Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Feb. 28, 2017 | Jun. 30, 2016 | |
Document Information [Line Items] | |||
Entity Registrant Name | CUTERA INC | ||
Entity Central Index Key | 1,162,461 | ||
Trading Symbol | cutr | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Common Stock, Shares Outstanding (in shares) | 13,866,428 | ||
Entity Public Float | $ 98 | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2016 | ||
Document Fiscal Year Focus | 2,016 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash and cash equivalents | $ 13,775 | $ 10,868 |
Marketable investments | 40,299 | 37,539 |
Accounts receivable, net of allowance for doubtful accounts of $21 and $4, respectively | 16,547 | 11,669 |
Inventories | 14,977 | 12,078 |
Other current assets and prepaid expenses | 2,251 | 1,675 |
Total current assets | 87,849 | 73,829 |
Property and equipment, net | 1,907 | 1,473 |
Deferred tax assets | 377 | 350 |
Intangibles, net | 2 | 143 |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 380 | 384 |
Total assets | 91,854 | 77,518 |
Current liabilities: | ||
Accounts payable | 2,598 | 1,959 |
Accrued liabilities | 17,397 | 13,834 |
Deferred revenue | 8,394 | 8,638 |
Total current liabilities | 28,389 | 24,431 |
Deferred revenue, net of current portion | 1,705 | 2,287 |
Income tax liability | 168 | 182 |
Other long-term liabilities | 582 | 584 |
Total liabilities | 30,844 | 27,484 |
Commitments and contingencies (Note 10) | ||
Stockholders’ equity: | ||
Convertible preferred stock, $0.001 par value; Authorized: 5,000,000 shares; Issued and outstanding: none | ||
Common stock, $0.001 par value; Authorized: 50,000,000 shares; Issued and outstanding: 13,773,389 and 12,980,807 shares at December 31, 2016 and 2015, respectively | 14 | 13 |
Additional paid-in capital | 88,114 | 79,782 |
Accumulated deficit | (27,046) | (29,672) |
Accumulated other comprehensive loss | (72) | (89) |
Total stockholders’ equity | 61,010 | 50,034 |
Total liabilities and stockholders’ equity | $ 91,854 | $ 77,518 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accounts receivable, allowance for doubtful accounts | $ 21 | $ 4 |
Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Convertible preferred stock, issued (in shares) | 0 | 0 |
Convertible preferred stock, outstanding (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 13,773,389 | 12,980,807 |
Common stock, outstanding (in shares) | 13,773,389 | 12,980,807 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenue: | |||
Products | $ 99,028,000 | $ 77,022,000 | $ 60,299,000 |
Sales Revenue, Services, Net | 19,028,000 | 17,739,000 | 17,839,000 |
Total net revenue | 118,056,000 | 94,761,000 | 78,138,000 |
Cost of revenue: | |||
Products | 40,149,000 | 32,402,000 | 26,796,000 |
Service | 9,772,000 | 8,076,000 | 7,969,000 |
Total cost of revenue | 49,921,000 | 40,478,000 | 34,765,000 |
Gross profit | 68,135,000 | 54,283,000 | 43,373,000 |
Operating expenses: | |||
Sales and marketing | 41,563,000 | 35,942,000 | 32,246,000 |
Research and development | 11,232,000 | 10,733,000 | 10,543,000 |
General and administrative | 12,943,000 | 12,129,000 | 11,203,000 |
Total operating expenses | 65,738,000 | 58,804,000 | 53,992,000 |
Income (loss) from operations | 2,397,000 | (4,521,000) | (10,619,000) |
Interest and other income, net | 323,000 | 293,000 | 226,000 |
Income (loss) before income taxes | 2,720,000 | (4,228,000) | (10,393,000) |
Income tax provision | 143,000 | 212,000 | 219,000 |
Net income (loss) | $ 2,577,000 | $ (4,440,000) | $ (10,612,000) |
Net income (loss) per share: | |||
Basic (in dollars per share) | $ 0.19 | $ (0.32) | $ (0.74) |
Diluted (in dollars per share) | $ 0.19 | $ (0.32) | $ (0.74) |
Weighted-average number of shares used in per share calculations: | |||
Basic (in shares) | 13,225 | 13,960 | 14,254 |
Diluted (in shares) | 13,753 | 13,960 | 14,254 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net income (loss) | $ 2,577 | $ (4,440) | $ (10,612) |
Available-for-sale investments | |||
Net change in unrealized gain (loss) on available-for-sale investments | 30 | (87) | (42) |
Less: Reclassification adjustment for net gains on investments recognized during the year | (3) | (7) | (4) |
Net change in unrealized gain (loss) on available-for-sale investments | 27 | (94) | (46) |
Tax provision | 10 | ||
Other comprehensive income (loss), net of tax | 17 | (94) | (46) |
Comprehensive income (loss) | $ 2,594 | $ (4,534) | $ (10,658) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2013 | 13,931,833 | ||||
Balance at Dec. 31, 2013 | $ 14 | $ 98,820 | $ (14,620) | $ 51 | $ 84,265 |
Issuance of common stock for employee purchase plan (in shares) | 52,759 | ||||
Issuance of common stock for employee purchase plan | 451 | $ 451 | |||
Exercise of stock options (in shares) | 396,970 | 396,970 | |||
Exercise of stock options | 3,307 | $ 3,307 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 65,388 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (156) | (156) | |||
Stock-based compensation expense | 3,299 | 3,299 | |||
Net income (loss) | (10,612) | (10,612) | |||
Net change in unrealized loss on available-for-sale investments | (46) | (46) | |||
Balance (in shares) at Dec. 31, 2014 | 14,446,950 | ||||
Balance at Dec. 31, 2014 | $ 14 | 105,721 | (25,232) | 5 | 80,508 |
Issuance of common stock for employee purchase plan (in shares) | 55,872 | ||||
Issuance of common stock for employee purchase plan | 577 | $ 577 | |||
Exercise of stock options (in shares) | 1,141,904 | 1,141,904 | |||
Exercise of stock options | $ 2 | 10,500 | $ 10,502 | ||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 154,119 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (1,018) | (1,018) | |||
Stock-based compensation expense | 4,084 | 4,084 | |||
Net income (loss) | (4,440) | (4,440) | |||
Net change in unrealized loss on available-for-sale investments | (94) | $ (94) | |||
Balance (in shares) at Dec. 31, 2015 | 12,980,807 | 12,980,807 | |||
Balance at Dec. 31, 2015 | $ 13 | 79,782 | (29,672) | (89) | $ 50,034 |
Repurchase of common stock (in shares) | (2,818,038) | ||||
Repurchase of common stock | $ (3) | (40,082) | (40,085) | ||
Issuance of common stock for employee purchase plan (in shares) | 79,922 | ||||
Issuance of common stock for employee purchase plan | 768 | $ 768 | |||
Exercise of stock options (in shares) | 1,051,138 | 1,051,138 | |||
Exercise of stock options | $ 1 | 9,342 | $ 9,343 | ||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 116,833 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (618) | (618) | |||
Stock-based compensation expense | 3,713 | 3,713 | |||
Net income (loss) | 2,577 | 2,577 | |||
Net change in unrealized loss on available-for-sale investments | 17 | $ 17 | |||
Balance (in shares) at Dec. 31, 2016 | 13,773,389 | 13,773,389 | |||
Balance at Dec. 31, 2016 | $ 14 | 88,114 | (27,046) | (72) | $ 61,010 |
Repurchase of common stock (in shares) | (455,311) | ||||
Repurchase of common stock | (4,873) | (4,873) | |||
Deferred tax relating to adoption of ASU 2016-09 | $ 49 | $ 49 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Cash flows from operating activities: | |||
Net income (loss) | $ 2,577,000 | $ (4,440,000) | $ (10,612,000) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Stock-based compensation | 3,713,000 | 4,084,000 | 3,299,000 |
Depreciation and amortization | 982,000 | 1,186,000 | 1,336,000 |
Impairment of intangible assets | 650,000 | ||
Other | 15,000 | 227,000 | 206,000 |
Changes in assets and liabilities: | |||
Accounts receivable | (4,899,000) | (536,000) | (1,460,000) |
Inventories | (2,899,000) | (1,090,000) | (1,982,000) |
Other current assets and prepaid expenses | (432,000) | 241,000 | 239,000 |
Other long-term assets | 4,000 | (23,000) | (37,000) |
Accounts payable | 639,000 | (1,124,000) | 1,263,000 |
Accrued liabilities | 3,461,000 | 2,687,000 | 1,650,000 |
Other long-term liabilities | (329,000) | (289,000) | (285,000) |
Deferred revenue | (826,000) | (2,319,000) | 1,410,000 |
Income tax liability | (14,000) | 37,000 | 37,000 |
Net cash provided by (used in) operating activities | 1,992,000 | (1,359,000) | (4,286,000) |
Cash flows from investing activities: | |||
Acquisition of property, equipment and software | (537,000) | (746,000) | (734,000) |
Disposal of property and equipment | 20,000 | ||
Proceeds from sales of marketable investments | 9,008,000 | 21,171,000 | 12,354,000 |
Proceeds from maturities of marketable investments | 25,810,000 | 35,918,000 | 26,915,000 |
Purchase of marketable investments | (37,693,000) | (23,697,000) | (44,146,000) |
Net cash provided by (used in) investing activities | (3,392,000) | 32,646,000 | (5,611,000) |
Cash flows from financing activities: | |||
Repurchase of common stock | (4,873,000) | (40,085,000) | |
Proceeds from exercise of stock options and employee stock purchase plan | 10,111,000 | 11,079,000 | 3,758,000 |
Taxes paid related to net share settlement of equity awards | (618,000) | (1,018,000) | (156,000) |
Payments on capital lease obligation | (313,000) | (198,000) | (144,000) |
Net cash provided by (used in) financing activities | 4,307,000 | (30,222,000) | 3,458,000 |
Net increase (decrease) in cash and cash equivalents | 2,907,000 | 1,065,000 | (6,439,000) |
Cash and cash equivalents at beginning of year | 10,868,000 | 9,803,000 | 16,242,000 |
Cash and cash equivalents at end of year | 13,775,000 | 10,868,000 | 9,803,000 |
Supplemental cash flow information: | |||
Cash paid for interest | 43,000 | 20,000 | 26,000 |
Cash paid for income taxes | 222,000 | 160,000 | 225,000 |
Supplemental non-cash investing and financing activities: | |||
