Summary of Significant Accounting Policies (Tables)

12 Months Ended

Dec. 31, 2019

Schedule of Cash, Cash Equivalents and Restricted Cash

Accordingly, the following is a summary of the Company’s cash, cash equivalents, and restricted cash total as presented in the Company’s consolidated statements of cash flows for the years ended December 31, 2019, 2018 and 2017:

	For the Years Ended December 31,
	2019		2018		2017
	(Amounts in thousands)
Cash and cash equivalents	$	528,392	$	193,822	$	173,759
Restricted cash		9,015		—		—
Total cash, cash equivalents, and restricted cash	$	537,407	$	193,822	$	173,759

Property, Plant and Equipment

Property, plant & equipment is recorded at cost less allowances for depreciation. Depreciation is calculated using the straight-line method over the estimated useful life of the asset as follows:

Classification	Estimated Useful Life
Buildings		Thirty years
Leasehold improvements		Shorter of the term of the lease or estimated useful life
Equipment		Three to twelve years
Furniture, fixtures and office equipment		Three to eight years
Computer hardware and software		Three to five years or estimated useful life

Reconciliation of Basic and Diluted Shares Amounts

	For the Years Ended December 31,
	2019		2018		2017
	(Amounts in thousands, except per share data)
Net income	$	21,411	$	16,617	$	28,353
Weighted average shares used in computing net income per share - basic		48,343		43,767		38,234
Effect of dilutive shares:
Stock options and restricted stock awards		864		581		441
Convertible senior notes		—		1,123		475
Dilutive potential common shares		864		1,704		916
Weighted average shares used in computing net income per share - diluted		49,206		45,471		39,150
Earnings per share:
Basic	$	0.44	$	0.38	$	0.74
Diluted	$	0.44	$	0.37	$	0.72

Summary of Product Revenues by Product Line

The following table represents product revenues by product line:

	For the Years Ended December 31,
	2019(1)		2018		2017(2)
	(Amounts in thousands)
Chromatography products	$	64,635	$	45,326	$	36,309
Filtration products		119,534		90,586		49,050
Process analytics products		16,405		—		—
Proteins products		65,124		54,375		53,969
Other		4,399		3,604		1,761
Total product revenue	$	270,097	$	193,891	$	141,089

(1) 2019 revenue for process analytics products includes revenue related to C Technologies from May 31, 2019 through December 31, 2019.

(2) 2017 revenue for filtration, chromatography and other products includes revenue related to Spectrum from August 1, 2017 through December 31, 2017.

Total Assets by Geographic Area

The following table represents the Company’s total assets by geographic area:

	December 31,
	2019		2018
	(Amounts in thousands)
Total assets by geographic locations:
North America	$	1,260,217	$	665,833
Europe		133,599		104,750
APAC		6,297		4,038
Total assets by geographic location	$	1,400,113	$	774,621

Long Lived Assets by Geographic Area

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

	December 31,
	2019		2018
	(Amounts in thousands)
Long-lived assets by geographic locations:
North America	$	66,756	$	26,344
Europe		6,775		5,162
APAC		869		848
Total long-lived assets by geographic location	$	74,400	$	32,354

Percentage of Revenue from Significant Customers

Revenue from significant customers that represent 10% or more of the Company’s total revenue is as follows:

	For the Years Ended December 31,
	2019			2018			2017
MilliporeSigma		13	%		15	%		18	%
GE Healthcare		12	%		15	%		21	%

Accounts Receivable

Percentage by Geographic Area or Significant Customers

Significant accounts receivable balances representing 10% or more of the Company’s total trade accounts receivable and royalties and other receivable balances are as follows:

	December 31,
	2019			2018
GE Healthcare		18	%		17	%
MilliporeSigma		N/A			11	%

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):

	For the Years Ended December 31,
	2019			2018			2017
Revenue by customers’ geographic locations:
North America		51	%		48	%		43	%
Europe		37	%		40	%		46	%
APAC		12	%		12	%		11	%
Other		0	%		0	%		0	%
Total revenue		100	%		100	%		100	%