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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2019
Dec. 31, 2018
Dec. 31, 2017
Operating activities      
Net income $ 17,934 $ 22,943 $ 17,177
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 5,416 4,324 4,055
Stock-based compensation 2,642 2,349 2,256
Fair value adjustments to contingent consideration obligations 171 (29) 106
Provision for doubtful accounts and allowances 388 264 230
Provision for inventory write-downs 747 671 396
Provision (benefit) for deferred income taxes 824 (2,152) 300
Gain on acquisitions and divestitures (7,474)
Foreign currency transaction gain (57) 259 (29)
Changes in operating assets and liabilities:      
Accounts receivable (1,301) (1,283) (1,507)
Inventory and other deferred costs (11,335) (4,262) (1,352)
Prepaid expenses and other assets (654) (418) (288)
Accounts payable and other liabilities (596) 4,314 1,524
Net cash provided by operating activities 14,179 19,506 22,868
Investing activities      
Purchases of property and equipment (3,761) (3,054) (6,417)
Payments related to acquisitions (21,240) (12,282)
Purchases of short-term marketable securities (22,699) (19,619) (22,541)
Proceeds from sales of marketable securities 23,600 20,500
Proceeds from divestitures 7,400
Net cash used in investing activities (24,100) (7,055) (28,958)
Financing activities      
Payment of deferred acquisition consideration (2,059) (1,199) (463)
Proceeds from issuance of common stock 4,856 2,969 5,500
Purchase of treasury stock (683) (741) (778)
Common stock cash dividend paid (6,736) (5,445) (4,179)
Net cash provided by (used in) financing activities (4,622) (4,416) 80
Effect of exchange rate changes on cash and cash equivalents 11 (813) 818
Net increase (decrease) in cash and cash equivalents (14,532) 7,222 (5,192)
Cash and cash equivalents at beginning of year 26,318 19,096 24,288
Cash and cash equivalents at end of year $ 11,786 $ 26,318 $ 19,096