Assets acquired under capital lease | $ 801,000 | $ 285,000 | $ 70,000 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1—SUMMARY Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) is a global provider of laser and other energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, and markets laser and other energy-based product platforms for use by physicians and other qualified practitioners which enable them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following key system platforms: en lighten TM , excel HR TM , truSculpt TM , excel V TM , xeo ®. Titan ® truSculpt third Titan truSculpt Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries that are currently operational in Australia, Belgium, Canada, France, Hong Kong, Japan, Spain (until January 2017), Use of Estimates The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates their estimates, including those related to warranty obligation, sales commission, accounts receivable and sales allowances, valuation of inventories, fair values of acquired intangible assets, useful lives of intangible assets and property and equipment, fair values of options to purchase the Company’s common stock and other share based awards, recoverability of deferred tax assets, and effective income tax rates, among others. Management bases their estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Cash, Cash Equivalents, and Marketable Investments The Company invests its cash primarily in money market funds and in highly liquid debt instruments of U.S. federal and municipal governments and their agencies, commercial paper and corporate debt securities. All highly liquid investments with stated maturities of three three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities have been classified and accounted for as available-for-sale. Investments with remaining maturities more than one Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values as of the balance sheet dates because of their generally short maturities. The fair value hierarchy distinguishes between (1) (2) three 1) 3). three ● Level 1: ● Level 2: 2 ● Level 3: Impairment of Marketable Investments After determining the fair value of available-for-sales debt instruments, gains or losses on these securities are recorded to other comprehensive income (loss), until either the security is sold or the Company determines that the decline in value is other-than-temporary. The primary differentiating factors that the Company considers in classifying impairments as either temporary or other-than-temporary impairments are the Company’s intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value or the maturity of the investment, the length of the time and the extent to which the market value of the investment has been less than cost and the financial condition and near-term prospects of the issuer. There were no other-than-temporary impairments in the years ended December 31, 2016, 2015, 2014. Allowance for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of our products. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable investments and accounts receivable. The Company’s cash and cash equivalents are primarily invested in deposits and money market accounts with three may The Company invests in debt instruments, including bonds of the U.S. Government, its agencies and municipalities. The Company has also invested in other high grade investments such as commercial paper and corporate bonds. By policy, the Company restricts its exposure to any single issuer by imposing concentration limits. To minimize the exposure due to adverse shifts in interest rates, the Company maintains investments at an average maturity of generally less than eighteen Accounts receivable are typically unsecured and are derived from revenue earned from worldwide customers. The Company performs credit evaluations of its customers and maintains reserves for potential credit losses. As of December 31, 2016 2015, one 12% 10%, During the years ended December 31, 2016, 2015, 2014, 55%, 52%, 45%, 45%, 48%, 55%, 10% December 31, 2016, 2015, 2014. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technology innovations, dependence on key personnel, dependence on key suppliers, protection of proprietary technology, product liability, Food and Drug Administration and/or international regulatory approvals required for new products and compliance with government regulations. Inventories Inventories are stated at the lower of cost or market, cost being determined on a standard cost basis, which approximates actual cost on a first first The Company includes demonstration units within inventories. Demonstration units are carried at cost and amortized over an estimated economic life of two As of December 31, 2016 2015, $2.4 $2.3 Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation recognized is on a straight-line basis over the estimated useful lives of the assets, generally as follows: Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 Upon sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred. Depreciation expense related to property and equipment for 2016, 2015 2014, $841,000, $734,000 $562,000 Goodwill and Intangible Assets Goodwill, which represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets, is not subject to amortization, but is subject to at least an annual assessment for impairment, applying a fair-value based test. The Company’s intangible assets are comprised of purchased technology sub-licenses, acquired customer relationships, and those assets acquired in conjunction with an asset acquisition in February 2012 being amortized on a declining-balance basis, over their respective useful lives, which range from approximately 11 10 Impairment of Long-lived Assets Goodwill is not amortized, but is tested for impairment at least annually or as circumstances indicate their value may fourth one December 31, 2016, The Company evaluates the recoverability of its long-lived assets, which include amortizable intangible and tangible assets. Acquired intangible assets with definite useful lives are amortized over their useful lives. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may 2014, $650,000 Warranty Obligations The Company provides a standard one 14 16 The Company accounts for the estimated warranty cost of the standard warranty coverage as a charge to costs of revenue when revenue is recognized. The estimated warranty cost is based on historical product performance. To determine the estimated warranty reserve, the Company utilizes actual service records to calculate the average service expense per system and applies this to the equivalent number of units exposed under warranty. The Company updates these estimated charges every quarter. Revenue Recognition Products revenue is recognized when title and risk of ownership has been transferred, provided that: ● Persuasive evidence of an arrangement exists; ● The price is fixed or determinable; ● Delivery has occurred or services have been rendered; and ● Collectability is reasonably assured. Transfer of title and risk of ownership occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. Revenue is recorded net of customer and distributor discounts. When collectability is not reasonably assured, the Company recognizes revenue upon receipt of cash payment. Sales to customers and distributors do not include any return or exchange rights. In addition, the Company’s distributor agreements obligate the distributor to pay the Company for the sale regardless of whether the distributor is able to resell the product. Shipping and handling charges are invoiced to customers based on the amount of products sold. Shipping and handling fees are recorded as revenue and the related expense as a component of Products cost of revenue. Multiple-element arrangements A multiple-element arrangement includes the sale of one one For multiple-element arrangements revenue is allocated to each element based on their relative selling prices. Relative selling prices are based on vendor specified objective evidence (“VSOE”), if available, third With respect to the sale of its truSculpt truSculpt truSculpt truSculpt The Company also offers customers extended service contracts. Revenue under service contracts is recognized on a straight-line basis over the period of the applicable service contract. Service revenue billed on a time and material basis, from customers whose systems are not under a service contact, is recognized as the services are provided. Service revenue for the years ended December 31, 2016, 2015, 2014 $19.0 $17.7 $17.8 Cost of Revenue Cost of revenue consists primarily of material, finished and semi-finished products purchased from third The Company's system sales include a control console, universal graphic user interface, control system software, high voltage electronics and a combination of applications (referred to as hand pieces). Hand pieces are programmed to have a limited number of uses to ensure the safety of the device to patients. The Company sells refurbished hand pieces, or "refills," of its Titan Research and Development Expenditures Costs related to research, design, development and testing of products are charged to research and development expense as incurred. Expenses incurred primarily relate to employees, facilities, material, third Advertising Costs Advertising costs are included as part of sales and marketing expense and are expensed as incurred. Advertising expenses for 2016, 2015 2014 $1.3 $1.2 $1.6 Stock-based Compensation The Company accounts for its employee stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option expense at the date of grant. The fair value of Restricted Stock Units (“RSUs”) is measured at the market price of the Company’s stock on the date of grant. The fair value of Performance Stock Units (“PSUs”) that have operational measurement goals, are measured at the market price of the Company’s stock on the date of grant. PSUs with market-based measurement goals are valued using the Monte-Carlo simulation option-pricing model. The Monte-Carlo simulation option-pricing model uses the same input assumptions as the Black-Scholes model, however, it further incorporates into the fair-value determination the possibility that the market condition may Stock-based compensation expense, net of estimated forfeitures, is recognized over the requisite service period. For RSUs and PSUs, the Company issues shares on the vesting dates, net of the minimum tax withholding requirements to be paid by the Company on behalf of its employees. As a result, the actual number of shares issued will be fewer than the actual number of RSUs and PSUs that vest. The Company records the liability for withholding amounts to be paid by the Company as a reduction to additional paid-in capital when the shares are issued. Cash flows resulting from the tax benefits due to tax deductions in excess of the compensation cost recognized for stock-based awards for options exercised and for RSUs and PSUs vested during the period (excess tax benefits), are classified as operating cash flows. Income Taxes The Company recognizes income