XML 42 R6.htm IDEA: XBRL DOCUMENT v2.4.1.9
Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified
3 Months Ended
Mar. 31, 2015
Mar. 31, 2014
Cash flows from operating activities:    
Net loss $ (118,037)us-gaap_ProfitLoss $ (45,091)us-gaap_ProfitLoss
Adjustments to reconcile net loss to net cash used in operating activities:    
Depreciation and amortization 3,525us-gaap_DepreciationDepletionAndAmortization 3,564us-gaap_DepreciationDepletionAndAmortization
Non-cash interest on 2033 Senior Notes 1,056us-gaap_PaidInKindInterest 1,777us-gaap_PaidInKindInterest
Amortization of deferred financing costs 751us-gaap_AmortizationOfFinancingCosts 177us-gaap_AmortizationOfFinancingCosts
Losses from investments in investees 1,761us-gaap_IncomeLossFromEquityMethodInvestments 2,056us-gaap_IncomeLossFromEquityMethodInvestments
Equity-based compensation – employees and non-employees 7,382us-gaap_ShareBasedCompensation 3,579us-gaap_ShareBasedCompensation
(Recovery of) provision for bad debts 174us-gaap_ProvisionForDoubtfulAccounts (74)us-gaap_ProvisionForDoubtfulAccounts
Provision for inventory obsolescence 220us-gaap_InventoryWriteDown 337us-gaap_InventoryWriteDown
Revenue from receipt of equity (60)opk_RevenueFromReceiptOfEquity (60)opk_RevenueFromReceiptOfEquity
Realized gain on sale of equity securities (216)us-gaap_GainLossOnSaleOfInvestments (1,273)us-gaap_GainLossOnSaleOfInvestments
Loss on conversion of 3.00% convertible senior notes 321us-gaap_GainsLossesOnExtinguishmentOfDebt 0us-gaap_GainsLossesOnExtinguishmentOfDebt
Change in fair value of derivative instruments 49,788us-gaap_GainLossOnDerivativeInstrumentsNetPretax 10,373us-gaap_GainLossOnDerivativeInstrumentsNetPretax
Change in fair value of contingent consideration 5,175us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1 2,610us-gaap_BusinessCombinationContingentConsiderationArrangementsChangeInAmountOfContingentConsiderationLiability1
Changes in assets and liabilities, net of the effects of acquisitions:    
Accounts receivable (103)us-gaap_IncreaseDecreaseInAccountsReceivable (557)us-gaap_IncreaseDecreaseInAccountsReceivable
Inventory (2,610)us-gaap_IncreaseDecreaseInInventories (1,676)us-gaap_IncreaseDecreaseInInventories
Prepaid expenses and other current assets 944us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets 1,287us-gaap_IncreaseDecreaseInPrepaidDeferredExpenseAndOtherAssets
Other assets (509)us-gaap_IncreaseDecreaseInOtherOperatingAssets 1,429us-gaap_IncreaseDecreaseInOtherOperatingAssets
Accounts payable 2,107us-gaap_IncreaseDecreaseInAccountsPayable 1,479us-gaap_IncreaseDecreaseInAccountsPayable
Foreign currency measurement 473us-gaap_ForeignCurrencyTransactionGainLossBeforeTax (976)us-gaap_ForeignCurrencyTransactionGainLossBeforeTax
Deferred revenue 282,238us-gaap_IncreaseDecreaseInDeferredRevenue (46)us-gaap_IncreaseDecreaseInDeferredRevenue
Accrued expenses and other liabilities 4,413us-gaap_IncreaseDecreaseInAccruedLiabilities (1,526)us-gaap_IncreaseDecreaseInAccruedLiabilities
Net cash provided by (used in) operating activities 238,793us-gaap_NetCashProvidedByUsedInOperatingActivities (22,611)us-gaap_NetCashProvidedByUsedInOperatingActivities
Cash flows from investing activities:    
Investments in investees 0us-gaap_PaymentsToAcquireInvestments (500)us-gaap_PaymentsToAcquireInvestments
Proceeds from sale of equity securities 0us-gaap_PaymentsForProceedsFromOtherInvestingActivities 1,297us-gaap_PaymentsForProceedsFromOtherInvestingActivities
