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Prior Periods' Financial Statement Revision | 9 Months Ended
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Sep. 30, 2020
Accounting Changes and Error Corrections [Abstract] |
Prior Periods' Financial Statement Revision | Prior Periods' Financial Statement Revisions As disclosed in our 2019 Annual Report, we identified various misstatements in our previously issued financial statements as of and for the years ended December 31, 2018 and 2017, as well as the interim periods in 2018 and the first three quarters of 2019. These misstatements primarily related to (i) intentional misstatements in the accounting for inventory at one of our smaller foreign subsidiaries and (ii) the tax accounting associated with the 2018 impairment of our joint venture. We assessed the materiality of the misstatements on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) and concluded that the misstatements were not material to the prior annual or interim periods. However, we revised our previously issued 2018 and 2017 annual consolidated financial statements to correct for these misstatements. In connection with such revision, we also corrected for other immaterial misstatements. In connection with the filing of this Quarterly Report, we have revised the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), Changes in Stockholders’ Equity, and Cash Flows for the three and nine months ended September 30, 2019, and the related notes to revise for those misstatements that impacted such period. The following tables present the effect of the correction of the misstatements and the resulting revision on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as well as the effect of recasting the prior periods for the Life Sciences discontinued operations (see Note 2).
|  | Three Months Ended September 30, 2019
|  | As Originally Reported |  | Adjustment |  | Discontinued Operations Adjustment |  | As Revised
Cost of sales (exclusive of depreciation and amortization) |  | $ | 160,816 |  |  | $ | 258 |  |  | $ | (64,420) |  |  | $ | 96,654 |
Income (loss) from operations |  | 7,672 |  |  | (258) |  |  | (9,225) |  |  | (1,811) |
Loss before (provision) benefit for income taxes and share of net income from joint venture |  | (7,159) |  |  | (258) |  |  | 1,168 |  |  | (6,249) |
Loss from continuing operations |  | (5,597) |  |  | (258) |  |  | 1,019 |  |  | (4,836) |
Net loss |  | (5,597) |  |  | (258) |  |  | — |  |  | (5,855) |
Foreign currency translation loss |  | (11,448) |  |  | 270 |  |  | — |  |  | (11,178) |
Comprehensive loss |  | (17,988) |  |  | 12 |  |  | — |  |  | (17,976) |
Basic loss from continuing operations per common share |  | $ | (0.13) |  |  | $ | (0.01) |  |  | $ | 0.02 |  |  | $ | (0.12) |
Basic net loss per common share |  | $ | (0.13) |  |  | $ | (0.01) |  |  | $ | — |  |  | $ | (0.14) |
Diluted loss from continuing operations per common share |  | $ | (0.13) |  |  | $ | (0.01) |  |  | $ | 0.02 |  |  | $ | (0.12) |
Diluted net loss per common share |  | $ | (0.13) |  |  | $ | (0.01) |  |  | $ | — |  |  | $ | (0.14) |
|  | Nine Months Ended September 30, 2019
|  | As Originally Reported |  | Adjustment |  | Discontinued Operations Adjustment |  | As Revised
Cost of sales (exclusive of depreciation and amortization) |  | $ | 485,598 |  |  | $ | 1,762 |  |  | $ | (186,694) |  |  | $ | 300,666 |
Income (loss) from operations |  | 16,371 |  |  | (1,762) |  |  | (22,066) |  |  | (7,457) |
Loss before provision for income taxes and share of net income from joint venture |  | (29,704) |  |  | (1,762) |  |  | 14,009 |  |  | (17,457) |
Loss from continuing operations |  | (30,894) |  |  | (1,762) |  |  | 11,850 |  |  | (20,806) |
Net loss |  | (30,894) |  |  | (1,762) |  |  | — |  |  | (32,656) |
Foreign currency translation loss |  | (11,620) |  |  | 266 |  |  | — |  |  | (11,354) |
Comprehensive loss |  | (54,275) |  |  | (1,496) |  |  | — |  |  | (55,771) |
Basic loss from continuing operations per common share |  | $ | (0.74) |  |  | $ | (0.04) |  |  | $ | 0.28 |  |  | $ | (0.50) |
Basic net loss per common share |  | $ | (0.74) |  |  | $ | (0.04) |  |  | $ | — |  |  | $ | (0.78) |
Diluted loss from continuing operations per common share |  | $ | (0.74) |  |  | $ | (0.04) |  |  | $ | 0.28 |  |  | $ | (0.50) |
Diluted net loss per common share |  | $ | (0.74) |  |  | $ | (0.04) |  |  | $ | — |  |  | $ | (0.78) |
The following table presents the effect of the correction of the misstatements on the Condensed Consolidated Statements of Changes in Stockholders’ Equity.
|  | As Originally Reported |  | Adjustment |  | As Revised
As of and for the three months ended September 30, 2019 |  |  |  |  |  |
Additional paid-in capital |  | $ | 513,268 |  |  | $ | (11,762) |  |  | $ | 501,506 |
Net loss |  | (5,597) |  |  | (258) |  |  | (5,855) |
Accumulated deficit |  | (98,888) |  |  | 7,690 |  |  | (91,198) |
Foreign currency translation loss |  | (11,448) |  |  | 270 |  |  | (11,178) |
Accumulated other comprehensive loss |  | (55,006) |  |  | 577 |  |  | (54,429) |
Total stockholders' equity |  | 359,797 |  |  | (3,495) |  |  | 356,302 |
As of and for the nine months ended September 30, 2019 |  |  |  |  |  |
Additional paid-in capital |  | $ | 513,268 |  |  | $ | (11,762) |  |  | $ | 501,506 |
Net loss |  | (30,894) |  |  | (1,762) |  |  | (32,656) |
Accumulated deficit |  | (98,888) |  |  | 7,690 |  |  | (91,198) |
Foreign currency translation loss |  | (11,620) |  |  | 266 |  |  | (11,354) |
Accumulated other comprehensive loss |  | (55,006) |  |  | 577 |  |  | (54,429) |
Total stockholders' equity |  | 359,797 |  |  | (3,495) |  |  | 356,302 |
The following table presents the effect of the correction of the misstatements on the Condensed Consolidated Statements of Cash Flows.
|  | Nine Months Ended September 30, 2019
|  | As Originally Reported |  | Adjustment |  | As Revised
Net loss |  | $ | (30,894) |  |  | $ | (1,762) |  |  | $ | (32,656) |
Changes in operating assets and liabilities, net of acquisitions: |  |  |  |  |  |
Inventories |  | (5,794) |  |  | 969 |  |  | (4,825) |
Other |  | 11,078 |  |  | 793 |  |  | 11,871 |

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- Definition The entire disclosure for reporting accounting changes and error corrections. It includes the conveyance of information necessary for a user of the Company's financial information to understand all aspects and required disclosure information concerning all changes and error corrections reported in the Company's financial statements for the period. + References Reference 1: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -SubTopic 10 -Section 50 -Paragraph 7 -URI http://asc.fasb.org/extlink&oid=109234566&loc=d3e22644-107794 Reference 2: http://www.xbrl.org/2003/role/disclosureRef -Publisher FASB -Name Accounting Standards Codification -Topic 250 -URI http://asc.fasb.org/topic&trid=2122394 + Details
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