$VRTX
VERTEX PHARMACEUTICALS INC / MA

2018 Q2 Form 10-Q Financial Statement

#000087532018000022 Filed on July 26, 2018

View on sec.gov

Income Statement

Concept 2018 Q2 2017 Q2
Revenue $752.2M $544.1M
YoY Change 38.23% 26.07%
Cost Of Revenue $104.4M $71.21M
YoY Change 46.59% 61.27%
Gross Profit $647.8M $472.9M
YoY Change 36.97% 22.06%
Gross Profit Margin 86.12% 86.91%
Selling, General & Admin $137.3M $127.2M
YoY Change 7.9% 13.97%
% of Gross Profit 21.2% 26.91%
Research & Development $337.5M $289.5M
YoY Change 16.61% 6.81%
% of Gross Profit 52.11% 61.2%
Depreciation & Amortization $18.10M $14.80M
YoY Change 22.3% -1.33%
% of Gross Profit 2.79% 3.13%
Operating Expenses $474.8M $416.7M
YoY Change 13.95% 8.9%
Operating Profit $172.9M $52.71M
YoY Change 228.0% 1471.94%
Interest Expense $18.16M -$14.66M
YoY Change -223.81% -27.24%
% of Operating Profit 10.5% -27.82%
Other Income/Expense, Net $53.82M -$2.537M
YoY Change -2221.36% 108.12%
Pretax Income $216.6M $35.51M
YoY Change 510.01% -297.03%
Income Tax $10.34M $4.337M
% Of Pretax Income 4.77% 12.21%
Net Earnings $207.4M $18.00M
YoY Change 1052.26% -127.89%
Net Earnings / Revenue 27.57% 3.31%
Basic Earnings Per Share $0.82 $0.07
Diluted Earnings Per Share $0.80 $0.07
COMMON SHARES
Basic Shares Outstanding 254.1M shares 247.5M shares
Diluted Shares Outstanding 258.6M shares 251.6M shares

Balance Sheet

Concept 2018 Q2 2017 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $2.768B $1.669B
YoY Change 65.85% 55.84%
Cash & Equivalents $2.145B $1.223B
Short-Term Investments $622.0M $446.0M
Other Short-Term Assets $132.0M $172.0M
YoY Change -23.26% 35.43%
Inventory $115.0M $92.26M
Prepaid Expenses
Receivables $393.4M $247.9M
Other Receivables $0.00 $0.00
Total Short-Term Assets $3.407B $2.181B
YoY Change 56.26% 49.96%
LONG-TERM ASSETS
Property, Plant & Equipment $815.9M $740.1M
YoY Change 10.25% 7.17%
Goodwill $50.38M $50.40M
YoY Change -0.03% 0.03%
Intangibles
YoY Change
Long-Term Investments $20.00M
YoY Change -39.39%
Other Assets $32.65M $9.943M
YoY Change 228.38% -29.99%
Total Long-Term Assets $928.0M $1.105B
YoY Change -16.02% 0.93%
TOTAL ASSETS
Total Short-Term Assets $3.407B $2.181B
Total Long-Term Assets $928.0M $1.105B
Total Assets $4.335B $3.286B
YoY Change 31.95% 28.9%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $83.03M $75.94M
YoY Change 9.34% 48.03%
Accrued Expenses $479.1M $345.1M
YoY Change 38.85% 25.4%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $15.00M $18.00M
YoY Change -16.67% -92.47%
Total Short-Term Liabilities $927.3M $625.4M
YoY Change 48.27% 0.41%
LONG-TERM LIABILITIES
Long-Term Debt $578.0M $550.0M
YoY Change 5.09% -5.5%
Other Long-Term Liabilities $25.59M $25.22M
YoY Change 1.47% -17.71%
Total Long-Term Liabilities $25.59M $25.22M
YoY Change 1.47% -17.71%
TOTAL LIABILITIES
Total Short-Term Liabilities $927.3M $625.4M
Total Long-Term Liabilities $25.59M $25.22M
Total Liabilities $1.621B $1.418B
YoY Change 14.25% 2.77%
SHAREHOLDERS EQUITY
Retained Earnings -$4.669B -$5.117B
YoY Change -8.77% -4.67%
Common Stock $7.360B $6.810B
YoY Change 8.06% 7.21%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $2.686B $1.671B
YoY Change
Total Liabilities & Shareholders Equity $4.335B $3.286B
YoY Change 31.95% 28.9%

