Quarterly report pursuant to Section 13 or 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
6 Months Ended
Jun. 30, 2014
Jun. 30, 2013
Cash flows from operating activities:    
Net loss $ (71,163) $ (39,115)
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 7,591 6,880
Non-cash interest on 2033 Senior Notes 3,557 3,120
Amortization of deferred financing costs 1,807 343
Losses from investments in investees 2,426 6,261
Equity-based compensation – employees and non-employees 6,993 7,003
(Recovery of) provision for bad debts (68) 329
Provision for inventory obsolescence 583 1,273
Revenue from receipt of equity (120) (12,620)
Realized gain on sale of equity securities (1,274) (10,821)
Gain on conversion of 3.00% convertible senior notes (2,668) 0
Change in fair value of derivatives instruments (452) 10,898
In-process research and development 10,055 0
Change in fair value of contingent consideration 4,486 3,921
Deferred income tax benefit 0 (602)
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (4,321) (1,652)
Inventory (1,413) 1,213
Prepaid expenses and other current assets 3,324 (2,572)
Other assets 3,911 97
Accounts payable (3,308) 333
Foreign currency measurement (824) 450
Accrued expenses (3,663) 7,130
Net cash used in operating activities (44,541) (18,131)
Cash flows from investing activities:    
Investments in investees (500) (13,341)
Proceeds from sale of equity securities 1,331 11,496
Acquisition of businesses, net of cash (1,695) 78
Purchase of marketable securities 0 (50,027)
Capital expenditures (2,467) (2,054)
Net cash used in investing activities (3,331) (53,848)
Cash flows from financing activities:    
Issuance of 2033 Senior Notes, net, including related parties 0 170,184
Payment of Series D dividends, including related parties 0 (3,015)
Proceeds from the exercise of Common Stock options and warrants 2,747 1,519
Contingent consideration payments (6,435) (2,539)
Borrowings on lines of credit 14,258 15,354
Repayments of lines of credit (14,571) (17,718)
Net cash (used in) provided by financing activities (4,001) 163,785
Effect of exchange rate on cash and cash equivalents 85 (106)
Net (decrease) increase in cash and cash equivalents (51,788) 91,700
Cash and cash equivalents at beginning of period 185,798 [1] 27,361
Cash and cash equivalents at end of period 134,010 [1] 119,061
SUPPLEMENTAL INFORMATION:    
Interest paid 2,771 318
Income taxes paid, net 796 242
RXi common stock received 0 12,500
Pharmsynthez common stock received 6,264 0
Non-cash financing:    
Common Stock options and warrants, net exercised 3,493 815
Cytochroma
   
Issuance of Common Stock to acquire:    
Stock Issued 0 146,902
OPKO Brazil
   
Issuance of Common Stock to acquire:    
Stock Issued 0 436
Arma Uruguay
   
Issuance of Common Stock to acquire:    
Stock Issued 159 0
Inspiro
   
Issuance of Common Stock to acquire:    
Stock Issued 8,566 0
Conversion of Series D Preferred Stock
   
Non-cash financing:    
Series D Preferred Stock 0 24,386
Conversion of Senior Notes
   
Non-cash financing:    
Series D Preferred Stock $ 95,665 $ 0
[1] As of June 30, 2014 and December 31, 2013, total assets include $7.7 million and $6.7 million, respectively, and total liabilities include $13.5 million and $10.4 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 SciVac’s consolidated liabilities have no recourse against us. Refer to Note 5.