$MDXG
MIMEDX GROUP, INC.

2017 Q4 Form 10-Q Financial Statement

#000137633917000138 Filed on October 31, 2017

View on sec.gov

Income Statement

Concept 2017 Q4 2017 Q3 2016 Q4
Revenue $87.86M $84.57M $69.88M
YoY Change 25.73% 31.27% 34.81%
Cost Of Revenue $8.250M $9.599M $7.690M
YoY Change 7.28% 20.03% 54.11%
Gross Profit $78.46M $74.70M $60.81M
YoY Change 29.02% 32.37% 29.79%
Gross Profit Margin 89.3% 88.32% 87.02%
Selling, General & Admin $51.62M $60.23M $41.81M
YoY Change 23.46% 25.02% 14.49%
% of Gross Profit 65.8% 80.64% 68.76%
Research & Development $3.470M $5.481M $5.760M
YoY Change -39.76% 87.77% 146.15%
% of Gross Profit 4.42% 7.34% 9.47%
Depreciation & Amortization $1.250M $1.013M $1.190M
YoY Change 5.04% 20.88% 52.56%
% of Gross Profit 1.59% 1.36% 1.96%
Operating Expenses $55.32M $65.71M $47.82M
YoY Change 15.68% 28.6% 22.33%
Operating Profit $23.14M $8.842M $12.99M
YoY Change 78.14% 88.01% 67.38%
Interest Expense $250.0K -$40.00K -$90.00K
YoY Change -377.78% -55.56% 28.57%
% of Operating Profit 1.08% -0.45% -0.69%
Other Income/Expense, Net -$43.00K
YoY Change -50.57%
Pretax Income $18.91M $13.07M -$8.930M
YoY Change -311.76% 183.21% -216.28%
Income Tax $9.537M -$30.44M -$2.830M
% Of Pretax Income 50.43% -232.82%
Net Earnings $4.276M $44.05M $5.481M
YoY Change -21.99% 1226.44% -59.03%
Net Earnings / Revenue 4.87% 52.09% 7.84%
Basic Earnings Per Share $0.04 $0.41 $0.05
Diluted Earnings Per Share $0.04 $0.37 $0.05
COMMON SHARES
Basic Shares Outstanding 111.0M shares 106.9M shares 109.5M shares
Diluted Shares Outstanding 117.5M shares

Balance Sheet

Concept 2017 Q4 2017 Q3 2016 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $27.50M $36.50M $34.40M
YoY Change -20.06% 99.45% 9.21%
Cash & Equivalents $27.48M $36.52M $30.32M
Short-Term Investments $0.00
Other Short-Term Assets $9.023M $926.0K $9.516M
YoY Change -5.18% -85.06% 4326.05%
Inventory $9.467M $10.42M $15.87M
Prepaid Expenses $2.125M $1.838M
Receivables $59.58M $1.927M
Other Receivables $0.00 $0.00
Total Short-Term Assets $48.75M $114.1M $59.47M
YoY Change -18.04% 7.36% -38.25%
LONG-TERM ASSETS
Property, Plant & Equipment $14.09M $13.26M $13.99M
YoY Change 0.76% -3.58% 47.6%
Goodwill $19.98M $20.20M $20.20M
YoY Change -1.12% -25.05% 400.07%
Intangibles $10.03M $10.38M $23.26M
YoY Change -56.86% -61.92% 116.09%
Long-Term Investments
YoY Change
Other Assets $2.867M $3.391M $354.0K
YoY Change 709.89% -54.18% -97.69%
Total Long-Term Assets $72.51M $64.60M $57.80M
YoY Change 25.45% -14.3% 45.95%
TOTAL ASSETS
Total Short-Term Assets $48.75M $114.1M $59.47M
Total Long-Term Assets $72.51M $64.60M $57.80M
Total Assets $121.3M $178.7M $117.3M
YoY Change 3.39% -1.63% -13.71%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.500M $8.767M $11.44M
YoY Change -25.67% -21.46% 72.41%
Accrued Expenses $15.77M $8.613M $19.21M
YoY Change -17.9% 29.25% 313.59%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $0.00
YoY Change
Total Short-Term Liabilities $45.81M $35.16M $60.79M
YoY Change -24.64% -15.44% 127.03%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $1.648M $1.076M $875.0K
YoY Change 88.34% 29.33% -23.78%
Total Long-Term Liabilities $1.648M $1.076M $875.0K
YoY Change 88.34% 29.33% -23.78%
TOTAL LIABILITIES
Total Short-Term Liabilities $45.81M $35.16M $60.79M
Total Long-Term Liabilities $1.648M $1.076M $875.0K
Total Liabilities $47.46M $36.24M $69.21M
YoY Change -31.43% -37.94% 147.83%
SHAREHOLDERS EQUITY
Retained Earnings -$46.58M $3.698M -$111.3M
YoY Change -58.15% -111.69% 191.92%
Common Stock $113.0K $112.0K $110.0K
YoY Change 2.73% 1.82% 0.92%
Preferred Stock
YoY Change
Treasury Stock (at cost) $44.38M $24.78M $2.216M
YoY Change 1902.89% 382.55% -87.06%
Treasury Stock Shares 3.356M shares 1.669M shares 349.8K shares
Shareholders Equity $73.80M $142.5M $48.07M
YoY Change
Total Liabilities & Shareholders Equity $121.3M $178.7M $117.3M
YoY Change 3.39% -1.63% -13.71%

