Composition of Certain Financial Statement Captions (Tables)
|
12 Months Ended |
Dec. 31, 2015 |
|---|
| Compositions of Certain Financial Statement Captions [Abstract] |
|
| Composition of Certain Financial Statement Captions |
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
(In thousands) |
2015 |
|
2014 |
Accounts receivable, net |
|
|
|
Accounts receivable |
$ |
219,043 |
|
|
$ |
21,875 |
|
Less: allowance for doubtful accounts |
(25,168 |
) |
|
(1,906 |
) |
|
$ |
193,875 |
|
|
$ |
19,969 |
|
Inventories, net |
|
|
|
Consumable supplies |
$ |
22,265 |
|
|
$ |
— |
|
Finished products |
13,404 |
|
|
12,116 |
|
Work in-process |
1,215 |
|
|
1,011 |
|
Raw materials |
3,848 |
|
|
4,116 |
|
Less: inventory reserve |
(1,051 |
) |
|
(639 |
) |
|
$ |
39,681 |
|
|
$ |
16,604 |
|
Prepaid expenses and other current assets |
|
|
|
Other receivables |
$ |
11,946 |
|
|
$ |
669 |
|
Prepaid supplies |
8,773 |
|
|
1,123 |
|
Taxes recoverable |
3,076 |
|
|
2,417 |
|
Prepaid insurance |
2,206 |
|
|
968 |
|
Other |
903 |
|
|
4,212 |
|
|
$ |
26,904 |
|
|
$ |
9,389 |
|
Property, plant and equipment, net: |
|
|
|
Machinery, medical and other equipment |
$ |
89,936 |
|
|
$ |
13,710 |
|
Leasehold improvements |
27,949 |
|
|
3,592 |
|
Furniture and fixtures |
11,403 |
|
|
2,148 |
|
Automobiles and aircraft |
10,271 |
|
|
— |
|
Software |
10,497 |
|
|
1,695 |
|
Building |
5,965 |
|
|
3,171 |
|
Land |
2,394 |
|
|
2,391 |
|
Construction in process |
425 |
|
|
225 |
|
Less: accumulated depreciation |
(27,042 |
) |
|
(10,521 |
) |
|
$ |
131,798 |
|
|
$ |
16,411 |
|
Intangible assets, net: |
|
|
|
Customer relationships |
$ |
449,972 |
|
|
$ |
22,108 |
|
Technologies |
151,709 |
|
|
52,508 |
|
Trade names |
50,416 |
|
|
3,483 |
|
Covenants not to compete |
8,612 |
|
|
8,639 |
|
Licenses |
23,432 |
|
|
— |
|
Product registrations |
7,512 |
|
|
8,763 |
|
Other |
5,600 |
|
|
1,079 |
|
Less: accumulated amortization |
(59,101 |
) |
|
(33,931 |
) |
|
$ |
638,152 |
|
|
$ |
62,649 |
|
Accrued expenses: |
|
|
|
Deferred revenue |
70,246 |
|
|
4,185 |
|
Employee benefits |
29,751 |
|
|
4,127 |
|
Taxes payable |
$ |
7,605 |
|
|
$ |
77 |
|
Contingent consideration |
22,164 |
|
|
27,352 |
|
|
|
|
|
|
|
|
|
|
|
For the years ended December 31, |
Clinical trials |
2,505 |
|
|
8,643 |
|
Capital leases short-term |
5,373 |
|
|
— |
|
Milestone payment |
5,000 |
|
|
— |
|
Professional fees |
1,506 |
|
|
1,860 |
|
Other |
23,749 |
|
|
14,668 |
|
|
$ |
167,899 |
|
|
$ |
60,912 |
|
|
|
|
|
Other long-term liabilities: |
|
|
|
Deferred revenue |
$ |
162,634 |
|
|
$ |
2,526 |
|
JP Morgan Chase line of credit |
72,107 |
|
|
— |
|
Contingent consideration |
32,258 |
|
|
44,215 |
|
Capital leases long-term |
9,285 |
|
|
— |
|
Mortgages and other debts payable |
2,523 |
|
|
2,434 |
|
Other |
13,663 |
|
|
1,030 |
|
|
$ |
292,470 |
|
|
$ |
50,205 |
|
|
| Summary of Fair Values Assigned to Major Intangible Asset Classes |
The following table summarizes the fair values assigned to our major intangible asset classes upon each acquisition:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Technologies |
|
In-process research and development |
|
Customer relationships |
|
Product registrations |
|
Covenants not to compete |
|
Trade names |
|
Other |
|
Total identified intangible assets |
|
Goodwill |
Bio-Reference |
$ |
100,600 |
|
|
$ |
— |
|
|
$ |
395,200 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
47,100 |
|
|
$ |
— |
|
|
$ |
542,900 |
|
|
$ |
441,158 |
|
CURNA |
— |
|
|
10,000 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
290 |
|
|
10,290 |
|
|
4,827 |
|
EirGen |
— |
|
|
560 |
|
|
34,155 |
|
|
— |
|
|
— |
|
|
— |
|
|
3,919 |
|
|
38,634 |
|
|
83,373 |
|
FineTech |
2,700 |
|
|
— |
|
|
14,200 |
|
|
— |
|
|
1,500 |
|
|
400 |
|
|
— |
|
|
18,800 |
