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Acquisitions (Tables) | 3 Months Ended
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Mar. 31, 2017
Business Combinations [Abstract] |
Schedule of Recognized Identified Assets Acquired and Liabilities Assumed | The purchase price was allocated to the net tangible and intangible assets acquired and liabilities assumed, based on estimated fair values, as follows (in thousands):
Assets Acquired |
Trade receivables | $ | 4,054 |
Other receivables | 6 |
Inventories | 8,585 |
Prepaid expenses | 630 |
Property and equipment | 1,630 |
Other long-term assets | 145 |
Intangibles |
Developed technology | 67,600 |
Customer lists | 2,400 |
Trademarks | 4,400 |
Goodwill | 24,818 |
Total assets acquired | 114,268 |
Liabilities Assumed |
Trade payables | (1,790 | )
Accrued expenses | (5,298 | )
Deferred income tax liabilities - current | (701 | )
Deferred income tax liabilities - noncurrent | (10,844 | )
Total liabilities assumed | (18,633 | )
Net assets acquired, net of cash received of $1,327 | $ | 95,635 |
The purchase price was preliminarily allocated as follows (in thousands):
Assets Acquired |
Trade receivables | $ | 952 |
Inventories | 2,244 |
Prepaid expenses and other current assets | 181 |
Property and equipment | 1,472 |
Intangibles |
Developed technology | 22,900 |
Customer lists | 100 |
Trademarks | 2,900 |
Goodwill | 7,612 |
Total assets acquired | 38,361 |
Liabilities Assumed |
Trade payables | (338 | )
Accrued expenses | (23 | )
Total liabilities assumed | (361 | )
Net assets acquired | $ | 38,000 |
The purchase price was allocated as follows (in thousands):
Assets Acquired |
Inventories | $ | 2,455 |
Property and equipment | 290 |
Intangibles |
Developed technology | 12,100 |
Trademarks | 700 |
Customers Lists | 400 |
Goodwill | 2,555 |
Total assets acquired | $ | 18,500 |
The following table summarizes the preliminary purchase price allocated to the net tangible and intangible assets acquired and liabilities assumed (in thousands):
Assets Acquired |
Cash and cash equivalents | $ | 1,436 |
Trade receivables | 8,351 |
Inventories | 12,217 |
Prepaid expenses | 1,275 |
Property and equipment | 2,667 |
Deferred tax assets | 184 |
Intangibles |
Developed technology | 2,600 |
Customer lists | 1,300 |
Trademarks | 1,500 |
Total assets acquired | 31,530 |
Liabilities Assumed |
Trade payables | (2,306 | )
Accrued expenses | (5,083 | )
Income taxes payable | (2 | )
Deferred income tax liabilities | (999 | )
Total liabilities assumed | (8,390 | )
Total net assets acquired | 23,140 |
Gain on bargain purchase | (12,243 | )
Total purchase price | $ | 10,897 |
Business Acquisition, Pro Forma Information | The following table summarizes our consolidated results of operations for the three-month periods ended March 31, 2017 and 2016, as well as unaudited pro forma consolidated results of operations as though the DFINE acquisition had occurred on January 1, 2015 and the acquisition of the Argon critical care business had occurred on January 1, 2016 (in thousands, except per share amounts):
| Three Months Ended |  | Three Months Ended
| March 31, 2017 |  | March 31, 2016
| As Reported |  | Pro Forma |  | As Reported |  | Pro Forma
Net Sales | $ | 171,069 |  |  | $ | 173,829 |  |  | $ | 138,077 |  |  | $ | 156,390 |
Net Income | 14,803 |  |  | 1,725 |  |  | 4,351 |  |  | 12,281 |
Earnings per common share: |  |  |  |  |  |  |
Basic | $ | 0.33 |  |  | $ | 0.04 |  |  | $ | 0.10 |  |  | $ | 0.28 |
Diluted | $ | 0.32 |  |  | $ | 0.04 |  |  | $ | 0.10 |  |  | $ | 0.28 |

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- Definition Tabular disclosure of pro forma results of operations for a material business acquisition or series of individually immaterial business acquisitions that are material in the aggregate. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 10 -Section 50 -Paragraph 2 -Subparagraph (h)(2)-(3) -URI http://asc.fasb.org/extlink&oid=65885119&loc=d3e1392-128463 + Details
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- Definition Tabular disclosure of the amounts recognized as of the acquisition date for each major class of assets acquired and liabilities assumed. May include but not limited to the following: (a) acquired receivables; (b) contingencies recognized at the acquisition date; and (c) the fair value of noncontrolling interests in the acquiree. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 805 -SubTopic 20 -Section 50 -Paragraph 1 -URI http://asc.fasb.org/extlink&oid=73530397&loc=d3e4845-128472 + Details
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