Annual report pursuant to Section 13 and 15(d)

Financial Instruments (Tables)

v3.8.0.1
Financial Instruments (Tables)
 12 Months Ended
Dec. 31, 2017
Fair Value Disclosures [Abstract]  
Schedule of Fair Value, Assets and Liabilities Measured on Recurring Basis [Table Text Block]
The following table presents a summary of the Company’s financial instruments that are measured on a recurring basis:
 
 
 
Fair Value Measurements at December 31, 2017
 
Balance at
December 31,
2017
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in thousands)
Assets
 
 
 
 
 
 
 
Interest rate swap
$
734

 
$
—

 
$
734

 
$
—

 
 
 
Fair Value Measurements at December 31, 2016
 
Balance at
December 31,
2016
 
Quoted Prices
in Active
Markets for
Identical Assets
(Level 1)
 
Significant
Other
Observable
Inputs
(Level 2)
 
Significant
Unobservable
Inputs
(Level 3)
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
39,181

 
$
39,181

 
$
—

 
$
—

Government debt securities
27,993

 
—

 
27,993

 
—

Corporate debt securities
25,916

 
—

 
25,916

 
—

 
$
93,090

 
$
39,181

 
$
53,909

 
$
—

Liabilities
 
 
 
 
 
 
 
Contingent consideration
$
375

 
$
—

 
$
—

 
$
375

 
$
375

 
$
—

 
$
—

 
$
375

Available-for-sale Securities [Table Text Block]
The composition of financial instruments is as follows:
 
Fair Value at December 31, 2017
 
(in thousands)
Assets
 
Interest rate swap
$
734

 
December 31, 2016
Amortized
Cost
 
Gross Unrealized
 
Fair
Value
Gains
 
Losses
 
 
(in thousands)
Assets
 
 
 
 
 
 
 
Money market funds
$
39,181

 
$
—

 
$
—

 
$
39,181

Government debt securities
28,025

 
—

 
(32
)
 
27,993

Corporate debt securities
25,923

 
—

 
(7
)
 
25,916

 
93,129

 
—

 
(39
)
 
93,090

Less amounts included in cash and cash equivalents
(39,181
)
 
—

 
—

 
(39,181
)
 
$
53,948

 
$
—

 
$
(39
)
 
$
53,909


 
Fair Value at December 31, 2016
 
(in thousands)
Liabilities
 
Contingent consideration
$
375

Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]
The following table summarizes the activity in Level 3 financial instruments for contingent consideration:
 
Fair Value at December 31,
 
2017
 
2016
 
(in thousands)
Contingent consideration (1)
 
 
 
Beginning balance
$
375

 
$
395

Physpeed earn-out payment
(375
)
 
(240
)
Loss recognized in earnings (2)
—

 
220

Ending balance
$
—

 
$
375

Net loss for the period included in earnings attributable to contingent consideration held at the end of the period:
$
—

 
$
220

______________
(1)
In connection with the acquisition of Physpeed, the Company recorded contingent consideration based upon the expected achievement of certain 2015 and 2016 revenue milestones. Changes to the fair value of contingent consideration due to changes in assumptions used in preparing the valuation model are recorded in selling, general and administrative expense in the statements of operations.

(2)
Changes to the estimated fair value of contingent consideration were primarily due to revisions to the Company's expectations of earn-out achievement.
Derivative Instruments and Hedging Activities Disclosure [Text Block]
The following table summarizes activity for the interest rate swap:
 
Fair Value at December 31,
 
2017
 
2016
 
(in thousands)
Interest rate swap asset
 
 
 
Beginning balance
$
—

 
$
—

Income recognized in other comprehensive income (loss)
734

 
—

Ending balance
$
734

 
$
—