Company Quick10K Filing
Quick10K
Merit Medical Systems
Closing Price ($) Shares Out (MM) Market Cap ($MM)
$57.48 55 $3,160
10-Q 2019-06-30 Quarter: 2019-06-30
10-Q 2019-03-31 Quarter: 2019-03-31
10-K 2018-12-31 Annual: 2018-12-31
10-Q 2018-09-30 Quarter: 2018-09-30
10-Q 2018-06-30 Quarter: 2018-06-30
10-Q 2018-03-31 Quarter: 2018-03-31
10-K 2017-12-31 Annual: 2017-12-31
10-Q 2017-09-30 Quarter: 2017-09-30
10-Q 2017-06-30 Quarter: 2017-06-30
10-Q 2017-03-31 Quarter: 2017-03-31
10-K 2016-12-31 Annual: 2016-12-31
10-Q 2016-09-30 Quarter: 2016-09-30
10-Q 2016-06-30 Quarter: 2016-06-30
10-Q 2016-03-31 Quarter: 2016-03-31
10-K 2015-12-31 Annual: 2015-12-31
10-Q 2015-09-30 Quarter: 2015-09-30
10-Q 2015-06-30 Quarter: 2015-06-30
10-Q 2015-03-31 Quarter: 2015-03-31
10-K 2014-12-31 Annual: 2014-12-31
10-Q 2014-09-30 Quarter: 2014-09-30
10-Q 2014-06-30 Quarter: 2014-06-30
10-Q 2014-03-31 Quarter: 2014-03-31
10-K 2013-12-31 Annual: 2013-12-31
8-K 2019-08-05 Enter Agreement, Off-BS Arrangement
8-K 2019-07-25 Earnings, Regulation FD, Exhibits
8-K 2019-06-20 Regulation FD, Exhibits
8-K 2019-05-23 Officers, Shareholder Vote
8-K 2019-04-23 Earnings, Regulation FD, Exhibits
8-K 2019-03-11 Officers
8-K 2018-12-20 Officers
8-K 2018-12-14 M&A, Regulation FD, Exhibits
8-K 2018-11-14 M&A, Off-BS Arrangement, Regulation FD, Exhibits
8-K 2018-10-25 Earnings, Regulation FD, Exhibits
8-K 2018-10-01 Enter Agreement, Regulation FD, Exhibits
8-K 2018-07-25 Enter Agreement, Other Events, Exhibits
8-K 2018-07-24 Regulation FD, Exhibits
8-K 2018-07-23 Earnings, Officers, Regulation FD, Exhibits
8-K 2018-06-06 Regulation FD, Exhibits
8-K 2018-05-31 Officers, Amend Bylaw, Shareholder Vote, Regulation FD, Exhibits
8-K 2018-04-25 Earnings, Regulation FD, Exhibits
8-K 2018-02-28 Earnings, Regulation FD, Exhibits
8-K 2018-02-21 M&A, Off-BS Arrangement, Regulation FD, Exhibits
MELI MercadoLibre 26,760
BHGE Baker Hughes 23,450
RL Ralph Lauren 9,880
SABR Sabre 5,650
MTDR Matador Resources 2,320
AMSF Amerisafe 1,140
APTX Aptinyx 133
CVR Chicago Rivet & Machine 27
MYOS MYOS RENS 11
GPT Gramercy Property Trust 0
MMSI 2019-06-30
Part I - Financial Information
Item 1. Financial Statements
Item 2. Management's Discussion and Analysis of Financial Condition and Results of Operations
Item 3. Quantitative and Qualitative Dicslosures About Market Risk
Item 4. Controls and Procedures
Part II - Other Information
Item 1. Legal Proceedings
Item 1A. Risk Factors
Item 6. Exhibits
EX-10.1 ninthamendment-ex101.htm
EX-10.2 tenthamendment-ex102.htm
EX-10.3 eleventhamendment-ex103.htm
EX-10.4 twelfthamendment-ex104.htm
EX-31.1 mmsi-6302019x10qxex311.htm
EX-31.2 mmsi-6302019x10qxex312.htm
EX-32.1 mmsi-6302019x10qxex321.htm
EX-32.2 mmsi-6302019x10qxex322.htm