Cashflow Statement

Concept 2018 Q2 2017 Q2
OPERATING ACTIVITIES
Net Income $207.4M $18.00M
YoY Change 1052.26% -127.89%
Depreciation, Depletion And Amortization $18.10M $14.80M
YoY Change 22.3% -1.33%
Cash From Operating Activities $321.7M $181.6M
YoY Change 77.15% 345.1%
INVESTING ACTIVITIES
Capital Expenditures -$29.60M -$17.40M
YoY Change 70.11% 9.43%
Acquisitions
YoY Change
Other Investing Activities -$86.70M -$58.90M
YoY Change 47.2% 40.57%
Cash From Investing Activities -$116.3M -$76.30M
YoY Change 52.42% 32.01%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -51.30M 132.1M
YoY Change -138.83% 520.19%
NET CHANGE
Cash From Operating Activities 321.7M 181.6M
Cash From Investing Activities -116.3M -76.30M
Cash From Financing Activities -51.30M 132.1M
Net Change In Cash 154.1M 237.4M
YoY Change -35.09% 5420.93%
FREE CASH FLOW
Cash From Operating Activities $321.7M $181.6M
Capital Expenditures -$29.60M -$17.40M
Free Cash Flow $351.3M $199.0M
YoY Change 76.53% 250.97%

