of U.S. treasury obligations) and type of instrument is limited. At March 31, 2020 and December 31, 2019, the Company had no investments associated with foreign exchange contracts, options contracts or other foreign hedging arrangements. Concentration of credit risk with respect to accounts receivable is limited to customers to whom the Company makes significant sales. While a reserve for the potential write-off Revenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:
Three Months Ended March 31,
2020 2019
MilliporeSigma 14 % 16 %
GE Healthcare N/A 13 % There were no accounts receivable balances as of March 31, 2020 representing 10% or more of the Company’s total trade accounts receivable and royalties and other receivables balances. As of December 31, 2019, the accounts receivable balance with GE Healthcare represented 18% of the Company’s total trade accounts receivable and royalties and other receivables balances.

Summary of Significant Accoun_2

Summary of Significant Accounting Policies (Policies)3 Months Ended
Mar. 31, 2020
Basis of presentationBasis 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 (“GAAP”) and pursuant to the rules and regulations of the Securities and Exchange Commission (“SEC”), for Quarterly Reports on Form 10-Q S-X 10-K The preparation of financial statements in conformity with 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, Repligen GmbH, Spectrum LifeSciences, LLC and its subsidiaries (“Spectrum”), C Technologies, Inc. (“C Technologies” ) 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.
Risks and UncertaintiesRisks and Uncertainties There are many uncertainties COVID-19 COVID-19
Recent Accounting Standards UpdatesRecent Accounting Standards Updates We consider the applicability and impact of all Accounting Recently Issued Accounting Standard Updates – Adopted During the Period In August 2018, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update No. (“ASU”) 2018-13, “Fair Value Measurement (Topic 820): Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement.” 2018-13 “Conceptual Framework for Financial Reporting—Chapter 8: Notes to Financial Statements ” 2018-13 In August 2018, the FASB issued ASU 2018-15, “Intangibles – Goodwill and Other – Internal-Use Software (Subtopic 350-40): Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract.” 2018-15 internal-use internal-use 2018-13 In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326).” 2016-13 significantly 2016-13 2016-13 2016-13 The Company continues to monitor processes and controls for indications of an adjustment for future economic conditions at quarterly and annual reporting periods. See Note 5, “Credit Losses,” In November 2018, the FASB issued ASU 2018-18, “Collaborative Arrangements (Topic 808): Clarifying the Interaction between Topic 808 and Topic 606.” 2018-18 “Collaborative Arrangements,” “Revenue from Contracts with Customers,” 2018-13 In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740) – Simplifying the Accounting for Income Taxes.” 2019-12 year-to-date 2018-13

Acquisition of C Technologies_2

Acquisition of C Technologies, Inc. (Tables)3 Months Ended
Mar. 31, 2020
Schedule of Business Combination Consideration TransferredTotal consideration transferred is as follows (amounts in thousands):
Cash consideration $ 185,949
Equity consideration 53,938
Fair value of net assets acquired $ 239,887
Schedule of Recognized Identified Assets Acquired and Liabilities AssumedThe components and allocation of the purchase price consists of the following amounts (amounts in thousands):
Cash and cash equivalents $ 3,795
Restricted cash 26,933
Accounts receivable 3,044
Inventory 3,783
Prepaid expenses and other current assets 93
Fixed assets 40
Operating lease right of use asset 3,836
Customer relationships 59,680
Developed technology 28,920
Trademark and tradename 1,570
Non-competition 660
Goodwill 142,314
Deferred taxes 895
Accounts payable (436 )
Accrued liabilities (2,767 )
Accrued bonus (26,928 )
Deferred revenue (1,709 )
Operating lease liability (51 )
Operating lease liability, long-term (3,785 )
Fair value of net assets acquired $ 239,887
Schedule of Identified Intangible Assets and Estimated Useful LivesThe following table sets forth the components of the identified intangible assets associated with the C Technologies Acquisition and their estimated useful lives:
Useful life Fair Value
(Amounts in thousands)
Customer relationships 17 years $ 59,680
Developed technology 18 years 28,920
Trademark and tradename 20 years 1,570
Non-competition 4 years 660
$ 90,830
Unaudited Supplemental Pro Forma InformationThe following pro forma financial information does not reflect any adjustments for anticipated expense savings resulting from the acquisition and is not necessarily indicative of the operating results that would have actually occurred had the transaction been consummated on January 1, 2019 or of future results:
Three Months Ended March 31, 2019
Total revenue $ 66,052
Net income $ 10,664
Earnings per share:
Basic $ 0.24
Diluted $ 0.23

Revenue Recognition (Tables)

Revenue Recognition (Tables)3 Months Ended
Mar. 31, 2020
Accounting Policies [Abstract]
Disaggregation of RevenueRevenues for the three months ended March 31, 2020 and 2019 were as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
Product revenue $ 76,060 $ 60,612
Royalty and other income 30 22
Total revenue $ 76,090 $ 60,634
Revenue from Significant CustomersRevenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
MilliporeSigma $ 10,873 $ 9,407
GE Healthcare N/A $ 7,666
Summary of Receivables and Deferred Revenue from Contracts with CustomersThe following table provides information about receivables and deferred revenues from contracts with customers as of March 31, 2020 (amounts in thousands):
2020
Balances from contracts with customers only:
Accounts receivable $ 44,726
Deferred revenue (included in accrued liabilities in the consolidated balance sheets) 6,305
Revenue recognized for the three months ended March 31, 2020 relating to:
The beginning deferred revenue balance $ 1,911
Changes in pricing related to products or services satisfied in previous periods —

