2019 Q1 Form 10-Q Financial Statement

#000117184319003099 Filed on May 08, 2019

View on sec.gov

Income Statement

Concept 2019 Q1 2018 Q1
Revenue $28.20M $26.76M
YoY Change 5.39% 47.95%
Cost Of Revenue $12.05M $13.49M
YoY Change -10.69% 58.54%
Gross Profit $16.15M $13.27M
YoY Change 21.74% 38.55%
Gross Profit Margin 57.28% 49.59%
Selling, General & Admin $12.11M $11.03M
YoY Change 9.78% 33.44%
% of Gross Profit 74.96% 83.13%
Research & Development $2.735M $2.402M
YoY Change 13.86% 86.93%
% of Gross Profit 16.93% 18.1%
Depreciation & Amortization $538.0K $495.0K
YoY Change 8.69% 61.76%
% of Gross Profit 3.33% 3.73%
Operating Expenses $16.27M $14.54M
YoY Change 11.96% 46.42%
Operating Profit -$120.0K -$1.266M
YoY Change -90.52% 261.71%
Interest Expense -$1.405M $894.0K
YoY Change -257.16% 448.47%
% of Operating Profit
Other Income/Expense, Net -$1.674M -$3.979M
YoY Change -57.93% 894.75%
Pretax Income -$1.794M -$5.245M
YoY Change -65.8% 599.33%
Income Tax $576.0K $605.0K
% Of Pretax Income
Net Earnings -$2.370M -$4.064M
YoY Change -41.68% 281.24%
Net Earnings / Revenue -8.4% -15.19%
Basic Earnings Per Share -$0.06 -$0.11
Diluted Earnings Per Share -$0.06 -$0.11
COMMON SHARES
Basic Shares Outstanding 37.64M 35.46M shares
Diluted Shares Outstanding 37.64M 35.46M shares

Balance Sheet

Concept 2019 Q1 2018 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $5.000M $6.000M
YoY Change -16.67% 30.43%
Cash & Equivalents $5.030M $5.991M
Short-Term Investments
Other Short-Term Assets $2.959M
YoY Change -37.85%
Inventory $26.56M $27.90M
Prepaid Expenses
Receivables $18.79M $18.96M
Other Receivables $3.200M $2.900M
Total Short-Term Assets $53.60M $55.81M
YoY Change -3.96% 23.75%
LONG-TERM ASSETS
Property, Plant & Equipment $14.70M $5.821M
YoY Change 152.53% 36.39%
Goodwill $57.38M $56.24M
YoY Change 2.02% 46.46%
Intangibles
YoY Change
Long-Term Investments
YoY Change
Other Assets $1.500M $1.352M
YoY Change 10.95% 838.89%
Total Long-Term Assets $117.7M $115.1M
YoY Change 2.27% 84.75%
TOTAL ASSETS
Total Short-Term Assets $53.60M $55.81M
Total Long-Term Assets $117.7M $115.1M
Total Assets $171.3M $170.9M
YoY Change 0.23% 59.13%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.311M $7.359M
YoY Change -0.65% 26.12%
Accrued Expenses $7.700M $7.689M
YoY Change 0.14% 77.82%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $2.200M $1.400M
YoY Change 57.14% -48.15%
Total Short-Term Liabilities $24.10M $22.28M
YoY Change 8.15% 58.54%
LONG-TERM LIABILITIES
Long-Term Debt $54.10M $61.57M
YoY Change -12.13% 463.25%
Other Long-Term Liabilities $10.40M $6.100M
YoY Change 70.49% 90.63%
Total Long-Term Liabilities $64.50M $61.57M
YoY Change 4.76% 463.25%
TOTAL LIABILITIES
Total Short-Term Liabilities $24.10M $22.28M
Total Long-Term Liabilities $64.50M $61.57M
Total Liabilities $91.00M $91.65M
YoY Change -0.71% 164.27%
SHAREHOLDERS EQUITY
Retained Earnings
YoY Change
Common Stock $220.4M
YoY Change 1.93%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares 7.746M shares 7.746M shares
Shareholders Equity $80.35M $79.29M
YoY Change
Total Liabilities & Shareholders Equity $171.3M $170.9M
YoY Change 0.21% 59.17%

Cashflow Statement

Concept 2019 Q1 2018 Q1
OPERATING ACTIVITIES
Net Income -$2.370M -$4.064M
YoY Change -41.68% 281.24%
Depreciation, Depletion And Amortization $538.0K $495.0K
YoY Change 8.69% 61.76%
Cash From Operating Activities $2.010M $448.0K
YoY Change 348.66% -173.44%
INVESTING ACTIVITIES
Capital Expenditures $143.0K $493.0K
YoY Change -70.99% 148.99%
Acquisitions $0.00 $67.41M
YoY Change -100.0%
Other Investing Activities $9.000K -$51.68M
YoY Change -100.02%
Cash From Investing Activities -$152.0K -$52.19M
YoY Change -99.71% 22789.91%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net -$421.0K $219.0K
YoY Change -292.24% -241.29%
Debt Paid & Issued, Net $4.583M $14.05M
YoY Change -67.37% 1162.08%
Cash From Financing Activities -5.004M $51.24M
YoY Change -109.77% -19220.9%
NET CHANGE
Cash From Operating Activities 2.010M $448.0K
Cash From Investing Activities -152.0K -$52.19M
Cash From Financing Activities -5.004M $51.24M
Net Change In Cash -3.143M -$497.0K
YoY Change 532.39% -55.06%
FREE CASH FLOW
Cash From Operating Activities $2.010M $448.0K
Capital Expenditures $143.0K $493.0K
Free Cash Flow $1.867M -$45.00K
YoY Change -4248.89% -94.43%

Facts In Submission

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CY2018Q1 us-gaap Income Tax Expense Benefit
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605000 USD
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CY2019Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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-2370000 USD
CY2018Q1 us-gaap Income Loss From Continuing Operations Including Portion Attributable To Noncontrolling Interest