Facts In Submission

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CY2018Q2 us-gaap Liabilities
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CY2017Q4 us-gaap Liabilities And Stockholders Equity
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CY2018Q2 us-gaap Liabilities And Stockholders Equity
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CY2018Q1 us-gaap Liabilities And Stockholders Equity
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CY2018Q2 us-gaap Liabilities Current
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927300000 USD
CY2017Q4 us-gaap Marketable Securities Current
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423254000 USD
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622396000 USD
CY2017Q4 us-gaap Minority Interest
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Financing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Investing Activities
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us-gaap Net Cash Provided By Used In Operating Activities
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447345000 USD
us-gaap Net Cash Provided By Used In Operating Activities
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574360000 USD
CY2017Q2 us-gaap Net Income Loss
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us-gaap Net Income Loss
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265752000 USD
CY2018Q2 us-gaap Net Income Loss
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207360000 USD
us-gaap Net Income Loss
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CY2017Q2 us-gaap Net Income Loss Attributable To Noncontrolling Interest
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
NetIncomeLossAttributableToNoncontrollingInterest
14965000 USD
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us-gaap Net Income Loss Attributable To Noncontrolling Interest
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15928000 USD
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17973000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
265365000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
207295000 USD
us-gaap Net Income Loss Available To Common Stockholders Basic
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417460000 USD
CY2017Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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17973000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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265370000 USD
CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Diluted
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207296000 USD
us-gaap Net Income Loss Available To Common Stockholders Diluted
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417463000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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38930000 USD
us-gaap Noncash Or Part Noncash Acquisition Fixed Assets Acquired1
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5176000 USD
us-gaap Number Of Operating Segments
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52707000 USD
us-gaap Operating Income Loss
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2000000 USD
CY2018Q2 us-gaap Operating Income Loss
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us-gaap Other Comprehensive Income Loss Before Reclassifications Net Of Tax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
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us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
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us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Net Of Tax
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OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
200000 USD
us-gaap Other Comprehensive Income Unrealized Gain Loss On Derivatives Arising During Period Tax
OtherComprehensiveIncomeUnrealizedGainLossOnDerivativesArisingDuringPeriodTax
500000 USD
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us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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373000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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1000000 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
0 USD
CY2018Q2 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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0 USD
CY2017Q4 us-gaap Other Indefinite Lived Intangible Assets
OtherIndefiniteLivedIntangibleAssets
29000000 USD
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OtherIndefiniteLivedIntangibleAssets
29000000 USD
CY2017Q4 us-gaap Other Liabilities Current
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34373000 USD
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OtherLiabilitiesCurrent
59629000 USD
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OtherLiabilitiesCurrent
36456000 USD
CY2017Q4 us-gaap Other Liabilities Noncurrent
OtherLiabilitiesNoncurrent
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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us-gaap Other Noncash Income Expense
OtherNoncashIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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OtherNonoperatingIncomeExpense
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us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
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us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
0 USD
us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
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us-gaap Payments To Acquire Available For Sale Securities
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377667000 USD
us-gaap Payments To Acquire Available For Sale Securities Debt
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202002000 USD
us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
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CY2017Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
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PreferredStockParOrStatedValuePerShare
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CY2017Q4 us-gaap Preferred Stock Shares Authorized
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CY2018Q2 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
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CY2017Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2018Q2 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
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CY2017Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2018Q2 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
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CY2017Q4 us-gaap Preferred Stock Value
PreferredStockValue
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CY2018Q2 us-gaap Preferred Stock Value
PreferredStockValue
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CY2017Q4 us-gaap Prepaid Expense And Other Assets Current
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PrepaidExpenseAndOtherAssetsCurrent
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans Including Stock Options
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us-gaap Proceeds From Payments For Other Financing Activities