Merit Medical Systems Earnings 2019-06-30

MMSI 10Q Quarterly Report

Balance SheetIncome StatementCash Flow

Document
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Table of Contents

 
UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
Washington, D.C. 20549
 FORM 10-Q
            QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
FOR THE QUARTERLY PERIOD ENDED
June 30, 2019
 
 
 
 
OR
 
 
 
 
             TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934
 
         FOR THE TRANSITION PERIOD FROM TO .
 
Commission File Number
0-18592
 
 
a2017mmsilogoaa20.jpg
MERIT MEDICAL SYSTEMS, INC.
(Exact name of registrant as specified in its charter)
Utah
 
87-0447695
(State or other jurisdiction of incorporation or organization)
 
(IRS Employer Identification No.)
 1600 West Merit Parkway, South Jordan, Utah 84095
(Address of principal executive offices, including zip code) 
Registrant’s telephone number, including area code: (801) 253-1600
Title of each class
Trading Symbol
Name of exchange on which registered
Common Stock, no par
MMSI
NASDAQ Global Select Market
Indicate by check mark whether the registrant (1) has filed all reports required to be filed by Section 13 or 15(d) of the Securities Exchange Act of 1934 during the preceding 12 months (or for such shorter period that the registrant was required to file such reports), and (2) has been subject to filing requirements for the past 90 days.  Yes   No
Indicate by check mark whether the registrant has submitted electronically every Interactive Data File required to be submitted pursuant to Rule 405 of Regulation S-T during the preceding 12 months (or for such shorter period that the registrant was required to submit such files). Yes   No
Indicate by check mark whether the registrant is a large accelerated filer, an accelerated filer, a non-accelerated filer, a smaller reporting company or an emerging growth company. See the definitions of “large accelerated filer,” “accelerated filer,” “smaller reporting company” and "emerging growth company" in Rule 12b-2 of the Exchange Act.
Large accelerated filer
Accelerated filer
Non-accelerated filer  
Smaller reporting company
 
 
Emerging growth company
If an emerging growth company, indicate by check mark if the registrant has elected not to use the extended transition period for complying with any new or revised financial accounting standards provided pursuant to Section 13(a) of the Exchange Act.
Indicate by check mark whether the registrant is a shell company (as defined in Rule 12b-2 of the Exchange Act).  Yes   No
Indicate the number of shares outstanding of each of the Registrant’s classes of common stock, as of the latest practicable date.
Common Stock
 
55,174,922
Title or class
 
Number of Shares
Outstanding at August 7, 2019
 


Table of Contents

TABLE OF CONTENTS

 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 



Table of Contents

PART I - FINANCIAL INFORMATION

ITEM 1. FINANCIAL STATEMENTS

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2019 AND DECEMBER 31, 2018
(In thousands)

 
June 30,
 
December 31,
 
2019
 
2018
ASSETS
(unaudited)
 
 
CURRENT ASSETS:
 
 
 
Cash and cash equivalents
$
35,182

 
$
67,359

Trade receivables — net of allowance for uncollectible accounts — 2019 — $2,656 and 2018 — $2,355
156,444

 
137,174

Other receivables
11,520

 
11,879

Inventories
202,994

 
197,536

Prepaid expenses and current other assets
12,305

 
11,326

Prepaid income taxes
3,625

 
3,627

Income tax refund receivables
4,876

 
933

 
 
 
 
Total current assets
426,946

 
429,834

 
 
 
 
PROPERTY AND EQUIPMENT:
 
 
 
