$HBIO
HARVARD BIOSCIENCE INC

2018 Q3 Form 10-Q Financial Statement

#000117184318007483 Filed on November 01, 2018

View on sec.gov

Income Statement

Concept 2018 Q3 2017 Q3
Revenue $28.64M $18.72M
YoY Change 52.99% -25.15%
Cost Of Revenue $12.82M $9.217M
YoY Change 39.07% -30.79%
Gross Profit $15.82M $9.500M
YoY Change 66.49% -18.73%
Gross Profit Margin 55.24% 50.76%
Selling, General & Admin $10.68M $7.950M
YoY Change 34.29% -18.96%
% of Gross Profit 67.5% 83.68%
Research & Development $2.783M $1.540M
YoY Change 80.71% 17.65%
% of Gross Profit 17.59% 16.21%
Depreciation & Amortization $1.890M $990.0K
YoY Change 90.91% -9.17%
% of Gross Profit 11.95% 10.42%
Operating Expenses $14.93M $9.890M
YoY Change 50.93% -20.9%
Operating Profit $890.0K -$390.0K
YoY Change -328.21% -52.03%
Interest Expense $1.458M $189.0K
YoY Change 671.43% 33.1%
% of Operating Profit 163.82%
Other Income/Expense, Net -$1.798M -$274.0K
YoY Change 556.2% 308.96%
Pretax Income -$908.0K -$664.0K
YoY Change 36.75% -24.55%
Income Tax -$652.0K -$19.00K
% Of Pretax Income
Net Earnings -$256.0K -$417.0K
YoY Change -38.61% -74.54%
Net Earnings / Revenue -0.89% -2.23%
Basic Earnings Per Share -$0.01 -$0.01
Diluted Earnings Per Share -$0.01 -$0.01
COMMON SHARES
Basic Shares Outstanding 36.95M shares 34.84M shares
Diluted Shares Outstanding 36.95M shares 34.84M shares

Balance Sheet

Concept 2018 Q3 2017 Q3
SHORT-TERM ASSETS
Cash & Short-Term Investments $6.700M $5.800M
YoY Change 15.52% 9.43%
Cash & Equivalents $6.661M $5.836M
Short-Term Investments
Other Short-Term Assets $0.00
YoY Change
Inventory $25.74M $21.40M
Prepaid Expenses
Receivables $17.88M $15.27M
Other Receivables $4.200M $4.900M
Total Short-Term Assets $54.50M $47.40M
YoY Change 14.98% 2.7%
LONG-TERM ASSETS
Property, Plant & Equipment $5.400M $4.300M
YoY Change 25.58% -18.36%
Goodwill $55.80M $39.84M
YoY Change 40.07% 0.54%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $2.000M $1.400M
YoY Change 42.86% 1150.0%
Total Long-Term Assets $110.5M $63.30M
YoY Change 74.57% -4.12%
TOTAL ASSETS
Total Short-Term Assets $54.50M $47.40M
Total Long-Term Assets $110.5M $63.30M
Total Assets $165.0M $110.7M
YoY Change 49.05% -1.32%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $5.392M $5.607M
YoY Change -3.83% -8.71%
Accrued Expenses $6.300M $4.500M
YoY Change 40.0% -0.02%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $1.800M $2.800M
YoY Change -35.71% 16.67%
Total Short-Term Liabilities $19.30M $13.90M
YoY Change 38.85% -3.75%
LONG-TERM LIABILITIES
Long-Term Debt $59.20M $9.700M
YoY Change 510.31% -23.43%
Other Long-Term Liabilities $3.500M $3.500M
YoY Change 0.0% 34.62%
Total Long-Term Liabilities $62.70M $13.20M
YoY Change 375.0% 4.2%
TOTAL LIABILITIES
Total Short-Term Liabilities $19.30M $13.90M
Total Long-Term Liabilities $62.70M $13.20M
Total Liabilities $84.10M $33.80M
YoY Change 148.82% -6.85%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $80.96M $76.90M
YoY Change
Total Liabilities & Shareholders Equity $165.0M $110.7M
YoY Change 49.05% -1.32%

Cashflow Statement

Concept 2018 Q3 2017 Q3
OPERATING ACTIVITIES
Net Income -$256.0K -$417.0K
YoY Change -38.61% -74.54%
Depreciation, Depletion And Amortization $1.890M $990.0K
YoY Change 90.91% -9.17%
Cash From Operating Activities -$1.440M $2.140M
YoY Change -167.29% -37.79%
INVESTING ACTIVITIES
Capital Expenditures -$260.0K -$240.0K
YoY Change 8.33% -55.56%
Acquisitions
YoY Change
Other Investing Activities $0.00
YoY Change
Cash From Investing Activities -$260.0K -$240.0K
YoY Change 8.33% -55.56%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 2.700M -720.0K
YoY Change -475.0% -30.1%
NET CHANGE
Cash From Operating Activities -1.440M 2.140M
Cash From Investing Activities -260.0K -240.0K
Cash From Financing Activities 2.700M -720.0K
Net Change In Cash 1.000M 1.180M
YoY Change -15.25% -36.9%
FREE CASH FLOW
Cash From Operating Activities -$1.440M $2.140M
Capital Expenditures -$260.0K -$240.0K
Free Cash Flow -$1.180M $2.380M
YoY Change -149.58% -40.2%