Cashflow Statement

Concept 2017 Q4 2017 Q3 2016 Q4
OPERATING ACTIVITIES
Net Income $4.276M $44.05M $5.481M
YoY Change -21.99% 1226.44% -59.03%
Depreciation, Depletion And Amortization $1.250M $1.013M $1.190M
YoY Change 5.04% 20.88% 52.56%
Cash From Operating Activities $20.87M $17.95M $14.70M
YoY Change 41.97% 529.82% 237.16%
INVESTING ACTIVITIES
Capital Expenditures -$1.260M -$1.390M -$1.230M
YoY Change 2.44% -20.11% -35.6%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0%
Cash From Investing Activities -$1.260M -$1.390M -$1.230M
YoY Change 2.44% -20.11% -177.36%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -24.59M -27.57M 700.0K
YoY Change -3612.86% 319.0% -103.78%
NET CHANGE
Cash From Operating Activities 20.87M 17.95M 14.70M
Cash From Investing Activities -1.260M -1.390M -1.230M
Cash From Financing Activities -24.59M -27.57M 700.0K
Net Change In Cash -4.980M -11.01M 14.17M
YoY Change -135.14% 101.28% -212.55%
FREE CASH FLOW
Cash From Operating Activities $20.87M $17.95M $14.70M
Capital Expenditures -$1.260M -$1.390M -$1.230M
Free Cash Flow $22.13M $19.34M $15.93M
YoY Change 38.92% 321.35% 154.07%