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us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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168882000 USD
us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
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171028000 USD
CY2017Q2 us-gaap Profit Loss
ProfitLoss
31169000 USD
us-gaap Profit Loss
ProfitLoss
280717000 USD
CY2018Q2 us-gaap Profit Loss
ProfitLoss
206250000 USD
us-gaap Profit Loss
ProfitLoss
433551000 USD
CY2017Q4 us-gaap Property Plant And Equipment Net
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Reclassification From Accumulated Other Comprehensive Income Current Period Net Of Tax
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Lines Of Credit
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us-gaap Repayments Of Long Term Capital Lease Obligations
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us-gaap Repayments Of Long Term Capital Lease Obligations
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CY2017Q2 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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ResearchAndDevelopmentExpense
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us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
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CY2016Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
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CY2017Q4 us-gaap Restricted Cash And Cash Equivalents At Carrying Value
RestrictedCashAndCashEquivalentsAtCarryingValue
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CY2017Q2 us-gaap Restructuring Charges
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us-gaap Restructuring Charges
RestructuringCharges
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RetainedEarningsAccumulatedDeficit
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RetainedEarningsAccumulatedDeficit
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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RevenueFromContractWithCustomerExcludingAssessedTax
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us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
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us-gaap Selling General And Administrative Expense
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us-gaap Share Based Compensation
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us-gaap Share Based Compensation
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4764000 shares
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9312000 shares
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeExercisableOptionsWeightedAverageExercisePrice1
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SharebasedCompensationSharesAuthorizedUnderStockOptionPlansExercisePriceRangeOutstandingOptionsWeightedAverageExercisePriceBeginningBalance1
103.58
us-gaap Sharebased Compensation Shares Authorized Under Stock Option Plans Exercise Price Range Outstanding Options Weighted Average Remaining Contractual Term2
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P7Y1M2D
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us-gaap Stock Issued During Period Value Employee Benefit Plan
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500000000.0 shares
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us-gaap Stock Repurchased During Period Value
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119000000 USD
us-gaap Stock Repurchased During Period Value
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StockholdersEquity
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CY2018Q2 us-gaap Stockholders Equity
StockholdersEquity
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CY2016Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q2 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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CY2017Q4 us-gaap Stockholders Equity Including Portion Attributable To Noncontrolling Interest
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us-gaap Stockholders Equity Other
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616000 USD
us-gaap Stockholders Equity Other
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us-gaap Undistributed Earnings Diluted
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CY2018Q2 us-gaap Undistributed Earnings Diluted
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us-gaap Undistributed Earnings Diluted
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CY2017Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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23000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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387000 USD
CY2018Q2 us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
UndistributedEarningsLossAllocatedToParticipatingSecuritiesBasic
65000 USD
us-gaap Undistributed Earnings Loss Allocated To Participating Securities Basic
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163000 USD
CY2018Q2 us-gaap Unrealized Gain Loss On Investments
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53900000 USD
us-gaap Unrealized Gain Loss On Investments
UnrealizedGainLossOnInvestments
149400000 USD
us-gaap Unrealized Gain Loss On Securities
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0 USD
us-gaap Unrealized Gain Loss On Securities
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149376000 USD
CY2017Q4 us-gaap Unrecognized Tax Benefits
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5900000 USD
CY2018Q2 us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Accrued
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0 USD
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0 USD
us-gaap Unrecognized Tax Benefits Income Tax Penalties And Interest Expense
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251635000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
250199000 shares
CY2018Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
258584000 shares
us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
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CY2017Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
247521000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
246782000 shares
CY2018Q2 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
254135000 shares
us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
253685000 shares
vrtx Accrued Share Repurchase Liability
AccruedShareRepurchaseLiability
0 USD
vrtx Accrued Share Repurchase Liability
AccruedShareRepurchaseLiability
4001000 USD
CY2017Q4 vrtx Advanced Funding Received From Collaborator
AdvancedFundingReceivedFromCollaborator
78431000 USD
CY2018Q2 vrtx Advanced Funding Received From Collaborator
AdvancedFundingReceivedFromCollaborator
80602000 USD
CY2017Q4 vrtx Construction Financing Obligation Noncurrent
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563406000 USD
CY2018Q2 vrtx Construction Financing Obligation Noncurrent
ConstructionFinancingObligationNoncurrent
562645000 USD
CY2017Q4 vrtx Contingent Liabilities
ContingentLiabilities
0 USD
CY2018Q2 vrtx Contingent Liabilities
ContingentLiabilities
0 USD
vrtx Contractwith Customer Liability Additions