taxes under the liability method. The Company recognizes deferred income taxes for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. For deferred tax assets which are not subject to a valuation allowance, the Company has determined that its future taxable income will be sufficient to recover all of the deferred tax assets. However, should there be a change in the recoverability of the deferred tax assets, the Company could be required to record a valuation allowance against the net carrying value of its deferred tax assets. This would result in an increase to the Company’s tax provision in the period in which they determined that the recovery was not probable. The measurement of deferred taxes often involves an exercise of judgment related to the computation and realization of tax basis. The deferred tax assets and liabilities reflect management’s assessment that tax positions taken, and the resulting tax basis, are more likely than not to be sustained if they are audited by taxing authorities. Also, assessing tax rates that the Company expects to apply and determining the years when the temporary differences are expected to affect taxable income requires judgment about the future apportionment of the Company’s income among the states in which the Company operates. These matters, and others, involve the exercise of significant judgment. Any changes in the Company’s practices or judgments involved in the measurement of deferred tax assets and liabilities could materially impact the Company’s financial condition or results of operations. Valuation allowances are established when necessary to reduce deferred income tax assets to amounts that the Company believes are more likely than not to be recovered. The Company evaluates its deferred tax assets quarterly to determine whether adjustments to the Company’s valuation allowance are appropriate. In making this evaluation, the Company relies on its recent history of pre-tax earnings, estimated timing of future deductions and benefits represented by the deferred tax assets, and its forecasts of future earnings, the latter two The Company establishes reserves for uncertain tax positions in accordance with the Income Taxes subtopic of ASC 740. 50% may Comprehensive Loss Comprehensive loss includes all changes in stockholders’ equity except those resulting from investments or contributions by stockholders. For the periods presented, the accumulated other comprehensive income (loss) consisted solely of the unrealized gains or losses on the Company's available-for-sale investments, net of tax. Foreign Currency The U.S. Dollar is the functional currency of the Company’s subsidiaries. Monetary assets and liabilities are re-measured into U.S. Dollars at the applicable period end exchange rate. Sales and operating expenses are re-measured at average exchange rates in effect during each period. Gains or losses resulting from foreign currency transactions are included in net income (loss) and are insignificant for each of the three December 31, 2016. three December 31, 2016. Segments The Company operates in one one December 31, 2016 2015, 98% 9 Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2016, August 2015, December 15, 2017, December 15, 2016. In July 2015, 2015 11, Simplifying the Measurement of Inventory two first January 1, 2017 In February 2016, 2016 02, Leases 12 December 15, 2018. Adopted Accounting Pronouncements The Company early adopted ASU 2016 09 fourth 2016. 6—Income |
Note 2 - Investment Securities
Note 2 - Investment Securities | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | NOTE 2—INVESTMENT The following tables summarize cash, cash equivalents and marketable securities (in thousands): December 31, 2016 20 15 Cash and cash equivalents: Cash $ 6,672 $ 9,830 Cash equivalents: Money market funds 6,053 1,000 Commercial paper 1,050 38 Total cash and cash equivalents 13,775 10,868 Marketable securities: U.S. government notes 8,398 7,779 U.S. government agencies 3,916 12,608 Municipal securities 1,325 4,346 Commercial paper 12,299 4,040 Corporate debt securities 14,361 8,766 Total marketable securities 40,299 37,539 Total cash, cash equivalents and marketable securities $ 54,074 $ 48,407 The following table summarizes unrealized gains and losses related to the Company’s marketable investments (in thousands): December 31, 201 6 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 13,775 $ — $ — $ 13,775 Marketable investments U.S. government notes 8,403 4 (9 ) 8,398 U.S. government agencies 3,918 — (2 ) 3,916 Municipal securities 1,325 — — 1,325 Commercial paper 12,299 2 (2 ) 12,299 Corporate debt securities 14,366 3 (8 ) 14,361 Total marketable securities 40,311 9 (21 ) 40,299 Total cash, cash equivalents and marketable securities $ 54,086 $ 9 $ (21 ) $ 54,074 December 31, 201 5 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 10,868 $ — $ — $ 10,868 Marketable investments U.S. government notes 7,780 1 (2 ) 7,779 U.S. government agencies 12,630 3 (25 ) 12,608 Municipal securities 4,344 2 — 4,346 Commercial paper 4,041 1 (2 ) 4,040 Corporate debt securities 8,783 — (17 ) 8,766 Total marketable securities 37,578 7 (46 ) 37,539 Total cash, cash equivalents and marketable securities $ 48,446 $ 7 $ (46 ) $ 48,407 No investments were in a continuous unrealized loss position for longer than 12 December 31, 2016 2015. The following table summarizes the estimated fair value of the Company’s marketable investments classified by the contractual maturity date of the security as of December 31, 2016 (in thousands): Amount Due in less than one year (fiscal year 2017) $ 36,796 Due in 1 to 3 years (fiscal year 2018-2019) 3,503 Total marketable securities $ 40,299 Fair Value Measurements The following table summarizes financial assets measured and recognized at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above (in thousands): December 31, 201 6 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,053 $ — $ — $ 6,053 Commercial paper — 1,050 — 1,050 Short term marketable investments: Available-for-sale securities — 40,299 — 40,299 Total assets at fair value $ 6,053 $ 41,349 $ — $ 47,402 December 31, 201 5 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,000 $ — $ — $ 1,000 Commercial paper — 38 — 38 Short term marketable investments: Available-for-sale securities — 37,539 — 37,539 Total assets at fair value $ 1,000 $ 37,577 $ — $ 38,577 The Company’s Level 1 The Company’s Level 2 may two 2 December 31, 2016 36 At December 31, 2014, 3 2012, 3 |
Note 3 - Balance Sheet Detail
Note 3 - Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 3 —BALANCE SHEET DETAIL Inventories Inventories consist of the following (in thousands): December 31, 2016 201 5 Raw materials $ 10,966 $ 7,982 Finished goods 4,011 4,096 Total $ 14,977 $ 12,078 Property and Equipment, net Property and equipment, net, consists of the following (in thousands): December 31, 201 6 201 5 Leasehold improvements $ 652 $ 822 Office equipment and furniture 2,973 2,970 Machinery and equipment 5,435 4,662 9,060 8,454 Less: Accumulated depreciation (7,153 ) (6,981 ) Property and equipment, net $ 1,907 $ 1,473 Included in machinery and equipment are financed vehicles used by the Company’s North American sales employees. As of December 31, 2016 2015, $1.4 $862,000 $492,000 $374,000, Goodwill and Other Intangible Assets Goodwill and other intangible assets comprise a patent sublicense acquired from Palomar in 2006 , intangible assets and goodwill related to the acquisition of Iridex’s aesthetic business unit, and, customer relationships in the Benelux countries acquired from a former distributor in 2013 . The components of intangible assets at December 31, 2016 2015 Gross Carrying Amount Accumulated Amortization & Impairment Amount Net Amount December 31, 2016 Patent sublicense $ 1,218 $ 1,218 $ — Customer relationship intangible related to acquisition 2,510 2,508 2 Other identified intangible assets related to acquisition 780 780 — Other intangible 155 155 — Goodwill 1,339 — 1,339 Total $ 6,002 $ 4,661 $ 1,341 December 31, 2015 Patent sublicense $ 1,218 $ 1,218 $ — Customer relationship intangible related to acquisition 2,510 2,367 143 Other identified intangible assets related to acquisition 780 780 — Other intangible 155 155 — Goodwill 1,339 — 1,339 Total $ 6,002 $ 4,520 $ 1,482 As of December 31, 2014, 2012, $650,000 Amortization expense (excluding the impairment charge described above) in the 2016, 2015, 2014 $141,000, $452,000, $773,000, Based on intangible assets recorded at December 31, 2016, Year ending December 31, Amount 2017 $ 2 Total $ 2 Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 201 6 201 5 Accrued payroll and related expenses $ 9.036 $ 7,726 Accrued sales tax 2,373 1,935 Warranty liability 2,461 1,819 Other accrued liabilities 3,527 2,354 Total $ 17,397 $ 13,834 |
Note 4 - Warranty and Service C
Note 4 - Warranty and Service Contracts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | NOTE 4 —WARRANTY AND SERVICE CONTRACTS The Company has a direct field service organization in the U.S. Internationally, the Company provides direct service support through its wholly-owned subsidiaries in Australia, Belgium, Canada, France, Hong Kong, Japan, and Switzerland, as well as through third third After the original warranty period, maintenance and support are offered on a service contract basis or on a time and materials basis. The Company provides for the estimated cost to repair or replace products under warranty at the time of sale. Warranty Accrual (in thousands) December 31, 201 6 201 5 Balance at beginning of year $ 1,819 $ 1,167 Add: Accruals for warranties issued during the year 5,375 4,134 Less: Settlements and expirations made during the year (4,733 ) (3,482 ) Balance at end of year $ 2,461 $ 1,819 Deferred Service Contract Revenue (in thousands) December 31, 201 6 201 5 Balance at beginning of year $ 10,469 $ 12,949 Add: Payments received 12,344 10,378 Less: Revenue recognized (13,382 ) (12,858 ) Balance at end of year $ 9,431 $ 10,469 Costs incurred under service contracts in 2016, 2015 2014 $6.7 $6.2 $6.6 |
Note 5 - Stockholders' Equity,
