Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2016

Investments in Debt Securities

Investments in debt securities consisted of the following at December 31, 2016 (in thousands):

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	807	$	—	$	—		$	807
Corporate and other debt securities		18,745		2		(7	)		18,740
Total	$	19,552	$	2	$	(7	)	$	19,547

Investments in debt securities consisted of the following at December 31, 2015 (in thousands):

	Amortized Cost		Gross Unrealized Gain		Gross Unrealized Loss			Fair Value
Marketable securities:
U.S. Government and agency securities	$	7,029	$	—	$	(6	)	$	7,023
Corporate and other debt securities		10,659		7		(7	)		10,659
		17,688		7		(13	)		17,682
Long-term marketable securities:
U.S. Government and agency securities		838		—		(2	)		836
Corporate and other debt securities		800		—		(3	)		797
		1,638		—		(5	)		1,633
Total	$	19,326	$	7	$	(18	)	$	19,315

Contractual Maturities of Debt Securities

The contractual maturities of debt securities at December 31, 2016 were as follows (in thousands):

	Amortized Cost		Fair Value
Due in 1 year or less	$	19,552	$	19,547
	$	19,552	$	19,547

Assets Measured at Fair Value on Recurring Basis

The following fair value hierarchy table presents information about each major category of the Company’s assets measured at fair value on a recurring basis as of December 31, 2016 (in thousands):

	Fair value measurement at reporting date using:
	Quoted prices in active markets for identical assets (Level 1)		Significant other observable inputs (Level 2)		Significant unobservable inputs (Level 3)		Total
Assets:
Money market funds	$	81,819	$	—	$	—	$	81,819
U.S. Government and agency securities		808		—		—		808
Corporate and other debt securities		—		18,740		—		18,740
Total	$	82,627	$	18,740	$	—	$	101,367
Liabilities:
Contingent consideration – short-term		—		—		6,119		6,119
Total	$	—	$	—	$	6,119	$	6,119

RollForward of Fair Value of Contingent Consideration

The following table provides a rollforward of the fair value of contingent consideration (in thousands):

Balance at December 31, 2015	$	6,788
Additions		928
Payments		(4,781	)
Foreign currency translation adjustments		(58	)
Changes in fair value		3,242
Balance at December 31, 2016	$	6,119

Schedule of Inventories

Inventories consist of the following (in thousands):

	December 31, 2016		December 31, 2015
Raw Materials	$	14,954	$	10,671
Work-in-process		2,789		1,586
Finished products		6,953		5,741
Total	$	24,696	$	17,998

Reconciliation of Basic and Diluted Shares Amounts

A reconciliation of basic and diluted share amounts is as follows:

	Years ended December 31,
	2016		2015		2014
Numerator:
Net income	$	11,681,000	$	9,345,000	$	8,170,000
Denominator:
Basic weighted average common shares outstanding		33,572,883		32,881,940		32,497,657
Weighted average common stock equivalents from assumed exercise of stock options and restricted stock awards		526,015		695,151		766,010
Diluted weighted average common shares outstanding		34,098,898		33,577,091		33,263,667
Basic net income per common share	$	0.35	$	0.28	$	0.25
Diluted net income per common share	$	0.34	$	0.28	$	0.25

Summary of Product Revenues by Product Line

The following table represents product revenues by product line (in thousands):

	December 31, 2016			December 31, 2015		December 31, 2014
Protein products	$	54,716		$	52,938	$	43,674
Filtration products		19,774	(2)		15,676		6,739	(1)
Chromatography products		29,520	(3)		14,613		9,811
Other		431			310		207
Total product revenues	$	104,441		$	83,537	$	60,431

(1) 2014 revenue for filtration products includes revenue related to the Refine Acquisition from June 2, 2014 through December 31, 2014.

(2) 2016 revenue for filtration products includes revenue related to the TangenX Acquisition from December 14, 2016 through December 31, 2016.

(3) 2016 revenue for chromatography products includes revenue related to the Atoll Acquisition from April 1, 2016 through December 31, 2016.

Total Assets by Geographic Area

The following table represents the Company’s total assets by geographic area (in thousands):

	December 31, 2016		December 31, 2015
United States	$	209,728	$	91,881
Sweden		53,089		54,313
Germany		26,056		—
Singapore		40		43
Total	$	288,913	$	146,237

Long Lived Assets by Geographic Area

The following table represents the Company’s long-lived assets by geographic area (in thousands):

	December 31, 2016		December 31, 2015
United States	$	77,039	$	36,350
Sweden		5,180		6,635
Germany		22,541		—
Total	$	104,760	$	42,985

Percentage of Revenue from Significant Customers

Revenue from significant customers as a percentage of the Company’s total revenue is as follows:

	Years ended December 31,
	2016			2015			2014
GE Healthcare		29	%		37	%		38	%
MilliporeSigma		28	%		29	%		33	%

Intangible assets

Intangible assets consisted of the following at December 31, 2016 (in thousands):

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	12,911	$	(1,468	)		17
Patents		240		(208	)		8
Customer relationships		22,555		(4,995	)		11
Trademark/ tradename		711		—			—
Other intangibles		84		(24	)		2
Total intangible assets	$	36,501	$	(6,695	)		13

Intangible assets consisted of the following at December 31, 2015 (in thousands):

	Gross Carrying Amount		Accumulated Amortization			Weighted Average Useful Life (in years)
Technology – developed	$	3,295	$	(1,026	)		12
In process research and development		1,600		—			—
Patents		240		(177	)		8
Customer relationships		11,805		(3,682	)		9
Trademark/ tradename		700		—			—
Total intangible assets	$	17,640	$	(4,885	)		10

Schedule of Amortization Expense for Amortized Intangible Assets

As of December 31, 2016, the Company expects to record the approximate amortization expense (in thousands):

Year Ending	Amortization Expense
December 31, 2017	$	2,845
December 31, 2018		2,657
December 31, 2019		2,624
December 31, 2020		2,311
December 31, 2021		2,022

Total Revenue

Percentage by Geographic Area or Significant Customers

The following table represents the Company’s total revenue by geographic area (based on the location of the customer):

	Years ended December 31,
	2016			2015			2014
Sweden		29	%		37	%		38	%
United States		39	%		28	%		33	%
United Kingdom		7	%		17	%		20	%
Other		25	%		18	%		9	%
Total		100	%		100	%		100	%

Accounts Receivable

Percentage by Geographic Area or Significant Customers

Significant accounts receivable balances as a percentage of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows:

	December 31, 2016			December 31, 2015
GE Healthcare		26	%		13	%
MilliporeSigma		8	%		32	%
Bioprocessing Customer C		1	%		21	%

Refine Technology, LLC

Quantitative Information Associated With Fair Value Measurement of Contingent Consideration

The following table provides quantitative information associated with the fair value measurement of the Company’s contingent consideration related to Refine using Level 3 inputs (in thousands):

	Fixed Earn-out		Variable Earn-out		Accrued Balance
2016		4,250		1,300		5,067