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Share Name | Share Symbol | Market | Type |
---|---|---|---|
Merit Medical Systems Inc | NASDAQ:MMSI | NASDAQ | Common Stock |
Price Change | % Change | Share Price | Bid Price | Offer Price | High Price | Low Price | Open Price | Shares Traded | Last Trade | |
---|---|---|---|---|---|---|---|---|---|---|
-0.32 | -0.37% | 85.53 | 85.35 | 85.93 | 86.38 | 85.46 | 85.58 | 305,262 | 22:23:59 |
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Annual report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934
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for the fiscal year ended December 31, 2018
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Transition report pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934.
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Utah
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0-18592
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87-0447695
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(State or other jurisdiction of incorporation or organization)
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(Commission File No.)
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(IRS Employer Identification No.)
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Large Accelerated Filer
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Accelerated Filer
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(Do not check if a smaller reporting company)
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Emerging Growth Company
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risks relating to managing growth, particularly if accomplished through acquisitions, and the integration of acquired businesses;
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risks relating to protecting our intellectual property;
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claims by third parties that we infringe their intellectual property rights, which could cause us to incur significant legal or licensing expenses and prevent us from selling our products;
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greater scrutiny and regulation by governmental authorities, including risks relating to the subpoena we received in October 2016 from the U.S. Department of Justice seeking information on our marketing and promotional practices;
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risks relating to physicians’ use of our products in unapproved circumstances;
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FDA regulatory clearance processes and any failure to obtain and maintain required regulatory clearances and approvals;
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international regulatory clearance processes and any failure to obtain and maintain required regulatory clearances and approvals;
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disruption of our security of information technology systems to operate our business, our critical information systems or a breach in the security of our systems;
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the effect of evolving U.S. and international laws and regulations regarding privacy and data protection;
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uncertainties about when, how or if the United Kingdom will withdraw from the European Union;
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risks relating to significant adverse changes in, or our failure to comply, with governing regulations;
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restrictions and limitations in our debt agreements and instruments, which could affect our ability to operate our business and our liquidity;
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uncertainties relating to the LIBOR calculation and potential phasing out of LIBOR after 2021;
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expending significant resources for research, development, testing and regulatory approval or clearance of our products under development and any failure to develop the products, any failure of the products to be effective or any failure to obtain approvals for commercial use;
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violations of laws targeting fraud and abuse in the healthcare industry;
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risks relating to healthcare legislation negatively affecting our financial results, business, operations or financial condition;
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loss of key personnel;
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termination or interruption of, or a failure to monitor, our supply relationships or increases in the price of our component parts, finished products, third-party services or raw materials, particularly petroleum-based products;
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product liability claims;
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failure to report adverse medical events to the FDA or other governmental authorities, which may subject us to sanctions that may materially harm our business;
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failure to maintain or establish sales capabilities on our own or through third parties, which may result in our inability to commercialize any of our products in countries where we lack direct sales and marketing capabilities;
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employees, independent contractors, consultants, manufacturers and distributors engaging in misconduct or other improper activities, including noncompliance;
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the addressable market for our product groups being smaller than our estimates;
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consolidation in the healthcare industry, group purchasing organizations or public procurement policies leading to demands for price concessions;
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our inability to compete in markets, particularly if there is a significant change in relevant practices or technology;
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fluctuations in foreign currency exchange rates negatively impacting our financial results;
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inability to accurately forecast customer demand for our products or manage our inventory;
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International and national economic and industry conditions constantly changing;
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changes in general economic conditions, geopolitical conditions, U.S. trade policies and other factors beyond our control;
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failure to comply with export control laws, customs laws, sanctions laws and other laws governing our operations in the U.S. and other countries, which could subject us to civil or criminal penalties, other remedial measures and legal expenses;
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inability to generate sufficient cash flow to fund our debt obligations, capital expenditures, and ongoing operations;
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risks relating to our revenues being derived from a few products and medical procedures;
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risks relating to work stoppage, transportation interruptions, severe weather and natural disasters;
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fluctuations in our effective tax rate adversely affecting our business, financial condition or results of operation;
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limits on reimbursement imposed by governmental and other programs;
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failure to comply with applicable environmental laws and regulations;
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volatility of the market price of our common stock and potential dilution from future equity offerings; and
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other factors referenced in our press releases and in our reports filed with the Securities and Exchange Commission (the “SEC”).
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Item 1.
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Business.
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enhancing global growth and profitability through research and development, sales model optimization, cost discipline and operational focus;
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optimizing our operational capability through lean processes, cost effective environments and asset utilization;
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targeting high-growth, high-return opportunities by understanding, innovating and delivering in our core product groups;
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maintaining a highly disciplined, customer-focused enterprise guided by strong core values to globally address unmet or underserved healthcare needs, and
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creating sustainability of our business for our employees, shareholders and community.
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Peripheral Intervention: $3.1 billion (global)
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Cardiac Intervention: $1.8 billion (global)
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Cardiovascular and Critical Care: $5.5 billion (global)
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Interventional Oncology and Spine: $1.4 billion (global)
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Breast Cancer Localization and Guidance: $1 billion (global)
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Endoscopy: $484 million (U.S. domestic)
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our HeRO® (Hemodialysis Reliable Outflow) Graft, a fully subcutaneous vascular access system, which is intended for use in maintaining long-term vascular access for chronic hemodialysis patients,
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our CentrosFLO® Long-Term Hemodialysis Catheter and ProGuide® Chronic Dialysis Catheter,
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our peritoneal dialysis catheters, accessories and implantation kits, and
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our Surfacer® Inside-Out® Access Catheter System, an innovative approach to restore access and to preserve treatment options for hemodialysis patients with occluded veins. The Surfacer Inside-Out is sold through our distribution agreement with BlueGrass Vascular Technologies.
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our extensive line of Merit Laureate® Hydrophilic Guide Wires, a smooth-surface guide wire designed to minimize friction and promote rapid catheter exchanges,
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our InQwire® Diagnostic Guide Wires and InQwire® Amplatz guide wires, and
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our Performa® and Impress® Diagnostic Catheters, designed for traversing difficult to access peripheral blood vessels.
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our Advocate™ Percutaneous Transluminal Angioplasty ("PTA") Catheter and Dynamis AV™ PTA Dilatation Catheter, used to correct failing or thrombosed dialysis fistulae,
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our Fountain® Infusion System and Mistique® Infusion Catheters, used to treat arterial and hemodialysis graft occlusions and deep vein thrombosis,
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our low profile and standard ASAP® Aspiration Catheters, a safe and efficient catheter used to remove fresh, soft emboli and thrombi from vessels,
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our extensive line of EN Snare® and One Snare® Endovascular Snare Systems, snares designed to manipulate, capture and retrieve foreign material in the body,
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our line of inflations devices, including our basixTOUCH™ Inflation Device, BasixCompak™ Inflation Device and Blue Diamond™ Digital Inflation Device, designed to accurately measure pressures during balloon and stent deployment. and
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our new high-pressure basixTOUCH40™ Inflation Device, introduced in 2018, which features a quick-release handle with a 40-atmosphere pressure capacity.
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our One-Step™ and Valved One-Step™ Drainage Catheters, sold individually and in kits, for emergency drainage procedures, quickly removing unwanted fluid accumulation,
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our ReSolve® Locking and Non-Locking Drainage Catheters, Resolve Biliary Catheter and related products including tubing sets and drainage bags, and
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our Revolution™ Catheter Securement Device and StayFIX® Fixation Device, used to stop migration, movement and accidental removal of a percutaneous catheter.
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our innovative CorVocet® Biopsy System, introduced in 2018, for soft tissue biopsy procedures, designed to cut a full-core of tissue, providing large specimens for pathological examination, and
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our Madison™, Huntington™, Kensington™, Preston™ and Westbrook™ bone and spine biopsy products, now fully launched in the U.S.
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our Merit Advance® needles, arm boards with radiation scatter protection, scalpels and guide wires, and
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our family of Prelude Introducer Sheaths, for both radial and femoral access, features our new Prelude Ideal™ Hydrophilic Sheath Introducer, introduced in 2018, an ultra-thin wall introducer sheath that provides more room for the insertion of catheters and other devices in the radial artery.
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our InQwire® Guide Wires and complete line of manifolds, syringes, and stopcocks,
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our Performa® Diagnostic Catheter, known for its superior torque, high shaft strength for pushability and a large inner diameter for improved flow rates; and
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our MIV™ Radial Ventriculogram Pigtail Catheter, a catheter specifically designed for radial artery access.
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our SafeGuard Pressure Assisted Device and Safeguard Radial Compression Device, a comfortable hemostasis device which delivers adjustable active compression and enables immediate pressure adjustment and
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our new and innovative PreludeSYNC™ Hemostasis Device and PreludeSYNC Distal, introduced in early 2019, a comfortable hemostasis device with colorful band designs.