Credit Losses (Tables)

Credit Losses (Tables)3 Months Ended
Mar. 31, 2020
Credit Loss [Abstract]
Summary Of Allowance For Credit Losses For Accounts ReceivablesThe following table provides a roll-forward of the allowance for credit losses that is deducted from the amortized cost basis of accounts receivable to present the net amount expected to be collected (amounts in thousands):
2020
Balance at January 1, 2020 $ (525 )
Current period change for expected credit losses (133 )
Balance at March 31, 2020 $ (658 )

Goodwill and Intangible Assets

Goodwill and Intangible Assets (Tables)3 Months Ended
Mar. 31, 2020
Changes in Carrying Value of GoodwillThe following table represents the change in the carrying value of goodwill for the three months ended March 31, 2020 (amounts in thousands):
Balance as of December 31, 2019 $ 468,413
Goodwill adjustment related to C Technologies, Inc. 293
Cumulative translation adjustment (324 )
Balance as of March 31, 2020 $ 468,382
Intangible assets Intangible assets, net consisted of the following at March 31, 2020:
March 31, 2020
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology—developed $ 82,095 $ (10,725 ) $ 71,370 19
Patents 240 (240 ) — 8
Customer relationships 160,425 (27,970 ) 132,455 15
Trademarks 3,752 (380 ) 3,372 20
Other intangibles 1,696 (1,067 ) 629 3
Total finite-lived intangible assets 248,208 (40,382 ) 207,826 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 248,908 $ (40,382 ) $ 208,526
Intangible assets consisted of the following at December 31, 2019:
December 31, 2019
Gross Accumulated Amortization Net Weighted (in years)
(Amounts in thousands)
Finite-lived intangible assets:
Technology—developed $ 82,169 $ (9,669 ) $ 72,500 19
Patents 240 (240 ) — 8
Customer relationships 160,825 (25,642 ) 135,183 15
Trademarks 3,752 (333 ) 3,419 20
Other intangibles 1,697 (947 ) 750 3
Total finite-lived intangible assets 248,683 (36,831 ) 211,852 16
Indefinite-lived intangible asset:
Trademarks 700 — 700 —
Total intangible assets $ 249,383 $ (36,831 ) $ 212,552
Schedule of Amortization Expense for Amortized Intangible AssetsAs of March 31, 2020, the Company expects to record the following amortization expense (amounts in thousands):
Estimated
Amortization
For the Three Months Ended March 31, Expense
2020 (remaining nine months) $ 11,348
2021 14,728
2022 14,726
2023 14,630
2024 14,188
2025 and thereafter 138,206
Total $ 207,826

Consolidated Balance Sheet De_2

Consolidated Balance Sheet Detail (Tables)3 Months Ended
Mar. 31, 2020
InventoriesInventories, net consists of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Raw materials $ 34,752 $ 29,328
Work-in-process 7,227 8,360
Finished products 19,802 17,144
Total inventories, net $ 61,781 $ 54,832
Property, Plant and EquipmentProperty, plant and equipment consist of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Land $ 1,023 $ 1,023
Buildings 764 764
Leasehold improvements 28,652 23,905
Equipment 36,987 36,257
Furniture, fixtures and office equipment 6,441 6,312
Computer hardware and software 9,007 8,810
Construction in progress 4,703 6,707
Other 50 56
Total property, plant and equipment 87,627 83,834
Less—Accumulated depreciation (37,254 ) (35,379 )
Total property, plant and equipment, net $ 50,373 $ 48,455
Accrued LiabilitiesAccrued liabilities consist of the following:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
Employee compensation $ 16,770 $ 19,850
Taxes 2,148 3,874
Royalty and license fees 887 123
Warranties 762 1,500
Professional fees 546 1,081
Deferred revenue 6,305 5,005
Other 512 1,898
Total accrued liabilities $ 27,930 $ 33,331

Convertible Senior Notes (Table

Convertible Senior Notes (Tables)3 Months Ended
Mar. 31, 2020
Carrying Value of Convertible Senior NotesThe net carrying value of the liability component of the 2019 Notes is as follows:
As of
March 31, December 31,
2020 2019
(Amounts in thousands)
0.375% convertible senior notes due 2024:
Principal amount $ 287,500 $ 287,500
Less: unamortized debt discount (45,565 ) (47,921 )
Less: unamortized debt issuance costs (6,477 ) (6,812 )
Total debt 235,458 232,767
Less: current portion — —
Net carrying amount $ 235,458 $ 232,767
Convertible Notes Equity ComponentThe net carrying value of the equity component of the 2019 Notes is as follows:
March 31, December 31,
2020 2019
(
Proceeds allocated to the conversion feature $ 52,062 $ 52,062
Less: transaction costs allocated to the conversion feature (1,621 ) (1,621 )
Less: deferred taxes (11,371 ) (11,371 )
Net carrying value $ 39,070 $ 39,070