Facts In Submission

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us-gaap Reclassifications
Reclassifications
<div><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;margin-left:27pt;' >R</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;font-style:italic;' >eclassifications</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:36pt;' >As disclosed in Note 5, on January</font><font style='font-family:Times New Roman;font-size:10pt;' > 22, 2018, the Company sold substantially all the assets of its operating subsidiary, Denville Scientific, Inc. (Denville). The sale of Denville represented a strategic shift that </font><font style='font-family:Times New Roman;font-size:10pt;' >has and will </font><font style='font-family:Times New Roman;font-size:10pt;' >have a major effect on the Company&#8217;s operations</font><font style='font-family:Times New Roman;font-size:10pt;' > and financial r</font><font style='font-family:Times New Roman;font-size:10pt;' >esults. As such and pursuant to Accounting Standards Codification (ASC) 205-20 &#8211; </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Presentation of Financial Statements - Discontinued Operations, </font><font style='font-family:Times New Roman;font-size:10pt;' >the </font><font style='font-family:Times New Roman;font-size:10pt;' >operating </font><font style='font-family:Times New Roman;font-size:10pt;' >results of Denville for the </font><font style='font-family:Times New Roman;font-size:10pt;' >three and nine months ended</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >September 30,</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >2018</font><font style='font-family:Times New Roman;font-size:10pt;' > and </font><font style='font-family:Times New Roman;font-size:10pt;' >2017</font><font style='font-family:Times New Roman;font-size:10pt;' > have be</font><font style='font-family:Times New Roman;font-size:10pt;' >en presented in discontinued operations in the consolidated statements of operations. Additionally, t</font><font style='font-family:Times New Roman;font-size:10pt;' >he</font><font style='font-family:Times New Roman;font-size:10pt;' > assets and liabilities of Denville as of December 31, </font><font style='font-family:Times New Roman;font-size:10pt;' >2017</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >have been recast </font><font style='font-family:Times New Roman;font-size:10pt;' >in the consolidated balance sheet and presented as held for sale. </font><font style='font-family:Times New Roman;font-size:10pt;' >T</font><font style='font-family:Times New Roman;font-size:10pt;' >hese reclassifications and adjustments had no effect on</font><font style='font-family:Times New Roman;font-size:10pt;' > total amounts within the</font><font style='font-family:Times New Roman;font-size:10pt;' > consolidated </font><font style='font-family:Times New Roman;font-size:10pt;' >balance sheet, </font><font style='font-family:Times New Roman;font-size:10pt;' >consolidated statements of </font><font style='font-family:Times New Roman;font-size:10pt;' >operations and </font><font style='font-family:Times New Roman;font-size:10pt;' >comprehensive </font><font style='font-family:Times New Roman;font-size:10pt;' >income (</font><font style='font-family:Times New Roman;font-size:10pt;' >loss</font><font style='font-family:Times New Roman;font-size:10pt;' >)</font><font style='font-family:Times New Roman;font-size:10pt;' >, consolidated statements of cash flows for any of the periods presented.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>
CY2018Q1 us-gaap Business Combination Consideration Transferred1
BusinessCombinationConsiderationTransferred1
70600000 USD
us-gaap Business Acquisition Description Of Acquired Entity
BusinessAcquisitionDescriptionOfAcquiredEntity
DSI, a St. Paul, Minnesota-based life science research company, is a recognized leader in physiologic monitoring focused on delivering preclinical products, systems, services and solutions to its customers.