Land and land improvements
27,651

 
26,801

Buildings
153,502

 
151,251

Manufacturing equipment
230,315

 
221,029

Furniture and fixtures
57,565

 
54,765

Leasehold improvements
34,518

 
33,678

Construction-in-progress
69,370

 
53,491

 
 
 
 
Total property and equipment
572,921

 
541,015

 
 
 
 
Less accumulated depreciation
(222,402
)
 
(209,563
)
 
 
 
 
Property and equipment — net
350,519

 
331,452

 
 
 
 
OTHER ASSETS:
 
 
 
Intangible assets:
 
 
 
Developed technology — net of accumulated amortization — 2019 — $125,447 and 2018 — $102,357
391,651

 
383,147

Other — net of accumulated amortization — 2019 — $56,289 and 2018 — $49,136
74,419

 
79,566

Goodwill
352,133

 
335,433

Deferred income tax assets
3,038

 
3,001

Right-of-use operating lease assets
79,309

 

Other assets
58,255

 
57,579

 
 
 
 
Total other assets
958,805

 
858,726

 
 
 
 
TOTAL
$
1,736,270

 
$
1,620,012

See condensed notes to consolidated financial statements.
 
 
(continued)


3

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED BALANCE SHEETS
JUNE 30, 2019 AND DECEMBER 31, 2018
(In thousands)

 
June 30,
 
December 31,
 
2019
 
2018
LIABILITIES AND STOCKHOLDERS’ EQUITY
(unaudited)
 
 
 
 
 
 
CURRENT LIABILITIES:
 
 
 
Trade payables
$
52,601

 
$
54,024

Accrued expenses
97,176

 
96,173

Current portion of long-term debt
15,000

 
22,000

Short-term operating lease liabilities
11,732

 

Income taxes payable
42

 
3,146

 
 
 
 
Total current liabilities
176,551

 
175,343

 
 
 
 
LONG-TERM DEBT
385,221

 
373,152

 
 
 
 
DEFERRED INCOME TAX LIABILITIES
60,932

 
56,363

 
 
 
 
LONG-TERM INCOME TAXES PAYABLE
392

 
392

 
 
 
 
LIABILITIES RELATED TO UNRECOGNIZED TAX BENEFITS
3,013

 
3,013

 
 
 
 
DEFERRED COMPENSATION PAYABLE
12,739

 
11,219

 
 
 
 
DEFERRED CREDITS
2,192

 
2,261

 
 
 
 
LONG-TERM OPERATING LEASE LIABILITIES
71,272

 

 
 
 
 
OTHER LONG-TERM OBLIGATIONS
73,283

 
65,494

 
 
 
 
Total liabilities
785,595

 
687,237

 
 
 
 
COMMITMENTS AND CONTINGENCIES (Notes 5, 10, 11, 14 and 15)


 


 
 
 
 
STOCKHOLDERS’ EQUITY:
 
 
 
Preferred stock — 5,000 shares authorized as of June 30, 2019 and December 31, 2018; no shares issued

 

Common stock, no par value; shares authorized — 2019 and 2018 - 100,000; issued and outstanding as of June 30, 2019 - 55,079 and December 31, 2018 - 54,893
579,250

 
571,383

Retained earnings
376,572

 
363,425

Accumulated other comprehensive loss
(5,147
)
 
(2,033
)
 
 
 
 
Total stockholders’ equity
950,675

 
932,775

 
 
 
 
TOTAL
$
1,736,270

 
$
1,620,012

See condensed notes to consolidated financial statements.
 