Acquisition of businesses, net of cash 0us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired (200)us-gaap_PaymentsToAcquireBusinessesNetOfCashAcquired
Capital expenditures (363)us-gaap_PaymentsToAcquireProductiveAssets (861)us-gaap_PaymentsToAcquireProductiveAssets
Net cash used in investing activities (363)us-gaap_NetCashProvidedByUsedInInvestingActivities (264)us-gaap_NetCashProvidedByUsedInInvestingActivities
Cash flows from financing activities:    
Proceeds from the exercise of Common Stock options and warrants 12,712us-gaap_ProceedsFromIssuanceOrSaleOfEquity 1,639us-gaap_ProceedsFromIssuanceOrSaleOfEquity
Cash from non-controlling interest 791us-gaap_ProceedsFromPaymentsToMinorityShareholders 0us-gaap_ProceedsFromPaymentsToMinorityShareholders
Contingent consideration payments 0us-gaap_PaymentsForPreviousAcquisition (6,435)us-gaap_PaymentsForPreviousAcquisition
Borrowings on lines of credit 5,158us-gaap_ProceedsFromLinesOfCredit 4,250us-gaap_ProceedsFromLinesOfCredit
Repayments of lines of credit (4,849)us-gaap_RepaymentsOfLinesOfCredit (5,985)us-gaap_RepaymentsOfLinesOfCredit
Net cash provided by financing activities 13,812us-gaap_NetCashProvidedByUsedInFinancingActivities (6,531)us-gaap_NetCashProvidedByUsedInFinancingActivities
Effect of exchange rate on cash and cash equivalents (957)us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents 4us-gaap_EffectOfExchangeRateOnCashAndCashEquivalents
Net increase (decrease) in cash and cash equivalents 251,285us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease (29,402)us-gaap_CashAndCashEquivalentsPeriodIncreaseDecrease
Cash and cash equivalents at beginning of period 96,907us-gaap_CashAndCashEquivalentsAtCarryingValue [1] 185,798us-gaap_CashAndCashEquivalentsAtCarryingValue
Cash and cash equivalents at end of period 348,192us-gaap_CashAndCashEquivalentsAtCarryingValue [1] 156,396us-gaap_CashAndCashEquivalentsAtCarryingValue
SUPPLEMENTAL INFORMATION:    
Interest paid 1,568us-gaap_InterestPaid 2,420us-gaap_InterestPaid
Income taxes paid, net 227us-gaap_IncomeTaxesPaidNet 377us-gaap_IncomeTaxesPaidNet
Pharmsynthez common stock received 0us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1 6,264us-gaap_OtherSignificantNoncashTransactionValueOfConsiderationReceived1
Non-cash financing:    
Common Stock options and warrants, surrendered in net exercise 14,238opk_CommonStockWarrantsNetExercised 657opk_CommonStockWarrantsNetExercised
OPKO Uruguay Ltda.    
Issuance of Common Stock to acquire:    
OPKO Uruguay Ltda. 0us-gaap_StockIssued1
/ us-gaap_NoncashOrPartNoncashAcquisitionsByUniqueDescriptionAxis
= opk_OPKOUruguayLtda.Member
159us-gaap_StockIssued1
/ us-gaap_NoncashOrPartNoncashAcquisitionsByUniqueDescriptionAxis
= opk_OPKOUruguayLtda.Member
Conversion of Senior Notes [Member]    
Non-cash financing:    
2033 Senior Notes $ 79,888us-gaap_ConversionOfStockAmountIssued1
/ us-gaap_ConversionOfStockByUniqueDescriptionAxis
= opk_ConversionofSeniorNotesMember
$ 0us-gaap_ConversionOfStockAmountIssued1
/ us-gaap_ConversionOfStockByUniqueDescriptionAxis
= opk_ConversionofSeniorNotesMember
[1] As of March 31, 2015 and December 31, 2014, total assets include $7.1 million and $7.6 million, respectively, and total liabilities include $12.1 million and $12.1 million, respectively, related to SciVac Ltd (“SciVac”), previously known as SciGen (I.L.) Ltd, a consolidated variable interest entity. SciVac’s consolidated assets are owned by SciVac and SciVac’s consolidated liabilities have no recourse against us. Refer to Note 5.