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CY2019Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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0 USD
CY2018Q1 us-gaap Discontinued Operation Tax Effect Of Discontinued Operation
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CY2019Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
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0 USD
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0
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax Per Diluted Share
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CY2019Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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37644684 shares
CY2019Q1 us-gaap Stock Option Plan Expense
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591000 USD
CY2019Q1 us-gaap Depreciation
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538000 USD
CY2019Q1 hbio Amortization Of Catalog Costs
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5000 USD
CY2019Q1 us-gaap Provision For Doubtful Accounts
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CY2019Q1 us-gaap Amortization Of Financing Costs
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91000 USD
CY2019Q1 us-gaap Deferred Income Tax Expense Benefit
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CY2019Q1 us-gaap Increase Decrease In Accounts Receivable
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CY2019Q1 us-gaap Increase Decrease In Inventories
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1416000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Income Taxes Payable
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380000 USD
CY2019Q1 us-gaap Increase Decrease In Accrued Liabilities
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-76000 USD
CY2019Q1 us-gaap Increase Decrease In Deferred Revenue
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-116000 USD
CY2019Q1 us-gaap Increase Decrease In Other Operating Liabilities
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-143000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Operating Activities
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2010000 USD
CY2019Q1 us-gaap Net Cash Provided By Used In Investing Activities
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-152000 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Secured Debt
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0 USD
CY2019Q1 us-gaap Proceeds From Issuance Of Common Stock
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-421000 USD
CY2019Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
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-3143000 USD
CY2019Q1 us-gaap Interest Paid Net
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927000 USD
CY2019Q1 us-gaap Income Taxes Paid Net
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94000 USD
CY2019Q1 hbio Additions To Catalog Costs
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-9000 USD
CY2019Q1 us-gaap Payments To Acquire Property Plant And Equipment
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143000 USD
CY2019Q1 us-gaap Gain Loss On Sale Of Business
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0 USD
CY2018Q1 us-gaap Gain Loss On Sale Of Business
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1227000 USD
CY2019Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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0 USD
CY2018Q1 us-gaap Payments To Acquire Businesses Net Of Cash Acquired
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67413000 USD
CY2019Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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0 USD
CY2018Q1 us-gaap Proceeds From Divestiture Of Businesses Net Of Cash Divested
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15730000 USD
CY2019Q1 us-gaap Repayments Of Long Term Debt
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4583000 USD
CY2018Q1 us-gaap Repayments Of Long Term Debt
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14047000 USD
CY2019Q1 us-gaap Payments Of Debt Issuance Costs
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0 USD
CY2018Q1 us-gaap Payments Of Debt Issuance Costs
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1928000 USD
CY2018Q4 us-gaap Inventory Finished Goods
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CY2019Q1 us-gaap Reclassifications