 
(concluded)


4

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands, except per share amounts - unaudited)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
NET SALES
$
255,532

 
$
224,810

 
$
493,881

 
$
427,844

 
 
 
 
 
 
 
 
COST OF SALES
143,568

 
124,801

 
277,281

 
239,779

 
 
 
 
 
 
 
 
GROSS PROFIT
111,964

 
100,009

 
216,600

 
188,065

 
 
 
 
 
 
 
 
OPERATING EXPENSES:
 
 
 
 
 
 
 
Selling, general and administrative
79,977

 
69,095

 
158,247

 
134,007

Research and development
16,332

 
15,316

 
32,375

 
29,638

Intangible asset impairment charge
548

 

 
548

 

Contingent consideration expense
2,406

 
178

 
3,181

 
219

Acquired in-process research and development
500

 
306

 
525

 
306

 
 
 
 
 
 
 
 
Total operating expenses
99,763

 
84,895

 
194,876

 
164,170

 
 
 
 
 
 
 
 
INCOME FROM OPERATIONS
12,201

 
15,114

 
21,724

 
23,895

 
 
 
 
 
 
 
 
OTHER INCOME (EXPENSE):
 
 
 
 
 
 
 
Interest income
342

 
342

 
698

 
487

Interest expense
(3,115
)
 
(3,338
)
 
(5,879
)
 
(5,736
)
Other expense - net
(429
)
 
(553
)
 
(698
)
 
(721
)
 
 
 
 
 
 
 
 
Total other expense — net
(3,202
)
 
(3,549
)
 
(5,879
)

(5,970
)
 
 
 
 
 
 
 
 
INCOME BEFORE INCOME TAXES
8,999

 
11,565

 
15,845

 
17,925

 
 
 
 
 
 
 
 
INCOME TAX EXPENSE
2,140

 
624

 
2,791

 
1,715

 
 
 
 
 
 
 
 
NET INCOME
$
6,859

 
$
10,941

 
$
13,054

 
$
16,210

 
 
 
 
 
 
 
 
EARNINGS PER COMMON SHARE:
 
 
 
 
 
 
 
Basic
$
0.12

 
$
0.22

 
$
0.24

 
$
0.32

 
 
 
 
 
 
 
 
Diluted
$
0.12

 
$
0.21

 
$
0.23

 
$
0.31

 
 
 
 
 
 
 
 
AVERAGE COMMON SHARES:
 
 
 
 
 
 
 
Basic
55,017

 
50,473

 
54,967

 
50,376

 
 
 
 
 
 
 
 
Diluted
56,555

 
52,154

 
56,523

 
52,033

 
 
 
 
 
 
 
 
See condensed notes to consolidated financial statements.
 
 
 
 
 
 
 

5

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF COMPREHENSIVE INCOME
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands - unaudited)

 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Net income
$
6,859

 
$
10,941

 
$
13,054

 
$
16,210

Other comprehensive income (loss):
 
 
 
 
 
 

Cash flow hedges
(1,154
)
 
881

 
(3,731
)
 
2,873

Income tax benefit (expense)
297

 
(226
)
 
960

 
(738
)
Foreign currency translation adjustment
274

 
(4,195
)
 
(341
)
 
(1,603
)
Income tax benefit (expense)
(16
)
 

 
(2
)
 

Total other comprehensive income (loss)
(599
)
 
(3,540
)
 
(3,114
)
 
532

Total comprehensive income
$
6,260

 
$
7,401

 
$
9,940

 
$
16,742

 
 
 
 
 
 
 
 
See condensed notes to consolidated financial statements.
 
 
 
 
 
 



6

Table of Contents

MERIT MEDICAL SYSTEMS, INC.
CONSOLIDATED STATEMENTS OF STOCKHOLDERS' EQUITY
FOR THE THREE AND SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands - unaudited)

 
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
Common Stock
 
Retained
 
Comprehensive
 
Total
 
Shares
 
Amount
 
Earnings
 
Loss
BALANCE — January 1, 2019
$
932,775

 
54,893

 
$
571,383

 
$
363,425

 
$
(2,033
)
 
 
 
 
 
 
 
 
 
 
Net income
6,195

 
 
 
 
 
6,195

 
 
Reclassify deferred gain on sale-leaseback upon adoption of ASC 842
93

 
 
