Annual report pursuant to Section 13 and 15(d)

Condensed Consolidated Statements of Cash Flows (Unaudited)

v2.4.0.8
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
12 Months Ended
Dec. 31, 2013
Dec. 31, 2012
Dec. 31, 2011
Cash flows from operating activities:      
Net loss $ (117,346) $ (29,540) $ (1,283)
Income from discontinued operations, net of tax 0 (109) (5,181)
Adjustments to reconcile net loss to net cash used in operating activities:      
Depreciation and amortization 15,216 10,160 3,830
Non-cash interest on convertible senior notes 5,980 0 2
Amortization of deferred financing costs 1,170 0 0
Losses from investments in investees 11,456 2,062 1,589
Equity-based compensation – employees and non-employees 10,983 5,131 6,953
Provision for (recovery of) bad debts 979 (95) 257
Provision for inventory obsolescence 2,015 2,688 607
Revenue from receipt of equity (12,740) (159) (85)
Realized gain on sale of equity securities (29,881) 0 0
Loss on conversion of 3.00% convertible senior notes 8,688 0 0
Loss on sale of property, plant and equipment 60 0 0
Change in fair value of derivatives instruments 36,489 (1,340) 39
Change in fair value of contingent consideration 6,947 785 0
Deferred income tax (benefit)/provision 599 (9,958) (19,749)
Changes in assets and liabilities of continuing operations, net of the effects of acquisitions:      
Accounts receivable 754 763 (1,719)
Inventory 1,892 (5,807) 2,170
Prepaid expenses and other current assets (1,131) (2,877) 57
Other assets (544) (361) 16
Accounts payable 1,829 1,247 (1,784)
Foreign currency measurement (2,386) 86 363
Accrued expenses 779 1,902 (21)
Cash used in operating activities of continuing operations (58,192) (25,422) (13,939)
Cash provided by operating activities of discontinued operations 0 7 (4,561)
Net cash used in operating activities (58,192) (25,415) (18,500)
Cash flows from investing activities:      
Investments in investees (17,441) (3,396) (2,013)
Proceeds from sale of equity securities 30,556 0 0
Acquisition of businesses, net of cash acquired 20,528 (19,092) (28,186)
Purchase of marketable securities (50,027) (25,806) (100,161)
Maturities of short-term marketable securities 50,027 24,997 100,161
Proceeds from the sale of property, plant and equipment 636 0 0
Capital expenditures (3,962) (1,472) (1,953)
Cash provided (or used) by investing activities from continuing operations 30,317 (24,769) (32,152)
Cash provided by investing activities from discontinued operations 0 0 17,316
Net cash provided (or used) in investing activities 30,317 (24,769) (14,836)
Cash flows from financing activities:      
Issuance of 3.00% convertible senior notes, net, including related parties 170,184 0 0
Issuance of Common Stock, net (including related parties) net 0 0 104,828
Purchase of Common Stock held in treasury 0 0 (7,832)
Redemption of Series A Preferred Stock (including related parties 0 0 (1,792)
Payment of Series D dividends, including related parties (3,015) 0 (4,704)
Proceeds from the exercise of Common Stock options and warrants 23,425 2,279 1,244
Borrowings on lines of credit 34,577 36,506 15,300
Repayments of lines of credit (38,997) (32,754) (20,127)
Net cash provided by financing activities 186,174 6,031 86,917
Effect of exchange rate on cash and cash equivalents 138 (2) (81)
Net increase (decrease) in cash and cash equivalents 158,437 (44,155) 53,500
Cash and cash equivalents at beginning of period 27,361 [1] 71,516 18,016
Cash and cash equivalents at end of period $ 185,798 [1] $ 27,361 [1] $ 71,516
[1] As of December 31, 2013 and 2012, total assets include $6.7 million and $5.6 million, respectively, and total liabilities include $10.4 million and $5.5 million, respectively related to SciVac Ltd (“SciVac”), previously known as SciGen (I.L.) Ltd, a consolidated variable interest entity. SciVac’s consolidated assets are owned by SciVac and the holders of SciVac’s consolidated liabilities have no recourse against us. Refer to Note 3.