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | NOTE 5 —STOCKHOLDERS’ EQUITY, STOCK PLANS AND STOCK-BASED COMPENSATION EXPENSE As of December 31, 2016, 2004 1998 In 1998, 1998 1998 4,650,000 On January 12, 2004, 2004 1,750,000 2004 2004 1998 1998 2012 2004 2.12 Options granted under the 1998 2004 may may 2004 may four 25% first 1/48 th on the last day of each calendar month until all of the shares have become exercisable. During 2013 2012 three 1/3 rd one 1/36 th 2014 2013 2012 seven In accordance with the 2004 2012, $60,000 2012, $60,000 one 2016, one 6,500 December 31, 2016, 2015 2014, 45,350, 21,020 38,688 In the years ended December 31, 2016, 2015 2014 229,865, 107,417 211,250 one fourth one one fourth three one third one one third two In the years ended December 31, 2016, 2015 2014 204,976, 74,667 105,000 12 8.5 12 2015 2004 On January 12, 2004, 2004 2004 2004 2004 six 2004 first i. 600,000 ii. 2.0% iii. an amount as determined by the Board of Directors. The Company’s Board of Directors did not increase the shares available for future grant on January 1, 2016, 2015 2014. 85% six December 31, 2016, 2015 2014, 2004 79,922, 55,872 52,759 December 31, 2016, 770,063 Option Activity Activity under the 1998 2004 Options Outstanding Shares Available For Grant Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in $ millions (1) Balances as of December 31, 20 1 3 709,483 3,792,162 $ 9.42 4.2 $ 5.1 Additional shares reserved ( 2 ) 200,000 — — Options granted (486,300 ) 486,300 $ 9.78 Options exercised — (396,970 ) $ 8.33 Options cancelled (expired or forfeited) 418,925 (418,925 ) $ 11.15 Stock awards granted (764,394 ) — — Stock awards cancelled (expired or forfeited) 52,046 — — Balances as of December 31, 201 4 129,760 3,462,567 $ 9.39 3.4 $ 5.7 Additional shares reserved ( 3 ) 1,300,000 — Options granted (129,000 ) 129,000 $ 13,.26 Options exercised — (1,141,904 ) $ 9.20 Options cancelled (expired or forfeited) 300,866 (300,866 ) $ 12.37 Stock awards granted (430,580 ) — — Stock awards cancelled (expired or forfeited) 92,379 — — Balances as of December 31, 201 5 1,263,425 2,148,797 $ 9.31 3.4 $ 7.9 Options granted (162,000 ) 162,000 $ 11.55 Options exercised — (1,051,138 ) $ 8.89 Options cancelled (expired or forfeited) 143,187 (143,187 ) $ 12.93 Stock awards granted (1,018,005 ) — — Stock awards cancelled (expired or forfeited) 495,050 — — Balances as of December 31, 201 6 721,657 1,116,472 $ 9.56 3.7 $ 8.7 Exercisable as of December 31, 201 6 767,277 $ 8.92 3.0 $ 6.5 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 1,069,923 $ 9.47 3.6 $ 8.4 (1) Based on the closing stock price of the Company’s stock of $ 17.35 on December 3 0 , 201 6 , $ 12.79 on December 3 1 , 201 5, $10.68 on December 31 2014 and $ 10.18 on December 3 0 , 201 3 . (2) Approved by Board of Directors in 201 4, by stockholders in 201 5 . (3) Approved by stockholders in 2015 . The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the aggregate difference between the Company’s closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2016. 2016, 2015 2014 $3.6 $5.1 $824,000, December 31, 2016 Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (in years) Number Outstanding Weighted-Average Exercise Price $6.88 158,643 2.57 158,643 $ 6.88 $7.15 – $8.52 32,750 1.85 32,750 7.71 $8.72 127,995 1.40 127,995 8.72 $8.80 213,741 3.46 166,370 8.80 $8.91 – $9.65 144,460 4.19 100,019 9.31 $9.97 – $10.03 115,000 4.66 67,605 9.99 $10.24 - $10.86 114,133 3.87 55,394 10.30 $10.90 – $11.98 116,250 5.66 24,792 11.18 $13.40 - $14.04 88,500 5.87 31,938 13.67 $15.32 5,000 5.56 1,771 15.32 $6.88 – $15.32 1,116,472 3.74 767,277 $ 8.92 As of December 31, 2015 1,561,916 $9.05. Stock Awards (RSU and PSU) Activity Table Information with respect to restricted stock units’ and performance stock units’ activity is as follows (in thousands): Number of Shares Weighted Average Grant- Date Fair Value Aggregate Fair Value (1) (in thousands) Aggregate Intrinsic Value ( 2 ) (in thousands ) Outstanding at December 31, 201 3 179,465 $ 8.34 $ 1,827 Granted 360,563 $ 9.72 Vested (3) (81,157 ) $ 8.62 $ 777 (4) Forfeited (24,550 ) $ 8.14 Outstanding at December 31, 201 4 434,321 $ 9.31 $ 4,639 Granted 203,104 $ 14.81 Vested (3) (222,220 ) $ 11.79 $ 3,285 (5) Forfeited (43,575 ) $ 9.09 Outstanding at December 31, 201 5 371,630 $ 12.39 $ 4,753 Granted 480,191 $ 10.80 Vested (3) (172,990 ) $ 12.56 $ 1,906 (6) Forfeited (233,514 ) $ 11.36 Outstanding at December 31, 201 6 445,317 $ 11.15 $ 7,726 (1) Represents the value of the Company’s stock on the date that the restricted stock units and performance stock units vest. (2) Based on the closing stock price of the Company’s stock of $ 17.35 on December 31, 201 6 , $ 12.79 on December 3 1 , 201 5, $10.68 December 30, 2014 and $ 10.18 on December 31, 201 3 . (3) The number of restricted stock units vested includes shares that the Company withheld on behalf of the employees to satisfy the statutory tax withholding requirements. (4) On the grant date, the fair value for these vested awards was $ 699 ,000. (5) On the grant date, the fair value for these vested awards was $ 2.6 . (6) On the grant date, the fair value for these vested awards was $ 2.2 . Stock-Based Compensation Stock-based compensation expense for stock options, restricted stock units, performance stock units and ESPP shares for the year ended December 31, 2016, 2015 2014 Year Ended December 31, 201 6 201 5 201 4 Stock options $ 989 $ 1,438 $ 1,811 RSUs 1,508 1,297 875 PSUs 967 1,167 455 ESPP 249 182 158 Total stock-based compensation expense $ 3,713 $ 4,084 $ 3,299 As of December 31, 2016, $3.3 1.66 $110,000, 0.33 The Company issues new shares of common stock upon the exercise of stock options, vesting of RSUs and PSUs, and the issuance of ESPP shares. The amount of cash received from these issuances, net of taxes withheld and paid, in 2016, 2015 2014 $9.5 $10.1 $3.6 no 2016, 2015 2014. Total stock-based compensation expense recognized during the year ended December 31, 2016, 2015 2014 Year Ended December 31, 2016 201 5 201 4 Cost of revenue $ 341 $ 447 $ 560 Sales and marketing 1,179 1,054 641 Research and development 596 662 581 General and administrative 1,597 1,921 1,517 Total stock-based compensation expense $ 3,713 $ 4,084 $ 3,299 Valuation Assumptions and Fair Value of Stock Options and ESPP Grants The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted under its equity incentive plans and rights to acquire stock granted under its employee stock purchase plan. The Company based the weighted average estimated values of employee stock option grants and rights granted under the employee stock purchase plan, as well as the weighted average assumptions used in calculating these values, on estimates at the date of grant, as follows: Stock Options Stock Purchase Plan 201 6 201 5 201 4 201 6 201 5 201 4 Expected term (in years) (1) 3.83 3.24 4.18 0.50 0.50 0.50 Risk-free interest rate (2) 1.09 % 0.90 % 1.31 % 0.46 % 0.17 % 0.06 % Volatility (3) 40 % 30 % 41 % 39 % 36 % 37 % Dividend yield (4) — % — % — % — % — % — % Weighted average estimated fair value at grant date $ 3.72 $ 4.78 $ 3.36 $ 3.22 $ 3.51 $ 2.65 (1) The expected term represents the period during which the Company’s stock-based awards are expected to be outstanding. The estimated term is based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting terminations. (2) The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option as of the date of grant. (3) Estimated volatility is based on historical volatility. The Company also considers implied volatility when there is sufficient volume of freely traded options with comparable terms and exercise prices in the open market. (4) The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. The Company periodically estimates forfeiture rates based on its historical experience within separate groups of employees and adjusts the stock-based payment expense accordingly. The forfeiture rates used in 2016 0% 17%. Stock Awards Withholdings For Stock Awards granted to employees, the number of shares issued on the date the Stock Awards vest is net of the tax withholding requirements paid on behalf of the employees. In 2016, 2015 2014, 56,157, 68,101, 15,769 $619,000, $1.0 $156,000, Stock Repurchase Program As of December 31, 2014, $10.0 November 2012 August 5, 2013. 10b5 1 February 18, 2015, $10 $40 December 31, 2015, 2,818,038 $40.0 On February 8, 2016, $10 December 31, 2016, 455,311 $4.9 December 31, 2016, $5.1 February 13, 2017 $5 10b5 1 Adjustment to Retained Earnings The Company early adopted ASU 2016 09 fourth 2016 2016 $49,000 6—Income |
Note 6 - Income Taxes
Note 6 - Income Taxes | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 6 —INCOME TAXES The Company files income tax returns in the U.S. federal and various state and local jurisdictions and foreign jurisdictions. The Company’s income (loss) before provision for income taxes consisted of the following (in thousands): Year Ended December 31, 201 6 201 5 201 4 U.S. $ 2,207 $ (4,588 ) $ (10,592 ) Foreign 513 360 199 Income (loss) before income taxes $ 2,720 $ (4,228 ) $ (10,393 ) The components of the provision for income taxes are as follows (in thousands): Year Ended December 31, 201 6 201 5 201 4 Current: Federal $ — $ (7 ) $ (7 ) State 16 23 19 Foreign 131 218 110 Total Current 147 234 122 Deferred: Federal (24 ) 33 32 State (2 ) — — Foreign 22 (55 ) 65 Total Deferred (4 ) (22 ) 97 Tax provision $ 143 $ 212 $ 219 The Company’s deferred tax asset consists of the following (in thousands): December 31, 201 6 201 5 Net operating loss carryforwards $ 15,487 * $ 14,231 Stock-based compensation 1,486 2,462 Other accruals and reserves 2,160 4,679 Credits 9,006 * 4,477 Foreign 377 350 Accrued warranty 890 657 Depreciation and amortization 2,627 1,105 Other 95 5 Deferred tax asset before valuation allowance 32,128 27,966 Valuation allowance (31,751 )* (27,616 ) Deferred tax asset after valuation allowance 377 350 Deferred tax liability on goodwill (85 ) (103 ) Net deferred tax asset $ 292 $ 247 * Includes impact of adopting ASU 2016 09 fourth 2016 2016, 2016. The Company’s deferred tax asset balance is reported in the following captions in the Consolidated Balance Sheets (in thousands): December 31, 201 6 201 5 Deferred tax asset $ 377 $ 350 Income tax liability (85 ) (103 ) Net deferred tax asset after valuation allowance $ 292 $ 247 The differences between the U.S. federal statutory income tax rates to the Company’s effective tax rate are as follows: Year Ended December 31, 201 6 2015* 2014* U.S. federal statutory income tax rate 34.00 % 34.00 % 34.00 % State tax rate, net of federal benefit (14.56 ) 1.94 