us-gaap Business Acquisition Effective Date Of Acquisition1
BusinessAcquisitionEffectiveDateOfAcquisition1
2018-01-31
hbio Amortization Period Of Purchase Accounting Inventory Fair Value Step Up Amortization
AmortizationPeriodOfPurchaseAccountingInventoryFairValueStepUpAmortization
P5M15D
us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationRevenueOfAcquireeSinceAcquisitionDateActual
29300000 USD
us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
BusinessCombinationProFormaInformationEarningsOrLossOfAcquireeSinceAcquisitionDateActual
31000 USD
hbio Busniess Combination Purchase Accounting Inventory Fair Value Step Up Amortization
BusniessCombinationPurchaseAccountingInventoryFairValueStepUpAmortization
3800000 USD
CY2018Q3 hbio Preliminary Amount Of Inventory Fair Value Step Up
PreliminaryAmountOfInventoryFairValueStepUp
3800000 USD
hbio Business Combination Proforma Information Amortization Of Intangible Asets
BusinessCombinationProformaInformationAmortizationOfIntangibleAsets
2900000 USD
CY2018Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
3000000 USD
CY2018Q3 hbio Discontinued Operation Name
DiscontinuedOperationName
Denville
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
DisposalGroupIncludingDiscontinuedOperationConsideration
20000000 USD
CY2018Q1 hbio Earn Out Provision Of Discontinued Operations
EarnOutProvisionOfDiscontinuedOperations
3000000 USD
CY2018Q1 hbio Discontinued Operation Earn Out Amount Contingent Consideration
DiscontinuedOperationEarnOutAmountContingentConsideration
3000000 USD
hbio Earn Out Performance Metrics Period
EarnOutPerformanceMetricsPeriod
P2Y
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Cash And Cash Equivalents
DisposalGroupIncludingDiscontinuedOperationCashAndCashEquivalents
541000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Notes And Loans Receivable Net
DisposalGroupIncludingDiscontinuedOperationAccountsNotesAndLoansReceivableNet
2854000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Inventory Current
DisposalGroupIncludingDiscontinuedOperationInventoryCurrent
4505000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Other Current Assets
DisposalGroupIncludingDiscontinuedOperationOtherCurrentAssets
504000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Property Plant And Equipment Noncurrent
DisposalGroupIncludingDiscontinuedOperationPropertyPlantAndEquipmentNoncurrent
397000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Intangible Assets Noncurrent
DisposalGroupIncludingDiscontinuedOperationIntangibleAssetsNoncurrent
5930000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Goodwill Noncurrent
DisposalGroupIncludingDiscontinuedOperationGoodwillNoncurrent
3633000 USD
CY2017Q4 us-gaap Assets Of Disposal Group Including Discontinued Operation
AssetsOfDisposalGroupIncludingDiscontinuedOperation
18364000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Accounts Payable And Accrued Liabilities Current
DisposalGroupIncludingDiscontinuedOperationAccountsPayableAndAccruedLiabilitiesCurrent
1736000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Other Current Liabilities
DisposalGroupIncludingDiscontinuedOperationOtherCurrentLiabilities
121000 USD
hbio Amortization Of Intangible Assets Including Amounts Related To Discontinued Operation
AmortizationOfIntangibleAssetsIncludingAmountsRelatedToDiscontinuedOperation
1825000 USD
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
5733000 USD
CY2017Q4 us-gaap Disposal Group Including Discontinued Operation Deferred Tax Liabilities Noncurrent