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<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 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;' >had</font><font style='font-family:Times New Roman;font-size:10pt;' > a major effect on the Company&#8217;s operat</font><font style='font-family:Times New Roman;font-size:10pt;' >ions</font><font style='font-family:Times New Roman;font-size:10pt;' > and financial results. 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 months ended</font><font style='font-family:Times New Roman;font-size:10pt;' > </font><font style='font-family:Times New Roman;font-size:10pt;' >March 31,</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;' > have </font><font style='font-family:Times New Roman;font-size:10pt;' >been presented in discontinued operations in the consolidated statements of operations. 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;' >in</font><font style='font-family:Times New Roman;font-size:10pt;' >come (</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
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71100000 USD
CY2019Q1 us-gaap Business Acquisition Description Of Acquired Entity
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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.
CY2019Q1 us-gaap Business Acquisition Effective Date Of Acquisition1
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2018-01-31
CY2018Q1 us-gaap Business Combination Pro Forma Information Revenue Of Acquiree Since Acquisition Date Actual
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7600000 USD
CY2018Q1 us-gaap Business Combination Pro Forma Information Earnings Or Loss Of Acquiree Since Acquisition Date Actual
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400000 USD
CY2018Q1 hbio Busniess Combination Purchase Accounting Inventory Fair Value Step Up Amortization
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1500000 USD
CY2018Q1 hbio Preliminary Amount Of Inventory Fair Value Step Up
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3800000 USD
CY2018Q1 hbio Business Combination Proforma Information Amortization Of Intangible Asets
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700000 USD
CY2019Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
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0 USD
CY2018Q1 us-gaap Discontinued Operation Name
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Denville
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Consideration
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20000000 USD
CY2018Q1 hbio Earn Out Provision Of Discontinued Operations
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3000000 USD
CY2018Q1 hbio Discontinued Operation Earn Out Amount Contingent Consideration
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3000000 USD
CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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0 USD
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Revenue
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893000 USD
CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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0 USD
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Costs Of Goods Sold
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534000 USD
CY2019Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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0 USD
CY2018Q1 us-gaap Disposal Group Including Discontinued Operation Operating Expense
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673000 USD
CY2019Q1 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
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0 USD
CY2018Q1 us-gaap Discontinued Operation Gain Loss From Disposal Of Discontinued Operation Before Income Tax
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1227000 USD
CY2018Q4 us-gaap Inventory Work In Process
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CY2018Q4 us-gaap Inventory Raw Materials
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14484000 USD
CY2019Q1 us-gaap Defined Benefit Plan Expected Future Employer Contributions Remainder Of Fiscal Year
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500000 USD
CY2019Q1 us-gaap Lease Expiration Date1
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2023-12-31
CY2019Q1 us-gaap Deferred Compensation Arrangement With Individual Maximum Contractual Term1
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P10Y
CY2019Q1 hbio Amortization Of Intangible Assets Including Amounts Related To Discontinued Operation
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1430000 USD
CY2018Q1 hbio Amortization Of Intangible Assets Including Amounts Related To Discontinued Operation
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1150000 USD
CY2019Q1 hbio Maximum Percentage Of Target Number Of Restricted Stock Units
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1.5 pure
CY2018Q4 us-gaap Secured Debt
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60795000 USD
CY2018Q4 us-gaap Long Term Loans Payable