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our new FLO40XR™ and FLO50™ Hemostasis Valves, introduced in 2018, and our full line of hemostasis valves including the MAP™ Merit Angioplasty Packs, Honor®, PhD™, AccessPLUS™, Access-9™, DoublePlay™, MBA™ and the Passage®,
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our new basixTAU™ Inflation Device, introduced in 2018, which features a fold-out handle, reducing physician fatigue by reducing the rotational force applied by physicians when performing multiple inflation procedures, along with our legacy inflation devices, including our BasixCompak™, Blue Diamond™ and BasixTouch™,
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our pericardiocentesis kits, which combines the necessary medical devices for pericardial drainage procedures,
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our Ostial PRO® Stent Positioning System, a stent alignment tool for precise stent implantation in aorto-ostial lesions,
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our ConcierGE® Guiding Catheters with a large inner lumen and soft tip used to gain access to the heart, and
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our Merit SureCross® Support Catheters, support catheters used to reach and cross tight, difficult lesions.
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our Worley™ Advanced LV Delivery System, used to aid in the insertion and implantation of left ventricular pacing leads, shown to reduce lead implant failures, improve target lead location and reduce procedure times,
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our HeartSpan® Transseptal Needle, for left-heart access procedures, exceptionally responsive with transparent handle allowing direct visualization, and
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our newest generation HeartSpan® Steerable Sheath Introducer, introduced in 2018, featuring a neutral position indicator and tactile click to help physicians identify curve orientation.
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our DualCap® Disinfection Protection System, which protects and disinfects needleless valves with isopropyl alcohol, designed to reduce healthcare-associated infections in hospitals,
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our Medallion® Syringes, a medication syringe, available in assorted colors for easy medication identification,
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our Pen and Label Medication Labeling Systems, for labeling syringes, bowls and other medical containers,
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our ShortStop® Temporary Sharps Holders, to hold needles and prevent accidental needlestick injuries to hospital staff, and
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our family of BackStop® Disposable Basins, for holding contaminated fluid waste, for safe and quick waste elimination.
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our Meritrans DTXPLUS® Pressure Transducers, used to identify a patient's blood pressure and cardiovascular status,
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our Safedraw® Closed Arterial Blood Sampling System, for easy blood sampling, which reduces unnecessary blood discard,
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our RadialFlo™ Arterial Catheter, introduced in 2018, which controls blood flow with an integral switch and is silicone-coated for smooth insertion,
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our TRAM® Manifolds with an integral pressure transducer to measure blood pressures, and
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our Careflow® Central Venous and Arterial Catheters for high flow rate infusions.
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our new Merit Pursue™ Microcatheter, introduced in 2018, a small microcatheter designed for pushability and trackability through small and tortuous vessels,
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our SwiftNINJA® Steerable Microcatheter, an advanced microcatheter with a 180-degree articulating tip, sold through our exclusive worldwide distribution agreement (excluding Japan) with Sumitomo Bakelite Co., Ltd.,
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our Merit Maestro® Microcatheter, designed for small vessels, providing reliable embolization,
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our True Form™ Reshapable Guide Wire, which can be shaped and reshaped multiple times, reducing the need for multiple guide wires, and
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our Tenor® Steerable Guide Wire, which facilitates navigation in challenging anatomy during embolic procedures.
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our Embosphere® Microspheres, a highly studied, round embolic for consistent and predictable results,
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our new EmboCube™, introduced in 2018, a pre-loaded syringe filled with gelatin foam which speeds up procedure preparation,
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our Bearing nsPVA® Embolization Particles, non-spherical embolic particles,
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our QuadraSphere® Microspheres, a precisely calibrated embolic for controlled, targeted embolization, and
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our HepaSphere™ Microspheres, offered outside of the U.S., for the treatment of primary and metastatic liver cancer.
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our StabiliT® Vertebral Augmentation System, which treats pathological fractures by delivering bone cement with a consistent viscosity using radio-frequency energy,
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our StabiliT MX Vertebral Augmentation System, using our industry-leading inflation devices to deliver bone cement,
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our StabiliT VP Vertebroplasty System, which combines a simple cement preparation and controlled delivery of high-viscosity cement, and
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our Osseoflex® products, which are part of our unique brand of directional devices that allow users to navigate and target specific anatomy within the spine. Our Osseoflex products include access kits, steerable needles, steerable and straight balloons, as well as cement mixing and delivery systems.
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our AERO®, AEROmini® and AERO DV® Fully Covered Tracheobronchial Stents, for the treatment of tracheobronchial strictures produced by malignant neoplasms,
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our Alimaxx-ES™ and EndoMAXX®, Fully Covered Esophageal Stents, intended for maintaining esophageal luminal patency in esophageal strictures caused by intrinsic and/or extrinsic malignant tumors and for occlusion of esophageal fistulae, and
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our Alimaxx-B® biliary stent systems, intended for the palliation of malignant strictures in the biliary tree.
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our Elation® Fixed Wire and Wire Guided Balloon Dilators, intended for use in the alimentary tract,
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our newly-added Elation Pulmonary Balloon Dilator, for the dilation of strictures of the trachea and bronchi, and
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our BIG60® Inflation Device, a 60-mL syringe and gauge designed to inflate and deflate non-vascular balloon dilators while monitoring and displaying inflation pressures up to 12 atmospheres.
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our MAXXWIRE™ Guide Wire, used to position catheters and other interventional devices within the gastrointestinal tract and the tracheobronchial tree,
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our Brighton® Bipolar Probe, used to provide hemostasis throughout the gastrointestinal tract,
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our BiliQUICK™ Cholangiography Rapid Refill Continuous Injection Kit, a combination kit designed to deliver contrast media quickly and efficiently,
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our TIO™ Three-in-One, a combination oral airway, bite block and oxygen administration device,
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our BAL (bronchoalveolar lavage) Convenience Kit™, designed to save time and improve specimen quality during bronchoalveolar lavage procedures, and
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our Aspira® Drainage System, acquired from BD, sold in partnership with our peripheral intervention sales team.
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Aliso Viejo and San Jose, California
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Dallas and Pearland, Texas
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Jackson Township, New Jersey
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Malvern, Pennsylvania
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South Jordan and West Jordan, Utah
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Galway, Ireland
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Paris, France
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Singapore
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Tijuana, Mexico
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Venlo, The Netherlands
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Class I devices are those for which safety and effectiveness can be reasonably assured by adherence to the FDA’s general regulatory controls, which include compliance with the applicable portions of the FDA’s Quality System Regulations (QSRs), facility registration and product listing, reporting of certain adverse medical events and malfunctions, and compliance with the FDA’s restrictions against misbranding and adulteration. While most Class I devices are exempt from the 510(k) premarket notification process (assuming they are within the limitations of the exemption), some Class I devices also require 510(k) clearance by the FDA.
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Class II devices are subject to the FDA’s general controls, including the design control requirements of the QSRs, and any other special controls deemed necessary by the FDA to provide reasonable assurance of the safety and effectiveness of the device. While most Class II devices require premarket review and clearance by the FDA through the 510(k) premarket notification procedure, some Class II devices are exempt from the 510(k) premarket notification process (assuming they are within the limitations of the exemption).
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Class III devices are those deemed by the FDA to pose the greatest risk, such as life-sustaining, life-supporting or implantable devices, or those devices deemed not substantially equivalent to a legally marketed predicate device. Class III devices include those devices for which the FDA has determined that general and special controls alone are insufficient to assure the safety and effectiveness of the device.
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our major program to reduce film thickness in kit packaging, without compromising on quality,
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our transition to re-usable pallets and methods to move products in bulk containers, significantly reducing intra-company shipping materials,
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our packaging design, which allows our products to ship to customers in its original packaging, eliminating the need for additional shipping materials, such as boxes and plastic bubble wrap,
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our transition from paper to electronic work orders in our facilities worldwide, from which we expect to reduce our paper usage by approximately 2.8 million pieces and 20,000 plastic sleeves annually,
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our GreenChoice™ program for our kits and packs, which now gives our customers the option to choose eco product alternatives—such as trays and natural fiber towels—that can be included in their order,
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our Employee Recycling Program, in which our employees recycle as many materials as we can, including paper, cardboard, food and beverage containers, scrap metal, and pallets,
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our partnership with companies who can use our plastic waste that surrounds a finished molded part and
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our investment in a line of fully compostable “to-go” containers made from plant starch and sugarcane and our program to transition to reusable cutlery at all of our dining facilities worldwide, reducing the amount of cutlery and plates waste sent to landfills.
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Item 1A.
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Risk Factors.
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be developed successfully;
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be proven safe or effective in clinical trials;
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offer therapeutic or other improvements over current treatments and products;
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meet applicable regulatory standards or receive regulatory approvals or clearances;
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be capable of production in commercial quantities at acceptable costs and in compliance with regulatory requirements;
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be successfully marketed; or
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be covered by private or public insurers.
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a global or regional economic slowdown in any of our market segments;
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postponement of spending, in response to tighter credit, financial market volatility and other factors;
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effects of significant changes in economic, monetary and fiscal policies in the U.S. and abroad including significant income tax changes, currency fluctuations and inflationary pressures;
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rapid material escalation of the cost of regulatory compliance and litigation;
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changes in government policies and regulations affecting the Company or its significant customers;
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industrial policies in various countries that favor domestic industries over multinationals or that restrict foreign companies altogether;
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difficulties protecting intellectual property;
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longer payment cycles;
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credit risks and other challenges in collecting accounts receivable; and
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the impact of each of the foregoing on outsourcing and procurement arrangements.
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Item 1B.
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Unresolved Staff Comments.
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Item 2.
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Properties.
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Owned
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Leased
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Total
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U.S.
