Goodwill and Other Intangible Assets

12 Months Ended

Dec. 31, 2015

Goodwill and Other Intangible Assets [Abstract]

3. Goodwill and Other Intangible Assets

The Company acquired trademark/tradename, developed technology and customer relationships most recently from the following companies:

Accumed Systems, Inc. (Accumed) in June 2012,

St. Jude Medical in August 2012, and

Shepherd Scientific, Inc. (Shepherd Scientific) in December 2012

The Company is amortizing these intangibles over their useful lives of 9 to 11 years. The goodwill acquired in the same transactions will not be amortized. In January 2012, the Company acquired the rights, patents and intellectual property relating to a two-lumen catheter for distal protection and material extraction used in the Company’s Pronto catheters. In September 2013, the Company entered into a services agreement with Northeast Scientific, Inc. to obtain FDA approval for reprocessing another medical device (see Note 14). Amortization expense was $1,615,000, $1,642,000 and $1,572,000 for the years ended December 31, 2015, 2014 and 2013, respectively.

Balances of acquired intangible assets as of December 31, 2015 were as follows:

	Carrying Amount			Accumulated Amortization			Net
	(in thousands)
Amortizing intangibles:
Purchased and developed technology	$	8,140		$	3,996		$	4,144
Purchased licenses		5,050			2,020			3,030
Trademark / tradename		2,210			960			1,250
Customer relationships		640			276			364
Foreign currency translation adjustments		(352	)		(9	)		(343	)
	$	15,688		$	7,243		$	8,445

Balances of acquired intangible assets as of December 31, 2014 were as follows:

	Carrying Amount			Accumulated Amortization			Net
	(in thousands)
Amortizing intangibles:
Purchased and developed technology	$	8,140		$	3,216		$	4,924
Purchased licenses		5,050			1,515			3,535
Trademark / tradename		2,210			806			1,404
Customer relationships		640			204			436
Foreign currency translation adjustments		(190	)		(55	)		(135	)
	$	15,850		$	5,686		$	10,164

Based on the intangibles assets as of December 31, 2015, future amortization expense will be as follows:

(in thousands)
2016	$	1,817
2017		1,644
2018		1,644
2019		1,352
2020		1,059
Thereafter		929
	$	8,445

The following table provides a summary of additions and disposals of goodwill for each reporting period:

	( in thousands)
Balance at December 31, 2013	$	10,532
Foreign currency translation adjustments		(273	)
Balance at December 31, 2014	$	10,259
Foreign currency translation adjustments		(214	)
Balance at December 31, 2015	$	10,045

- Definition

The entire disclosure for the aggregate amount of goodwill and a description of intangible assets, which may include (a) for amortizable intangible assets (also referred to as finite-lived intangible assets), the carrying amount, the amount of any significant residual value, and the weighted-average amortization period, (b) for intangible assets not subject to amortization (also referred to as indefinite-lived intangible assets), the carrying amount, and (c) the amount of research and development assets acquired and written off in the period, including the line item in the income statement in which the amounts written off are aggregated, if not readily apparent from the income statement. Also discloses (a) for amortizable intangibles assets in total and by major class, the gross carrying amount and accumulated amortization, the total amortization expense for the period, and the estimated aggregate amortization expense for each of the five succeeding fiscal years, (b) for intangible assets not subject to amortization the carrying amount in total and by major class, and (c) for goodwill, in total and for each reportable segment, the changes in the carrying amount of goodwill during the period (including the aggregate amount of goodwill acquired, the aggregate amount of impairment losses recognized, and the amount of goodwill included in the gain (loss) on disposal of a reporting unit). If any part of goodwill has not been allocated to a reportable segment, discloses the unallocated amount and the reasons for not allocating. For each impairment loss recognized related to an intangible asset (excluding goodwill), discloses: (a) a description of the impaired intangible asset and the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method for determining fair value, (c) the caption in the income statement or the statement of activities in which the impairment loss is aggregated, and (d) the segment in which the impaired intangible asset is reported. For each goodwill impairment loss recognized, discloses: (a) a description of the facts and circumstances leading to the impairment, (b) the amount of the impairment loss and the method of determining the fair value of the associated reporting unit, and (c) if a recognized impairment loss is an estimate not finalized and the reasons why the estimate is not final. May also disclose the nature and amount of any significant adjustments made to a previous estimate of an impairment loss.

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