Composition of Certain Financial Statement Captions |
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(In thousands) |
September 30, 2020 |
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December 31, 2019 |
Accounts receivable, net: |
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Accounts receivable |
$ |
243,540 |
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|
$ |
136,551 |
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Less: allowance for credit losses |
(1,996) |
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|
(1,934) |
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$ |
241,544 |
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$ |
134,617 |
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Inventories, net: |
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Consumable supplies |
$ |
72,518 |
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$ |
23,005 |
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Finished products |
30,268 |
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|
25,142 |
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Work in-process |
6,425 |
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|
3,238 |
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Raw materials |
6,343 |
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|
4,586 |
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Less: inventory reserve |
(3,681) |
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|
(2,537) |
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$ |
111,873 |
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$ |
53,434 |
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Other current assets and prepaid expenses: |
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Taxes recoverable |
$ |
14,072 |
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$ |
19,808 |
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Prepaid expenses |
9,435 |
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|
8,147 |
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Prepaid insurance |
6,635 |
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|
3,486 |
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Other receivables |
714 |
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|
3,262 |
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Other |
7,542 |
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|
15,839 |
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$ |
38,398 |
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$ |
50,542 |
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Intangible assets, net: |
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Customer relationships |
$ |
446,794 |
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$ |
445,408 |
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Technologies |
296,429 |
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|
296,246 |
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Trade names |
49,791 |
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49,786 |
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Covenants not to compete |
16,326 |
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|
16,318 |
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Licenses |
5,766 |
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|
5,766 |
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Product registrations |
7,430 |
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|
7,578 |
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Other |
6,296 |
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|
6,094 |
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Less: accumulated amortization |
(342,414) |
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(298,234) |
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$ |
486,418 |
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$ |
528,962 |
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Accrued expenses: |
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Inventory received but not invoiced |
$ |
84,768 |
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$ |
13,751 |
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Commitments and Contingencies |
22,669 |
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|
38,635 |
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Employee benefits |
37,671 |
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|
33,671 |
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Contract liabilities |
14,099 |
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|
19,196 |
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Clinical trials |
5,912 |
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|
8,122 |
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Contingent consideration |
2,374 |
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|
2,375 |
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Finance leases short-term |
2,343 |
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|
2,743 |
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Professional fees |
5,340 |
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|
1,333 |
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Other |
73,246 |
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|
45,099 |
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$ |
248,422 |
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$ |
164,925 |
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(In thousands) |
September 30, 2020 |
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December 31, 2019 |
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Other long-term liabilities: |
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Line of credit (see Note) |
$ |
— |
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$ |
44,749 |
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Contingent consideration |
8,643 |
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|
7,308 |
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Mortgages and other debts payable |
4,010 |
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|
3,906 |
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Finance leases long-term |
2,538 |
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|
4,046 |
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Contract liabilities |
2,951 |
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|
2,571 |
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Other |
26,889 |
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|
25,224 |
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$ |
45,031 |
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|
$ |
87,804 |
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Note: Our line of credit with JPMorgan Chase Bank, N.A. was fully repaid as of September 30, 2020.
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Changes in Goodwill |
The following table summarizes the changes in Goodwill by reporting unit during the nine months ended September 30, 2020.
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2020 |
(In thousands) |
Balance at January 1 |
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Foreign exchange and other |
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Balance at September 30th |
Pharmaceuticals |
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Rayaldee |
$ |
85,605 |
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$ |
3,791 |
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$ |
89,396 |
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OPKO Chile |
4,348 |
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(272) |
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|
4,076 |
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OPKO Biologics |
139,784 |
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— |
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139,784 |
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OPKO Health Europe |
7,394 |
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|
336 |
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7,730 |
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Diagnostics |
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BioReference |
434,809 |
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— |
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434,809 |
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$ |
671,940 |
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$ |
3,855 |
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$ |
675,795 |
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