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CONSOLIDATED STATEMENTS OF CASH FLOWS - USD ($)
$ in Thousands
12 Months Ended
Dec. 31, 2021
Dec. 31, 2020
Dec. 31, 2019
CASH FLOWS FROM OPERATING ACTIVITIES:      
Net income (loss) $ 48,454 $ (9,843) $ 5,451
Adjustments to reconcile net income (loss) to net cash provided by operating activities:      
Depreciation and amortization 84,066 94,070 92,100
Gain on sale of business   (517)  
Loss on sales and/or abandonment of property and equipment 1,303 2,159 115
Write-off of certain intangible assets and other long-term assets 4,412 36,609 25,563
Acquired in-process research and development   250 525
Amortization of right-of-use operating lease assets 11,718 12,746 12,256
Fair value adjustments to contingent consideration 3,161 (7,960) (232)
Amortization of deferred credits (108) (130) (139)
Amortization of long-term debt issuance costs 604 604 721
Deferred income taxes (4,631) (11,295) (12,436)
Stock-based compensation expense 16,090 14,339 9,382
Changes in operating assets and liabilities, net of acquisitions and divestitures:      
Trade receivables (8,618) 10,425 (17,900)
Other receivables (10,418) 1,668 1,787
Inventories (25,183) 29,429 (27,044)
Prepaid expenses and other current assets (3,555) (446) (1,239)
Prepaid income taxes 125 (162) 128
Income tax refund receivables 739 (339) (2,247)
Other assets (1,670) (3,511) (5,141)
Trade payables 6,050 333 (2,295)
Accrued expenses 36,462 4,603 4,719
Income taxes payable (119) (86) (351)
Long-term income taxes payable     (45)
Liabilities related to unrecognized tax benefits 314 (576) (794)
Deferred compensation payable 1,303 1,953 3,635
Operating lease liabilities (12,410) (12,659) (11,970)
Other long-term obligations (858) 3,606 3,264
Total adjustments 98,777 175,113 72,362
Net cash provided by operating activities 147,231 165,270 77,813
Capital expenditures for:      
Property and equipment (27,939) (45,988) (78,173)
Intangible assets (2,834) (3,288) (3,324)
Proceeds from the sale of property and equipment 1,037 42 920
Proceeds from sale of business   1,285  
Cash received for settlement of note receivable 2,000 250  
Issuance of note receivable (2,254)    
Cash paid in acquisitions, net of cash acquired (7,171) (10,953) (53,904)
Net cash used in investing activities (37,161) (58,652) (134,481)
CASH FLOWS FROM FINANCING ACTIVITIES:      
Proceeds from issuance of common stock 21,306 6,635 6,252
Proceeds from issuance of long-term debt 98,421 68,625 246,659
Payments on long-term debt (206,921) (157,000) (202,159)
Long-term debt issuance costs     (1,479)
Contingent payments related to acquisitions (10,665) (13,100) (15,740)
Payment of taxes related to an exchange of common stock (576) (866)  
Net cash provided by (used in) financing activities (98,435) (95,706) 33,533
Effect of exchange rates on cash (801) 1,684 96
Net increase (decrease) in cash and cash equivalents 10,834 12,596 (23,039)
CASH AND CASH EQUIVALENTS:      
Beginning of period 56,916 44,320 67,359
End of period 67,750 56,916 44,320
SUPPLEMENTAL DISCLOSURES OF CASH FLOW INFORMATION      
Interest (net of capitalized interest of $480, $813 and $1,290, respectively) 5,261 10,077 12,434
Income taxes 8,828 8,918 12,069
SUPPLEMENTAL DISCLOSURES OF NON-CASH INVESTING AND FINANCING ACTIVITIES      
Property and equipment purchases in accounts payable 2,558 2,180 7,952
Current note receivable converted to equity investment   899  
Proceeds from sale of business in other receivables   321  
Acquisition purchases in accrued expenses and other long-term obligations   4,358 10,541
Merit common stock surrendered (3, 39 and 3 shares, respectively) in exchange for exercise of stock options 180 1,467 93
Right-of-use operating lease assets obtained in exchange for operating lease liabilities $ 1,524 $ 10,938 $ 10,637