 
 
 
93

 
 
Other comprehensive loss
(2,515
)
 
 
 
 
 
 
 
(2,515
)
Stock-based compensation expense
1,766

 
 
 
1,766

 
 
 
 
Options exercised
1,365

 
95

 
1,365

 
 
 
 
Issuance of common stock under Employee Stock Purchase Plan
432

 
7

 
432

 
 
 
 
BALANCE — March 31, 2019
940,111

 
54,995

 
574,946

 
369,713

 
(4,548
)
Net income
6,859

 

 

 
6,859

 

Other comprehensive loss
(599
)
 

 

 

 
(599
)
Stock-based compensation expense
2,523

 

 
2,523

 

 

Options exercised
1,441

 
78

 
1,441

 

 

Issuance of common stock under Employee Stock Purchase Plan
340

 
6

 
340

 

 

BALANCE — June 30, 2019
$
950,675

 
55,079

 
$
579,250

 
$
376,572

 
$
(5,147
)
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
 
Accumulated Other
 
 
 
Common Stock
 
Retained
 
Comprehensive
 
Total
 
Shares
 
Amount
 
Earnings
 
Income (Loss)
BALANCE — January 1, 2018
$
676,334

 
50,248

 
$
353,392

 
$
321,408

 
$
1,534

Net income
5,269

 
 
 
 
 
5,269

 
 
Other comprehensive income
4,072

 
 
 
 
 
 
 
4,072

Stock-based compensation expense
1,256

 
 
 
1,256

 
 
 
 
Options exercised
1,286

 
91

 
1,286

 
 
 
 
Issuance of common stock under Employee Stock Purchase Plan
294

 
7

 
294

 
 
 
 
BALANCE — March 31, 2018
688,511

 
50,346

 
356,228

 
326,677

 
5,606

Net income
10,941

 

 

 
10,941

 

Other comprehensive loss
(3,540
)
 

 

 

 
(3,540
)
Stock-based compensation expense
1,565

 

 
1,565

 

 

Options exercised
5,307

 
357

 
5,307

 

 

Issuance of common stock under Employee Stock Purchase Plan
220

 
4

 
220

 

 

Shares surrendered in exchange for payment of payroll tax
liabilities
(2,065
)
 
(40
)
 
(2,065
)
 
 
 
 
Shares surrendered in exchange for exercise of stock options
(1,685
)
 
(32
)
 
(1,685
)
 
 
 
 
BALANCE — June 30, 2018
$
699,254

 
50,635

 
$
359,570

 
$
337,618

 
$
2,066

 
 
 
 
 
 
 
 
 
 
See condensed notes to consolidated financial statements.
 
 
 
 
 
 
 
 


7

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands - unaudited)

 
Six Months Ended June 30,
 
2019
 
2018
CASH FLOWS FROM OPERATING ACTIVITIES:
 
 
 
Net income
$
13,054

 
$
16,210

 
 
 
 
Adjustments to reconcile net income to net cash provided by operating activities:
 
 
 
Depreciation and amortization
45,010

 
32,779

Loss on sales and/or abandonment of property and equipment
803

 
371

Amortization of right-of-use operating lease assets
5,874

 

Write-off of patents and intangible assets
594

 
86

Acquired in-process research and development
525

 
306

Amortization of deferred credits
(70
)
 
(71
)
Amortization of long-term debt issuance costs
402

 
402

Stock-based compensation expense
4,289

 
2,821

Changes in operating assets and liabilities, net of effects from acquisitions:
 
 
 
Trade receivables
(21,206
)
 
(27,947
)
Other receivables
427

 
966

Inventories
(5,138
)
 
(7,189
)
Prepaid expenses and other current assets
(1,052
)
 
(3,105
)
Prepaid income taxes
(45
)
 
(100
)
Income tax refund receivables
(3,980
)
 
(1,146
)
Other assets
(2,845
)
 