DisposalGroupIncludingDiscontinuedOperationDeferredTaxLiabilitiesNoncurrent
1311000 USD
CY2017Q4 us-gaap Liabilities Of Disposal Group Including Discontinued Operation
LiabilitiesOfDisposalGroupIncludingDiscontinuedOperation
3168000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
893000 USD
us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
18658000 USD
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
534000 USD
us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
12383000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
673000 USD
us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
6044000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
1251000 USD
us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
0 USD
us-gaap Goodwill Acquired During Period
GoodwillAcquiredDuringPeriod
19348000 USD
CY2017Q4 us-gaap Inventory Finished Goods
InventoryFinishedGoods
5779000 USD
CY2017Q4 us-gaap Inventory Work In Process
InventoryWorkInProcess
1042000 USD
CY2017Q4 us-gaap Inventory Raw Materials
InventoryRawMaterials
10027000 USD
CY2018Q3 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
DefinedBenefitPlanExpectedFutureEmployerContributionsRemainderOfFiscalYear
200000 USD
CY2018Q3 us-gaap Lease Expiration Date1
LeaseExpirationDate1
2023-12-31
CY2017Q2 hbio Increase In Number Of Shares Authorized For Issuance Under Stock Option And Incentive Plan
IncreaseInNumberOfSharesAuthorizedForIssuanceUnderStockOptionAndIncentivePlan
300000 shares
us-gaap Deferred Compensation Arrangement With Individual Maximum Contractual Term1
DeferredCompensationArrangementWithIndividualMaximumContractualTerm1
P10Y
hbio Amortization Of Intangible Assets Including Amounts Related To Discontinued Operation
AmortizationOfIntangibleAssetsIncludingAmountsRelatedToDiscontinuedOperation
4030000 USD
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
5596000 USD
CY2018Q1 hbio Preferred Stock Purchase Right Option Exercised
PreferredStockPurchaseRightOptionExercised
0 shares
us-gaap Convertible Preferred Stock Terms Of Conversion
ConvertiblePreferredStockTermsOfConversion
The Shareholder Rights Plan expired, with no rights having become exercisable, in accordance with its terms on the close of business on February 6, 2018.
hbio Maximum Percentage Of Target Number Of Restricted Stock Units
MaximumPercentageOfTargetNumberOfRestrictedStockUnits
1.5 pure
CY2017Q4 us-gaap Secured Debt
SecuredDebt
11748000 USD
CY2017Q4 us-gaap Long Term Loans Payable
LongTermLoansPayable
11899000 USD
CY2017Q4 hbio Delayed Drawdown Term Loan
DelayedDrawdownTermLoan
0 USD
CY2017Q4 hbio Revolving Credit Facility
RevolvingCreditFacility
0 USD
CY2017Q4 us-gaap Deferred Finance Costs Net
DeferredFinanceCostsNet
151000 USD
CY2018Q3 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
401000 USD
CY2017Q4 us-gaap Deferred Finance Costs Current Net
DeferredFinanceCostsCurrentNet
35000 USD
CY2018Q3 us-gaap Loans Payable Current
LoansPayableCurrent
2200000 USD
CY2017Q4 us-gaap Loans Payable Current
LoansPayableCurrent
2800000 USD
CY2018Q1 us-gaap Line Of Credit
LineOfCredit
11900000 USD
CY2018Q1 us-gaap Debt Instrument Payment Terms
DebtInstrumentPaymentTerms
the outstanding term loans amortize in equal quarterly installments equal to $0.4 million per quarter on such date and during each of the next three quarters thereafter, $0.6 million per quarter during the next four quarters thereafter and $0.8 million per quarter thereafter, with a balloon payment at maturity.