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552,207
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499,074
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1,051,281
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International
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344,181
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456,957
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801,138
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Total
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896,388
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956,031
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1,852,419
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Item 4.
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Mine Safety Disclosures.
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Item 5.
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Market for Registrant’s Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities.
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12/2013
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12/2014
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12/2015
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12/2016
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12/2017
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12/2018
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||||||||||||
Merit Medical Systems, Inc.
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$
|
100
|
|
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$
|
110
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|
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$
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118
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$
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168
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$
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274
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|
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$
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355
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|
NASDAQ Stock Market (U.S. Companies)
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100
|
|
|
115
|
|
|
124
|
|
|
136
|
|
|
146
|
|
|
143
|
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||||||
NASDAQ Stocks (SIC 3840-3849 U.S. Companies)
|
100
|
|
|
114
|
|
|
127
|
|
|
132
|
|
|
185
|
|
|
209
|
|
NOTE:
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Performance graph data is complete through last fiscal year. Performance graph with peer group uses peer group only performance (excludes only Merit). Peer group indices use beginning of period market capitalization weighting. Index Data: Calculated (or Derived) based from CRSP NASDAQ Stock Market (US Companies), Center for Research in Security Prices (CRSP®), Graduate School of Business, The University of Chicago. Copyright 2019. Used with permission. All rights reserved.
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Number of
securities to be
issued upon
exercise of
outstanding
options, warrants
and rights
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Weighted-average
exercise price of
outstanding options,
warrants and rights
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Number of securities
remaining available for
future issuance under
equity compensation plans
(excluding securities
reflected in column (a))
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Plan category
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(a)
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(b)
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(c)
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Equity compensation Plans approved by security holders
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3,507 (1),(3)
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$
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26.30
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3,005 (2),(3)
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Item 6.
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Selected Financial Data (in thousands, except per share amounts).
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2018
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2017
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2016
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2015
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2014
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||||||||||
OPERATING DATA:
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|||||||
Net Sales
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$
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882,753
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$
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727,852
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$
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603,838
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$
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542,149
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$
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509,689
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Cost of Sales
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487,983
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401,599
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338,813
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306,368
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284,467
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|||||
Gross Profit
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394,770
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326,253
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265,025
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235,781
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225,222
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|||||
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||||||||||
Operating Expenses:
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|
|
|
|
|
|
|
|
|
|
||||||||
Selling, general, and administrative
|
276,018
|
|
|
229,134
|
|
|
184,398
|
|
|
156,348
|
|
|
147,894
|
|
|||||
Research and development
|
59,532
|
|
|
51,403
|
|
|
45,229
|
|
|
40,810
|
|
|
36,632
|
|
|||||
Intangible asset impairment charge
|
657
|
|
|
809
|
|
|
—
|
|
|
—
|
|
|
1,102
|
|
|||||
Contingent consideration expense (benefit)
|
(698
|
)
|
|
(298
|
)
|
|
61
|
|
|
80
|
|
|
(572
|
)
|
|||||
Acquired in-process research and development
|
644
|
|
|
12,136
|
|
|
461
|
|
|
1,000
|
|
|
—
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Total operating expenses
|
336,153
|
|
|
293,184
|
|
|
230,149
|
|
|
198,238
|
|
|
185,056
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Income from Operations
|
58,617
|
|
|
33,069
|
|
|
34,876
|
|
|
37,543
|
|
|
40,166
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Other Income (Expense):
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Interest income
|
1,199
|
|
|
381
|
|
|
81
|
|
|
272
|
|
|
217
|
|
|||||
Interest expense
|
(10,360
|
)
|
|
(7,736
|
)
|
|
(8,798
|
)
|
|
(6,229
|
)
|
|
(8,829
|
)
|
|||||
Gain on bargain purchase
|
—
|
|
|
11,039
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||
Other income (expense)
|
63
|
|
|
(872
|
)
|
|
(773
|
)
|
|
(386
|
)
|
|
18
|
|
|||||
Other income (expense)—net
|
(9,098
|
)
|
|
2,812
|
|
|
(9,490
|
)
|
|
(6,343
|
)
|
|
(8,594
|
)
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income Before Income Taxes
|
49,519
|
|
|
35,881
|
|
|
25,386
|
|
|
31,200
|
|
|
31,572
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Income Tax Expense
|
7,502
|
|
|
8,358
|
|
|
5,265
|
|
|
7,398
|
|
|
8,598
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
Net Income
|
$
|
42,017
|
|
|
$
|
27,523
|
|
|
$
|
20,121
|
|
|
$
|
23,802
|
|
|
$
|
22,974
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
Earnings Per Common Share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
$
|
0.78
|
|
|
$
|
0.55
|
|
|
$
|
0.45
|
|
|
$
|
0.53
|
|
|
$
|
0.53
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
Average Common Shares:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Diluted
|
53,931
|
|
|
50,101
|
|
|
44,862
|
|
|
44,511
|
|
|
43,409
|
|
|||||
|
|
|
|
|
|
|
|
|
|
||||||||||
BALANCE SHEET DATA:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
Working capital
|
$
|
254,491
|
|
|
$
|
200,501
|
|
|
$
|
155,092
|
|
|
$
|
116,093
|
|
|
$
|
116,910
|
|
Total assets
|
1,620,012
|
|
|
1,111,811
|
|
|
942,803
|
|
|
778,728
|
|
|
747,165
|
|
|||||
Long-term debt, less current portion
|
373,152
|
|
|
259,013
|
|
|
314,373
|
|
|
197,593
|
|
|
214,490
|
|
|||||
Stockholders’ equity
|
932,775
|
|
|
676,334
|
|
|
498,189
|
|
|
466,103
|
|
|
435,259
|
|
Item 7.
|
Management’s Discussion and Analysis of Financial Condition and Results of Operations.
|
|
2018
|
|
2017
|
|
2016
|
Net sales
|
100%
|
|
100%
|
|
100%
|
Gross profit
|
44.7
|
|
44.8
|
|
43.9
|
Selling, general and administrative expenses
|
31.3
|
|
31.5
|
|
30.5
|
Research and development expenses
|
6.7
|
|
7.1
|
|
7.5
|
Intangible asset impairment charges
|
0.1
|
|
0.1
|
|
—
|
Contingent consideration expense (benefit)
|
(0.1)
|
|
—
|
|
—
|
Acquired in-process research and development expenses
|
0.1
|
|
1.7
|
|
0.1
|
Income from operations
|
6.6
|
|
4.5
|
|
5.8
|
Income before income taxes
|
5.6
|
|
4.9
|
|
4.2
|
Net income
|
4.8
|
|
3.8
|
|
3.3
|
|
% Change
|
|
2018
|
|
% Change
|
|
2017
|
|
% Change
|
|
2016
|
||||||
Cardiovascular
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Stand-alone devices
|
31%
|
|
$
|
361,613
|
|
|
44%
|
|
$
|
275,456
|
|
|
23%
|
|
$
|
191,127
|
|
Cianna Medical
|
n/a
|
|
6,292
|
|
|
—%
|
|
—
|
|
|
—%
|
|
—
|
|
|||
Custom kits and procedure trays
|
7%
|
|
134,756
|
|
|
6%
|
|
126,089
|
|
|
2%
|
|
119,247
|
|
|||
Inflation devices
|
16%
|
|
92,419
|
|
|
8%
|
|
79,875
|
|
|
1%
|
|
73,916
|
|
|||
Catheters
|
22%
|
|
155,525
|
|
|
13%
|
|
127,747
|
|
|
17%
|
|
113,367
|
|
|||
Embolization devices
|
1%
|
|
50,038
|
|
|
8%
|
|
49,532
|
|
|
2%
|
|
46,035
|
|
|||
CRM/EP
|
17%
|
|
48,834
|
|
|
15%
|
|
41,914
|
|
|
8%
|
|
36,459
|
|
|||
Total
|
21%
|
|
849,477
|
|
|
21%
|
|
700,613
|
|
|
11%
|
|
580,151
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Endoscopy
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Endoscopy devices
|
22%
|
|
33,276
|
|
|
15%
|
|
27,239
|
|
|
12%
|
|
23,687
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
||||||
Total
|
21%
|
|
$
|
882,753
|
|
|
21%
|
|
$
|
727,852
|
|
|
11%
|
|
$
|
603,838
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Operating Income
|
|
|
|
|
|
|
|
||||
Cardiovascular
|
$
|
49,289
|
|
|
$
|
24,819
|
|
|
$
|
30,053
|
|
Endoscopy
|
9,328
|
|
|
8,250
|
|
|
4,823
|
|
|||
Total operating income
|
$
|
58,617
|
|
|
$
|
33,069
|
|
|
$
|
34,876
|
|
|
|
Payment due by period (in thousands)
|
||||||||||||||||||
Contractual Obligations
|
|
Total
|
|
Less than 1 Year
|
|
1-3 Years
|
|
4-5 Years
|
|
After 5 Years
|
||||||||||
Long-term debt
|
|
$
|
395,500
|
|
|
$
|
22,000
|
|
|
$
|
373,500
|
|
|
$
|
—
|
|
|
$
|
—
|
|
Interest on long-term debt
(1)
|
|
39,843
|
|
|
11,063
|
|
|
28,780
|
|
|
—
|
|
|
—
|
|
|||||
Operating leases
|
|
102,495
|
|
|
13,421
|
|
|
21,314
|
|
|
15,006
|
|
|
52,754
|
|
|||||
Royalty obligations
|
|
7,236
|
|
|
804
|
|
|
1,442
|
|
|
1,350
|
|
|
3,640
|
|
|||||
Total contractual cash
|
|
$
|
545,074
|
|
|
$
|
47,288
|
|
|
$
|
425,036
|
|
|
$
|
16,356
|
|
|
$
|
56,394
|
|
Item 7A.