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62400000 USD
CY2018Q4 us-gaap Deferred Finance Costs Net
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1605000 USD
CY2019Q1 us-gaap Deferred Finance Costs Current Net
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393000 USD
CY2018Q4 us-gaap Deferred Finance Costs Current Net
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401000 USD
CY2019Q1 us-gaap Loans Payable Current
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2600000 USD
CY2018Q4 us-gaap Loans Payable Current
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6383000 USD
CY2018Q1 us-gaap Line Of Credit
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11900000 USD
CY2018Q1 us-gaap Debt Instrument Payment Terms
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the outstanding term loans began to 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
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400000 USD
CY2018Q1 hbio Debt Instrument Quarterly Payment Next Year
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CY2019Q1 dei Entity Filer Category
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Accelerated Filer
CY2018Q1 hbio Debt Instrument Quarterly Payment Thereafter
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800000 USD
CY2019Q1 us-gaap Debt Instrument Term
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CY2019Q1 hbio Limitation On Pledges Of Capital Stock Of Foreign Subsidiaries
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0.65 pure
CY2018Q1 us-gaap Line Of Credit Facility Maximum Borrowing Capacity
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25000000 USD
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332000 USD
CY2018Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q4 us-gaap Common Stock Shares Authorized
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80000000 shares
CY2018Q4 us-gaap Common Stock Shares Issued
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45124309 shares
CY2018Q4 us-gaap Common Stock Shares Outstanding
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CY2018Q4 us-gaap Treasury Stock Shares
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CY2018Q4 us-gaap Common Stock Par Or Stated Value Per Share
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CY2018Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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0.01
CY2019Q1 us-gaap Standard Product Warranty Accrual
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370000 USD
CY2018Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
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35462989 shares
CY2018Q1 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
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0 shares
CY2018Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
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35462989 shares
CY2019Q1 hbio Weighted Average Estimated Black Scholes Value Of Option Grants
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1.58
CY2018Q4 us-gaap Deferred Revenue
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3820000 USD
CY2019Q1 us-gaap Deferred Revenue Additions
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956000 USD
CY2019Q1 us-gaap Deferred Revenue Revenue Recognized1
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1071000 USD
CY2019Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
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10000 USD
CY2019Q1 us-gaap Deferred Revenue
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3715000 USD
CY2018Q1 us-gaap Effective Income Tax Rate Continuing Operations
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CY2019Q1 us-gaap Preferred Stock Shares Outstanding
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CY2019Q1 us-gaap Employee Stock Ownership Plan Esop Shares In Esop
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890762 shares
CY2019Q1 us-gaap Stock Issued During Period Shares Employee Stock Purchase Plans
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0 shares
CY2019Q1 us-gaap Proceeds From Derivative Instrument Financing Activities
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100000 USD
CY2018Q1 us-gaap Business Acquisition Cost Of Acquired Entity Transaction Costs
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2600000 USD
CY2019Q1 us-gaap Commitments And Contingencies
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USD
CY2018Q4 us-gaap Commitments And Contingencies
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USD
CY2019Q1 us-gaap Gain Loss On Disposition Of Assets
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0 USD
CY2018Q1 us-gaap Gain Loss On Disposition Of Assets
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0 USD