1.62 Benefit for research and development credit (9.25 ) 15.92 7.24 Stock-based compensation 14.36 (19.19 ) (5.56 ) Foreign rate differential (0.16 ) (1.47 ) (1.04 ) True ups (0.67 ) — — Other 6.08 (4.58 ) (1.78 ) Valuation allowance (24.57 ) (31.63 ) (36.58 ) Effective tax rate 5.23 % (5.01 )% (2.10 )% *Certain items have changed for classification purposes. The Company recognizes deferred tax assets for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, and for operating losses and tax credit carryforwards. The Company records a valuation allowance to reduce the deferred tax assets to their estimated realizable value, when it is more likely than not that it will not be able to generate sufficient future taxable income to realize the net carrying value. The Company has recorded a full valuation allowance against its U.S. federal and state deferred tax assets due to its history of operating losses. In the years ended December 31, 2016, 2015 2014, $4.1 $1.6 $3.3 As of December 31, 2016, $42.0 $21.8 2029 2035 2029 2035. December 31, 2016. As of December 31, 2016, $5.0 $6.2 2024 2035. $268,000, 2020 2021. December 31, 2016. In March 2016, 2016 09, Improvements to Employee Share-Based Payment Accounting December 15, 2016, 2016 09, In accordance with ASU 2016 09, 2016 09 fourth 2016 2016, 1. Elected to continue to estimate its forfeiture rate, rather than recognizing forfeitures as they occur; 2. Recorded a net increase to prior-period retained earnings of $49,000 3. Excess windfall net operating loss and tax credit carryforwards were converted into deferred tax net operating losses of $1.2 $3.9 2016 $5.2 The utilization of NOL carryforwards and tax credits may 382 may 382 December 31, 2016 382 Undistributed earnings of the Company’s foreign subsidiaries at December 31, 2016 2015 $3.1 $2.8 Uncertain Tax Positions The Company establishes reserves for uncertain tax positions based on the largest amount that is more-likely-than-not to be sustained. An uncertain income tax position will not be recognized if it has less than a 50% may The Company files U.S., state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2005 2016 2011 2016 The following table summarizes the activity related to the Company’s gross unrecognized tax benefits in December 31, 2014 December 31, 2016 Year Ended December 31, 2016 201 5 201 4 Balance at beginning of year $ 651 $ 597 $ 535 Increases related to prior year tax positions — — — Increases related to current year tax positions 56 54 62 Decreases related to lapsing of statute of limitations — — — Balance at end of year $ 707 $ 651 $ 597 The Company’s total unrecognized tax benefits and accrued interest that, if recognized, would affect its effective tax rate at December 31, 2016 2015, $82,000 $78,000, December 31, 2016 2015, $49,000 $45,000 not 12 |
Note 7 - Net Income (Loss) Per
Note 7 - Net Income (Loss) Per Share | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 7 —NET INCOME ( LOSS ) PER SHARE Basic net income (loss) per share is computed using the weighted-average number of shares outstanding during the period. In periods of net income, diluted shares outstanding include the dilutive effect of in-the-money equity awards (stock options, restricted stock units and performance stock units), which is calculated based on the average share price for each fiscal period using the treasury stock method. Under the treasury stock method, the amount the employee must pay for the equity award, and the amount of compensation cost for future service that the Company has not yet recognized, are all assumed to be used to repurchase shares. Diluted earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. The following number of weighted shares outstanding, prior to the application of the treasury stock method, were excluded from the computation of diluted net income (loss) per common share for the years presented because including them would have had an anti-dilutive effect (in thousands): Year Ended December 31, 2016 201 5 201 4 Options to purchase common stock 220 2,575 3,489 Restricted stock units 24 296 213 Employee stock purchase plan shares — 93 86 Performance stock units — 24 37 Total 244 2,988 3,825 |
Note 8 - Defined Contribution P
Note 8 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 8 —DEFINED CONTRIBUTION PLAN In the U.S., the Company has an employee savings plan (“401(k) 401(k) may 401(k) 100% 2016, 2015 2014, 401(k) $262,000, $244,000 $211,000, For the Company’s Japanese subsidiary, a discretionary employee retirement plan has been established. In addition, for some of the Company’s other foreign subsidiaries, the Company deposits funds with insurance companies, third December 31, 2016, three |
Note 9 - Segment Information an
Note 9 - Segment Information and Revenue by Geograpy and Products | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 9 —SEGMENT INFORMATION AND REVENUE BY GEOGRAP Y AND PRODUCTS Operating segments are identified as components of an enterprise about which separate discrete financial information is available for evaluation by the chief operating decision maker, or decision-making group, in making decisions how to allocate resources and assess performance. The Company’s chief decision maker, as defined under the FASB’s ASC 280 one one The following table summarizes revenue by geographic region, based on the location of the customer, and by product category (in thousands): Year Ended December 31, 201 6 201 5 201 4 Revenue mix by geography: United States $ 65,513 $ 48,916 $ 35,494 Japan 14,727 11,504 13,328 Asia, excluding Japan 13,445 15,596 11,023 Europe 7,539 7,728 7,792 Rest of the world 16,832 11,017 10,501 Consolidated total $ 118,056 $ 94,761 $ 78,138 Revenue mix by product category: Products $ 92,721 $ 71,223 $ 53,106 Hand Piece Refills 2,498 2,910 3,714 Skincare 3,809 2,889 3,479 Total product revenue 99,028 77,022 60,299 Service 19,028 17,739 17,839 Consolidated total $ 118,056 $ 94,761 $ 78,138 |
Note 10 - Commitments and Conti
Note 10 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 10 —COMMITMENTS AND CONTINGENCIES Facility Leases As of December 31, 2016, Year Ending December 31, Amount 2017 $ 1,912 2018 189 2019 35 2020 5 Future minimum rental payments $ 2,141 Gross rent expense recognized in the years ended December 31, 2016, 2015 2014 $1.6 $1.5 $1.5 Vehicle Leases As of December 31, 2016, Year Ending December 31, Amount 2017 $ 367 2018 354 2019 266 2020 6 Future minimum lease payments $ 993 Purchase Commitments The Company maintains certain open inventory purchase commitments with its suppliers to ensure a smooth and continuous supply for key components. The Company’s liability in these purchase commitments is generally restricted to a forecasted time-horizon as agreed between the parties. These forecasted time-horizons can vary among different suppliers. The Company’s open inventory purchase commitments with its suppliers were not significant at December 31, 2016. Indemnifications In the normal course of business, the Company enters into agreements that contain a variety of representations, warranties, and indemnification obligations. For example, the Company has entered into indemnification agreements with each of its directors and executive officers and certain key employees. The Company’s exposure under its various indemnification obligations is unknown and not reasonably estimable as they involve future claims that may Litigation and Litigation Settlements The Company is named from time to time as a party to product liability and contractual lawsuits in the normal course of business. The Company routinely assesses the likelihood of any adverse judgments or outcomes related to legal matters and claims, as well as ranges of probable losses. A determination of the amount of the reserves required, if any, for these contingencies is made after analysis of each known issue, historical experience, whether it is more likely than not that the Company shall incur a loss, and whether the loss is estimable. As of December 31, 2016 2015, $138,000 $110,000, |
Note 11 - Related Parties
Note 11 - Related Parties | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 1 1 — RELATED PARTIES In 2016, $182,100 6,500 $87,100, three (3) 33.33% three October 28, 2016, December 31, 2018 $200 40 |
Note 12 - Subsequent Events
Note 12 - Subsequent Events | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 1 2 —SUBSEQUENT EVENT S On February 8, 2016, $10 December 31, 2016, 455,311 $4.9 December 31, 2016, $5.1 February 13, 2017 $5 10b5 1 |
Note 13 - Supplementary Financi
Note 13 - Supplementary Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) Quarter ended: Dec. 31, 201 6 Sept. 30, 201 6 June 30, 201 6 March 31, 201 6 Dec. 31, 201 5 Sept. 30, 201 5 June 30, 201 5 March 31, 201 5 Net revenue $ 37,875 $ 30,281 $ 27,477 $ 22,423 $ 30,042 $ 23,085 $ 22,563 $ 19,071 Cost of revenue 15,962 12,538 11,472 9,949 12,145 9,594 9,687 9,052 Gross profit 21,913 17,743 16,005 12,474 17,897 13,491 12,876 10,019 Operating expenses: Sales and marketing 11,561 10,574 10,712 8,716 9,899 8,790 9,066 8,187 Research and development 2,897 2,914 2,712 2,709 2,812 2,748 2,728 2,445 General and administrative 3,010 2,716 3,997 3,220 3,189 2,937 3,014 2,989 Total operating expenses 17,468 16,204 17,421 14,645 15,900 14,475 14,808 13,621 Income (loss) from operations 4,445 1,539 (1,416 ) (2,171 ) 1,997 (984 ) (1,932 ) (3,602 ) Interest and other income, net (204 ) 166 217 144 105 84 96 8 Income (loss) before income taxes 4,241 1,705 (1,199 ) (2,027 ) 2,102 (900 ) (1,836 ) (3,594 ) Income tax provision 28 61 30 24 52 57 53 50 Net income (loss) $ 4,213 $ 1,644 $ (1,229 ) $ (2,051 ) $ 2,050 $ (957 ) $ (1,889 ) $ (3,644 ) Net income (loss) per share—basic $ 0.31 $ 0.12 $ (0.09 ) $ (0.16 ) $ 0.16 $ (0.07 ) $ (0.13 ) $ (0.25 ) Net income (loss) per share—diluted $ 0.30 $ 0.12 $ (0.09 ) $ (0.16 ) $ 0.15 $ (0.07 ) $ (0.13 ) $ (0.25 ) Weighted average number of shares used in per share calculations: Basic 13,591 13,163 13,131 13,010 12,978 13,827 14,441 14,611 Diluted 14,201 13,544 13,131 13,010 13,591 13,827 14,441 14,611 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2016 | |
Notes to Financial Statements | |
Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE II CUTERA, INC. VALUATION AND QUALIFYING ACCOUNTS (in thousands) For the Year s Ended December 31, 201 6 , 20 15 and 20 14 Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2016 $ 27,616 $ 6,755 $ 2,620 $ 31,751 Year ended December 31, 2015 $ 26,046 $ 3,327 $ 1,757 $ 27,616 Year ended December 31, 2014 $ 22,762 $ 3,780 $ 496 $ 26,046 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for doubtful accounts receivable Year ended December 31, 2016 $ 4 $ 21 $ 4 $ 21 Year ended December 31, 2015 $ — $ 4 $ — $ 4 Year ended December 31, 2014 $ 19 $ 4 $ 23 $ — |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2016 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) is a global provider of laser and other energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, and markets laser and other energy-based product platforms for use by physicians and other qualified practitioners which enable them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following key system platforms: en lighten TM , excel HR TM , truSculpt TM , excel V TM , xeo ®. Titan ® truSculpt third Titan truSculpt Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries that are currently operational in Australia, Belgium, Canada, France, Hong Kong, Japan, Spain (until January 2017), |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of Consolidated Financial Statements in conformity with generally accepted accounting principles in the United States of America (“GAAP”) requires the Company’s management to make estimates and assumptions that affect the amounts reported and disclosed in the financial statements and the accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates their estimates, including those related to warranty obligation, sales commission, accounts receivable and sales allowances, valuation of inventories, fair values of acquired intangible assets, useful lives of intangible assets and property and equipment, fair values of options to purchase the Company’s common stock and other share based awards, recoverability of deferred tax assets, and effective income tax rates, among others. Management bases their estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Cash and Cash Equivalents Marketable Investments and Long-term Investments [Policy Text Block] | Cash, Cash Equivalents, and Marketable Investments The Company invests its cash primarily in money market funds and in highly liquid debt instruments of U.S. federal and municipal governments and their agencies, commercial paper and corporate debt securities. All highly liquid investments with stated maturities of three three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities have been classified and accounted for as available-for-sale. Investments with remaining maturities more than one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value Measurements Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Carrying amounts of the Company’s financial instruments, including cash equivalents, accounts receivable, accounts payable and accrued liabilities, approximate their fair values as of the balance sheet dates because of their generally short maturities. The fair value hierarchy distinguishes between (1) (2) three 1) 3). three ● Level 1: ● Level 2: 2 ● Level 3: |
Marketable Securities, Policy [Policy Text Block] | Impairment of Marketable Investments After determining the fair value of available-for-sales debt instruments, gains or losses on these securities are recorded to other comprehensive income (loss), until either the security is sold or the Company determines that the decline in value is other-than-temporary. The primary differentiating factors that the Company considers in classifying impairments as either temporary or other-than-temporary impairments are the Company’s intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value or the maturity of the investment, the length of the time and the extent to which the market value of the investment has been less than cost and the financial condition and near-term prospects of the issuer. There were no other-than-temporary impairments in the years ended December 31, 2016, 2015, 2014. |
Allowances for Sales Returns and Doubtful Accounts [Policy Text Block] | Allowance for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of our products. The allowance for doubtful accounts is based on the Company’s assessment of the collectability of customer accounts. The Company regularly reviews the allowance by considering factors such as historical experience, credit quality, the age of the accounts receivable balances, and current economic conditions that may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Other Risks and Uncertainties Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable investments and accounts receivable. The Company’s cash and cash equivalents are primarily invested in deposits and money market accounts with three may The Company invests in debt instruments, including bonds of the U.S. Government, its agencies and municipalities. The Company has also invested in other high grade investments such as commercial paper and corporate bonds. By policy, the Company restricts its exposure to any single issuer by imposing concentration limits. To minimize the exposure due to adverse shifts in interest rates, the Company maintains investments at an average maturity of generally less than eighteen Accounts receivable are typically unsecured and are derived from revenue earned from worldwide customers. The Company performs credit evaluations of its customers and maintains reserves for potential credit losses. As of December 31, 2016 2015, one 12% 10%, During the years ended December 31, 2016, 2015, 2014, 55%, 52%, 45%, 45%, 48%, 55%, 10% December 31, 2016, 2015, 2014. The Company is also subject to risks common to companies in the medical device industry, including, but not limited to, new technology innovations, dependence on key personnel, dependence on key suppliers, protection of proprietary technology, product liability, Food and Drug Administration and/or international regulatory approvals required for new products and compliance with government regulations. |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost or market, cost being determined on a standard cost basis, which approximates actual cost on a first first The Company includes demonstration units within inventories. Demonstration units are carried at cost and amortized over an estimated economic life of two As of December 31, 2016 2015, $2.4 $2.3 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation recognized is on a straight-line basis over the estimated useful lives of the assets, generally as follows: Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 Upon sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred. Depreciation expense related to property and equipment for 2016, 2015 2014, $841,000, $734,000 $562,000 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Goodwill and Intangible Assets Goodwill, which represents the excess of the purchase price over the fair value of net tangible and identifiable intangible assets, is not subject to amortization, but is subject to at least an annual assessment for impairment, applying a fair-value based test. The Company’s intangible assets are comprised of purchased technology sub-licenses, acquired customer relationships, and those assets acquired in conjunction with an asset acquisition in February 2012 being amortized on a declining-balance basis, over their respective useful lives, which range from approximately 11 10 |
Impairment or Disposal of Long-Lived Assets, Policy [Policy Text Block] | Impairment of Long-lived Assets Goodwill is not amortized, but is tested for impairment at least annually or as circumstances indicate their value may fourth one December 31, 2016, The Company evaluates the recoverability of its long-lived assets, which include amortizable intangible and tangible assets. Acquired intangible assets with definite useful lives are amortized over their useful lives. The Company evaluates long-lived assets for impairment whenever events or changes in circumstances indicate that the carrying value of long-lived assets may 2014, $650,000 |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Obligations The Company provides a standard one 14 16 The Company accounts for the estimated warranty cost of the standard warranty coverage as a charge to costs of revenue when revenue is recognized. The estimated warranty cost is based on historical product performance. To determine the estimated warranty reserve, the Company utilizes actual service records to calculate the average service expense per system and applies this to the equivalent number of units exposed under warranty. The Company updates these estimated charges every quarter. |
Revenue Recognition, Policy [Policy Text Block] | Revenue Recognition Products revenue is recognized when title and risk of ownership has been transferred, provided that: ● Persuasive evidence of an arrangement exists; ● The price is fixed or determinable; ● Delivery has occurred or services have been rendered; and ● Collectability is reasonably assured. Transfer of title and risk of ownership occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. Revenue is recorded net of customer and distributor discounts. When collectability is not reasonably assured, the Company recognizes revenue upon receipt of cash payment. Sales to customers and distributors do not include any return or exchange rights. In addition, the Company’s distributor agreements obligate the distributor to pay the Company for the sale regardless of whether the distributor is able to resell the product. Shipping and handling charges are invoiced to customers based on the amount of products sold. Shipping and handling fees are recorded as revenue and the related expense as a component of Products cost of revenue. Multiple-element arrangements A multiple-element arrangement includes the sale of one one For multiple-element arrangements revenue is allocated to each element based on their relative selling prices. Relative selling prices are based on vendor specified objective evidence (“VSOE”), if available, third With respect to the sale of its truSculpt truSculpt truSculpt truSculpt The Company also offers customers extended service contracts. Revenue under service contracts is recognized on a straight-line basis over the period of the applicable service contract. Service revenue billed on a time and material basis, from customers whose systems are not under a service contact, is recognized as the services are provided. Service revenue for the years ended December 31, 2016, 2015, 2014 $19.0 $17.7 $17.8 |