|
Quantitative and Qualitative Disclosures About Market Risk.
|
(in thousands)
|
|
USD Relative to Other Currency
|
|
|
|
10% Strengthening
|
10% Weakening
|
Impact to Operating Income of:
|
|
|
|
EUR
|
|
$4,600
|
$(4,600)
|
CNY
|
|
$(6,600)
|
$6,600
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Australian Dollar
|
AUD
|
11,400
|
|
Brazilian Real
|
BRL
|
9,000
|
|
Canadian Dollar
|
CAD
|
2,300
|
|
Swiss Franc
|
CHF
|
269
|
|
Chinese Renminbi
|
CNY
|
63,200
|
|
Danish Krone
|
DKK
|
3,237
|
|
Euro
|
EUR
|
5,927
|
|
British Pound
|
GBP
|
2,358
|
|
Hong Kong Dollar
|
HKD
|
11,000
|
|
Japanese Yen
|
JPY
|
265,000
|
|
Korean Won
|
KRW
|
5,500,000
|
|
Mexican Peso
|
MXN
|
23,000
|
|
Swedish Krona
|
SEK
|
9,627
|
|
Singapore Dollar
|
SGD
|
8,500
|
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Australian Dollar
|
AUD
|
3,000
|
|
Canadian Dollar
|
CAD
|
4,410
|
|
Swiss Franc
|
CHF
|
2,145
|
|
Chinese Renminbi
|
CNY
|
160,000
|
|
Danish Krone
|
DKK
|
17,225
|
|
Euro
|
EUR
|
20,310
|
|
British Pound
|
GBP
|
5,280
|
|
Japanese Yen
|
JPY
|
1,145,000
|
|
Korean Won
|
KRW
|
3,050,000
|
|
Mexican Peso
|
MXN
|
230,000
|
|
Swedish Krona
|
SEK
|
30,210
|
|
Item 8.
|
Financial Statements and Supplementary Data.
|
/s/ DELOITTE & TOUCHE LLP
|
|
|
|
Salt Lake City, Utah
|
|
March 1, 2019
|
|
We have served as the Company's auditor since 1988.
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net income
|
$
|
42,017
|
|
|
$
|
27,523
|
|
|
$
|
20,121
|
|
Other comprehensive income (loss):
|
|
|
|
|
|
||||||
Cash flow hedges
|
64
|
|
|
901
|
|
|
4,784
|
|
|||
Less income tax (expense)
|
(16
|
)
|
|
(350
|
)
|
|
(1,861
|
)
|
|||
Foreign currency translation adjustment
|
(3,606
|
)
|
|
3,117
|
|
|
878
|
|
|||
Less income tax (expense)
|
(9
|
)
|
|
(252
|
)
|
|
(196
|
)
|
|||
Total other comprehensive income (loss)
|
(3,567
|
)
|
|
3,416
|
|
|
3,605
|
|
|||
Total comprehensive income
|
$
|
38,450
|
|
|
$
|
30,939
|
|
|
$
|
23,726
|
|
|
|
|
|
|
|
||||||
See notes to consolidated financial statements.
|
|
|
|
|
|
Buildings
|
40 years
|
||
Manufacturing equipment
|
4
|
-
|
20 years
|
Furniture and fixtures
|
3
|
-
|
20 years
|
Land improvements
|
10
|
-
|
20 years
|
Leasehold improvements
|
4
|
-
|
25 years
|
|
Year Ended December 31, 2018
|
|
Year Ended December 31, 2017
|
|
Year Ended December 31, 2016
|
||||||||||||||||||||||||||||||
|
United States
|
|
International
|
|
Total
|
|
United States
|
|
International
|
|
Total
|
|
United States
|
|
International
|
|
Total
|
||||||||||||||||||
Cardiovascular
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Stand-alone devices
|
$
|
202,129
|
|
|
$
|
159,484
|
|
|
$
|
361,613
|
|
|
$
|
148,620
|
|
|
$
|
126,836
|
|
|
$
|
275,456
|
|
|
$
|
105,250
|
|
|
$
|
85,877
|
|
|
$
|
191,127
|
|
Cianna Medical
|
6,292
|
|
|
—
|
|
|
6,292
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|
—
|
|
|||||||||
Custom kits and procedure trays
|
92,975
|
|
|
41,781
|
|
|
134,756
|
|
|
92,474
|
|
|
33,615
|
|
|
126,089
|
|
|
93,109
|
|
|
26,138
|
|
|
119,247
|
|
|||||||||
Inflation devices
|
31,717
|
|
|
60,702
|
|
|
92,419
|
|
|
31,848
|
|
|
48,027
|
|
|
79,875
|
|
|
35,506
|
|
|
38,410
|
|
|
73,916
|
|
|||||||||
Catheters
|
68,708
|
|
|
86,817
|
|
|
155,525
|
|
|
62,284
|
|
|
65,463
|
|
|
127,747
|
|
|
56,899
|
|
|
56,468
|
|
|
113,367
|
|
|||||||||
Embolization devices
|
20,433
|
|
|
29,605
|
|
|
50,038
|
|
|
22,374
|
|
|
27,158
|
|
|
49,532
|
|
|
24,075
|
|
|
21,960
|
|
|
46,035
|
|
|||||||||
CRM/EP
|
41,970
|
|
|
6,864
|
|
|
48,834
|
|
|
36,746
|
|
|
5,168
|
|
|
41,914
|
|
|
32,561
|
|
|
3,898
|
|
|
36,459
|
|
|||||||||
Total
|
464,224
|
|
|
385,253
|
|
|
849,477
|
|
|
394,346
|
|
|
306,267
|
|
|
700,613
|
|
|
347,400
|
|
|
232,751
|
|
|
580,151
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Endoscopy
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Endoscopy devices
|
32,189
|
|
|
1,087
|
|
|
33,276
|
|
|
26,357
|
|
|
882
|
|
|
27,239
|
|
|
22,950
|
|
|
737
|
|
|
23,687
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
Total
|
$
|
496,413
|
|
|
$
|
386,340
|
|
|
$
|
882,753
|
|
|
$
|
420,703
|
|
|
$
|
307,149
|
|
|
$
|
727,852
|
|
|
$
|
370,350
|
|
|
$
|
233,488
|
|
|
$
|
603,838
|
|
Inventories
|
$
|
1,308
|
|
Intangibles
|
|
||
Developed technology
|
32,830
|
|
|
Customer list
|
840
|
|
|
Trademarks
|
1,410
|
|
|
Goodwill
|
21,832
|
|
|
|
|
||
Total assets acquired
|
$
|
58,220
|
|
Assets Acquired
|
|
||
Trade receivables
|
$
|
6,151
|
|
Inventories
|
5,803
|
|
|
Prepaid expenses and other assets
|
315
|
|
|
Property and equipment
|
1,047
|
|
|
Other long-term assets
|
14
|
|
|
Intangibles
|
|
||
Developed technology
|
134,510
|
|
|
Customer lists
|
3,330
|
|
|
Trademarks
|
7,080
|
|
|
Goodwill
|
65,885
|
|
|
Total assets acquired
|
224,135
|
|
|
|
|
||
Liabilities Assumed
|
|
||
Trade payables
|
(1,497
|
)
|
|
Accrued expenses
|
(2,384
|
)
|
|
Other long-term liabilities
|
(1,527
|
)
|
|
Deferred tax liabilities
|
(30,363
|
)
|
|
Total liabilities assumed
|
(35,771
|
)
|
|
|
|
||
Total net assets acquired
|
$
|
188,364
|
|
Inventories
|
$
|
971
|
|
Intangibles
|
|
||
Developed technology
|
4,840
|
|
|
Customer list
|
120
|
|
|
Trademarks
|
400
|
|
|
Goodwill
|
938
|
|
|
|
|
||
Total assets acquired
|
$
|
7,269
|
|
Inventories
|
$
|
5,804
|
|
Property and equipment
|
748
|
|
|
Intangibles
|
|
||
Developed technology
|
74,000
|
|
|
Customer list
|
4,200
|
|
|
Trademarks
|
4,900
|
|
|
In-process technology
|
2,500
|
|
|
Goodwill
|
9,728
|
|
|
|
|
||
Total assets acquired
|
$
|
101,880
|
|
Assets Acquired
|
|
||
Trade receivables
|
$
|
1,287
|
|
Other receivables
|
56
|
|
|
Inventories
|
1,808
|
|
|
Prepaid expenses and other assets
|
65
|
|
|
Property and equipment
|
1,053
|
|
|
Intangibles
|
|
||
Customer lists
|
5,940
|
|
|
Goodwill
|
3,945
|
|
|
Total assets acquired
|
14,154
|
|
|
|
|
||
Liabilities Assumed
|
|
||
Trade payables
|
(216
|
)
|
|
Accrued expenses
|
(747
|
)
|
|
Deferred tax liabilities
|
(1,901
|
)
|
|
Total liabilities assumed
|
(2,864
|
)
|
|
|
|
||
Total net assets acquired
|
$
|
11,290
|
|
|
Inventories
|
$