CY2019Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
CY2018Q1 us-gaap Defined Benefit Plan Recognized Net Gain Loss Due To Curtailments
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0 USD
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
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2439141 shares
CY2018Q4 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
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4.25
CY2019Q1 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
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4.13
CY2018Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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3.36
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Weighted Average Grant Date Fair Value
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3.56
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Equity Instruments Other Than Options Nonvested Number
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1082205 shares
CY2018Q1 us-gaap Share Based Compensation
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1012000 USD
CY2019Q1 us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
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<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;color:#000000;' >In June 2016, the FASB issued ASU No. 2016-13,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;color:#000000;' >Financial Instruments&#8212;Credit Losses (Topic 326): Measurement of Credit Losses on Financial Instruments,</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >&#160;which amends the impairment model by requiring entities </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >to use a forward-looking approach based on expected losses rather than incurred losses to estimate credit losses on certain types of financial instruments, including trade receivables. This may result in the earlier recognition of allowances for losses. Th</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >e ASU is effective for public entities for fiscal years beginning after December 15, 2019, with early adoption permitted. In November 2018, the FASB issued ASU No. 2018-19, Codification Improvements to Topic 326, Financial Instruments&#8212;Credit Losses, which </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >provided additional implementation guidance on the previously issued ASU. Management has not yet completed its assessment of the impact of the new standard on the Company&#8217;s Consolidated Financial Statements. Currently, the Company believes that the most no</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >table impact of this ASU will relate to its processes around the assessment of the adequacy of its allowance for doubtful accounts on trade accounts receivable and the recognition of credit losses.</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;' >In August 2018, the FASB issued ASU No. 2018-14,&#160;</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;color:#000000;' >Disclosu</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;color:#000000;' >re Framework&#8212;Changes to the Disclosure Requirements for Defined Benefit Plans</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >, which amends ASC 715 to add, remove and clarify disclosure requirements related to defined benefit pension and other postretirement plans. The ASU is effective for public entiti</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >es for fiscal years beginning after December 15, 2020, with early adoption permitted. Management has not yet completed its assessment of the impact of the new standard on the Company&#8217;s Consolidated Financial Statements.</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 Pronoun</font><font style='font-family:Times New Roman;font-size:10pt;font-style:italic;' >cements</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;' >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 FASB 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)</font><font style='font-family:Times New Roman;font-size:10pt;' > improve the transparency and understandability 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 activ</font><font style='font-family:Times New Roman;font-size:10pt;' >ities and (2) reduce the complexity 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. The</font><font style='font-family:Times New Roman;font-size:10pt;' > Company adopted this</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' > guidance as of January 1, 2019, and it did not have a material impact 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;margin-left:24.5pt;' >In February 2016, the 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;' >, </font><font style='font-family:Times New Roman;font-size:10pt;' >which