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ACQUISITION | 6 Months Ended
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Jun. 30, 2019
Business Combinations [Abstract] |
ACQUISITION | ACQUISITION On February 11, 2019, the Company entered into an agreement and plan of merger to acquire all the outstanding shares of CAS Medical Systems, Inc. ("CASMED") for an aggregate cash purchase price of $2.45 per share of common stock, or an equity value of approximately $100 million. The transaction closed on April 18, 2019, and the cash purchase price was $100.8 million. Acquisition-related costs of $2.0 million were recorded in “Selling, General, and Administrative Expenses” during the six months ended June 30, 2019. CASMED is a medical technology company dedicated to non-invasive monitoring of tissue oxygenation in the brain. The Company plans to integrate the acquired technology platform into its hemodynamic monitoring platform. The acquisition was accounted for as a business combination. Tangible and intangible assets acquired were recorded based on their estimated fair values at the acquisition date. The excess of the purchase price over the fair value of net assets acquired was recorded to goodwill. The following table summarizes the fair values of the assets acquired and liabilities assumed (in millions):
Current assets |  | $ | 6.1 |  |
Property and equipment, net |  | 1.3 |  |
Goodwill |  | 64.4 |  |
Developed technology |  | 35.9 |  |
Customer relationships |  | 8.8 |  |
Deferred tax assets |  | 2.2 |  |
Liabilities assumed |  | (17.9 | ) |
Total purchase price |  | 100.8 |  |
Less: cash acquired |  | (0.6 | ) |
Total purchase price, net of cash acquired |  | $ | 100.2 |  |
Goodwill includes expected synergies and other benefits the Company believes will result from the acquisition. Goodwill was assigned to the Company’s United States segment and is not deductible for tax purposes. Developed technology assets are being amortized over a weighted-average useful life of 14 years. Customer relationship assets are being amortized over a weighted-average useful life of 10 years. The results of operations for CASMED have been included in the accompanying consolidated financial statements from the date of acquisition. Pro forma results have not been presented as the results of CASMED are not material in relation to the consolidated financial statements of the Company.

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- Definition The entire disclosure for a business combination (or series of individually immaterial business combinations) completed during the period, including background, timing, and recognized assets and liabilities. The disclosure may include leverage buyout transactions (as applicable). + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -URI http://asc.fasb.org/topic&trid=2303972 + Details
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- References No definition available. + Details
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