Cost of Sales, Policy [Policy Text Block] | Cost of Revenue Cost of revenue consists primarily of material, finished and semi-finished products purchased from third The Company's system sales include a control console, universal graphic user interface, control system software, high voltage electronics and a combination of applications (referred to as hand pieces). Hand pieces are programmed to have a limited number of uses to ensure the safety of the device to patients. The Company sells refurbished hand pieces, or "refills," of its Titan |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenditures Costs related to research, design, development and testing of products are charged to research and development expense as incurred. Expenses incurred primarily relate to employees, facilities, material, third |
Advertising Costs, Policy [Policy Text Block] | Advertising Costs Advertising costs are included as part of sales and marketing expense and are expensed as incurred. Advertising expenses for 2016, 2015 2014 $1.3 $1.2 $1.6 |
Share-based Compensation, Option and Incentive Plans Policy [Policy Text Block] | Stock-based Compensation The Company accounts for its employee stock options under the fair value method of accounting using a Black-Scholes valuation model to measure stock option expense at the date of grant. The fair value of Restricted Stock Units (“RSUs”) is measured at the market price of the Company’s stock on the date of grant. The fair value of Performance Stock Units (“PSUs”) that have operational measurement goals, are measured at the market price of the Company’s stock on the date of grant. PSUs with market-based measurement goals are valued using the Monte-Carlo simulation option-pricing model. The Monte-Carlo simulation option-pricing model uses the same input assumptions as the Black-Scholes model, however, it further incorporates into the fair-value determination the possibility that the market condition may Stock-based compensation expense, net of estimated forfeitures, is recognized over the requisite service period. For RSUs and PSUs, the Company issues shares on the vesting dates, net of the minimum tax withholding requirements to be paid by the Company on behalf of its employees. As a result, the actual number of shares issued will be fewer than the actual number of RSUs and PSUs that vest. The Company records the liability for withholding amounts to be paid by the Company as a reduction to additional paid-in capital when the shares are issued. Cash flows resulting from the tax benefits due to tax deductions in excess of the compensation cost recognized for stock-based awards for options exercised and for RSUs and PSUs vested during the period (excess tax benefits), are classified as operating cash flows. |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company recognizes income taxes under the liability method. The Company recognizes deferred income taxes for differences between the financial reporting and tax bases of assets and liabilities at enacted statutory tax rates in effect for the years in which differences are expected to reverse. The Company recognizes the effect on deferred taxes of a change in tax rates in income in the period that includes the enactment date. For deferred tax assets which are not subject to a valuation allowance, the Company has determined that its future taxable income will be sufficient to recover all of the deferred tax assets. However, should there be a change in the recoverability of the deferred tax assets, the Company could be required to record a valuation allowance against the net carrying value of its deferred tax assets. This would result in an increase to the Company’s tax provision in the period in which they determined that the recovery was not probable. The measurement of deferred taxes often involves an exercise of judgment related to the computation and realization of tax basis. The deferred tax assets and liabilities reflect management’s assessment that tax positions taken, and the resulting tax basis, are more likely than not to be sustained if they are audited by taxing authorities. Also, assessing tax rates that the Company expects to apply and determining the years when the temporary differences are expected to affect taxable income requires judgment about the future apportionment of the Company’s income among the states in which the Company operates. These matters, and others, involve the exercise of significant judgment. Any changes in the Company’s practices or judgments involved in the measurement of deferred tax assets and liabilities could materially impact the Company’s financial condition or results of operations. Valuation allowances are established when necessary to reduce deferred income tax assets to amounts that the Company believes are more likely than not to be recovered. The Company evaluates its deferred tax assets quarterly to determine whether adjustments to the Company’s valuation allowance are appropriate. In making this evaluation, the Company relies on its recent history of pre-tax earnings, estimated timing of future deductions and benefits represented by the deferred tax assets, and its forecasts of future earnings, the latter two The Company establishes reserves for uncertain tax positions in accordance with the Income Taxes subtopic of ASC 740. 50% may |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Loss Comprehensive loss includes all changes in stockholders’ equity except those resulting from investments or contributions by stockholders. For the periods presented, the accumulated other comprehensive income (loss) consisted solely of the unrealized gains or losses on the Company's available-for-sale investments, net of tax. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The U.S. Dollar is the functional currency of the Company’s subsidiaries. Monetary assets and liabilities are re-measured into U.S. Dollars at the applicable period end exchange rate. Sales and operating expenses are re-measured at average exchange rates in effect during each period. Gains or losses resulting from foreign currency transactions are included in net income (loss) and are insignificant for each of the three December 31, 2016. three December 31, 2016. |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one one December 31, 2016 2015, 98% 9 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, 2014 09, Revenue from Contracts with Customers 2016, August 2015, December 15, 2017, December 15, 2016. In July 2015, 2015 11, Simplifying the Measurement of Inventory two first January 1, 2017 In February 2016, 2016 02, Leases 12 December 15, 2018. Adopted Accounting Pronouncements The Company early adopted ASU 2016 09 fourth 2016. 6—Income |
Note 1 - Summary of Significa23
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Property, Plant, and Equipment Useful Lives [Table Text Block] | Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Investment [Table Text Block] | December 31, 2016 20 15 Cash and cash equivalents: Cash $ 6,672 $ 9,830 Cash equivalents: Money market funds 6,053 1,000 Commercial paper 1,050 38 Total cash and cash equivalents 13,775 10,868 Marketable securities: U.S. government notes 8,398 7,779 U.S. government agencies 3,916 12,608 Municipal securities 1,325 4,346 Commercial paper 12,299 4,040 Corporate debt securities 14,361 8,766 Total marketable securities 40,299 37,539 Total cash, cash equivalents and marketable securities $ 54,074 $ 48,407 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 201 6 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 13,775 $ — $ — $ 13,775 Marketable investments U.S. government notes 8,403 4 (9 ) 8,398 U.S. government agencies 3,918 — (2 ) 3,916 Municipal securities 1,325 — — 1,325 Commercial paper 12,299 2 (2 ) 12,299 Corporate debt securities 14,366 3 (8 ) 14,361 Total marketable securities 40,311 9 (21 ) 40,299 Total cash, cash equivalents and marketable securities $ 54,086 $ 9 $ (21 ) $ 54,074 December 31, 201 5 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 10,868 $ — $ — $ 10,868 Marketable investments U.S. government notes 7,780 1 (2 ) 7,779 U.S. government agencies 12,630 3 (25 ) 12,608 Municipal securities 4,344 2 — 4,346 Commercial paper 4,041 1 (2 ) 4,040 Corporate debt securities 8,783 — (17 ) 8,766 Total marketable securities 37,578 7 (46 ) 37,539 Total cash, cash equivalents and marketable securities $ 48,446 $ 7 $ (46 ) $ 48,407 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amount Due in less than one year (fiscal year 2017) $ 36,796 Due in 1 to 3 years (fiscal year 2018-2019) 3,503 Total marketable securities $ 40,299 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 201 6 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,053 $ — $ — $ 6,053 Commercial paper — 1,050 — 1,050 Short term marketable investments: Available-for-sale securities — 40,299 — 40,299 Total assets at fair value $ 6,053 $ 41,349 $ — $ 47,402 December 31, 201 5 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 1,000 $ — $ — $ 1,000 Commercial paper — 38 — 38 Short term marketable investments: Available-for-sale securities — 37,539 — 37,539 Total assets at fair value $ 1,000 $ 37,577 $ — $ 38,577 |
Note 3 - Balance Sheet Detail (
Note 3 - Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 2016 201 5 Raw materials $ 10,966 $ 7,982 Finished goods 4,011 4,096 Total $ 14,977 $ 12,078 |
Property, Plant and Equipment [Table Text Block] | December 31, 201 6 201 5 Leasehold improvements $ 652 $ 822 Office equipment and furniture 2,973 2,970 Machinery and equipment 5,435 4,662 9,060 8,454 Less: Accumulated depreciation (7,153 ) (6,981 ) Property and equipment, net $ 1,907 $ 1,473 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Carrying Amount Accumulated Amortization & Impairment Amount Net Amount December 31, 2016 Patent sublicense $ 1,218 $ 1,218 $ — Customer relationship intangible related to acquisition 2,510 2,508 2 Other identified intangible assets related to acquisition 780 780 — Other intangible 155 155 — Goodwill 1,339 — 1,339 Total $ 6,002 $ 4,661 $ 1,341 December 31, 2015 Patent sublicense $ 1,218 $ 1,218 $ — Customer relationship intangible related to acquisition 2,510 2,367 143 Other identified intangible assets related to acquisition 780 780 — Other intangible 155 155 — Goodwill 1,339 — 1,339 Total $ 6,002 $ 4,520 $ 1,482 |