|
594
|
|
|
Intangibles
|
|
||
|
Developed technology
|
14,920
|
|
|
|
Customer list
|
120
|
|
|
|
Goodwill
|
6,366
|
|
|
|
|
|
||
|
Total net assets acquired
|
$
|
22,000
|
|
|
Inventories
|
$
|
979
|
|
|
Property and equipment
|
58
|
|
|
|
Intangibles
|
|
||
|
Developed technology
|
5,400
|
|
|
|
Customer list
|
200
|
|
|
|
Goodwill
|
203
|
|
|
|
|
|
||
|
Total net assets acquired
|
$
|
6,840
|
|
Intangibles
|
|
||
Developed technology
|
$
|
7,800
|
|
In-process technology
|
920
|
|
|
Goodwill
|
4,281
|
|
|
Deferred tax liabilities
|
(3,101
|
)
|
|
|
|
||
Total net assets acquired
|
$
|
9,900
|
|
Assets Acquired
|
|
||
Trade receivables
|
$
|
958
|
|
Inventories
|
2,157
|
|
|
Prepaid expenses and other assets
|
85
|
|
|
Property and equipment
|
1,472
|
|
|
Intangibles
|
|
||
Developed technology
|
21,100
|
|
|
Customer lists
|
700
|
|
|
Trademarks
|
2,900
|
|
|
Goodwill
|
8,989
|
|
|
Total assets acquired
|
38,361
|
|
|
|
|
||
Liabilities Assumed
|
|
||
Trade payables
|
(338
|
)
|
|
Accrued expenses
|
(23
|
)
|
|
Total liabilities assumed
|
(361
|
)
|
|
|
|
||
Net assets acquired
|
$
|
38,000
|
|
Assets Acquired
|
|
||
Trade receivables
|
$
|
4,054
|
|
Other receivables
|
6
|
|
|
Inventories
|
8,585
|
|
|
Prepaid expenses
|
630
|
|
|
Property and equipment
|
1,630
|
|
|
Other long-term assets
|
145
|
|
|
Intangibles
|
|
||
Developed technology
|
67,600
|
|
|
Customer lists
|
2,400
|
|
|
Trademarks
|
4,400
|
|
|
Goodwill
|
24,818
|
|
|
Total assets acquired
|
114,268
|
|
|
|
|
||
Liabilities Assumed
|
|
||
Trade payables
|
(1,790
|
)
|
|
Accrued expenses
|
(5,298
|
)
|
|
Deferred income tax liabilities - current
|
(701
|
)
|
|
Deferred income tax liabilities - noncurrent
|
(10,844
|
)
|
|
Total liabilities assumed
|
(18,633
|
)
|
|
|
|
||
Net assets acquired, net of cash received of $1,327
|
$
|
95,635
|
|
Assets Acquired
|
|
||
Inventories
|
$
|
2,455
|
|
Property and equipment
|
290
|
|
|
Intangibles
|
|
||
Developed technology
|
12,100
|
|
|
Trademarks
|
700
|
|
|
Customers Lists
|
400
|
|
|
Goodwill
|
2,555
|
|
|
|
|
||
Total assets acquired
|
$
|
18,500
|
|
|
2018
|
|
2017
|
|
2016
|
||||||||||||||||||
|
As Reported
|
|
Pro Forma
|
|
As Reported
|
|
Pro Forma
|
|
As Reported
|
|
Pro Forma
|
||||||||||||
Net sales
|
$
|
882,753
|
|
|
$
|
928,336
|
|
|
$
|
727,852
|
|
|
$
|
768,571
|
|
|
$
|
603,838
|
|
|
$
|
664,366
|
|
Net income (loss)
|
42,017
|
|
|
20,699
|
|
|
27,523
|
|
|
(13,720
|
)
|
|
20,121
|
|
|
23,054
|
|
||||||
Earnings per common share:
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
Basic
|
$
|
0.80
|
|
|
$
|
0.40
|
|
|
$
|
0.56
|
|
|
$
|
(0.28
|
)
|
|
$
|
0.45
|
|
|
$
|
0.52
|
|
Diluted
|
$
|
0.78
|
|
|
$
|
0.38
|
|
|
$
|
0.55
|
|
|
$
|
(0.27
|
)
|
|
$
|
0.45
|
|
|
$
|
0.51
|
|
|
2018
|
|
2017
|
||||
Finished goods
|
$
|
117,703
|
|
|
$
|
86,555
|
|
Work-in-process
|
14,380
|
|
|
12,799
|
|
||
Raw materials
|
65,453
|
|
|
55,934
|
|
||
|
|
|
|
||||
Total
|
$
|
197,536
|
|
|
$
|
155,288
|
|
|
2018
|
|
2017
|
||||
Goodwill balance at January 1
|
$
|
238,147
|
|
|
$
|
211,927
|
|
Effect of foreign exchange
|
(1,304
|
)
|
|
2,641
|
|
||
Additions as the result of acquisitions
|
98,590
|
|
|
23,579
|
|
||
Goodwill balance at December 31
|
$
|
335,433
|
|
|
$
|
238,147
|
|
|
2018
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Patents
|
$
|
19,378
|
|
|
$
|
(5,012
|
)
|
|
$
|
14,366
|
|
Distribution agreements
|
8,012
|
|
|
(5,766
|
)
|
|
2,246
|
|
|||
License agreements
|
26,930
|
|
|
(7,411
|
)
|
|
19,519
|
|
|||
Trademarks
|
29,998
|
|
|
(6,586
|
)
|
|
23,412
|
|
|||
Covenants not to compete
|
1,028
|
|
|
(1,000
|
)
|
|
28
|
|
|||
Customer lists
|
39,936
|
|
|
(23,361
|
)
|
|
16,575
|
|
|||
In-process technology
|
3,420
|
|
|
—
|
|
|
3,420
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
128,702
|
|
|
$
|
(49,136
|
)
|
|
$
|
79,566
|
|
|
2017
|
||||||||||
|
Gross Carrying
Amount
|
|
Accumulated
Amortization
|
|
Net Carrying
Amount
|
||||||
Patents
|
$
|
16,528
|
|
|
$
|
(3,737
|
)
|
|
$
|
12,791
|
|
Distribution agreements
|
7,262
|
|
|
(4,686
|
)
|
|
2,576
|
|
|||
License agreements
|
23,783
|
|
|
(5,568
|
)
|
|
18,215
|
|
|||
Trademarks
|
16,224
|
|
|
(4,686
|
)
|
|
11,538
|
|
|||
Covenants not to compete
|
1,028
|
|
|
(968
|
)
|
|
60
|
|
|||
Customer lists
|
31,935
|
|
|
(18,482
|
)
|
|
13,453
|
|
|||
In-process technology
|
920
|
|
|
—
|
|
|
920
|
|
|||
|
|
|
|
|
|
||||||
Total
|
$
|
97,680
|
|
|
$
|
(38,127
|
)
|
|
$
|
59,553
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Domestic
|
$
|
21,084
|
|
|
$
|
14,531
|
|
|
$
|
6,174
|
|
Foreign
|
28,435
|
|
|
21,350
|
|
|
19,212
|
|
|||
Total
|
$
|
49,519
|
|
|
$
|
35,881
|
|
|
$
|
25,386
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Current expense (benefit):
|
|
|
|
|
|
|
|
|
|||
Federal
|
$
|
(1,132
|
)
|
|
$
|
3,849
|
|
|
$
|
1,933
|
|
State
|
582
|
|
|
645
|
|
|
492
|
|
|||
Foreign
|
6,000
|
|
|
5,168
|
|
|
3,802
|
|
|||
Total current expense
|
5,450
|
|
|
9,662
|
|
|
6,227
|
|
|||
|
|
|
|
|
|
||||||
Deferred expense (benefit):
|
|
|
|
|
|
|
|
|
|||
Federal
|
4,400
|
|
|
(314
|
)
|
|
(144
|
)
|
|||
State
|
(667
|
)
|
|
(216
|
)
|
|
(195
|
)
|
|||
Foreign
|
(1,681
|
)
|
|
(774
|
)
|
|
(623
|
)
|
|||
Total deferred (benefit) expense
|
2,052
|
|
|
(1,304
|
)
|
|
(962
|
)
|
|||
|
|
|
|
|
|
||||||
Total income tax expense
|
$
|
7,502
|
|
|
$
|
8,358
|
|
|
$
|
5,265
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Computed federal income tax expense at applicable statutory rate
|
$
|
10,399
|
|
|
$
|
12,559
|
|
|
$
|
8,885
|
|
State income taxes
|
(59
|
)
|
|
279
|
|
|
193
|
|
|||
Tax credits
|
(1,734
|
)
|
|
(1,377
|
)
|
|
(1,164
|
)
|
|||
Production activity deduction
|
—
|
|
|
—
|
|
|
(53
|
)
|
|||
Foreign tax rate differential
|
(1,361
|
)
|
|
(3,329
|
)
|
|
(3,717
|
)
|
|||
Uncertain tax positions
|
267
|
|
|
(19
|
)
|
|
597
|
|
|||
Deferred compensation insurance assets
|
186
|
|
|
(479
|
)
|
|
(307
|
)
|
|||
Transaction-related expenses
|
223
|
|
|
90
|
|
|
274
|
|
|||
U.S. transition tax
|
(3,271
|
)
|
|
10,612
|
|
|
—
|
|
|||
TCJA remeasurement of deferred taxes