Stockholders' Equity (Tables)

Stockholders' Equity (Tables)3 Months Ended
Mar. 31, 2020
Stock-Based Compensation ExpenseThe following table presents stock-based compensation expense in the Company’s consolidated statements of comprehensive income:
Three Months Ended March 31,
2020 2019
(Amounts in thousands)
Cost of product revenue $ 433 $ 324
Research and development 372 321
Selling, general and administrative 3,360 2,606
Total stock-based compensation $ 4,165 $ 3,251
Summary of Option ActivityInformation regarding option activity for the three months ended March 31, 2020 under the Plans is summarized below:
Shares Weighted average exercise price Weighted- (in Years) Aggregate (in Thousands)
Options outstanding at December 31, 2019 957,559 $ 30.81
Granted 25,836 $ 86.10
Exercised (67,877 ) $ 23.56
Forfeited/expired/cancelled — $ —
Options outstanding at March 31, 2020 915,518 $ 32.91 6.64 $ 58,257
Options exercisable at March 31, 2020 555,159 $ 26.77 5.65 $ 38,734
Vested and expected to vest at March 31, 2020 (1) 885,461 6.59 $ 56,522
(1) Represents the number of vested options as of March 31, 2020 plus the number of unvested options expected to vest as of March 31, 2020 based on the unvested outstanding options at March 31, 2020 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive
Summary of Restricted Stock Unit ActivityThe fair value of stock units is calculated using the closing price of the Company’s common stock on the date of grant. Information regarding stock unit activity, which includes activity for restricted stock units and performance stock units, for the three months ended March 31, 2020 under the Plans is summarized below:
Shares Weighted- (in Years) Aggregate (in Thousands)
Unvested at December 31, 2019 734,984
Awarded 127,286
Vested (132,053 )
Forfeited/expired/cancelled (13,587 )
Unvested at March 31, 2020 716,630 3.69 $ 69,183
Vested and expected to vest at March 31, 2020 (1) 656,225 3.43 $ 63,352
(1) Represents the number of vested stock units as of March 31, 2020 plus the number of unvested stock units expected to vest as of December 31, 2019 based on the unvested outstanding stock units at December 31, 2019 adjusted for estimated forfeiture rates of 8% for awards granted to non-executive

Accumulated Other Comprehensi_2

Accumulated Other Comprehensive Loss (Tables)3 Months Ended
Mar. 31, 2020
Summary of Changes in Accumulated Other Comprehensive IncomeThe following shows the changes in the components of accumulated other comprehensive loss for the three months ended March 31, 2020 which consisted of only foreign currency translation adjustments for the periods shown (amounts in thousands):
Foreign
Currency
Translation
Adjustment
Balance as of December 31, 2019 $ (15,027 )
Other comprehensive loss (5,579 )
Balance as of March 31, 2020 $ (20,606 )

Income Taxes (Tables)

Income Taxes (Tables)3 Months Ended
Mar. 31, 2020
Summary of Tax Returns Periods Subject to Examination by Federal, State and International Taxing AuthoritiesThe Company’s tax returns are subject to examination by federal, state and international tax authorities for the following periods:
Jurisdiction Fiscal Years
United States—federal and state 2016-2019
Sweden 2013-2019
Germany 2019
Netherlands 2013-2019

Earnings Per Share (Tables)

Earnings Per Share (Tables)3 Months Ended
Mar. 31, 2020
Basic and Diluted Weighted Average Shares OutstandingBasic and diluted weighted average shares outstanding were as follows:
Three Months Ended March 31,
2020 2019
(Amounts in thousands, except per share data)
Net income $ 9,815 $ 8,053
Weighted average shares used in computing net income per share—basic 52,139 43,968
Effect of dilutive shares:
Stock options and restricted stock awards 970 725
Convertible senior notes — 1,586
Dilutive potential common shares 970 2,311
Weighted average shares used in computing net income per share—diluted 53,109 46,279
Earnings per share:
Basic $ 0.19 $ 0.18
Diluted $ 0.18 $ 0.17

Segment Reporting (Tables)

Segment Reporting (Tables)3 Months Ended
Mar. 31, 2020
Percentage of Revenue from Significant CustomersRevenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:
Three Months Ended March 31,
2020 2019
MilliporeSigma 14 % 16 %
GE Healthcare N/A 13 %
Total Revenue
Percentage by Geographic Area or Significant CustomersThe following table represents the Company’s total revenue by geographic area (based on the location of the customer):
Three Months Ended
March 31,
2020 2019
Revenue by customers’ geographic locations:
North America 48 % 47 %
Europe 41 % 40 %
APAC 11 % 13 %
Other 0 % 0 %
Total revenue 100 % 100 %