is intended to improve financial reporting about leasing transactions. The update requires a lessee to record on its balance sheet the assets and liabilities for the rights and obligations created by lease terms of more than 12&#160;months. The update is </font><font style='font-family:Times New Roman;font-size:10pt;' >effective for fiscal years beginning after December 15, 2018. </font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >A modified retrospective transition approach is required for leases existing at, or entered into after, the beginning of the earliest comparative period presented in the financial statements, wi</font><font style='font-family:Times New Roman;font-size:10pt;color:#000000;' >th certain practical expedients available. T</font><font style='font-family:Times New Roman;font-size:10pt;' >he Company </font><font style='font-family:Times New Roman;font-size:10pt;' >elected</font><font style='font-family:Times New Roman;font-size:10pt;' > to utilize a practical expedient in its method of adoption of the standard</font><font style='font-family:Times New Roman;font-size:10pt;' > and adopted the guidance as of January 1, 2019</font><font style='font-family:Times New Roman;font-size:10pt;' >. &#160;Under this expedient,&#160;which is a &#8220;current-period adjustment method,&#8221; </font><font style='font-family:Times New Roman;font-size:10pt;' >the Company </font><font style='font-family:Times New Roman;font-size:10pt;' >applied</font><font style='font-family:Times New Roman;font-size:10pt;' > ASC 842 as of January 2019 and</font><font style='font-family:Times New Roman;font-size:10pt;' > recognized operating lease liabilities of $</font><font style='font-family:Times New Roman;font-size:10pt;' >11.7 </font><font style='font-family:Times New Roman;font-size:10pt;' >million and right of use assets of $</font><font style='font-family:Times New Roman;font-size:10pt;' >9.4 </font><font style='font-family:Times New Roman;font-size:10pt;' >million for all leases with lease terms of more than 12 months. There was no impact</font><font style='font-family:Times New Roman;font-size:10pt;' > to retained earnings as of that d</font><font style='font-family:Times New Roman;font-size:10pt;' >ate.</font><font style='font-family:Times New Roman;font-size:10pt;' > In addition, the Company adopted the guidance by electing the following practical expedients: (1) the Company did not reassess whether any expired or existing contracts contained leases,</font><font style='font-family:Times New Roman;font-size:10pt;' > (2) the Company did not reassess the lease classification fo</font><font style='font-family:Times New Roman;font-size:10pt;' >r any expired or existing leases, and (3) the Company excluded variable payments from the lease contract consideration and recorded those as incurred</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&#8217;s future commitments under lease obligations and additional disclosures are summarized in Note 12.</font></p><p style='text-align:left;line-height:12pt;' ></p></div>
CY2019Q1 dei Document Type
DocumentType
10-Q
CY2019Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2019Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001123494
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9106000 USD
CY2018Q4 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
0 USD
CY2019Q1 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
2297000 USD
CY2018Q4 us-gaap Operating Lease Liability Current
OperatingLeaseLiabilityCurrent
0 USD
CY2019Q1 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
9062000 USD
CY2018Q4 us-gaap Operating Lease Liability Noncurrent
OperatingLeaseLiabilityNoncurrent
0 USD
CY2018Q4 us-gaap Stockholders Equity
StockholdersEquity
82724000 USD
CY2019Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-421000 USD
CY2019Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
440000 shares
CY2019Q1 hbio Shareswithheldfortaxesshares
Shareswithheldfortaxesshares
134000 shares
CY2017Q4 us-gaap Stockholders Equity
StockholdersEquity
80900000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
817000 USD
CY2018Q1 us-gaap Stock Issued During Period Value Restricted Stock Award Gross
StockIssuedDuringPeriodValueRestrictedStockAwardGross
-5000 USD
CY2018Q1 hbio Shares Withheld For Taxes Value
SharesWithheldForTaxesValue
603000 USD
CY2018Q1 us-gaap Net Income Loss
NetIncomeLoss
-4064000 USD
CY2018Q1 us-gaap Stockholders Equity
StockholdersEquity
79294000 USD
CY2017Q4 us-gaap Shares Issued
SharesIssued
42764000 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
298000 shares
CY2018Q1 us-gaap Stock Issued During Period Shares Restricted Stock Award Gross
StockIssuedDuringPeriodSharesRestrictedStockAwardGross
532000 shares
CY2018Q1 hbio Shareswithheldfortaxesshares