|
(71
|
)
|
|
(8,383
|
)
|
|
—
|
|
|||
Stock-based payments
|
(4,278
|
)
|
|
(2,264
|
)
|
|
—
|
|
|||
Bargain purchase gain
|
—
|
|
|
(1,570
|
)
|
|
—
|
|
|||
In-process research and development
|
—
|
|
|
1,486
|
|
|
—
|
|
|||
Net GILTI
|
347
|
|
|
—
|
|
|
—
|
|
|||
Foreign withholding tax
|
5,590
|
|
|
—
|
|
|
—
|
|
|||
Other — including the effect of graduated rates
|
1,264
|
|
|
753
|
|
|
557
|
|
|||
Total income tax expense
|
$
|
7,502
|
|
|
$
|
8,358
|
|
|
$
|
5,265
|
|
|
2018
|
|
2017
|
||||
Deferred income tax assets:
|
|
|
|
|
|||
Allowance for uncollectible accounts receivable
|
$
|
606
|
|
|
$
|
467
|
|
Accrued compensation expense
|
7,414
|
|
|
5,154
|
|
||
Inventory differences
|
1,269
|
|
|
2,505
|
|
||
Net operating loss carryforwards
|
20,226
|
|
|
15,741
|
|
||
Deferred revenue
|
46
|
|
|
58
|
|
||
Stock-based compensation expense
|
2,833
|
|
|
2,281
|
|
||
Other
|
9,243
|
|
|
8,986
|
|
||
Total deferred income tax assets
|
41,637
|
|
|
35,192
|
|
||
|
|
|
|
||||
Deferred income tax liabilities:
|
|
|
|
|
|
||
Prepaid expenses
|
(1,142
|
)
|
|
(930
|
)
|
||
Property and equipment
|
(20,045
|
)
|
|
(20,352
|
)
|
||
Intangible assets
|
(58,883
|
)
|
|
(28,588
|
)
|
||
Foreign withholding tax
|
(5,590
|
)
|
|
—
|
|
||
Other
|
(4,350
|
)
|
|
(1,830
|
)
|
||
Total deferred income tax liabilities
|
(90,010
|
)
|
|
(51,700
|
)
|
||
Valuation allowance
|
(4,989
|
)
|
|
(4,422
|
)
|
||
Net deferred income tax assets (liabilities)
|
$
|
(53,362
|
)
|
|
$
|
(20,930
|
)
|
|
|
|
|
|
|
||
Reported as:
|
|
|
|
||||
Deferred income tax assets - Long-term
|
$
|
3,001
|
|
|
$
|
2,359
|
|
Deferred income tax liabilities - Long-term
|
(56,363
|
)
|
|
(23,289
|
)
|
||
Net deferred income tax liabilities
|
$
|
(53,362
|
)
|
|
$
|
(20,930
|
)
|
Tabular Roll-forward
|
|
2018
|
|
2017
|
|
2016
|
||||||
|
|
|
|
|
|
|
||||||
Unrecognized tax benefits, opening balance
|
|
$
|
2,749
|
|
|
$
|
2,549
|
|
|
$
|
1,982
|
|
Gross increases in tax positions taken in a prior year
|
|
35
|
|
|
80
|
|
|
77
|
|
|||
Gross increases in tax positions taken in the current year
|
|
586
|
|
|
403
|
|
|
856
|
|
|||
Lapse of applicable statute of limitations
|
|
(423
|
)
|
|
(283
|
)
|
|
(366
|
)
|
|||
Unrecognized tax benefits, ending balance
|
|
$
|
2,947
|
|
|
$
|
2,749
|
|
|
$
|
2,549
|
|
|
2018
|
|
2017
|
||||
Payroll and related liabilities
|
$
|
37,396
|
|
|
$
|
30,225
|
|
Current portion of contingent liabilities
|
23,760
|
|
|
289
|
|
||
Advances from employees
|
540
|
|
|
796
|
|
||
Other accrued expenses
|
34,477
|
|
|
27,622
|
|
||
|
|
|
|
||||
Total
|
$
|
96,173
|
|
|
$
|
58,932
|
|
|
2018
|
|
2017
|
||||
2016 Term loan
|
$
|
72,500
|
|
|
$
|
85,000
|
|
2016 Revolving credit loans
|
316,000
|
|
|
187,000
|
|
||
Collateralized debt facility
|
7,000
|
|
|
6,959
|
|
||
Less unamortized debt issuance costs
|
(348
|
)
|
|
(487
|
)
|
||
Total long-term debt
|
395,152
|
|
|
278,472
|
|
||
Less current portion
|
22,000
|
|
|
19,459
|
|
||
Long-term portion
|
$
|
373,152
|
|
|
$
|
259,013
|
|
Years Ending
|
|
Future Minimum
|
||
December 31
|
|
Principal Payments
|
||
2019
|
|
22,000
|
|
|
2020
|
|
17,500
|
|
|
2021
|
|
356,000
|
|
|
Total future minimum principal payments
|
|
$
|
395,500
|
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Australian Dollar
|
AUD
|
3,000
|
|
Canadian Dollar
|
CAD
|
4,410
|
|
Swiss Franc
|
CHF
|
2,145
|
|
Chinese Renminbi
|
CNY
|
160,000
|
|
Danish Krone
|
DKK
|
17,225
|
|
Euro
|
EUR
|
20,310
|
|
British Pound
|
GBP
|
5,280
|
|
Japanese Yen
|
JPY
|
1,145,000
|
|
Korean Won
|
KRW
|
3,050,000
|
|
Mexican Peso
|
MXN
|
230,000
|
|
Swedish Krona
|
SEK
|
30,210
|
|
Currency
|
Symbol
|
Forward Notional Amount
|
|
Australian Dollar
|
AUD
|
11,400
|
|
Brazilian Real
|
BRL
|
9,000
|
|
Canadian Dollar
|
CAD
|
2,300
|
|
Swiss Franc
|
CHF
|
269
|
|
Chinese Renminbi
|
CNY
|
63,200
|
|
Danish Krone
|
DKK
|
3,237
|
|
Euro
|
EUR
|
5,927
|
|
British Pound
|
GBP
|
2,358
|
|
Hong Kong Dollar
|
HKD
|
11,000
|
|
Japanese Yen
|
JPY
|
265,000
|
|
Korean Won
|
KRW
|
5,500,000
|
|
Mexican Peso
|
MXN
|
23,000
|
|
Swedish Krona
|
SEK
|
9,627
|
|
Singapore Dollar
|
SGD
|
8,500
|
|
|
Amount of Gain/(Loss) recognized in OCI
|
|
|
Amount of Gain/(Loss) reclassified from AOCI
|
||||||||||||
|
Year ended December 31,
|
|
|
Year ended December 31,
|
||||||||||||
|
2018
|
2017
|
2016
|
|
|
2018
|
2017
|
2016
|
||||||||
Derivative instrument
|
|
|
|
Location in statements of income
|
|
|||||||||||
Interest rate swaps
|
$1,559
|
$
|
853
|
|
$
|
4,989
|
|
|
Interest Expense
|
$1,537
|
95
|
|
(718
|
)
|
||
Foreign currency forward contracts
|
539
|
|
491
|
|
(205
|
)
|
|
Revenue
|
136
|
|
(277
|
)
|
21
|
|
||
|
|
|
|
|
Cost of goods sold
|
361
|
|
625
|
|
(26
|
)
|
|
|
|
Year ended December 31,
|
||||||||
|
|
|
2018
|
2017
|
2016
|
||||||
Derivative Instrument
|
Location in statements of income
|
|
|
|
|
||||||
Foreign currency forward contracts
|
Other expense
|
|
$
|
4,147
|
|
$
|
(4,746
|
)
|
$
|
69
|
|
Years Ending
|
|
Operating
|
||
December 31
|
|
Leases
|
||
|
|
|
|
|
2019
|
|
$
|
13,421
|
|
2020
|
|
11,319
|
|
|
2021
|
|
9,995
|
|
|
2022
|
|
8,053
|
|
|
2023
|
|
6,953
|
|
|
Thereafter
|
|
52,754
|
|
|
|
|
|
|
|
Total minimum lease payments
|
|
$
|
102,495
|
|
|
Net
Income
|
|
Shares
|
|
Per Share
Amount
|
|||||
Year ended December 31, 2018:
|
|
|
|
|
|
|
|
|
||
Basic EPS
|
$
|
42,017
|
|
|
52,268
|
|
|
$
|
0.80
|
|
Effect of dilutive stock options and warrants
|
|
|
|
1,663
|
|
|
|
|
||
|
|
|
|
|
|
|||||
Diluted EPS
|
$
|
42,017
|
|
|
53,931
|
|
|
$
|
0.78
|
|
|
|
|
|
|
|
|||||
Year ended December 31, 2017:
|
|
|
|
|
|
|
|
|
||
Basic EPS
|
$
|
27,523
|
|
|
48,805
|
|
|
$
|
0.56
|
|
Effect of dilutive stock options and warrants
|
|
|
|
1,296
|
|
|
|
|
||
|
|
|
|
|
|
|||||
Diluted EPS
|
$
|
27,523
|
|
|
50,101
|
|
|
$
|
0.55
|
|
|
|
|
|
|
|
|||||
Year ended December 31, 2016:
|
|
|
|
|
|
|
|
|
||
Basic EPS
|
$
|
20,121
|
|
|
44,408
|
|
|
$
|
0.45
|
|
Effect of dilutive stock options and warrants
|
|
|
|
454
|
|
|
|
|
||
|
|
|
|
|
|
|||||
Diluted EPS
|
$
|
20,121
|
|
|
44,862
|
|
|
$
|
0.45