Fair Value Measurement - Additi

Fair Value Measurement - Additional Information (Detail) - USD ($)3 Months Ended
Mar. 31, 2020Dec. 31, 2019Jul. 31, 2019
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents $ 529,525,000 $ 528,392,000
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member]
Summary Of Significant Accounting Policies [Line Items]
Cash and cash equivalents $ 414,200,000 $ 415,600,000
0.375% Convertible Senior Notes due 2024
Summary Of Significant Accounting Policies [Line Items]
Principal amount $ 287,500,000
Notes, due dateJul. 15,
2024
Notes, frequency of periodic paymentsemi-annually
Total convertible senior notes235,500,000
Fair value of convertible senior notes $ 304,100,000
Senior convertible notes0.375%0.375%

Acquisition of C Technologies_3

Acquisition of C Technologies, Inc. - Additional Information (Detail) - USD ($) $ in Thousands3 Months Ended7 Months Ended10 Months Ended12 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019Mar. 31, 2020Dec. 31, 2019
Employees
Business Acquisition [Line Items]
Transaction costs $ 9,000 $ 9,000
Compensation Expense, Excluding Cost of Good and Service Sold2,200 7,500
Selling, general and administrative
Business Acquisition [Line Items]
Transaction costs4,000 4,000
Spectrum Inc.
Business Acquisition [Line Items]
Cash consideration $ 185,949
Shares issued for business acquisition779,221
Value of common stock issued $ 53,938
Business combination, consideration transferred239,887
Fair value of tangible assets acquired6,800 6,800
Fair value of acquired finite lived intangible assets90,800 90,800
Cash consideration for future employment9,000
C Technologies
Business Acquisition [Line Items]
Cash consideration195,000
Business acquisition, revenue6,600 $ 16,400
Business acquisitions proforma net loss2,200 $ 10,664 $ 7,400
Deferred tax asset $ 900
Deferred tax liability300
C Technologies | Accounting Standards Update 2015-16 [Member]
Business Acquisition [Line Items]
Cash consideration186,000
C Technologies | Goodwill [Member]
Business Acquisition [Line Items]
Intangible Asset Residual Value $ 142,300 $ 142,300

Acquisition of C Technologies_4

Acquisition of C Technologies, Inc. (Consideration Transferred) (Detail) - Spectrum Inc. $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)
Business Acquisition [Line Items]
Cash consideration $ 185,949
Equity consideration53,938
Fair value of net assets acquired $ 239,887

Acquisition of C Technologies_5

Acquisition of C Technologies, Inc. (Fair Value of Net Assets Acquired) (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Business Acquisition [Line Items]
Goodwill $ 468,382 $ 468,413
C Technologies
Business Acquisition [Line Items]
Cash and cash equivalents3,795
Restricted cash26,933
Accounts receivable3,044
Inventory3,783
Prepaid expenses and other current assets93
Fixed assets40
Operating lease right of use asset3,836
Deferred taxes895
Goodwill142,314
Accounts payable(436)
Accrued liabilities(2,767)
Accrued bonus(26,928)
Deferred revenue(1,709)
Operating lease liability(51)
Operating lease liability, long-term(3,785)
Fair value of net assets acquired239,887
C Technologies | Customer relationships
Business Acquisition [Line Items]
Business combination, intangible assets59,680
C Technologies | Technology—developed
Business Acquisition [Line Items]
Business combination, intangible assets28,920
C Technologies | Trademark
Business Acquisition [Line Items]
Business combination, intangible assets1,570
C Technologies | Non-compete agreements
Business Acquisition [Line Items]
Business combination, intangible assets $ 660

Acquisition of C Technologies_6

Acquisition of C Technologies, Inc. (Estimated Useful Life and Fair Value) (Detail) $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)
Fair Value $ 90,830
Customer Relationships [Member]
Weighted Average Useful Life (in years)17 years
Fair Value $ 59,680
Developed Technology Rights [Member]
Weighted Average Useful Life (in years)18 years
Fair Value $ 28,920
Trademark and tradename [Member]
Weighted Average Useful Life (in years)20 years
Fair Value $ 1,570
Noncompete Agreements [Member]
Weighted Average Useful Life (in years)4 years
Fair Value $ 660

Acquisition of C Technologies_7

Acquisition of C Technologies, Inc. (Unaudited Supplemental Pro Forma Information) (Detail) - C Technologies [Member] - USD ($) $ / shares in Units, $ in Thousands3 Months Ended7 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019
Business Acquisition [Line Items]
Total revenue $ 66,052
Net income $ 2,200 $ 10,664 $ 7,400
Basic $ 0.24
Diluted $ 0.23

Summary of Disaggregation of Pr

Summary of Disaggregation of Product Revenues from Contracts with Customers by Major Product Line (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Disaggregation of Revenue [Line Items]
Revenue $ 76,090 $ 60,634
Product
Disaggregation of Revenue [Line Items]
Revenue76,060 60,612
Royalty and Other Revenue
Disaggregation of Revenue [Line Items]
Revenue $ 30 $ 22

