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Summary of Significant Accounting Policies (Tables)
12 Months Ended
Dec. 31, 2018
Schedule of Cash, Cash Equivalents and Restricted Cash Accordingly, the following is a summary of our cash, cash equivalents, and restricted cash total as presented in our consolidated statements of cash flows for the years ended December 31, 2018, 2017 and 2016:
 
 
 
For the Years Ended December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
(Amounts in thousands)
 
Cash and cash equivalents
 
$
193,822
 
 
$
173,759
 
 
$
122,233
 
Restricted cash
 
 
 
 
 
 
 
 
450
 
Total cash, cash equivalents, and restricted cash
 
$
193,822
 
 
$
173,759
 
 
$
122,683
 
Property, Plant and Equipment
Property, Plant & Equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:
 
 
Classification
  
Estimated Useful Life
Buildings
  
Thirty years
Leasehold improvements
  
Shorter of the term of the lease or estimated useful life
Equipment
  
Three to twelve years
Furniture and fixtures
  
Three to eight years
Reconciliation of Basic and Diluted Shares Amounts
 
 
 
For the Years Ended December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
 
 
 
(Amounts in thousands, except per share data)
 
Net income
 
$
16,617
 
 
$
28,353
 
 
$
11,681
 
Weighted average shares used in computing net income per share - basic
 
 
43,767
 
 
 
38,234
 
 
 
33,573
 
Effect of dilutive shares:
 
 
 
 
 
 
 
 
 
 
 
 
Stock options and restricted stock awards
 
 
581
 
 
 
441
 
 
 
526
 
Convertible senior notes
 
 
1,123
 
 
 
475
 
 
 
 
Dilutive potential common shares
 
 
1,704
 
 
 
916
 
 
 
526
 
Weighted average shares used in computing net income per share - diluted
 
 
45,471
 
 
 
39,150
 
 
 
34,099
 
Earnings per share:
 
 
 
 
 
 
 
 
 
 
 
 
Basic
 
$
0.38
 
 
$
0.74
 
 
$
0.35
 
Diluted
 
$
0.37
 
 
$
0.72
 
 
$
0.34
 
Summary of Product Revenues by Product Line
The following table represents product revenues by product line:
 
 
 
For the Years Ended December 31,
 
 
 
2018
 
 
2017
(1)
 
 
2016
(2,3)
 
 
 
(Amounts in thousands)
 
Chromatography products
 
$
45,326
 
 
$
36,309
 
 
$
29,520
 
Filtration products
 
 
90,586
 
 
 
49,050
 
 
 
19,774
 
Protein products
 
 
54,375
 
 
 
53,969
 
 
 
54,716
 
Other
 
 
3,604
 
 
 
1,761
 
 
 
431
 
Total product revenue
 
$
193,891
 
 
$
141,089
 
 
$
104,441
 
 
(1)
2017 revenue for filtration, chromatography and other products includes revenue related to Spectrum from August 1, 2017 through December 31, 2017.
(2)
2016 revenue for filtration products includes revenue related to TangenX from December 14, 2016 through December 31, 2016.
(3)
2016 revenue for chromatography products includes revenue related to Atoll from April 1, 2016 through December 31, 2016.
Total Assets by Geographic Area
The following table represents the Company’s total assets by geographic area:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
(Amounts in thousands)
 
Total assets by geographic locations:
 
 
 
 
 
 
 
 
North America
 
$
665,833
 
 
$
654,673
 
Europe
 
 
104,750
 
 
 
85,169
 
APAC
 
 
4,038
 
 
 
3,677
 
Total assets by geographic location
 
$
774,621
 
 
$
743,519
 
Long Lived Assets by Geographic Area
The following table represents the Company’s long-lived assets by geographic area:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
 
 
(Amounts in thousands)
 
Long-lived assets by geographic locations:
 
 
 
 
 
 
 
 
North America
 
$
464,253
 
 
$
465,453
 
Europe
 
 
29,426
 
 
 
34,430
 
APAC
 
 
848
 
 
 
854
 
Total long-lived assets by geographic location
 
$
494,527
 
 
$
500,737
 
Percentage of Revenue from Significant Customers
Revenue from significant customers as a percentage of the Company’s total revenue is as follows:
 
 
 
For the Years Ended December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
MilliporeSigma
 
 
15
%
 
 
18
%
 
 
28
%
GE Healthcare
 
 
15
%
 
 
21
%
 
 
29
%
Total Revenue  
Percentage by Geographic Area or Significant Customers
The following table represents the Company’s total revenue by geographic area (based on the location of the customer):
 
 
 
For the Years Ended December 31,
 
 
 
2018
 
 
2017
 
 
2016
 
Revenue by customers’ geographic locations:
 
 
 
 
 
 
 
 
 
 
 
 
North America
 
 
48
%
 
 
43
%
 
 
39
%
Europe
 
 
40
%
 
 
46
%
 
 
54
%
APAC
 
 
12
%
 
 
11
%
 
 
7
%
Other
 
 
0
 
 
0
%
 
 
0
%
Total revenue
 
 
100
 
 
100
%
 
 
100
%
Accounts Receivable  
Percentage by Geographic Area or Significant Customers
Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows:
 
 
 
December 31,
 
 
 
2018
 
 
2017
 
GE Healthcare
 
 
17
%
 
 
11
%
MilliporeSigma
 
 
11
%
 
 
19
%