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cost of goods sold
|
$
|
870
|
|
|
$
|
632
|
|
|
$
|
472
|
|
Research and development
|
553
|
|
|
376
|
|
|
184
|
|
|||
Selling, general, and administrative
|
4,694
|
|
|
3,067
|
|
|
1,850
|
|
|||
Stock-based compensation expense before taxes
|
$
|
6,117
|
|
|
$
|
4,075
|
|
|
$
|
2,506
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Total intrinsic value of stock options exercised
|
$
|
25,692
|
|
|
$
|
9,264
|
|
|
$
|
3,648
|
|
Cash received from stock option exercises
|
8,510
|
|
|
5,552
|
|
|
4,577
|
|
|||
Excess tax benefit from the exercise of stock options
|
4,278
|
|
|
2,264
|
|
|
669
|
|
|
Number
of Shares
|
|
Weighted Average
Exercise Price
|
|
Remaining Contractual
Term (in years)
|
|
Intrinsic
Value
|
|||||
Beginning balance
|
3,623
|
|
|
$
|
20.40
|
|
|
|
|
|
|
|
Granted
|
692
|
|
|
46.45
|
|
|
|
|
|
|
||
Exercised
|
(690
|
)
|
|
15.41
|
|
|
|
|
|
|
||
Forfeited/expired
|
(118
|
)
|
|
26.90
|
|
|
|
|
|
|||
Outstanding at December 31
|
3,507
|
|
|
26.30
|
|
|
4.54
|
|
$
|
103,483
|
|
|
Exercisable
|
1,101
|
|
|
17.71
|
|
|
3.33
|
|
41,963
|
|
||
Ending vested and expected to vest
|
3,388
|
|
|
26.05
|
|
|
4.51
|
|
100,820
|
|
|
|
|
|
Options Outstanding
|
|
Options Exercisable
|
||||||||||
Range of Exercise
|
|
Number Outstanding
|
|
Weighted Average Remaining Contractual Life (in years)
|
|
Weighted Average Exercise Price
|
|
Number Exercisable
|
|
Weighted Average Exercise Price
|
||||||
$9.95
|
-
|
$16.05
|
|
982
|
|
3.02
|
|
$
|
13.99
|
|
|
585
|
|
$
|
13.16
|
|
$16.41
|
-
|
$22.00
|
|
683
|
|
3.73
|
|
$
|
18.93
|
|
|
319
|
|
$
|
18.76
|
|
$28.20
|
-
|
$28.20
|
|
961
|
|
5.27
|
|
$
|
28.20
|
|
|
159
|
|
$
|
28.20
|
|
$34.40
|
-
|
$50.50
|
|
881
|
|
6.04
|
|
$
|
43.65
|
|
|
38
|
|
$
|
34.74
|
|
$9.95
|
-
|
$50.50
|
|
3,507
|
|
|
|
|
|
|
1,101
|
|
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
United States
|
$
|
231,864
|
|
|
$
|
202,504
|
|
|
$
|
194,715
|
|
Ireland
|
45,283
|
|
|
45,671
|
|
|
47,337
|
|
|||
Other foreign countries
|
54,305
|
|
|
44,645
|
|
|
34,521
|
|
|||
Total
|
$
|
331,452
|
|
|
$
|
292,820
|
|
|
$
|
276,573
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Net Sales
|
|
|
|
|
|
|
|
|
|||
Cardiovascular
|
$
|
849,477
|
|
|
$
|
700,613
|
|
|
$
|
580,151
|
|
Endoscopy
|
33,276
|
|
|
27,239
|
|
|
23,687
|
|
|||
Total net sales
|
882,753
|
|
|
727,852
|
|
|
603,838
|
|
|||
|
|
|
|
|
|
||||||
Operating expenses
|
|
|
|
|
|
|
|
|
|||
Cardiovascular
|
321,461
|
|
|
281,095
|
|
|
218,659
|
|
|||
Endoscopy
|
14,692
|
|
|
12,089
|
|
|
11,490
|
|
|||
Total operating expenses
|
336,153
|
|
|
293,184
|
|
|
230,149
|
|
|||
|
|
|
|
|
|
||||||
Operating income
|
|
|
|
|
|
|
|
|
|||
Cardiovascular
|
49,289
|
|
|
24,819
|
|
|
30,053
|
|
|||
Endoscopy
|
9,328
|
|
|
8,250
|
|
|
4,823
|
|
|||
Total operating income
|
58,617
|
|
|
33,069
|
|
|
34,876
|
|
|||
|
|
|
|
|
|
||||||
Total other income (expense) - net
|
(9,098
|
)
|
|
2,812
|
|
|
(9,490
|
)
|
|||
Income tax expense
|
7,502
|
|
|
8,358
|
|
|
5,265
|
|
|||
|
|
|
|
|
|
||||||
Net income
|
$
|
42,017
|
|
|
$
|
27,523
|
|
|
$
|
20,121
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cardiovascular
|
$
|
1,588,970
|
|
|
$
|
1,103,806
|
|
|
$
|
932,927
|
|
Endoscopy
|
31,042
|
|
|
8,005
|
|
|
9,876
|
|
|||
Total
|
$
|
1,620,012
|
|
|
$
|
1,111,811
|
|
|
$
|
942,803
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cardiovascular
|
$
|
68,722
|
|
|
$
|
52,700
|
|
|
$
|
42,806
|
|
Endoscopy
|
824
|
|
|
882
|
|
|
949
|
|
|||
Total
|
$
|
69,546
|
|
|
$
|
53,582
|
|
|
$
|
43,755
|
|
|
2018
|
|
2017
|
|
2016
|
||||||
Cardiovascular
|
$
|
63,032
|
|
|
$
|
38,437
|
|
|
$
|
32,613
|
|
Endoscopy
|
292
|
|
|
186
|
|
|
224
|
|
|||
Total
|
$
|
63,324
|
|
|
$
|
38,623
|
|
|
$
|
32,837
|
|
|
Quarter Ended
|
||||||||||||||
|
March 31
|
|
June 30
|
|
September 30
|
|
December 31
|
||||||||
2018
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
203,035
|
|
|
$
|
224,810
|
|
|
$
|
221,659
|
|
|
$
|
233,249
|
|
Gross profit
|
88,056
|
|
|
100,009
|
|
|
102,039
|
|
|
104,666
|
|
||||
Income from operations
|
8,781
|
|
|
15,114
|
|
|
21,061
|
|
|
13,661
|
|
||||
Income tax expense
|
1,090
|
|
|
624
|
|
|
2,766
|
|
|
3,022
|
|
||||
Net income
|
5,269
|
|
|
10,941
|
|
|
16,619
|
|
|
9,188
|
|
||||
Basic earnings per common share
|
0.10
|
|
|
0.22
|
|
|
0.31
|
|
|
0.17
|
|
||||
Diluted earnings per common share
|
0.10
|
|
|
0.21
|
|
|
0.30
|
|
|
0.16
|
|
||||
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
||||||||
2017
|
|
|
|
|
|
|
|
|
|
|
|
||||
Net sales
|
$
|
171,069
|
|
|
$
|
186,549
|
|
|
$
|
179,337
|
|
|
$
|
190,897
|
|
Gross profit
|
75,942
|
|
|
84,141
|
|
|
80,514
|
|
|
85,656
|
|
||||
Income from operations
|
5,609
|
|
|
13,362
|
|
|
879
|
|
|
13,219
|
|
||||
Income tax expense
|
690
|
|
|
1,830
|
|
|
1,364
|
|
|
4,474
|
|
||||
Net income (loss)
|
14,803
|
|
|
9,483
|
|
|
(3,569
|
)
|
|
6,806
|
|
||||
Basic earnings per common share
|
0.33
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
0.14
|
|
||||
Diluted earnings per common share
|
0.32
|
|
|
0.19
|
|
|
(0.07
|
)
|
|
0.13
|
|
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
Total Fair
|
|
Quoted prices in
|
|
Significant other
|
|
Significant
|
||||||||
|
|
Value at
|
|
active markets
|
|
observable inputs
|
|
unobservable inputs
|
||||||||
Description
|
|
December 31, 2018
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts (1)
|
|
$
|
5,772
|
|
|
$
|
—
|
|
|
$
|
5,772
|
|
|
$
|
—
|
|
Foreign currency contract assets, current and long-term (2)
|
|
$
|
1,578
|
|
|
$
|
—
|
|
|
$
|
1,578
|
|
|
$
|
—
|
|
Foreign currency contract liabilities, current and long-term (3)
|
|
$
|
(1,608
|
)
|
|
$
|
—
|
|
|
$
|
(1,608
|
)
|
|
$
|
—
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
Fair Value Measurements Using
|
||||||||||||
|
|
Total Fair
|
|
Quoted prices in
|
|
Significant other
|
|
Significant
|
||||||||
|
|
Value at
|
|
active markets
|
|
observable inputs
|
|
unobservable inputs
|
||||||||
Description
|
|
December 31, 2017
|
|
(Level 1)
|
|
(Level 2)
|
|
(Level 3)