Revenue from Significant Custom

Revenue from Significant Customers (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Concentration Risk [Line Items]
Revenue $ 76,090 $ 60,634
GE Healthcare
Concentration Risk [Line Items]
Revenue7,666
MilliporeSigma
Concentration Risk [Line Items]
Revenue $ 10,873 $ 9,407

Summary of Receivables and Defe

Summary of Receivables and Deferred Revenue from Contracts with Customers (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Balances from contracts with customers only:
Accounts receivable $ 44,726 $ 43,068
Deferred revenue (included in accrued liabilities in the consolidated balance sheets)6,305
Revenue recognized during the nine-month period ending September 30, 2019 relating to:
The beginning deferred revenue balance $ 1,911

Credit Losses - Additional Info

Credit Losses - Additional Information (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Credit Loss [Abstract]
Accounts receivable $ 44,726 $ 43,068
Accounts receivable, reserve for doubtful accounts $ 658 $ 525

Credit Losses - Summary Of Allo

Credit Losses - Summary Of Allowance For Credit Losses For Accounts Receivables (Detail) $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)
Credit Loss [Abstract]
Balance at January 1, 2020 $ (525)
Current period change for expected credit losses(133)
Balance at March 31, 2020 $ (658)

Changes in Carrying Value of Go

Changes in Carrying Value of Goodwill (Detail) $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)
Goodwill [Line Items]
Balance as of December 31, 2019 $ 468,413
Cumulative translation adjustment(324)
Balance as of March 31, 2020468,382
C Technologies, Inc.
Goodwill [Line Items]
Goodwill arising from Acquisition293
Balance as of March 31, 2020 $ 142,314

Goodwill and Intangible Asset_2

Goodwill and Intangible Assets (Detail) - USD ($) $ in Thousands3 Months Ended12 Months Ended
Mar. 31, 2020Dec. 31, 2019
Intangible Assets [Line Items]
Gross Carrying Value $ 248,208 $ 248,683
Gross Carrying Value248,908 249,383
Accumulated Amortization(40,382)(36,831)
Accumulated Amortization(40,382)(36,831)
Net Carrying Value207,826 211,852
Net Carrying Value $ 208,526 $ 212,552
Weighted Average Useful Life (in years)16 years16 years
Trademark
Intangible Assets [Line Items]
Gross Carrying Value $ 700 $ 700
Net Carrying Value700 700
Technology—developed
Intangible Assets [Line Items]
Gross Carrying Value82,095 82,169
Accumulated Amortization(10,725)(9,669)
Net Carrying Value $ 71,370 $ 72,500
Weighted Average Useful Life (in years)19 years19 years
Patents
Intangible Assets [Line Items]
Gross Carrying Value $ 240 $ 240
Accumulated Amortization $ (240) $ (240)
Weighted Average Useful Life (in years)8 years8 years
Customer relationships
Intangible Assets [Line Items]
Gross Carrying Value $ 160,425 $ 160,825
Accumulated Amortization(27,970)(25,642)
Net Carrying Value $ 132,455 $ 135,183
Weighted Average Useful Life (in years)15 years15 years
Trademark
Intangible Assets [Line Items]
Gross Carrying Value $ 3,752 $ 3,752
Accumulated Amortization(380)(333)
Net Carrying Value $ 3,372 $ 3,419
Weighted Average Useful Life (in years)20 years20 years
Other intangibles
Intangible Assets [Line Items]
Gross Carrying Value $ 1,696 $ 1,697
Accumulated Amortization(1,067)(947)
Net Carrying Value $ 629 $ 750
Weighted Average Useful Life (in years)3 years3 years

Goodwill and Intangible Asset_3

Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Finite-Lived Intangible Liabilities [Line Items]
Amortization expense $ 3.9 $ 2.6

Amortization Expense for Amorti

Amortization Expense for Amortized Intangible Assets (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Finite-Lived Intangible Liabilities [Line Items]
2020 (remaining nine months) $ 11,348
202114,728
202214,726
202314,630
202414,188
2025 and thereafter138,206
Total $ 207,826 $ 211,852

Schedule of Inventories (Detail

Schedule of Inventories (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Inventory [Line Items]
Raw materials $ 34,752 $ 29,328
Work-in-process7,227 8,360
Finished products19,802 17,144
Total inventories, net $ 61,781 $ 54,832

Property, Plant and Equipment (

Property, Plant and Equipment (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Property, Plant and Equipment [Line Items]
Land $ 1,023 $ 1,023
Buildings764 764
Leasehold improvements28,652 23,905
Equipment36,987 36,257
Furniture, fixtures and office equipment6,441 6,312
Computer hardware and software9,007 8,810
Construction in progress4,703 6,707
Other50 56
Total property, plant and equipment87,627 83,834
Less—Accumulated depreciation(37,254)(35,379)
Total property, plant and equipment, net $ 50,373 $ 48,455

Consolidated Balance Sheet - Ad

Consolidated Balance Sheet - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Depreciation $ 2.5 $ 1.6

