Prior Periods' Financial Statement Revision

9 Months Ended

Sep. 30, 2020

Accounting Changes and Error Corrections [Abstract]

Prior Periods' Financial Statement Revision

Prior Periods' Financial Statement Revisions

As disclosed in our 2019 Annual Report, we identified various misstatements in our previously issued financial statements

as of and for the years ended December 31, 2018 and 2017, as well as the interim periods in 2018 and the first three quarters of

2019. These misstatements primarily related to (i) intentional misstatements in the accounting for inventory at one of our smaller foreign subsidiaries and (ii) the tax accounting associated with the 2018 impairment of our joint venture. We assessed the materiality of the misstatements on prior periods’ financial statements in accordance with SEC Staff Accounting Bulletin (“SAB”) Topic 1.M, Materiality, codified in Accounting Standards Codification (“ASC”) Topic 250, Accounting Changes and Error Corrections, (“ASC 250”) and concluded that the misstatements were not material to the prior annual or interim periods. However, we revised our previously issued 2018 and 2017 annual consolidated financial statements to correct for these misstatements. In connection with such revision, we also corrected for other immaterial misstatements.

In connection with the filing of this Quarterly Report, we have revised the accompanying Condensed Consolidated Statements of Operations and Comprehensive Income (Loss), Changes in Stockholders’ Equity, and Cash Flows for the three and nine months ended September 30, 2019, and the related notes to revise for those misstatements that impacted such period.

The following tables present the effect of the correction of the misstatements and the resulting revision on the Condensed Consolidated Statements of Operations and Comprehensive Income (Loss) as well as the effect of recasting the prior periods for the Life Sciences discontinued operations (see Note 2).

	Three Months Ended September 30, 2019
	As Originally Reported		Adjustment		Discontinued Operations Adjustment		As Revised
Cost of sales (exclusive of depreciation and amortization)	$	160,816	$	258	$	(64,420)	$	96,654
Income (loss) from operations	7,672		(258)		(9,225)		(1,811)
Loss before (provision) benefit for income taxes and share of net income from joint venture	(7,159)		(258)		1,168		(6,249)
Loss from continuing operations	(5,597)		(258)		1,019		(4,836)
Net loss	(5,597)		(258)		—		(5,855)
Foreign currency translation loss	(11,448)		270		—		(11,178)
Comprehensive loss	(17,988)		12		—		(17,976)
Basic loss from continuing operations per common share	$	(0.13)	$	(0.01)	$	0.02	$	(0.12)
Basic net loss per common share	$	(0.13)	$	(0.01)	$	—	$	(0.14)
Diluted loss from continuing operations per common share	$	(0.13)	$	(0.01)	$	0.02	$	(0.12)
Diluted net loss per common share	$	(0.13)	$	(0.01)	$	—	$	(0.14)

	Nine Months Ended September 30, 2019
	As Originally Reported		Adjustment		Discontinued Operations Adjustment		As Revised
Cost of sales (exclusive of depreciation and amortization)	$	485,598	$	1,762	$	(186,694)	$	300,666
Income (loss) from operations	16,371		(1,762)		(22,066)		(7,457)
Loss before provision for income taxes and share of net income from joint venture	(29,704)		(1,762)		14,009		(17,457)
Loss from continuing operations	(30,894)		(1,762)		11,850		(20,806)
Net loss	(30,894)		(1,762)		—		(32,656)
Foreign currency translation loss	(11,620)		266		—		(11,354)
Comprehensive loss	(54,275)		(1,496)		—		(55,771)
Basic loss from continuing operations per common share	$	(0.74)	$	(0.04)	$	0.28	$	(0.50)
Basic net loss per common share	$	(0.74)	$	(0.04)	$	—	$	(0.78)
Diluted loss from continuing operations per common share	$	(0.74)	$	(0.04)	$	0.28	$	(0.50)
Diluted net loss per common share	$	(0.74)	$	(0.04)	$	—	$	(0.78)

The following table presents the effect of the correction of the misstatements on the Condensed Consolidated Statements of Changes in Stockholders’ Equity.

	As Originally Reported		Adjustment		As Revised
As of and for the three months ended September 30, 2019
Additional paid-in capital	$	513,268	$	(11,762)	$	501,506
Net loss	(5,597)		(258)		(5,855)
Accumulated deficit	(98,888)		7,690		(91,198)
Foreign currency translation loss	(11,448)		270		(11,178)
Accumulated other comprehensive loss	(55,006)		577		(54,429)
Total stockholders' equity	359,797		(3,495)		356,302
As of and for the nine months ended September 30, 2019
Additional paid-in capital	$	513,268	$	(11,762)	$	501,506
Net loss	(30,894)		(1,762)		(32,656)
Accumulated deficit	(98,888)		7,690		(91,198)
Foreign currency translation loss	(11,620)		266		(11,354)
Accumulated other comprehensive loss	(55,006)		577		(54,429)
Total stockholders' equity	359,797		(3,495)		356,302

The following table presents the effect of the correction of the misstatements on the Condensed Consolidated Statements of Cash Flows.

	Nine Months Ended September 30, 2019
	As Originally Reported		Adjustment		As Revised
Net loss	$	(30,894)	$	(1,762)	$	(32,656)
Changes in operating assets and liabilities, net of acquisitions:
Inventories	(5,794)		969		(4,825)
Other	11,078		793		11,871