CY2018Q1 hbio Debt Instrument Quarterly Payment Current Year
DebtInstrumentQuarterlyPaymentCurrentYear
400000 USD
CY2018Q1 hbio Debt Instrument Quarterly Payment Next Year
DebtInstrumentQuarterlyPaymentNextYear
600000 USD
CY2018Q1 hbio Debt Instrument Quarterly Payment Thereafter
DebtInstrumentQuarterlyPaymentThereafter
800000 USD
us-gaap Debt Instrument Term
DebtInstrumentTerm
P5Y
CY2018Q3 hbio Limitation On Pledges Of Capital Stock Of Foreign Subsidiaries
LimitationOnPledgesOfCapitalStockOfForeignSubsidiaries
0.65 pure
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
LineOfCreditFacilityMaximumBorrowingCapacity
25000000 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable Current
AllowanceForDoubtfulAccountsReceivableCurrent
193000 USD
CY2017Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
5000000 shares
CY2017Q4 us-gaap Common Stock Shares Authorized
CommonStockSharesAuthorized
80000000 shares
CY2017Q4 us-gaap Common Stock Shares Issued
CommonStockSharesIssued
42763985 shares
CY2017Q4 us-gaap Common Stock Shares Outstanding
CommonStockSharesOutstanding
35018478 shares
CY2017Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
7745507 shares
CY2017Q4 us-gaap Common Stock Par Or Stated Value Per Share
CommonStockParOrStatedValuePerShare
0.01
CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
us-gaap Revenues
Revenues
86916000 USD
us-gaap Revenues
Revenues
55761000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
42475000 USD
us-gaap Cost Of Goods And Services Sold
CostOfGoodsAndServicesSold
27611000 USD
us-gaap Gross Profit
GrossProfit
44441000 USD
us-gaap Gross Profit
GrossProfit
28150000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
17976000 USD
us-gaap Selling And Marketing Expense
SellingAndMarketingExpense
10663000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
15297000 USD
us-gaap General And Administrative Expense
GeneralAndAdministrativeExpense
13219000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
7943000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
4119000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
3983000 USD
us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1158000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-2146000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-416000 USD
us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
-141000 USD
us-gaap Interest Expense
InterestExpense
532000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-3399000 USD
us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
-117000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-7262000 USD
us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-1137000 USD
us-gaap Income Loss From Continuing Operations Before Income Taxes Minority Interest And Income Loss From Equity Method Investments
IncomeLossFromContinuingOperationsBeforeIncomeTaxesMinorityInterestAndIncomeLossFromEquityMethodInvestments
-8020000 USD
us-gaap Operating Expenses
OperatingExpenses
29159000 USD
us-gaap Operating Income Loss
OperatingIncomeLoss
-1009000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-28000 USD
us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-488000 USD
us-gaap Interest Expense
InterestExpense
3835000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-7604000 USD
us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
IncomeLossFromContinuingOperationsIncludingPortionAttributableToNoncontrollingInterest
-2005000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
937000 USD
us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
231000 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
-883000 USD
us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
DiscontinuedOperationTaxEffectOfDiscontinuedOperation
90000 USD
us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1820000 USD
us-gaap Net Income Loss
NetIncomeLoss
-5784000 USD
us-gaap Net Income Loss
NetIncomeLoss
-1864000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
-1037000 USD
us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Arising During Period Net Of Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossArisingDuringPeriodNetOfTax
4189000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
27000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodNetOfTax
-89000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-99000 USD
us-gaap Other Comprehensive Income Loss Reclassification Adjustment From Aoci On Derivatives Net Of Tax
OtherComprehensiveIncomeLossReclassificationAdjustmentFromAOCIOnDerivativesNetOfTax
-43000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-6695000 USD
us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
2279000 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.06
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.05
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.06
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.05
CY2018Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
0 USD
CY2017Q3 us-gaap Disposal Group Including Discontinued Operation Revenue
DisposalGroupIncludingDiscontinuedOperationRevenue
6333000 USD
CY2018Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
0 USD
CY2017Q3 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
DisposalGroupIncludingDiscontinuedOperationCostsOfGoodsSold
4194000 USD
CY2018Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
0 USD
CY2017Q3 us-gaap Disposal Group Including Discontinued Operation Operating Expense
DisposalGroupIncludingDiscontinuedOperationOperatingExpense
1885000 USD
CY2018Q3 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