Schedule of Accrued Liabilities

Schedule of Accrued Liabilities (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Schedule of Accrued Liabilities [Line Items]
Employee compensation $ 16,770 $ 19,850
Taxes2,148 3,874
Royalty and license fees887 123
Warranties762 1,500
Professional fees546 1,081
Deferred revenue6,305 5,005
Other512 1,898
Total accrued liabilities $ 27,930 $ 33,331

Convertible Senior Notes - Addi

Convertible Senior Notes - Additional Information (Detail)Jul. 22, 2019USD ($)sharesJul. 19, 2019USD ($)$ / sharesSep. 23, 2019USD ($)sharesMar. 31, 2020USD ($)sharesMar. 31, 2019USD ($)Dec. 31, 2019USD ($)Jul. 31, 2019USD ($)Jul. 16, 2019USD ($)
Debt Instrument [Line Items]
Accretion of the debt discount $ 2,691,000 $ 1,107,000
Transaction costs attributable to equity component1,621,000 $ 1,621,000
Equity component of converted debt39,070,000 $ 39,070,000
Loss on extinguishment of debt $ (5,700,000)
Common Stock [Member]
Debt Instrument [Line Items]
Conversion of Convertible Securities Stock Issued | shares | shares2,316,200
0.375% Convertible Senior Notes due 2024
Debt Instrument [Line Items]
Notes issued $ 287,500,000 $ 287,500,000
Notes, interest rate0.375%
Proceeds from issuance of convertible senior notes, net of costs $ 278,500,000
Interest repayment termsInterest is payable semi-annually in arrears on January 15 and July 15 of each year, beginning on January 15, 2020.
Notes, due dateJul. 15,
2024
Notes conversion ratio per $1,000 principal amount8.6749
Notes initial conversion price | $ / shares $ 115.28
Notes redemption price100.00%
Contractual coupon interest $ 300,000
Accretion of the debt discount2,400,000
Amortization of the debt issuance costs $ 300,000
Effective interest rate on the Notes5.10%
Notes, carrying value $ 235,500,000
Fair value of the note $ 304,100,000
Additional Notes issued $ 37,500,000
Discount rate4.50%
Proceeds allocated to the conversion feature $ 52,100,000
Transaction costs attributable to liability component7,400,000
Transaction costs attributable to equity component1,600,000
2.125% Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Notes issued $ 115,000,000 $ 92,000,000
Notes, interest rate2.125%
Notes, due dateJun. 1,
2021
Jun. 1,
2021
Notes redemption price100.00%
Notes issued, fair value $ 96,300,000
Contractual coupon interest600,000
Accretion of the debt discount900,000
Amortization of the debt issuance costs $ 200,000
Effective interest rate on the Notes6.60%
Repayment Of Senior Debt $ 92,300,000 $ 23,000,000
Accrued interest $ 300,000
Total consideration on conversion $ 253,300,000
Face amount of remaining convertible debt60,800,000
Equity component of converted debt $ 163,600,000 38,300,000
Loss on extinguishment of debt $ (1,100,000) $ (4,600,000)
2.125% Convertible Senior Notes due 2021 | Common Stock [Member]
Debt Instrument [Line Items]
Conversion of Convertible Securities Stock Issued | shares | shares1,850,155 466,045
Conversion of Convertible Securities Stock Issued | value $ 161,000,000 $ 37,800,000
2.125% Non Convertible Senior Notes due 2021
Debt Instrument [Line Items]
Effective interest rate on the Notes3.90%
Equity component of converted debt $ 200,100,000

Convertible Senior Notes - Conv

Convertible Senior Notes - Convertible Debt (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Principal amount $ 287,500 $ 287,500
Less: unamortized debt discount(45,565)(47,921)
Less: unamortized debt issuance costs(6,477)(6,812)
Total debt235,458 232,767
Net carrying amount $ 235,458 $ 232,767

Convertible Senior Notes - Co_2

Convertible Senior Notes - Convertible Notes Equity Component (Detail) - USD ($) $ in ThousandsMar. 31, 2020Dec. 31, 2019
Proceeds allocated to the conversion feature $ 52,062 $ 52,062
Less: transaction costs allocated to the conversion feature(1,621)(1,621)
Less: deferred taxes(11,371)(11,371)
Net carrying value $ 39,070 $ 39,070