|
|
11,623 |
|
OPKO Biologics |
— |
|
|
590,200 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
590,200 |
|
|
139,784 |
|
|
OPKO
Chile
|
— |
|
|
— |
|
|
3,945 |
|
|
5,829 |
|
|
— |
|
|
1,032 |
|
|
— |
|
|
10,806 |
|
|
5,441 |
|
OPKO Diagnostics |
44,400 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
44,400 |
|
|
17,977 |
|
OPKO Health Europe |
3,017 |
|
|
1,459 |
|
|
436 |
|
|
2,930 |
|
|
187 |
|
|
349 |
|
|
— |
|
|
8,378 |
|
|
8,062 |
|
OPKO Lab |
1,370 |
|
|
— |
|
|
3,860 |
|
|
— |
|
|
6,900 |
|
|
1,830 |
|
|
70 |
|
|
14,030 |
|
|
29,629 |
|
OPKO Renal |
— |
|
|
191,530 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
|
210 |
|
|
191,740 |
|
|
2,411 |
|
Weighted average amortization period |
8-12 years |
|
|
Indefinite |
|
|
6-20 years |
|
|
9 years |
|
|
5 years |
|
|
4-5 years |
|
|
3-10 years |
|
|
|
|
Indefinite |
|
|
| Summary of Valuation Allowance |
The following table reflects the changes in the allowance for doubtful accounts, provision for inventory reserve and tax valuation allowance accounts:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(In thousands) |
Beginning
balance
|
|
Charged
to
expense
|
|
Written-off |
|
Charged
to other
|
|
Ending
balance
|
2015 |
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
$ |
(1,906 |
) |
|
(24,548 |
) |
|
928 |
|
|
358 |
|
|
$ |
(25,168 |
) |
Inventory reserve |
$ |
(639 |
) |
|
(926 |
) |
|
435 |
|
|
79 |
|
|
$ |
(1,051 |
) |
Tax valuation allowance |
$ |
(131,931 |
) |
|
— |
|
|
— |
|
|
89,784 |
|
|
$ |
(42,147 |
) |
2014 |
|
|
|
|
|
|
|
|
|
Allowance for doubtful accounts |
$ |
(1,884 |
) |
|
(646 |
) |
|
321 |
|
|
303 |
|
|
$ |
(1,906 |
) |
Inventory reserve |
$ |
(777 |
) |
|
(1,082 |
) |
|
1,028 |
|
|
192 |
|
|
$ |
(639 |
) |
Tax valuation allowance |
$ |
(85,370 |
) |
|
— |
|
|
— |
|
|
(46,561 |
) |
|
$ |
(131,931 |
) |
|
| Schedule of Goodwill |
The following table summarizes the changes in Goodwill during the year ended December 31, 2015.
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2015 |
|
2014 |
(In thousands) |
Balance at January 1st |
|
Acquisitions |
|
Foreign exchange, other |
|
Balance at December 31st |
|
Balance at January 1 |
|
Acquisitions |
|
Foreign exchange, other |
|
Balance at December 31 |
Pharmaceuticals |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
CURNA |
$ |
4,827 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,827 |
|
|
$ |
4,827 |
|
|
$ |
— |
|
|
$ |
— |
|
|
$ |
4,827 |
|
EirGen |
— |
|
|
83,373 |
|
|
(2,234 |
) |
|
81,139 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
FineTech |
11,698 |
|
|
— |
|
|
— |
|
|
11,698 |
|
|
11,698 |
|
|
— |
|
|
— |
|
|
11,698 |
|
OPKO Biologics |
139,784 |
|
|
— |
|
|
— |
|
|
139,784 |
|
|
139,784 |
|
|
— |
|
|
— |
|
|
139,784 |
|
OPKO Chile |
5,283 |
|
|
— |
|
|
(766 |
) |
|
4,517 |
|
|
6,102 |
|
|
— |
|
|
(819 |
) |
|
5,283 |
|
OPKO Health Europe |
8,013 |
|
|
— |
|
|
(822 |
) |
|
7,191 |
|
|
9,075 |
|
|
— |
|
|
(1,062 |
) |
|
8,013 |
|
OPKO Mexico |
100 |
|
|
— |
|
|
(100 |
) |
|
— |
|
|
114 |
|
|
— |
|
|
(14 |
) |
|
100 |
|
OPKO Renal |
2,069 |
|
|
— |
|
|
— |
|
|
2,069 |
|
|
2,069 |
|
|
— |
|
|
— |
|
|
2,069 |
|
SciVac |
1,553 |
|
|
— |
|
|
(1,553 |
) |
|
— |
|
|
1,739 |
|
|
— |
|
|
(186 |
) |
|
1,553 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Diagnostics |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Bio-Reference |
— |
|
|
441,158 |
|
|
— |
|
|
441,158 |
|
|
— |
|
|
— |
|
|
— |
|
|
— |
|
OPKO Diagnostics |
17,977 |
|
|
— |
|
|
— |
|
|
17,977 |
|
|
17,977 |
|
|
— |
|
|
— |
|
|
17,977 |
|
OPKO Lab |
32,988 |
|
|
— |
|
|
— |
|
|
32,988 |
|
|
32,988 |
|
|
— |
|
|
— |
|
|
32,988 |
|
|
$ |
224,292 |
|
|
$ |
524,531 |
|
|
$ |
(5,475 |
) |
|
$ |
743,348 |
|
|
$ |
226,373 |
|
|
$ |
— |
|
|
$ |
(2,081 |
) |
|
$ |
224,292 |
|
|