0 USD
CY2017Q3 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
DiscontinuedOperationGainLossFromDisposalOfDiscontinuedOperationBeforeIncomeTax
0 USD
us-gaap Income Loss From Continuing Operations Per Basic Share
IncomeLossFromContinuingOperationsPerBasicShare
-0.21
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Basic Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerBasicShare
0.05
us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.16
us-gaap Income Loss From Continuing Operations Per Diluted Share
IncomeLossFromContinuingOperationsPerDilutedShare
-0.21
us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
IncomeLossFromDiscontinuedOperationsNetOfTaxPerDilutedShare
0.05
us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.16
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
6661000 USD
CY2017Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Disposal Group Including Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsDisposalGroupIncludingDiscontinuedOperations
5836000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
371000 USD
us-gaap Defined Benefit Plan Interest Cost
DefinedBenefitPlanInterestCost
399000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
575000 USD
us-gaap Defined Benefit Plan Expected Return On Plan Assets
DefinedBenefitPlanExpectedReturnOnPlanAssets
505000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-163000 USD
us-gaap Defined Benefit Plan Amortization Of Gains Losses
DefinedBenefitPlanAmortizationOfGainsLosses
-276000 USD
CY2016Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
193000 USD
CY2018Q3 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
391000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
-82000 USD
us-gaap Defined Benefit Plan Net Periodic Benefit Cost
DefinedBenefitPlanNetPeriodicBenefitCost
170000 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
500000 USD
CY2018Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
900000 USD
CY2017Q3 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000 USD
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34840324 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
36169536 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34840324 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
36169536 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
34705947 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
0 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
34705947 shares
CY2017Q3 us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
5789838 shares
us-gaap Antidilutive Securities Excluded From Computation Of Earnings Per Share Amount
AntidilutiveSecuritiesExcludedFromComputationOfEarningsPerShareAmount
3286853 shares
CY2018Q3 hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
2.34
CY2017Q3 hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
1.24
hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
1.97
hbio Weighted Average Estimated Black Scholes Value Of Option Grants
WeightedAverageEstimatedBlackScholesValueOfOptionGrants
1.17
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
505000 USD
hbio Deferred Revenue Additions Due To Business Combination
DeferredRevenueAdditionsDueToBusinessCombination
2976000 USD
us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
3518000 USD
us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
3726000 USD
us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
-6000 USD
CY2018Q3 us-gaap Deferred Revenue
DeferredRevenue
3267000 USD
CY2018Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.718 pure
CY2017Q3 us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.029 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.052 pure
us-gaap Effective Income Tax Rate Continuing Operations
EffectiveIncomeTaxRateContinuingOperations
0.066 pure
CY2018Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0 shares
CY2018Q3 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
EmployeeStockOwnershipPlanESOPSharesInESOP
826361 shares
us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
StockIssuedDuringPeriodSharesEmployeeStockPurchasePlans
24907 shares
us-gaap Proceeds From Derivative Instrument Financing Activities
ProceedsFromDerivativeInstrumentFinancingActivities
100000 USD
CY2017Q3 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
BusinessAcquisitionCostOfAcquiredEntityTransactionCosts
0 USD
us-gaap Defined Benefit Plan Contributions By Employer
DefinedBenefitPlanContributionsByEmployer
500000 USD
CY2018Q3 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
CY2017Q4 us-gaap Commitments And Contingencies
CommitmentsAndContingencies
USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
3000 USD
us-gaap Gain Loss On Disposition Of Assets
GainLossOnDispositionOfAssets
0 USD
CY2018Q2 hbio Business Combination Provisional Information Initial Accounting Incomplete Adjustment Deferred Liabilties
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentDeferredLiabilties
1400000 USD
CY2018Q2 hbio Business Combination Provisional Information Initial Accounting Incomplete Adjustment Working Capital
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentWorkingCapital
600000 USD
CY2018Q2 us-gaap Goodwill Purchase Accounting Adjustments
GoodwillPurchaseAccountingAdjustments
600000 USD
CY2018Q2 us-gaap Business Combination Provisional Information Initial Accounting Incomplete Adjustment Financial Liabilities
BusinessCombinationProvisionalInformationInitialAccountingIncompleteAdjustmentFinancialLiabilities
-1600000 USD
CY2018Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