Stockholders' Equity - Addition

Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in ThousandsJul. 19, 2019May 03, 2019Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019Dec. 31, 2018
Stockholders Equity Note Disclosure [Line Items]
Common stock, shares issued1,587,000 3,144,531 52,278,083 52,078,258
Common stock issue price per share $ 87 $ 64
Exercised number of shares67,877
Net proceeds from public offering $ 131,100 $ 189,600
Stock-based compensation expense $ 4,165 $ 3,251
Stock options, outstanding915,518 1,027,831 957,559
Closing price of common stock $ 96.54
Aggregate intrinsic value of stock options exercised $ 4,700 $ 100
Weighted average grant date fair value of share-based awards granted $ 41.77 $ 30.21
Total fair value of stock options vested $ 2,000 $ 2,200
Total unrecognized compensation cost $ 43,700
Unrecognized compensation cost, weighted average remaining requisite service period3 years 10 months 24 days
Number of unvested options and restricted stock units1,721,681
2018 Plan
Stockholders Equity Note Disclosure [Line Items]
Common stock shares reserved for Issuance2,778,000
Incentive options, vesting period2,419,406
Employee Stock Option | Minimum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period3 years
Employee Stock Option | Minimum | Vest Over Three Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage20.00%
Employee Stock Option | Maximum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period5 years
Employee Stock Option | Maximum | Vest Over Five Year
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting percentage33.00%
Non-Employee Directors
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period1 year
Option To Purchase Common Stock | Minimum
Stockholders Equity Note Disclosure [Line Items]
Incentive options, term10 years
Unvested Options
Stockholders Equity Note Disclosure [Line Items]
Incentive options, vesting period5 years
Restricted Stock Units and Performance Stock Units
Stockholders Equity Note Disclosure [Line Items]
Restricted stock units, outstanding716,630 680,549 734,984
Closing price of common stock $ 96.54
Aggregate intrinsic value of restricted stock units vested $ 11,800 $ 9,500
Weighted average grant date fair value of restricted stock units granted $ 57.85 $ 31.79
Total grant date fair value of restricted stock units vested $ 5,300 $ 4,900
Underwriters | Common Stock
Stockholders Equity Note Disclosure [Line Items]
Exercised number of shares207,000 410,156

Stock-Based Compensation Expens

Stock-Based Compensation Expense (Detail) - USD ($) $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense $ 4,165 $ 3,251
Cost of product revenue
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense433 324
Research and development
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense372 321
Selling, general and administrative
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items]
Stock-based compensation expense $ 3,360 $ 2,606

Summary of Option Activity (Det

Summary of Option Activity (Detail) $ / shares in Units, $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)$ / sharesshares
Options Outstanding
Options outstanding at December 31, 2019 | shares957,559
Granted | shares25,836
Exercised | shares(67,877)
Options outstanding at March 31, 2020 | shares915,518
Options exercisable at March 31, 2020 | shares555,159
Vested and expected to vest at March 31, 2020 | shares885,461 [1]
Weighted-Average Exercise Price Per Share
Options outstanding at December 31, 2019 | $ / shares $ 30.81
Granted | $ / shares86.10
Exercised | $ / shares23.56
Options outstanding at March 31, 2020 | $ / shares32.91
Options exercisable at March 31, 2020 | $ / shares $ 26.77
Weighted-Average Remaining Contractual Term (in years)
Options outstanding at March 31, 20206 years 7 months 20 days
Options exercisable at March 31, 20205 years 7 months 24 days
Vested and expected to vest at March 31, 20206 years 7 months 2 days[1]
Aggregate Intrinsic Value
Options outstanding at March 31, 2020 | $ $ 58,257
Options exercisable at March 31, 2020 | $38,734
Vested and expectd to vest at March 31, 2020 | $ $ 56,522 [1]
[1]Represents the number of vested options as of March 31, 2020 plus the number of unvested options expected to vest as of March 31, 2020 based on the unvested outstanding options at March 31, 2020 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 Option Activity (Par

Summary of Option Activity (Parenthetical) (Detail) - Employee Stock OptionMar. 31, 2020
Awards Granted to Non-Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates8.00%
Awards Granted to Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates3.00%

Summary of Restricted Stock Uni

Summary of Restricted Stock Unit Activity (Detail) - Restricted Stock Units and Performance Stock Units $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)shares
Options Outstanding
Unvested at December 31, 2019734,984
Awarded127,286
Vested(132,053)
Forfeited/expired/cancelled(13,587)
Unvested at March 31, 2020716,630
Vested and expected to vest at March 31, 2020656,225 [1]
Weighted-Average Remaining Contractual Term (in years)
Unvested at March 31, 20203 years 8 months 8 days
Vested and expected to vest at March 31, 20203 years 5 months 4 days[1]
Aggregate Intrinsic Value
Unvested at March 31, 2020 | $ $ 69,183
Vested and expected to vest at March 31, 2020 | $ $ 63,352 [1]
[1]Represents the number of vested stock units as of March 31, 2020 plus the number of unvested stock units expected to vest as of December 31, 2019 based on the unvested outstanding stock units at December 31, 2019 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 Restricted Stock U_2

Summary of Restricted Stock Unit Activity (Parenthetical) (Detail) - Restricted Stock Units and Performance Stock UnitsMar. 31, 2020
Awards Granted to Non-Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates8.00%
Awards Granted to Executive Level Employees
Share-based Compensation Arrangement by Share-based Payment Award [Line Items]
Estimated forfeiture rates3.00%

Commitments and Contingencies -

Commitments and Contingencies - Additional Information (Detail) $ in Millions3 Months Ended12 Months Ended
Mar. 31, 2020USD ($)lMar. 31, 2019USD ($)Dec. 31, 2019USD ($)Dec. 31, 2018USD ($)
Maximum [Member]
Commitments and Contingencies [Line Items]
Bioreactors used in perfusion cell culture applications2,000
Minimum [Member]
Commitments and Contingencies [Line Items]
Bioreactors used in perfusion cell culture applications50
NGL Impact A [Member] | Research and Development Arrangement [Member]
Commitments and Contingencies [Line Items]
Payments to Navigo in connection with this program, which are recorded to research and development expenses | $ $ 0 $ 0 $ 1 $ 2.4