Facts In Submission

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InventoryValuationReserves
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LeaseAndRentalExpense
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LeaseAndRentalExpense
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LeaseAndRentalExpense
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P6Y
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us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
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CY2016Q3 us-gaap Net Income Loss
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NetIncomeLoss
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NetIncomeLoss
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us-gaap Net Income Loss
NetIncomeLoss
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us-gaap Number Of Operating Segments
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CY2016Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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OperatingIncomeLoss
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us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2017Q3 us-gaap Other Assets Current
OtherAssetsCurrent
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CY2016Q4 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2017Q3 us-gaap Other Assets Noncurrent
OtherAssetsNoncurrent
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CY2016Q4 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
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CY2017Q3 us-gaap Other Liabilities Current
OtherLiabilitiesCurrent
358000 USD
CY2016Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2017Q3 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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CY2016Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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CY2017Q3 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Payments For Repurchase Of Common Stock
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us-gaap Payments Of Debt Issuance Costs
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106000 USD
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.001
CY2017Q3 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
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CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q3 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2017Q3 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2017Q3 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
0 USD
CY2017Q3 us-gaap Preferred Stock Value
PreferredStockValue
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CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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us-gaap Proceeds From Repurchase Of Equity
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us-gaap Proceeds From Repurchase Of Equity
ProceedsFromRepurchaseOfEquity
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us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
3000000 USD
us-gaap Proceeds From Sale And Maturity Of Held To Maturity Securities
ProceedsFromSaleAndMaturityOfHeldToMaturitySecurities
0 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2548000 USD
us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
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22291000 USD
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PropertyPlantAndEquipmentGross
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CY2016Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2017Q3 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
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CY2016Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
2919000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2017Q3 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
5481000 USD
us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
14430000 USD
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
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CY2017Q3 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
3698000 USD
CY2016Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
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us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
175139000 USD
CY2017Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
84573000 USD
us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
233592000 USD
CY2016Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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CY2017Q3 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
60233000 USD
us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Share Based Compensation
ShareBasedCompensation
13826000 USD
us-gaap Share Based Compensation
ShareBasedCompensation
15232000 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableNumber
10043166 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisableWeightedAverageExercisePrice
3.26
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
17994945 USD
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Expirations In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExpirationsInPeriod
68991 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Forfeitures In Period
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsForfeituresInPeriod
25839 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsGrantsInPeriodGross
0 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingIntrinsicValue
86178050 USD
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
12552608 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingNumber
10040009 shares
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.61
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Outstanding Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsOutstandingWeightedAverageExercisePrice
3.30
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Aggregate Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableAggregateIntrinsicValue
86176954 USD
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Number
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableNumber
9976636 shares
CY2017Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Exercise Price
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageExercisePrice
3.30
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Exercises In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExercisesInPeriodWeightedAverageExercisePrice
4.80
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Expirations In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsExpirationsInPeriodWeightedAverageExercisePrice
5.79
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsForfeituresInPeriodWeightedAverageExercisePrice
6.54
us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Grants In Period Weighted Average Exercise Price
ShareBasedCompensationArrangementsByShareBasedPaymentAwardOptionsGrantsInPeriodWeightedAverageExercisePrice
0.00
CY2017Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Exercisable Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfExercisableOptions
9976636 shares
CY2017Q3 us-gaap Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Number Of Outstanding Options
ShareBasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeNumberOfOutstandingOptions
10040009 shares
CY2017Q3 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Intrinsic Value1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsExercisableIntrinsicValue1
86042771 USD
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Exercisable Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestExercisableWeightedAverageRemainingContractualTerm1