Shareswithheldfortaxesshares
185000 shares
CY2018Q1 us-gaap Shares Issued
SharesIssued
43409000 shares
CY2018Q1 hbio Earn Out Performance Metrics Period
EarnOutPerformanceMetricsPeriod
P2Y
CY2018Q4 us-gaap Goodwill
Goodwill
57304000 USD
CY2018Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
1103000 USD
CY2019Q1 hbio Effective Income Tax Rate Reconciliation Reduction In Tax Rate From Tax Cuts And Jobs Act Of2017
EffectiveIncomeTaxRateReconciliationReductionInTaxRateFromTaxCutsAndJobsActOf2017
0.21 pure
CY2017Q4 us-gaap Deferred Revenue
DeferredRevenue
505000 USD
CY2018Q1 hbio Deferred Revenue Additions Due To Business Combination
DeferredRevenueAdditionsDueToBusinessCombination
2977000 USD
CY2018Q1 us-gaap Deferred Revenue Additions
DeferredRevenueAdditions
1321000 USD
CY2018Q1 us-gaap Deferred Revenue Revenue Recognized1
DeferredRevenueRevenueRecognized1
954000 USD
CY2018Q1 us-gaap Foreign Currency Transaction Gain Loss Realized
ForeignCurrencyTransactionGainLossRealized
4000 USD
CY2018Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
332000 USD
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
193000 USD
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
27000 USD
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable Write Offs
AllowanceForDoubtfulAccountsReceivableWriteOffs
0 USD
CY2019Q1 hbio Allowance For Doubtful Accounts Receivable Other
AllowanceForDoubtfulAccountsReceivableOther
0 USD
CY2018Q1 hbio Allowance For Doubtful Accounts Receivable Other
AllowanceForDoubtfulAccountsReceivableOther
36000 USD
CY2019Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
-2000 USD
CY2018Q1 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Gain Loss Before Reclassification And Tax
OtherComprehensiveIncomeForeignCurrencyTransactionAndTranslationGainLossBeforeReclassificationAndTax
0 USD
CY2019Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
341000 USD
CY2018Q1 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
234000 USD
CY2018Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2019Q1 us-gaap Operating Lease Cost
OperatingLeaseCost
523000 USD
CY2019Q1 us-gaap Short Term Lease Cost
ShortTermLeaseCost
76000 USD
CY2019Q1 us-gaap Sublease Income
SubleaseIncome
102000 USD
CY2019Q1 us-gaap Lease Cost
LeaseCost
497000 USD
CY2019Q1 us-gaap Operating Lease Payments
OperatingLeasePayments
702000 USD
CY2019Q1 us-gaap Right Of Use Asset Obtained In Exchange For Operating Lease Liability
RightOfUseAssetObtainedInExchangeForOperatingLeaseLiability
0 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11359000 USD
CY2019Q1 us-gaap Operating Lease Weighted Average Remaining Lease Term1
OperatingLeaseWeightedAverageRemainingLeaseTerm1
P8Y7M6D
CY2019Q1 us-gaap Operating Lease Weighted Average Discount Rate Percent
OperatingLeaseWeightedAverageDiscountRatePercent
0.092 pure
CY2019Q1 us-gaap Operating Lease Right Of Use Asset
OperatingLeaseRightOfUseAsset
9400000 USD
CY2019Q1 us-gaap Operating Lease Liability
OperatingLeaseLiability
11700000 USD
CY2018Q1 us-gaap Operating Leases Rent Expense Net
OperatingLeasesRentExpenseNet
500000 USD
CY2017Q4 us-gaap Standard Product Warranty Accrual
StandardProductWarrantyAccrual
246000 USD
CY2018Q1 us-gaap Discontinued Operation Income Loss From Discontinued Operation Before Income Tax
DiscontinuedOperationIncomeLossFromDiscontinuedOperationBeforeIncomeTax
913000 USD
CY2018Q1 us-gaap Income Loss From Discontinued Operations Net Of Tax
IncomeLossFromDiscontinuedOperationsNetOfTax
1786000 USD
CY2019Q1 dei Entity Emerging Growth Company
EntityEmergingGrowthCompany
false
CY2019Q1 dei Entity Small Business
EntitySmallBusiness
true
CY2019Q1 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Weighted Average Grant Date Fair Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageGrantDateFairValue
3.8
CY2019Q1 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
3.8
CY2018Q4 us-gaap Shares Issued
SharesIssued
45124000 shares
CY2018Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
8173000 USD
CY2017Q4 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5733000 USD
CY2018Q1 us-gaap Cash And Cash Equivalents At Carrying Value
CashAndCashEquivalentsAtCarryingValue
5991000 USD
CY2019Q1 us-gaap Immaterial Error Correction
ImmaterialErrorCorrection
The immaterial misclassification understated current portion, long term debt and overstated long term debt, less current installments.  This misclassification, in the amount of approximately $4.0 million, related to the classification of the Company’s excess cash flow payment made to its lenders during the quarter ended March 31, 2019 as long term instead of current on its consolidated balance sheet at December 31, 2018.  The misclassification had no impact on total reported debt.

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