Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | ||||
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Mar. 31, 2015
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Mar. 31, 2014
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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 |
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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 |
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X | ||||||||||
- Definition
Common stock warrants net exercised. No definition available.
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X | ||||||||||
- Definition
Revenue from receipt of equity. No definition available.
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- Details
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X | ||||||||||
- Definition
Amount of noncash expense included in interest expense to issue debt and obtain financing associated with the related debt instruments. Alternate captions include noncash interest expense. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in the value of a contingent consideration liability, including, but not limited to, differences arising upon settlement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Excludes cash and cash equivalents within disposal group and discontinued operation. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of increase (decrease) in cash and cash equivalents. Cash and cash equivalents are the amount of currency on hand as well as demand deposits with banks or financial institutions. Includes other kinds of accounts that have the general characteristics of demand deposits. Also includes short-term, highly liquid investments that are both readily convertible to known amounts of cash and so near their maturity that they present insignificant risk of changes in value because of changes in interest rates. Includes effect from exchange rate changes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
The value of the financial instrument issued [noncash or part noncash] in the conversion of stock. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of the transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate expense recognized in the current period that allocates the cost of tangible assets, intangible assets, or depleting assets to periods that benefit from use of the assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of increase (decrease) from the effect of exchange rate changes on cash and cash equivalent balances held in foreign currencies. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount before tax of foreign currency transaction realized and unrealized gain (loss) recognized in the income statement. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Aggregate net gain (loss) on all derivative instruments recognized in earnings during the period, before tax effects. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The net realized gain (loss) on investments sold during the period, not including gains (losses) on securities separately or otherwise categorized as trading, available-for-sale, or held-to-maturity, which, for cash flow reporting, is a component of proceeds from investing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Difference between the fair value of payments made and the carrying amount of debt which is extinguished prior to maturity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
This item represents the entity's proportionate share for the period of the net income (loss) of its investee (such as unconsolidated subsidiaries and joint ventures) to which the equity method of accounting is applied. This item includes income or expense related to stock-based compensation based on the investor's grant of stock to employees of an equity method investee. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The amount of cash paid during the current period to foreign, federal, state, and local authorities as taxes on income, net of any cash received during the current period as refunds for the overpayment of taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate amount of liabilities incurred (and for which invoices have typically been received) and payable to vendors for goods and services received that are used in an entity's business. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in amount due within one year (or one business cycle) from customers for the credit sale of goods and services. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate amount of expenses incurred but not yet paid. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
The increase (decrease) during the reporting period, excluding the portion taken into income, in the liability reflecting revenue yet to be earned for which cash or other forms of consideration was received or recorded as a receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the aggregate value of all inventory held by the reporting entity, associated with underlying transactions that are classified as operating activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
The increase (decrease) during the reporting period in other assets used in operating activities not separately disclosed in the statement of cash flows. May include changes in other current assets, other noncurrent assets, or a combination of other current and noncurrent assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The increase (decrease) during the reporting period in the value of prepaid expenses and other assets not separately disclosed in the statement of cash flows, for example, deferred expenses, intangible assets, or income taxes. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The amount of cash paid for interest during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Charge to cost of goods sold that represents the reduction of the carrying amount of inventory, generally attributable to obsolescence or market conditions. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash inflow (outflow) from financing activities, including discontinued operations. Financing activity cash flows include obtaining resources from owners and providing them with a return on, and a return of, their investment; borrowing money and repaying amounts borrowed, or settling the obligation; and obtaining and paying for other resources obtained from creditors on long-term credit. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from investing activities, including discontinued operations. Investing activity cash flows include making and collecting loans and acquiring and disposing of debt or equity instruments and property, plant, and equipment and other productive assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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- Definition
Amount of cash inflow (outflow) from operating activities, including discontinued operations. Operating activity cash flows include transactions, adjustments, and changes in value not defined as investing or financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Details
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X | ||||||||||
- Definition
The value of the noncash (or part noncash) consideration received in a transaction. Noncash is defined as transactions during a period that do not result in cash receipts or cash payments in the period. "Part noncash" refers to that portion of a transaction not resulting in cash receipts or cash payments in the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Interest paid other than in cash for example by issuing additional debt securities. As a noncash item, it is added to net income when calculating cash provided by or used in operations using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Cash outflow representing an adjustment to the purchase price of a previous acquisition. No definition available.
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X | ||||||||||
- Definition
The net cash outflow or inflow from other investing activities. This element is used when there is not a more specific and appropriate element in the taxonomy. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the acquisition of a business, net of the cash acquired from the purchase. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow associated with the purchase of all investments (debt, security, other) during the period. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash outflow for purchases of and capital improvements on property, plant and equipment (capital expenditures), software, and other intangible assets. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The cash inflow from the issuance of common stock, preferred stock, treasury stock, stock options, and other types of equity. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash inflow from contractual arrangement with the lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash inflow (outflow) from (to) a noncontrolling interest. Excludes dividends paid to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The consolidated profit or loss for the period, net of income taxes, including the portion attributable to the noncontrolling interest. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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- Definition
Amount of expense related to write-down of receivables to the amount expected to be collected. Includes, but is not limited to, accounts receivable and notes receivable. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
Amount of cash outflow for payment of an obligation from a lender, including but not limited to, letter of credit, standby letter of credit and revolving credit arrangements. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The aggregate amount of noncash, equity-based employee remuneration. This may include the value of stock or unit options, amortization of restricted stock or units, and adjustment for officers' compensation. As noncash, this element is an add back when calculating net cash generated by operating activities using the indirect method. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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X | ||||||||||
- Definition
The fair value of stock issued in noncash financing activities. Reference 1: http://www.xbrl.org/2003/role/presentationRef
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