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Revenue from Contracts with Customers | 6 Months Ended
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Jun. 30, 2018
Revenue from Contract with Customer [Abstract] |
Revenue from Contract with Customers | Revenue from Contracts with Customers. In accordance with Accounting Standards Update ("ASU") 2014-09, Revenue from Contracts with Customers (Topic 606) ("ASC 606"), we recognize revenue when a customer obtains control of promised goods. The amount of revenue recognized reflects the consideration we to receive in exchange for these goods. To achieve this core principle, we apply the following five steps:
1. | Identify the contract with the customer. A contract with a customer exists when (i) we enter into an enforceable contract with a customer that defines each party’s rights regarding the goods to be transferred and identifies the payment terms related to these goods, (ii) the contract has commercial substance and, (iii) we determine that collection of substantially all consideration for services that are transferred is probable based on the customer’s intent and ability to pay the promised consideration. We do not have significant costs to obtain contracts with customers. For commissions on product sales, we have elected the practical expedient to expense the costs as incurred if the amortization period would have been one year or less.
2. | Identify the performance obligations in the contract. Generally, our contracts with customers do not include multiple performance obligations to be completed over a period of time. Our performance obligations relate to delivering single-use medical products to a customer, subject to the shipping terms of the contract. Limited warranties are provided, under which we typically accept returns and provide either replacement parts or refunds. We do not have significant returns. We do not typically offer extended warranty or service plans.
3. | Determine the transaction price. Payment by the customer is due under customary fixed payment terms, and we evaluate if collectability is reasonably assured. None of our contracts as of June 30, 2018 contained a significant financing component. Further, our methodology to estimate and recognize variable consideration is consistent with the requirements of ASC 606. Revenue is recorded at the net sales price, which includes estimates of variable consideration such as product returns, rebates, discounts, and other adjustments. The estimates of variable consideration are based on historical payment experience, historical and projected sales data, and current contract terms. Variable consideration is included in revenue only to the extent that it is probable that a significant reversal of the revenue recognized will not occur when the uncertainty associated with the variable consideration is subsequently resolved. Taxes collected from customers relating to product sales and remitted to governmental authorities are excluded from revenues.
4. | Allocate the transaction price to performance obligations in the contract. We typically do not have multiple performance obligations in our contracts with customers. As such, we recognize revenue upon delivery of the product to the customer's control at contractually stated pricing.
5. | Recognize revenue when or as we satisfy a performance obligation. We satisfy performance obligations at a point in time upon either shipment or delivery of goods, in accordance with the terms of each contract with the customer. We do not have significant service revenue.
Disaggregation of Revenue The disaggregation of revenue is based on type of product and geographical region. For descriptions of our product offerings and segments, see Note 12 in our 2017 Form 10-K. The following tables present revenue from contracts with customers for the three and six-month periods ended June 30, 2018 and 2017 (in thousands):
| Three Months Ended June 30, 2018 |  | Three Months Ended June 30, 2017
| United States |  | International |  | Total |  | United States |  | International |  | Total
Cardiovascular |  |  |  |  |  |  |  |  |  |  |
Stand-alone devices | $ | 50,941 |  |  | $ | 41,555 |  |  | $ | 92,496 |  |  | $ | 37,202 |  |  | $ | 33,854 |  |  | $ | 71,056 |
Custom kits and procedure trays | 23,667 |  |  | 10,325 |  |  | 33,992 |  |  | 24,271 |  |  | 7,526 |  |  | 31,797 |
Inflation devices | 8,160 |  |  | 16,145 |  |  | 24,305 |  |  | 8,042 |  |  | 12,747 |  |  | 20,789 |
Catheters | 16,704 |  |  | 22,670 |  |  | 39,374 |  |  | 16,022 |  |  | 16,407 |  |  | 32,429 |
Embolization devices | 5,094 |  |  | 7,630 |  |  | 12,724 |  |  | 5,593 |  |  | 6,565 |  |  | 12,158 |
CRM/EP | 11,758 |  |  | 1,738 |  |  | 13,496 |  |  | 10,264 |  |  | 1,170 |  |  | 11,434 |
Total | 116,324 |  |  | 100,063 |  |  | 216,387 |  |  | 101,394 |  |  | 78,269 |  |  | 179,663 |
Endoscopy |  |  |  |  |  |  |  |  |  |  |
Endoscopy devices | 8,121 |  |  | 302 |  |  | 8,423 |  |  | 6,712 |  |  | 174 |  |  | 6,886 |
Total | $ | 124,445 |  |  | $ | 100,365 |  |  | $ | 224,810 |  |  | $ | 108,106 |  |  | $ | 78,443 |  |  | $ | 186,549 |
| Six Months Ended June 30, 2018 |  | Six Months Ended June 30, 2017
| United States |  | International |  | Total |  | United States |  | International |  | Total
Cardiovascular |  |  |  |  |  |  |  |  |  |  |
Stand-alone devices | $ | 94,953 |  |  | $ | 80,789 |  |  | $ | 175,742 |  |  | $ | 73,366 |  |  | $ | 61,343 |  |  | $ | 134,709 |
Custom kits and procedure trays | 45,984 |  |  | 21,280 |  |  | 67,264 |  |  | 45,737 |  |  | 14,935 |  |  | 60,672 |
Inflation devices | 15,828 |  |  | 30,896 |  |  | 46,724 |  |  | 16,017 |  |  | 23,279 |  |  | 39,296 |
Catheters | 31,974 |  |  | 41,265 |  |  | 73,239 |  |  | 31,151 |  |  | 31,454 |  |  | 62,605 |
Embolization devices | 10,126 |  |  | 15,184 |  |  | 25,310 |  |  | 11,134 |  |  | 13,551 |  |  | 24,685 |
CRM/EP | 20,596 |  |  | 3,366 |  |  | 23,962 |  |  | 20,011 |  |  | 2,440 |  |  | 22,451 |
Total | 219,461 |  |  | 192,780 |  |  | 412,241 |  |  | 197,416 |  |  | 147,002 |  |  | 344,418 |
Endoscopy |  |  |  |  |  |  |  |  |  |  |
Endoscopy devices | 15,040 |  |  | 563 |  |  | 15,603 |  |  | 12,806 |  |  | 394 |  |  | 13,200 |
Total | $ | 234,501 |  |  | $ | 193,343 |  |  | $ | 427,844 |  |  | $ | 210,222 |  |  | $ | 147,396 |  |  | $ | 357,618 |

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- Definition The entire disclosure of revenue from contract with customer to transfer good or service and to transfer nonfinancial asset. Includes, but is not limited to, disaggregation of revenue, credit loss recognized from contract with customer, judgment and change in judgment related to contract with customer, and asset recognized from cost incurred to obtain or fulfill contract with customer. Excludes insurance and lease contracts. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 606 -URI http://asc.fasb.org/topic&trid=49130388 Reference 2: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 235 -URI http://asc.fasb.org/topic&trid=2122369 + Details
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