P4Y7M2D
us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardOptionsVestedAndExpectedToVestOutstandingWeightedAverageRemainingContractualTerm1
P4Y7M6D
CY2017Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Exercisable Options Weighted Average Exercise Price1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
3.26
CY2017Q3 us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Exercise Price Beginning Balance1
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
3.30
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageRemainingContractualTerm2
P4Y7M6D
us-gaap Stock Issued During Period Shares Acquisitions
StockIssuedDuringPeriodSharesAcquisitions
441009 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
43344 shares
us-gaap Stock Issued During Period Shares Issued For Services
StockIssuedDuringPeriodSharesIssuedForServices
17539 shares
us-gaap Stock Issued During Period Shares Stock Options Exercised
StockIssuedDuringPeriodSharesStockOptionsExercised
2417769 shares
us-gaap Stock Issued During Period Shares Treasury Stock Reissued
StockIssuedDuringPeriodSharesTreasuryStockReissued
2684270 shares
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
3346000 USD
us-gaap Stock Issued During Period Value Acquisitions
StockIssuedDuringPeriodValueAcquisitions
0 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
346000 USD
us-gaap Stock Issued During Period Value Issued For Services
StockIssuedDuringPeriodValueIssuedForServices
166000 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardForfeitures
0 USD
us-gaap Stock Issued During Period Value Restricted Stock Award Net Of Forfeitures
StockIssuedDuringPeriodValueRestrictedStockAwardNetOfForfeitures
0 USD
us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
15232000 USD
us-gaap Stock Issued During Period Value Stock Options Exercised
StockIssuedDuringPeriodValueStockOptionsExercised
11590000 USD
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112193701 shares
CY2017Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
117501925 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
116547006 shares
CY2016Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105991990 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
105927890 shares
CY2017Q3 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106871436 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
106469278 shares
us-gaap Stock Issued During Period Value Treasury Stock Reissued
StockIssuedDuringPeriodValueTreasuryStockReissued
24801000 USD
CY2014Q2 us-gaap Stock Repurchase Program Authorized Amount1
StockRepurchaseProgramAuthorizedAmount1
10000000 USD
CY2017Q3 us-gaap Stock Repurchase Program Remaining Authorized Repurchase Amount1
StockRepurchaseProgramRemainingAuthorizedRepurchaseAmount1
13000 USD
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
133000000 USD
CY2017Q3 us-gaap Stockholders Equity
StockholdersEquity
142472000 USD
CY2016Q4 us-gaap Treasury Stock Shares
TreasuryStockShares
349760 shares
CY2017Q3 us-gaap Treasury Stock Shares
TreasuryStockShares
1668678 shares
CY2016Q4 us-gaap Treasury Stock Value
TreasuryStockValue
2216000 USD
CY2017Q3 us-gaap Treasury Stock Value
TreasuryStockValue
24784000 USD
us-gaap Treasury Stock Value Acquired Cost Method
TreasuryStockValueAcquiredCostMethod
44032000 USD
CY2016Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6369189 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
6265811 shares
CY2017Q3 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10630489 shares
us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
10077728 shares
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
112361179 shares
us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Revenue Recognition </font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The Company sells its products through a combination of a direct sales force, independent stocking distributors and third party representatives in the U.S., and independent distributors in international markets. The Company recognizes revenue when title to the goods and risk of loss transfers to customers, provided there are no material remaining performance obligations required of the Company or any matters of customer acceptance. The Company records revenues from sales to our independent stocking distributors at the time the product is shipped to the distributor. Our stocking distributors, who sell the products to their customers or sub-distributors, contractually take title to the products and assume all risks of ownership at the time of shipment. Our stocking distributors are obligated to pay us the contractually agreed upon invoice price within specified terms regardless of when, if ever, they sell the products. Our customers and stocking distributors do not have any contractual rights of return or exchange other than for defective product or shipping error; however, in limited situations, we do accept returns or exchanges at our discretion. </font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">Some of the Company&#8217;s sales to Government accounts, including the Department of Veterans Affairs, were historically made through a distributor relationship with AvKARE Inc., which is a veteran-owned General Services Administration Federal Supply Schedule contractor. The Company's agreement with AvKARE expired on June 30, 2017. Upon expiration of the agreement, the Company had an obligation to repurchase AvKARE&#8217;s remaining inventory within 90 days in accordance with the terms of the agreement. As of September 30, 2017, the Company has satisfied the repurchase obligation.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">A portion of the Company&#8217;s revenue is generated from consignment inventory maintained at hospitals or physicians' offices. Significant terms of our consignment agreements state that title to the inventory remains with the Company until the product, which has been segregated by the consignee, is withdrawn and therefore purchased by the consignee. The consignee accepts all risk of loss and full responsibility for any product in the consignment inventory that may be opened, lost, stolen or damaged. The Company recognizes revenue when we are notified that product has been used or implanted.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We make estimates of potential future sales returns, discounts and allowances related to current period product revenue and these are reflected as a reduction of revenue in the same period revenue is recognized. We base our estimate for sales returns, discounts and allowances on historical sales and product return information, including historical experience and actual and projected trend information as well as projected sales returns based on estimated usage and contractual arrangements. These estimates have historically been materially consistent with actual results.</font></div><div style="line-height:120%;padding-bottom:13px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">We continually evaluate new and current customers, including our stocking distributors, for collectability based on various factors including past history with the customer, evaluation of their creditworthiness, and current economic conditions. We only record revenue when collectability is reasonably assured.</font></div></div>
us-gaap Use Of Estimates
UseOfEstimates
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;font-weight:bold;">Use of Estimates</font></div><div style="line-height:120%;padding-top:8px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expenses during the reporting period. Actual results could differ from those estimates.&#160;</font></div></div>

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