(751
)
Trade payables
1,338

 
15,767

Accrued expenses
1,925

 
7,467

Income taxes payable
(2,059
)
 
(2,076
)
Deferred compensation payable
1,518

 
438

Operating lease liabilities
(5,882
)
 

Other long-term obligations
2,208

 
(179
)
 
 
 
 
Total adjustments
22,636

 
18,839

 
 
 
 
Net cash provided by operating activities
35,690

 
35,049

 
 
 
 
CASH FLOWS FROM INVESTING ACTIVITIES:
 
 
 
Capital expenditures for:
 
 
 
Property and equipment
(35,959
)
 
(31,559
)
Intangible assets
(1,607
)
 
(1,755
)
Proceeds from the sale of property and equipment
22

 
4

Issuance of note receivable

 
(10,500
)
Cash paid in acquisitions, net of cash acquired
(37,256
)
 
(118,654
)
 
 
 
 
Net cash used in investing activities
(74,800
)
 
(162,464
)
 
 
 
 
See condensed notes to consolidated financial statements.
 
 
(continued)


8

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONSOLIDATED STATEMENTS OF CASH FLOWS
FOR THE SIX MONTHS ENDED JUNE 30, 2019 AND 2018
(In thousands - unaudited)

 
Six Months Ended June 30,
 
2019
 
2018
CASH FLOWS FROM FINANCING ACTIVITIES:
 
 
 
Proceeds from issuance of common stock
$
3,374

 
$
3,251

Proceeds from issuance of long-term debt
125,746

 
320,827

Payments on long-term debt
(120,746
)
 
(185,827
)
Contingent payments related to acquisitions
(611
)
 
(130
)
 
 
 
 
Net cash provided by financing activities
7,763

 
138,121

 
 
 
 
EFFECT OF EXCHANGE RATES ON CASH
(830
)
 
470

 
 
 
 
NET INCREASE (DECREASE) IN CASH AND CASH EQUIVALENTS
(32,177
)
 
11,176

 
 
 
 
CASH AND CASH EQUIVALENTS:
 
 
 
Beginning of period
67,359

 
32,336

 
 
 
 
End of period
$
35,182

 
$
43,512

 
 
 
 
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION
 
 
 
Cash paid during the period for:
 
 
 
Interest (net of capitalized interest of $540 and $314, respectively)
$
5,794

 
$
5,714

 
 
 
 
Income taxes
$
8,856

 
$
5,141

 
 
 
 
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES
 
 
 
Property and equipment purchases in accounts payable
$
3,331

 
$
3,943

 
 
 
 
Acquisition purchases in accrued expenses and other long-term obligations
$
8,400

 
$

 
 
 
 
Merit common stock surrendered (0 and 32 shares, respectively) in exchange for exercise of stock options
$

 
$
1,684

 
 
 
 
Right-of-use operating lease assets obtained in exchange for operating lease liabilities
$
2,927

 
$

 
 
 
 
See condensed notes to consolidated financial statements.
 
 
(concluded)



9

Table of Contents

MERIT MEDICAL SYSTEMS, INC. AND SUBSIDIARIES
CONDENSED NOTES TO CONSOLIDATED FINANCIAL STATEMENTS
(Unaudited)
 
1. Basis of Presentation. The interim consolidated financial statements of Merit Medical Systems, Inc. ("Merit," "we" or "us") for the three and six-month periods ended June 30, 2019 and 2018 are not audited. Our consolidated financial statements are prepared in accordance with the requirements for unaudited interim periods and, consequently, do not include all disclosures required to be made in conformity with accounting principles generally accepted in the United States of America. In the opinion of our management, the accompanying consolidated financial statements contain all adjustments, consisting of normal recurring accruals, necessary for a fair presentation of our financial position as of June 30, 2019 and December 31, 2018, and our results of operations and cash flows for the three and six-month periods ended June 30, 2019 and 2018. The results of operations for the three and six-month periods ended June 30, 2019 and 2018 are not necessarily indicative of the results for a full-year period. These interim consolidated financial statements should be read in conjunction with the financial statements included in our Annual Report on Form 10-K (the "2018 Form 10-K") for the year ended December 31, 2018, which was filed with the Securities and Exchange Commission (the "SEC") on March 1, 2019.