Change in Accumulated Other Com

Change in Accumulated Other Comprehensive Loss (Detail) $ in Thousands3 Months Ended
Mar. 31, 2020USD ($)
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance $ 1,059,768
Balance1,069,758
Foreign Currency Translation Adjustment
Accumulated Other Comprehensive Income (Loss) [Line Items]
Balance(15,027)
Other comprehensive loss(5,579)
Balance $ (20,606)

Income Taxes - Additional Infor

Income Taxes - Additional Information (Detail) - USD ($) $ in Millions3 Months Ended
Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019
Income Taxes [Line Items]
Corporate tax rate21.00%
Income tax (benefit) provision8.10%23.40%
State
Income Taxes [Line Items]
Business tax credits carry forwards $ 1.2
United States
Income Taxes [Line Items]
Business tax credits carry forwards $ 0.9

Summary of Tax Returns Periods

Summary of Tax Returns Periods Subject to Examination by Federal, State and International Tax Authorities (Detail)3 Months Ended
Mar. 31, 2020
United States | Earliest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2016
United States | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2019
Sweden | Earliest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2013
Sweden | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2019
Germany | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2019
Netherlands | Earliest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2013
Netherlands | Latest Tax Year
Income Tax Examination [Line Items]
Fiscal year subject to examination2019

Earnings Per Share - (Additiona

Earnings Per Share - (Additional Information) (Detail) - USD ($)Jul. 22, 2019Sep. 23, 2019Mar. 31, 2020Mar. 31, 2019Dec. 31, 2019Jul. 31, 2019Jul. 19, 2019Jul. 16, 2019
Stock options, outstanding915,518 1,027,831 957,559
Stock options, weighted average exercise price $ 32.91 $ 28.53 $ 30.81
Common stock excluded from calculation of diluted earnings per share39,711 210,388
Common Stock [Member]
Conversion of Convertible Securities Stock Issued2,316,200
2.125% Convertible Senior Notes due 2021
Aggregate principal amount $ 115,000,000 $ 92,000,000
2.125% Convertible Senior Notes due 2021 | Common Stock [Member]
Conversion of Convertible Securities Stock Issued1,850,155 466,045
0.375% Convertible Senior Notes due 2024
Aggregate principal amount $ 287,500,000 $ 287,500,000
Restricted Stock Units and Performance Stock Units
Restricted stock units, outstanding716,630 680,549 734,984

Earnings Per Share - (Reconcili

Earnings Per Share - (Reconciliation of Basic and Diluted Shares Amounts) (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Schedule Of Earnings Per Share Basic And Diluted [Line Items]
Net income $ 9,815 $ 8,053
Weighted average shares used in computing net income per share—basic52,139 43,968
Effect of dilutive shares:
Stock options and restricted stock awards970 725
Convertible senior notes1,586
Dilutive potential common shares970 2,311
Weighted average shares used in computing net income per share—diluted53,109 46,279
Earnings per share:
Basic $ 0.19 $ 0.18
Diluted $ 0.18 $ 0.17

Related Party Transactions - Ad

Related Party Transactions - Additional Information (Detail) $ in Millions3 Months Ended
Mar. 31, 2020USD ($)
Spectrum Inc.
Related Party Transaction [Line Items]
Rent expense $ 0.2
Principal Owner | Minimum | Spectrum Inc.
Related Party Transaction [Line Items]
Non controlling ownership interest minimum5.00%

Segment Reporting - Additional

Segment Reporting - Additional Information (Detail) - Segment3 Months Ended12 Months Ended
Mar. 31, 2020Dec. 31, 2019
Number of operating segments1
Customer Concentration Risk | Accounts Receivable | GE Healthcare
Accounts receivable, percentage by customer0.00%18.00%

Segment Reporting - (Percentage

Segment Reporting - (Percentage of Revenue by Geographic Area) (Details) - Geographic Concentration Risk - Total Revenue3 Months Ended
Mar. 31, 2020Mar. 31, 2019
Concentration Risk [Line Items]
Revenues, percentage by country100.00%100.00%
North America
Concentration Risk [Line Items]
Revenues, percentage by country48.00%47.00%
Europe
Concentration Risk [Line Items]
Revenues, percentage by country41.00%40.00%
APAC
Concentration Risk [Line Items]
Revenues, percentage by country11.00%13.00%
Non-US [Member]
Concentration Risk [Line Items]
Revenues, percentage by country0.00%0.00%

Segment Reporting - Percentage

Segment Reporting - Percentage of Accounts Receivable by Significant Customers (Detail) - Customer Concentration Risk - Sales Revenue3 Months Ended
Mar. 31, 2020Mar. 31, 2019
GE Healthcare
Concentration Risk [Line Items]
Revenue from significant customers13.00%
MilliporeSigma
Concentration Risk [Line Items]
Revenue from significant customers14.00%16.00%