41000 USD
CY2017Q3 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
41000 USD
us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
DefinedBenefitPlanRecognizedNetGainLossDueToCurtailments
0 USD
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
1936098 shares
CY2017Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
3.95
CY2018Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
4.26
CY2017Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
2.69
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedWeightedAverageGrantDateFairValue
3.35
CY2018Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardEquityInstrumentsOtherThanOptionsNonvestedNumber
1233811 shares
CY2017Q3 us-gaap Share Based Compensation
ShareBasedCompensation
933000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2232000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
2604000 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
193000 USD
hbio Allowance For Doubtful Accounts Receivable Additions Business Combination
AllowanceForDoubtfulAccountsReceivableAdditionsBusinessCombination
102000 USD
us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
23000 USD
hbio Allowance For Doubtful Accounts Receivable Other
AllowanceForDoubtfulAccountsReceivableOther
26000 USD
CY2018Q3 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
301000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div><p style='text-align:left;margin-top:9pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;margin-left:0pt;' >2</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' >.</font><font style='font-family:Times New Roman;font-size:10pt;font-weight:bold;' > Recently Issued Accounting Pronouncements</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Calibri;font-size:11pt;font-weight:bold;margin-left:0pt;' > </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;' >In February 2016, the </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >Financial Accounting Standards Board</font><font style='font-family:Times New Roman;font-size:10pt;' > (FASB) issued Accounting Standards Update (ASU) 2016-02, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Leases</font><font style='font-family:Times New Roman;font-size:10pt;' >, which is intended to improve financial reporting about leasing transactions. The </font><font style='font-family:Times New Roman;font-size:10pt;' >update requires a lessee to record on the balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12&#160;months. The update is effective for fiscal years beginning after December 15, 2018. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >A modified retrospe</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ctive transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, with certain practical expedients available. </font><font style='font-family:Times New Roman;font-size:10pt;' >The Company expects to utilize a pract</font><font style='font-family:Times New Roman;font-size:10pt;' >ical expedient in its method of adoption of the standard. &#160;Under this expedient,&#160;which is a &#8220;current-period adjustment method,&#8221; the Company would apply ASC 842 as of January 2019 and record a cumulative-effect adjustment to retained earnings as of that dat</font><font style='font-family:Times New Roman;font-size:10pt;' >e.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >The Company has collected information on its leases and is in the process of evaluating and applying the requirements of the standard to its leases. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The Company has not yet concluded on the impact of the adoption on its consolidated financial position</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, results of operations and cash flows; however, the Company expects that the new standard will have a material effect on its consolidated balance sheet related to the recognition of new assets and lease liabilities.&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > The Company expects to finalize its cl</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >assification of leases as well as the effective interest rate to be applied in determining the lease liabilities during the fourth quarter of 2018. The Company&#8217;s future commitments under lease obligations are summarized in Note 12.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;' >In August</font><font style='font-family:Times New Roman;font-size:10pt;' > 201</font><font style='font-family:Times New Roman;font-size:10pt;' >7, the FAS</font><font style='font-family:Times New Roman;font-size:10pt;' >B issued ASU 2017-12, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Derivatives and Hedging (Topic 815)</font><font style='font-family:Times New Roman;font-size:10pt;' > which amends the hedge accounting recognition and presentation requirements in ASC 815</font><font style='font-family:Times New Roman;font-size:10pt;' >, </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Derivatives and Hedging</font><font style='font-family:Times New Roman;font-size:10pt;' >. The Board&#8217;s objectives in issuing the ASU are to (1) improve the transparency and und</font><font style='font-family:Times New Roman;font-size:10pt;' >erstandability of information conveyed to financial statement users about an entity&#8217;s risk management activities by better aligning the entity&#8217;s financial reporting for hedging relationships with those risk management activities and (2) reduce the complexi</font><font style='font-family:Times New Roman;font-size:10pt;' >ty of and simplify the application o</font><font style='font-family:Times New Roman;font-size:10pt;' >f hedge accounting by preparers. The</font><font style='font-family:Times New Roman;font-size:10pt;' > ASU is effective for annual reporting periods, including interim periods within those annual reporting periods, beginning after December 15, 201</font><font style='font-family:Times New Roman;font-size:10pt;' >8</font><font style='font-family:Times New Roman;font-size:10pt;' >. Early adoption is permitted, includi</font><font style='font-family:Times New Roman;font-size:10pt;' >ng adoption in any interim period.