2. Inventories. Inventories at June 30, 2019 and December 31, 2018, consisted of the following (in thousands):

 
June 30,
 
December 31,
 
2019
 
2018
Finished goods
$
116,741

 
$
117,703

Work-in-process
23,419

 
14,380

Raw materials
62,834

 
65,453

 
 
 
 
Total Inventories
$
202,994

 
$
197,536


 

3. Stock-Based Compensation Expense. The stock-based compensation expense before income tax expense for the three and six months ended June 30, 2019 and 2018 consisted of the following (in thousands):
 
Three Months Ended June 30,
 
Six Months Ended June 30,
 
2019
 
2018
 
2019
 
2018
Cost of sales
$
355

 
$
232

 
$
607

 
$
416

Research and development
281

 
147

 
473

 
271

Selling, general and administrative
1,887

 
1,186

 
3,209

 
2,134

Stock-based compensation expense before taxes
$
2,523

 
$
1,565

 
$
4,289

 
$
2,821



We recognize stock-based compensation expense (net of a forfeiture rate) for those awards which are expected to vest on a straight-line basis over the requisite service period. We estimate the forfeiture rate based on our historical experience and expectations about future forfeitures. As of June 30, 2019, the total remaining unrecognized compensation cost related to non-vested stock options, net of expected forfeitures, was approximately $32.4 million and was expected to be recognized over a weighted average period of 3.32 years.

During the three and six-month periods ended June 30, 2019, we granted stock-based awards representing 190,000 and approximately 1.1 million shares of our common stock, respectively. During the three and six-month periods ended June 30, 2018, we granted stock-based awards representing 200,000 and 692,002 shares of our common stock, respectively. We use the Black-Scholes methodology to value the stock-based compensation expense for options. In applying the Black-Scholes methodology to the option grants, the fair value of our stock-based awards granted was estimated using the following assumptions for the periods indicated below:


10

Table of Contents

 
Six Months Ended June 30,
 
2019
 
2018
Risk-free interest rate
1.90% - 2.56%
 
2.63% - 2.77%
Expected option term
3.0 - 5.0 years
 
5.0 years
Expected dividend yield
 
Expected price volatility
28.66% - 33.69%
 
34.06% - 34.32%


The average risk-free interest rate is determined using the U.S. Treasury rate in effect as of the date of grant, based on the expected term of the stock options. We determine the expected term of the stock options using the historical exercise behavior of employees. The expected price volatility was determined using a weighted average of daily historical volatility of our stock price over the corresponding expected option term and implied volatility based on recent trends of the daily historical volatility. For options with a vesting period, compensation expense is recognized on a straight-line basis over the service period, which corresponds to the vesting period. 


4. Earnings Per Common Share (EPS). The computation of weighted average shares outstanding and the basic and diluted earnings per common share consisted of the following (in thousands, except per share amounts):
 
Three Months
 
Six Months
 
Net
Income
 
Shares
 
Per Share
Amount
 
Net
Income
 
Shares
 
Per Share
Amount
Period ended June 30, 2019:
 

 
 

 
 

 
 
 
 
 
 
Basic EPS
$
6,859

 
55,017

 
$
0.12

 
$
13,054

 
54,967

 
$
0.24

Effect of dilutive stock options
 

 
1,538

 
 

 
 
 
1,556

 
 
 
 
 
 
 
 
 
 
 
 
 
 
Diluted EPS
$
6,859

 
56,555

 
$
0.12

 
$
13,054

 
56,523