USWM Acquisition (Tables)

6 Months Ended

Jun. 30, 2020

Business Combinations [Abstract]

Schedule of Recognized Identified Assets Acquired and Liabilities Assumed

The following preliminary purchase price allocation table presents the Company’s preliminary estimates of the fair value of the assets acquired and liabilities assumed at the Closing Date (dollars in thousands):

Cash and cash equivalents	$	6,994
Accounts receivable	18,474
Inventories	10,400
Prepaid expenses and other current assets	3,564
Property and equipment	454
Finance lease asset(1)	22,747
Intangible assets	387,000
Other assets	340
Total fair value of assets acquired	449,973
Accounts payable	(2,573)
Accrued expenses and other current liabilities	(23,339)
Finance lease liability(1)	(22,747)
Deferred income tax liabilities	(69,515)
Total fair value of liabilities assumed	(118,174)
Total identifiable net assets	$	331,799
Goodwill	88,095
Total purchase price	$	419,894
Cash consideration paid(2)	$	297,200

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⁽¹⁾ Refer to Note 10 for further discussion of the acquired finance lease asset and assumed lease liability.

⁽²⁾ Represents total purchase price, less cash and cash equivalents acquired and contingent consideration liabilities recorded at the Closing Date

Finite-Lived and Indefinite-Lived Intangible Assets Acquired as Part of Business Combination

The following table summarizes the preliminary purchase price allocation, and the preliminary average remaining useful lives, for identifiable intangible assets acquired (dollars in thousands):

	Estimated Fair Value		Estimated Useful Lives (in years)
Acquired In-process Research & Development	$	150,000	n/a
Acquired Developed Technology and Product Rights	237,000		10.5 - 12.5
Total intangible assets	$	387,000

Business Acquisition, Pro Forma Information

The following table presents the unaudited pro forma combined financial information for each of the periods presented, as if the USWM Acquisition had occurred on January 1, 2019 (dollars in thousands):

	Three Months ended June 30,				Six Months ended June 30,
	2020		2019		2020		2019
	(unaudited)				(unaudited)
Pro forma total revenues	$	151,803	$	142,238	$	284,965	$	260,542
Pro forma net earnings	38,841		34,940		61,959		44,254