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Consolidated Statements of Cash Flows - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2020
Dec. 31, 2019
Dec. 31, 2018
Operating activities      
Net income $ 21,220 $ 17,934 $ 22,943
Adjustments to reconcile net income to net cash provided by operating activities:      
Depreciation and amortization 8,395 5,416 4,324
Stock-based compensation 3,022 2,642 2,349
Fair value adjustments to contingent consideration obligations 182 171 (29)
Provision for doubtful accounts and allowances 293 388 264
Provision for inventory write-downs 1,523 747 671
Provision (benefit) for deferred income taxes (328) 824 (2,152)
Gains on sale of building, acquisitions and divestitures (470) 0 (7,474)
Foreign currency transaction gain 100 (57) 259
Changes in operating assets and liabilities:      
Accounts receivable (939) (1,301) (1,283)
Inventory and other deferred costs (2,609) (11,335) (4,262)
Prepaid expenses and other assets 89 (654) (418)
Accounts payable and other liabilities 4,322 (596) 4,314
Net cash provided by operating activities 34,800 14,179 19,506
Investing activities      
Purchases of property and equipment (2,982) (3,761) (3,054)
Proceeds from sale of building 2,023 0 0
Payments related to acquisitions (72,627) (21,240) (12,282)
Purchases of short-term marketable securities (2,205) (22,699) (19,619)
Proceeds from sales of marketable securities 22,900 23,600 20,500
Proceeds from divestitures 0 0 7,400
Net cash used in investing activities (52,891) (24,100) (7,055)
Financing activities      
Payment of deferred acquisition consideration (2,800) (2,059) (1,199)
Proceeds from revolving line of credit 25,000 0 0
Proceeds from issuance of long-term debt 40,000 0 0
Payments of revolving line of credit (25,000) 0 0
Payments of long-term debt (1,000) 0 0
Payment of deferred debt issuance costs (1,751) 0 0
Proceeds from issuance of common stock 5,971 4,856 2,969
Purchase of treasury stock (570) (683) (741)
Common stock cash dividend paid (7,695) (6,736) (5,445)
Net cash provided by (used in) financing activities 32,155 (4,622) (4,416)
Effect of exchange rate changes on cash and cash equivalents 914 11 (813)
Net increase (decrease) in cash and cash equivalents 14,978 (14,532) 7,222
Cash and cash equivalents at beginning of year 11,786 26,318 19,096
Cash and cash equivalents at end of year $ 26,764 $ 11,786 $ 26,318