Annual report pursuant to Section 13 and 15(d)

Fair Value Measurement (Tables)

v2.4.0.6
Fair Value Measurement (Tables)
12 Months Ended
Dec. 31, 2012
Fair Value Measurement [Abstract]  
Summary of investments classified as available for sale and carried at fair value
                                         
    As of December 31, 2012  

(In thousands)

  Amortized
Cost
    Gross
unrealized

gains in
Accumulated
OCI
    Gross
unrealized

losses in
Accumulated
OCI
    Gain/(Loss)
in
Accumulated
Deficit
    Fair
value
 

Common stock investments

  $ 2,051     $ 6,185     $  —       $ —       $ 8,236  

BZNE Note and conversion feature

    1,700       53       —         287       2,040  

Neovasc common stock options

    925       293       —         176       1,394  

Neovasc common stock warrants

    659       194       —         (375     478  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 5,335     $ 6,725     $ —       $ 88     $ 12,148  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                         
    As of December 31, 2011  

(In thousands)

  Amortized
Cost
    Gross
unrealized

gains in
Accumulated
OCI
    Gross
unrealized

losses in
Accumulated
OCI
    Gain/(Loss)
in
Accumulated
Deficit
    Fair
value
 

Neovasc common stock options

  $ 826     $ 205     $  —       $  —       $ 1,031  

Neovasc common stock warrants

    659       194       —         (39     814  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 1,485     $ 399     $  —       $ (39   $ 1,845  
   

 

 

   

 

 

   

 

 

   

 

 

   

 

 

 
Financial assets and liabilities measured at fair value on a recurring basis
                                 
    Fair value measurements as of December 31, 2012  
(In thousands)   Quoted prices
in active
markets for
identical
assets

(Level 1)
    Significant
other
observable
inputs

(Level 2)
    Significant
unobservable
inputs

(Level 3)
    Total  

Assets:

                               

Money market funds

  $ 18,716     $ —       $ —       $ 18,716  

Certificates of deposits

    —         820       —         820  

Forward contracts

    —         10       —         10  

Common stock investments

    8,236       —         —         8,236  

BZNE Note and conversion feature

    —         —         2,040       2,040  

Neovasc common stock options

    —         1,394       —         1,394  

Neovasc common stock warrants

    —         478       —         478  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 26,952     $ 2,702     $ 2,040     $ 31,694  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

Deferred acquisition payments, net of discount

  $ —       $ —       $ 10,103     $ 10,103  

CURNA contingent consideration

    —         —         510       510  

OPKO Diagnostics contingent consideration

    —         —         12,974       12,974  

FineTech contingent consideration

    —         —         5,262       5,262  

Farmadiet contingent consideration

    —         —         1,310       1,310  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ —       $ —       $ 30,159     $ 30,159  
   

 

 

   

 

 

   

 

 

   

 

 

 

 

                                 
    Fair value measurements as of December 31, 2011  
(In thousands)   Quoted prices
in active
markets for
identical
assets

(Level 1)
    Significant
other
observable
inputs

(Level 2)
    Significant
unobservable
inputs

(Level 3)
    Total  

Assets:

                               

Money market funds

  $ 68,089     $ —       $ —       $ 68,089  

Forward contracts

    —         143       —         143  

Neovasc common stock options

    —         1,031       —         1,031  

Neovasc common stock warrants

    —         814       —         814  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total assets

  $ 68,089     $ 1,988     $ —       $ 70,077  
   

 

 

   

 

 

   

 

 

   

 

 

 

Liabilities:

                               

CURNA contingent consideration

  $ —       $ —       $ 510     $ 510  

OPKO Diagnostics contingent consideration

    —         —         12,745       12,745  

FineTech contingent consideration

    —         —         4,747       4,747  
   

 

 

   

 

 

   

 

 

   

 

 

 

Total Liabilities

  $ —       $ —       $ 18,002     $ 18,002  
   

 

 

   

 

 

   

 

 

   

 

 

 
Reconcile the beginning and ending balances of Level 3 assets and liabilities
                         
(In thousands)   BZNE Note
and
conversion
feature
    Contingent
consideration
    Deferred
acquisition
payments, net
of discount
 

Balance at December 31, 2011

  $ —       $ 18,002     $ —    

Additions

    1,700       1,234       9,673  

Change in fair value included in:

                       

Operating expenses

    —         785       —    

Other income and (expenses), net

    1,563       —         204  

Other comprehensive loss

    53       —         —    

Foreign exchange gain (loss)

    —         35       226  

Transfer out to equity method investment

    (1,276     —         —    
   

 

 

   

 

 

   

 

 

 

Balance at December 31, 2012

  $ 2,040     $ 20,056     $ 10,103