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
Interest rate contracts (1)
|
|
$
|
5,749
|
|
|
$
|
—
|
|
|
$
|
5,749
|
|
|
$
|
—
|
|
Foreign currency contract assets, current and long-term (2)
|
|
$
|
621
|
|
|
$
|
—
|
|
|
$
|
621
|
|
|
$
|
—
|
|
Foreign currency contract liabilities, current and long-term (3)
|
|
$
|
(1,391
|
)
|
|
$
|
—
|
|
|
$
|
(1,391
|
)
|
|
$
|
—
|
|
|
2018
|
|
2017
|
||||
Beginning balance
|
$
|
10,956
|
|
|
$
|
683
|
|
Contingent consideration liability recorded as the result of acquisitions (see Note 3)
|
72,209
|
|
|
10,400
|
|
||
Fair value adjustments recorded to income during the period
|
(698
|
)
|
|
(66
|
)
|
||
Contingent payments made
|
(231
|
)
|
|
(61
|
)
|
||
Ending balance
|
$
|
82,236
|
|
|
$
|
10,956
|
|
Contingent consideration asset or liability
|
|
Fair value at December 31, 2018
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
|
||
Revenue-based royalty
|
|
$
|
10,661
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
9.9% - 25%
|
payments contingent liability
|
|
|
|
|
Projected year of payments
|
|
2018-2037
|
|||
|
|
|
|
|
|
|
|
|
||
Supply chain milestone
|
|
$
|
13,593
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
5.3%
|
contingent liability
|
|
|
|
|
Probability of milestone payment
|
|
95%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2019
|
||
|
|
|
|
|
|
|
|
|
||
Revenue milestones
|
|
$
|
57,982
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
3.3% - 13%
|
contingent liability
|
|
|
|
|
|
Projected year of payments
|
|
2019-2023
|
||
|
|
|
|
|
|
|
|
|
|
|
Contingent receivable
|
|
$
|
607
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
10%
|
asset
|
|
|
|
|
|
Probability of milestone payment
|
|
67%
|
||
|
|
|
|
|
|
|
Projected year of payments
|
|
2019
|
|
|
|
|
|
|
|
|
|
|
||
Contingent consideration asset or liability
|
|
Fair value at December 31, 2017
|
|
Valuation technique
|
|
Unobservable inputs
|
|
Range
|
||
Revenue-based royalty
|
|
$
|
10,956
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
9.9% - 15%
|
payments contingent liability
|
|
|
|
|
Projected year of payments
|
|
2017-2037
|
|||
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
Contingent receivable
|
|
$
|
760
|
|
|
Discounted cash flow
|
|
Discount rate
|
|
10%
|
asset
|
|
|
|
|
Probability of milestone payment
|
|
75%
|
|||
|
|
|
|
|
|
Projected year of payments
|
|
2018-2019
|
Item 9A.
|
Controls and Procedures.
|
Item 9B.
|
Other Information.
|
Item 15.
|
Exhibits and Financial Statement Schedules.
|
|
|
|
|
|
|
|
Description
|
|
Balance at
Beginning of Year |
|
Additions Charged to
Costs and Expenses (a) |
|
Deduction (b)
|
|
Balance at
End of Year |
||||
|
|
|
|
|
|
|
|
|
||||
ALLOWANCE FOR UNCOLLECTIBLE ACCOUNTS:
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
|
|
|
||||
2016
|
|
(1,297
|
)
|
|
(612
|
)
|
|
322
|
|
|
(1,587
|
)
|
2017
|
|
(1,587
|
)
|
|
(1,012
|
)
|
|
830
|
|
|
(1,769
|
)
|
2018
|
|
(1,769
|
)
|
|
(1,055
|
)
|
|
469
|
|
|
(2,355
|
)
|
Description
|
|
Balance at
Beginning of Year |
|
Additions Charged to
Costs and Expenses (c) |
|
Deduction
|
|
Balance at
End of Year |
||||
|
|
|
|
|
|
|
|
|
||||
TAX VALUATION ALLOWANCE:
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
2016
|
|
(1,981
|
)
|
|
(1,805
|
)
|
|
—
|
|
|
(3,786
|
)
|
2017
|
|
(3,786
|
)
|
|
(636
|
)
|
|
—
|
|
|
(4,422
|
)
|
2018
|
|
(4,422
|
)
|
|
(567
|
)
|
|
—
|
|
|
(4,989
|
)
|
Exhibit No.
|
|
Index to Exhibits
|
|
|
|
1.1
|
|
|
|
|
|
1.2
|
|
|
|
|
|
2.1
|
|
|
|
|
|
2.2
|
|
|
|
|
|
2.3
|
|
|
|
|
|
2.4
|
|
|
|
|
|
2.5
|
|
|
|
|
|
3.1
|
|
|
|
|
|
3.2
|
|
|
|
|
|
4.1
|
|
|
|
|
|
10.1
|
|
|
|
|
|
10.2
|
|
|
|
|
|
10.3
|
|
|
|
|
|
10.4
|
|
|
|
|
|
10.5
|
|
|
|
|
|
10.6
|
|
|
|
|
|
10.7
|
|
|
|
|
|
10.8
|
|
|
|
|
|
10.9
|
|
|
|
|
|
10.10
|
|
|
|
|
|
10.11
|
|
|
|
|
|
10.12
|
|
|
|
|
|
10.13
|
|
|
|
|
|
10.14
|
|
|
|
|
|
10.15
|
|
|
|
|
|
10.16
|
|
|
|
|
|
10.17
|
|
|
|
|
|
10.18
|
|
|
|
|
|
10.19
|
|
|
|
|
|
10.20
|
|
|
|
|
|
10.21
|
|
|
|
|
|
10.22
|
|
|
|
|
|
10.23
|
|
|
|
|
|
10.24
|
|
|
|
|
|
10.25
|
|
|
|
|
|
10.26
|
|
|
|
|
|
10.27
|
|
|
|
|
|
10.28
|
|
|
|
|
|
10.29
|
|
|
|
|
|
10.30
|
|
|
|
|
|
10.31
|
|
|
|
|
|
10.32
|
|
|
|
|
|
10.33
|
|
|
|
|
|
10.34
|
|
|
|
|
|
21
|
|
|
|
|
|
23.1
|
|
|
|
|
|
31.1
|
|
|
|
|
|
31.2
|
|
|
|
|
|
32.1
|
|
|
|
|
|
32.2
|
|
|
|
|
|
101
|
|
The following materials from the Merit Medical Systems, Inc. Annual Report on Form 10-K for the fiscal year ended December 31, 2018, formatted in Extensible Business Reporting Language (XBRL): (i) the Consolidated Statements of Operations, (ii) Consolidated Balance Sheets, (iii) Consolidated Statements of Comprehensive Income (iv) Consolidated Statements of Stockholders' Equity, (v) Consolidated Statements of Cash Flows, and (vi) related notes.
|
|
|
|
Item 16.
|
Form 10-K Summary.
|
|
MERIT MEDICAL SYSTEMS, INC.
|
||
|
|
||
|
|
||
|
By:
|
/s/ FRED P. LAMPROPOULOS
|
|
|
|
|
Fred P. Lampropoulos, President and
|
|
|
|
Chief Executive Officer
|
Signature
|
|
Capacity in Which Signed
|
|
|
|
/s/: FRED P. LAMPROPOULOS
|
|
President, Chief Executive Officer and Director
|
Fred P. Lampropoulos
|
|
(Principal executive officer)
|
|
|
|
/s/: RAUL PARRA
|
|
Chief Financial Officer and Treasurer
|
Raul Parra
|
|
(Principal financial and accounting officer)
|
|
|
|
/s/: A. SCOTT ANDERSON
|
|
Director
|
A. Scott Anderson
|
|
|
|
|
|
/s/: JILL ANDERSON
|
|
Director
|
Jill Anderson
|
|
|
|
|
|
/s/: THOMAS J. GUNDERSON
|
|
Director
|
Thomas J. Gunderson
|
|
|
|
|
|
/s/: ELIZABETH HUEBNER
|
|
Director
|
Elizabeth Huebner
|
|
|
|
|
|
/s/: NOLAN E. KARRAS
|
|
Director
|
Nolan E. Karras
|
|
|
|
|
|
/s/: DAVID M. LIU
|
|
Director
|
David M. Liu
|
|
|
|
|
|
/s/: FRANKLIN J. MILLER
|
|
Director
|
Franklin J. Miller
|
|
|
|
|
|
/s/: F. ANN MILLNER
|
|
Director
|
F. Ann Millner
|
|
|
|
|
|
/s/: KENT W. STANGER
|
|
Director
|
Kent W. Stanger
|
|
|
|
|
|
/s/: MICHAEL E. STILLABOWER
|
|
Director
|
Michael E. Stillabower
|
|
|
1 Year Merit Medical Systems Chart |
1 Month Merit Medical Systems Chart |
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