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34513000 USD
CY2018Q2 vrtx Debtand Equity Securities Cost
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445009000 USD
CY2018Q2 vrtx Debtand Equity Securities Fair Value
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622396000 USD
CY2018Q2 vrtx Debtand Equity Securities Unrealized Gain
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178067000 USD
CY2018Q2 vrtx Debtand Equity Securities Unrealized Loss
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680000 USD
CY2018Q2 vrtx Effective Income Tax Rate Reconciliation Sharebased Compensation Excess Tax Benefit Amount
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5000000 USD
vrtx Effective Income Tax Rate Reconciliation Sharebased Compensation Excess Tax Benefit Amount
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vrtx Employee Benefit Plan Payable Receivable
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188000 USD
vrtx Employee Benefit Plan Payable Receivable
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13634000 USD
CY2018Q2 vrtx Indemnification Claims
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CY2016Q4 vrtx Line Of Credit Facility Additional Borrowing Capacity
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300000000 USD
vrtx Proceeds From Collaborative Funding
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7500000 USD
vrtx Proceeds From Collaborative Funding
ProceedsFromCollaborativeFunding
5000000 USD
vrtx Repaymentsof Collaborative Funding
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2044000 USD
vrtx Repaymentsof Collaborative Funding
RepaymentsofCollaborativeFunding
2412000 USD
vrtx Revenue From Contract With Customer Credits Percentageof Gross Revenue
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0.01
vrtx Revenue From Contract With Customer Payment Term
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P30D
CY2018Q2 vrtx State And Local Foreign Income Tax Amount
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5700000 USD
vrtx State And Local Foreign Income Tax Amount
StateAndLocalForeignIncomeTaxAmount
8500000 USD
CY2018Q2 vrtx Stock Repurchase Program Accrued Liabilities
StockRepurchaseProgramAccruedLiabilities
4000000 USD
us-gaap Description Of New Accounting Pronouncements Not Yet Adopted
DescriptionOfNewAccountingPronouncementsNotYetAdopted
<div style="font-family:Times New Roman;font-size:10pt;"><div style="line-height:120%;padding-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Recently Issued Accounting Standards</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Derivatives and Hedging</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2017, the FASB issued ASU 2017-12, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Derivatives and Hedging (Topic 815) </font><font style="font-family:inherit;font-size:10pt;">(&#8220;ASU 2017-12&#8221;), which helps simplify certain aspects of&#160;hedge&#160;accounting and enables entities to more accurately present their risk management activities in their financial statements. The new guidance will become effective for the Company on January 1, 2019. Early adoption is permitted. The Company is in the process of determining the expected effect on its condensed consolidated financial statements.</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-weight:bold;">Leases</font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">In 2016, the FASB issued ASU No. 2016-02, </font><font style="font-family:inherit;font-size:10pt;font-style:italic;">Leases</font><font style="font-family:inherit;font-size:10pt;"> (&#8220;ASU 2016-02&#8221;), which amends a number of aspects of lease accounting and requires entities to recognize on the balance sheet right-of-use assets and liabilities for leases with lease terms of more than 12 months. ASU 2016-02 requires a modified-retrospective adoption approach. The new guidance will become effective for the Company on January 1, 2019. Early adoption is permitted. The Company has formed a project team to review its portfolio of existing leases and current accounting policies to identify and assess the potential differences that would result from applying the requirements of the new standard. The Company anticipates that the amended guidance will result in the recognition of additional right-of-use assets and corresponding liabilities on its condensed consolidated balance sheets. As discussed in Note K, &#8220;Long-term Obligations,&#8221; the Company currently applies build-to-suit accounting and is the deemed owner of its leased corporate headquarters in Boston and research site in San Diego, for which it is recognizing depreciation expense over the buildings&#8217; useful lives and imputed interest on the corresponding construction financing lease obligations. Under the amended guidance, the Company expects to account for these buildings as financing leases, resulting in increased depreciation expense over the respective lease terms, which are significantly shorter than the buildings&#8217; useful lives. The Company also expects a reduction in its imputed interest expense in the initial years of each financing lease term. The Company is also in the process of implementing appropriate changes to its controls to support lease accounting and related disclosures under the new standard. </font></div><div style="line-height:120%;padding-bottom:12px;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">For a discussion of other recent accounting pronouncements please refer to Note&#160;A, &#8220;Nature of Business and Accounting Policies&#8212;Recent Accounting Pronouncements,&#8221; in the </font><font style="font-family:inherit;font-size:10pt;">2017</font><font style="font-family:inherit;font-size:10pt;"> Annual Report on Form&#160;10-K. </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-bottom:12px;text-align:left;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;font-style:italic;">Use of Estimates </font></div><div style="line-height:120%;padding-bottom:12px;text-align:left;text-indent:24px;font-size:10pt;"><font style="font-family:inherit;font-size:10pt;">The preparation of condensed consolidated financial statements in accordance with GAAP requires management to make certain estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements, and the amounts of revenues and expenses during the reported periods. Significant estimates in these condensed consolidated financial statements have been made in connection with the calculation of revenues, inventories, research and development expenses, stock-based compensation expense, the fair value of intangible assets, goodwill, contingent consideration, noncontrolling interest, the consolidation and deconsolidation of VIEs, leases, the fair value of cash flow hedges, deferred tax asset valuation allowances and the provision for or benefit from income taxes. The Company bases its estimates on historical experience and various other assumptions, including in certain circumstances future projections that management believes to be reasonable under the circumstances. Actual results could differ from those estimates. Changes in estimates are reflected in reported results in the period in which they become known.</font></div></div>

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