</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The Company is evaluating the requirements of this guidance and has not yet determined the impact of the adoption on its consolidated financial position, results of operations and cash flows.</font></p><p style='text-align:left;line-height:12pt;' ></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;margin-left:24.5pt;' >Recently Adopted Accounting </font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >Pronouncements</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >&#160;</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >In May 2014, the FASB issued ASU 2014-09,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;color:#000000;' >Revenue from Contracts with Customers,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >a new accounting standard that provides for a comprehensive model to use in the accounting for revenue arising from contracts with customers that will replace</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > most existing revenue recognition guidance within generally accepted accounting principles in the United States. Under this standard, revenue will be recognized to depict the transfer of promised goods or services to customers in an amount that reflects t</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >he consideration to which the Company expects to be entitled in exchange for those goods or services.</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >&#160;</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >The Company adopted this standard as of January 1, 2018 using the modified retrospective approach, and applied the guidance to contracts that were not c</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ompleted at the date of adoption. The Company&#8217;s significant revenue streams currently consist primarily of product revenue transactions, service, maintenance and extended warranty transactions on certain product sales. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The timing of recognizing revenues fo</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >r these revenue streams did not materially change. Additionally, the adoption of ASU&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >2014</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >-</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >09</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >&#160;did&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >not</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >&#160;have a material impact on the Company&#8217;s financial position, results of operations, equity or cash flows as of the adoption date or for the&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >three</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >&#160;months end</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >ed&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >March 31, 2018.&#160;</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The Company&#8217;s updated revenue recognition policy is described in Note 1 and disaggregated revenue disclosures required under ASC 2014-09 are presented in Note 17. </font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:24.5pt;color:#000000;' >&#160;</font></p><p style='text-align:left;margin-top:0pt;margin-bottom:0pt;line-height:12pt;' ><font style='font-family:Times New Roman;font-size:10pt;margin-left:22.5pt;color:#000000;' >In May 2017, the FASB issued ASU 2017-09,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;color:#000000;' >Stock compensation</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > (Topic 718</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >): Scope of modification accounting&#160;which amends the scope of modification accounting for share-based payment arrangements. The ASU provides guidance on the types of changes to the terms or conditions of share-based payment awards to which an entity would </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >be required to apply modification accounting under ASC 718. Specifically, an entity would not apply modification accounting if the fair value, vesting conditions, and classification of the awards are the same immediately before and after the modification. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The ASU is effective for annual reporting periods, including interim </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >periods within those annual reporting periods, beginning after December 15, 2017. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >The Company adopted this guidance on January 1, 2018, and the new standard did not have a material impact</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > on its consolidated financial position, results of operations and cash flows.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>

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