Schedule of Finite-Lived Intangible Assets, Future Amortization Expense [Table Text Block] | Year ending December 31, Amount 2017 $ 2 Total $ 2 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 201 6 201 5 Accrued payroll and related expenses $ 9.036 $ 7,726 Accrued sales tax 2,373 1,935 Warranty liability 2,461 1,819 Other accrued liabilities 3,527 2,354 Total $ 17,397 $ 13,834 |
Note 4 - Warranty and Service26
Note 4 - Warranty and Service Contracts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 201 6 201 5 Balance at beginning of year $ 1,819 $ 1,167 Add: Accruals for warranties issued during the year 5,375 4,134 Less: Settlements and expirations made during the year (4,733 ) (3,482 ) Balance at end of year $ 2,461 $ 1,819 |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | December 31, 201 6 201 5 Balance at beginning of year $ 10,469 $ 12,949 Add: Payments received 12,344 10,378 Less: Revenue recognized (13,382 ) (12,858 ) Balance at end of year $ 9,431 $ 10,469 |
Note 5 - Stockholders' Equity27
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Shares Available For Grant Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in $ millions (1) Balances as of December 31, 20 1 3 709,483 3,792,162 $ 9.42 4.2 $ 5.1 Additional shares reserved ( 2 ) 200,000 — — Options granted (486,300 ) 486,300 $ 9.78 Options exercised — (396,970 ) $ 8.33 Options cancelled (expired or forfeited) 418,925 (418,925 ) $ 11.15 Stock awards granted (764,394 ) — — Stock awards cancelled (expired or forfeited) 52,046 — — Balances as of December 31, 201 4 129,760 3,462,567 $ 9.39 3.4 $ 5.7 Additional shares reserved ( 3 ) 1,300,000 — Options granted (129,000 ) 129,000 $ 13,.26 Options exercised — (1,141,904 ) $ 9.20 Options cancelled (expired or forfeited) 300,866 (300,866 ) $ 12.37 Stock awards granted (430,580 ) — — Stock awards cancelled (expired or forfeited) 92,379 — — Balances as of December 31, 201 5 1,263,425 2,148,797 $ 9.31 3.4 $ 7.9 Options granted (162,000 ) 162,000 $ 11.55 Options exercised — (1,051,138 ) $ 8.89 Options cancelled (expired or forfeited) 143,187 (143,187 ) $ 12.93 Stock awards granted (1,018,005 ) — — Stock awards cancelled (expired or forfeited) 495,050 — — Balances as of December 31, 201 6 721,657 1,116,472 $ 9.56 3.7 $ 8.7 Exercisable as of December 31, 201 6 767,277 $ 8.92 3.0 $ 6.5 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 1,069,923 $ 9.47 3.6 $ 8.4 |
Schedule of Share-based Compensation, Shares Authorized under Stock Option Plans, by Exercise Price Range [Table Text Block] | Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted-Average Remaining Contractual Life (in years) Number Outstanding Weighted-Average Exercise Price $6.88 158,643 2.57 158,643 $ 6.88 $7.15 – $8.52 32,750 1.85 32,750 7.71 $8.72 127,995 1.40 127,995 8.72 $8.80 213,741 3.46 166,370 8.80 $8.91 – $9.65 144,460 4.19 100,019 9.31 $9.97 – $10.03 115,000 4.66 67,605 9.99 $10.24 - $10.86 114,133 3.87 55,394 10.30 $10.90 – $11.98 116,250 5.66 24,792 11.18 $13.40 - $14.04 88,500 5.87 31,938 13.67 $15.32 5,000 5.56 1,771 15.32 $6.88 – $15.32 1,116,472 3.74 767,277 $ 8.92 |
Schedule of Share-based Compensation, Restricted Stock and Restricted Stock Units Activity [Table Text Block] | Number of Shares Weighted Average Grant- Date Fair Value Aggregate Fair Value (1) (in thousands) Aggregate Intrinsic Value ( 2 ) (in thousands ) Outstanding at December 31, 201 3 179,465 $ 8.34 $ 1,827 Granted 360,563 $ 9.72 Vested (3) (81,157 ) $ 8.62 $ 777 (4) Forfeited (24,550 ) $ 8.14 Outstanding at December 31, 201 4 434,321 $ 9.31 $ 4,639 Granted 203,104 $ 14.81 Vested (3) (222,220 ) $ 11.79 $ 3,285 (5) Forfeited (43,575 ) $ 9.09 Outstanding at December 31, 201 5 371,630 $ 12.39 $ 4,753 Granted 480,191 $ 10.80 Vested (3) (172,990 ) $ 12.56 $ 1,906 (6) Forfeited (233,514 ) $ 11.36 Outstanding at December 31, 201 6 445,317 $ 11.15 $ 7,726 |
Schedule of Compensation Cost for Share-based Payment Arrangements, Allocation of Share-based Compensation Costs by Plan [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 Stock options $ 989 $ 1,438 $ 1,811 RSUs 1,508 1,297 875 PSUs 967 1,167 455 ESPP 249 182 158 Total stock-based compensation expense $ 3,713 $ 4,084 $ 3,299 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Year Ended December 31, 2016 201 5 201 4 Cost of revenue $ 341 $ 447 $ 560 Sales and marketing 1,179 1,054 641 Research and development 596 662 581 General and administrative 1,597 1,921 1,517 Total stock-based compensation expense $ 3,713 $ 4,084 $ 3,299 |
Valuation Assumptions and Fair Value of Stock Options and ESPP Grants [Table Text Block] | Stock Options Stock Purchase Plan 201 6 201 5 201 4 201 6 201 5 201 4 Expected term (in years) (1) 3.83 3.24 4.18 0.50 0.50 0.50 Risk-free interest rate (2) 1.09 % 0.90 % 1.31 % 0.46 % 0.17 % 0.06 % Volatility (3) 40 % 30 % 41 % 39 % 36 % 37 % Dividend yield (4) — % — % — % — % — % — % Weighted average estimated fair value at grant date $ 3.72 $ 4.78 $ 3.36 $ 3.22 $ 3.51 $ 2.65 |
Note 6 - Income Taxes (Tables)
Note 6 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 U.S. $ 2,207 $ (4,588 ) $ (10,592 ) Foreign 513 360 199 Income (loss) before income taxes $ 2,720 $ (4,228 ) $ (10,393 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 Current: Federal $ — $ (7 ) $ (7 ) State 16 23 19 Foreign 131 218 110 Total Current 147 234 122 Deferred: Federal (24 ) 33 32 State (2 ) — — Foreign 22 (55 ) 65 Total Deferred (4 ) (22 ) 97 Tax provision $ 143 $ 212 $ 219 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 201 6 201 5 Net operating loss carryforwards $ 15,487 * $ 14,231 Stock-based compensation 1,486 2,462 Other accruals and reserves 2,160 4,679 Credits 9,006 * 4,477 Foreign 377 350 Accrued warranty 890 657 Depreciation and amortization 2,627 1,105 Other 95 5 Deferred tax asset before valuation allowance 32,128 27,966 Valuation allowance (31,751 )* (27,616 ) Deferred tax asset after valuation allowance 377 350 Deferred tax liability on goodwill (85 ) (103 ) Net deferred tax asset $ 292 $ 247 |
Schedule of Deferred Tax Reported in Balance Sheet [Table Text Block] | December 31, 201 6 201 5 Deferred tax asset $ 377 $ 350 Income tax liability (85 ) (103 ) Net deferred tax asset after valuation allowance $ 292 $ 247 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 201 6 2015* 2014* U.S. federal statutory income tax rate 34.00 % 34.00 % 34.00 % State tax rate, net of federal benefit (14.56 ) 1.94 1.62 Benefit for research and development credit (9.25 ) 15.92 7.24 Stock-based compensation 14.36 (19.19 ) (5.56 ) Foreign rate differential (0.16 ) (1.47 ) (1.04 ) True ups (0.67 ) — — Other 6.08 (4.58 ) (1.78 ) Valuation allowance (24.57 ) (31.63 ) (36.58 ) Effective tax rate 5.23 % (5.01 )% (2.10 )% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 2016 201 5 201 4 Balance at beginning of year $ 651 $ 597 $ 535 Increases related to prior year tax positions — — — Increases related to current year tax positions 56 54 62 Decreases related to lapsing of statute of limitations — — — Balance at end of year $ 707 $ 651 $ 597 |
Note 7 - Net Income (Loss) Pe29
Note 7 - Net Income (Loss) Per Share (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 2016 201 5 201 4 Options to purchase common stock 220 2,575 3,489 Restricted stock units 24 296 213 Employee stock purchase plan shares — 93 86 Performance stock units — 24 37 Total 244 2,988 3,825 |
Note 9 - Segment Information 30
Note 9 - Segment Information and Revenue by Geograpy and Products (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended December 31, 201 6 201 5 201 4 Revenue mix by geography: United States $ 65,513 $ 48,916 $ 35,494 Japan 14,727 11,504 13,328 Asia, excluding Japan 13,445 15,596 11,023 Europe 7,539 7,728 7,792 Rest of the world 16,832 11,017 10,501 Consolidated total $ 118,056 $ 94,761 $ 78,138 Revenue mix by product category: Products $ 92,721 $ 71,223 $ 53,106 Hand Piece Refills 2,498 2,910 3,714 Skincare 3,809 2,889 3,479 Total product revenue 99,028 77,022 60,299 Service 19,028 17,739 17,839 Consolidated total $ 118,056 $ 94,761 $ 78,138 |
Note 10 - Commitments and Con31
Note 10 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31, Amount 2017 $ 1,912 2018 189 2019 35 2020 5 Future minimum rental payments $ 2,141 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Year Ending December 31, Amount 2017 $ 367 2018 354 2019 266 2020 6 Future minimum lease payments $ 993 |
Note 13 - Supplementary Finan32
Note 13 - Supplementary Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended: Dec. 31, 201 6 Sept. 30, 201 6 June 30, 201 6 March 31, 201 6 Dec. 31, 201 5 Sept. 30, 201 5 June 30, 201 5 March 31, 201 5 Net revenue $ 37,875 $ 30,281 $ 27,477 $ 22,423 $ 30,042 $ 23,085 $ 22,563 $ 19,071 Cost of revenue 15,962 12,538 11,472 9,949 12,145 9,594 9,687 9,052 Gross profit 21,913 17,743 16,005 12,474 17,897 13,491 12,876 10,019 Operating expenses: Sales and marketing 11,561 10,574 10,712 8,716 9,899 8,790 9,066 8,187 Research and development 2,897 2,914 2,712 2,709 2,812 2,748 2,728 2,445 General and administrative 3,010 2,716 3,997 3,220 3,189 2,937 3,014 2,989 Total operating expenses 17,468 16,204 17,421 14,645 15,900 14,475 14,808 13,621 Income (loss) from operations 4,445 1,539 (1,416 ) (2,171 ) 1,997 (984 ) (1,932 ) (3,602 ) Interest and other income, net (204 ) 166 217 144 105 84 96 8 Income (loss) before income taxes 4,241 1,705 (1,199 ) (2,027 ) 2,102 (900 ) (1,836 ) (3,594 ) Income tax provision 28 61 30 24 52 57 53 50 Net income (loss) $ 4,213 $ 1,644 $ (1,229 ) $ (2,051 ) $ 2,050 $ (957 ) $ (1,889 ) $ (3,644 ) Net income (loss) per share—basic $ 0.31 $ 0.12 $ (0.09 ) $ (0.16 ) $ 0.16 $ (0.07 ) $ (0.13 ) $ (0.25 ) Net income (loss) per share—diluted $ 0.30 $ 0.12 $ (0.09 ) $ (0.16 ) $ 0.15 $ (0.07 ) $ (0.13 ) $ (0.25 ) Weighted average number of shares used in per share calculations: Basic 13,591 13,163 13,131 13,010 12,978 13,827 14,441 14,611 Diluted 14,201 13,544 13,131 13,010 13,591 13,827 14,441 14,611 |
Schedule II - Valuation and Q33
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2016 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2016 $ 27,616 $ 6,755 $ 2,620 $ 31,751 Year ended December 31, 2015 $ 26,046 $ 3,327 $ 1,757 $ 27,616 Year ended December 31, 2014 $ 22,762 $ 3,780 $ 496 $ 26,046 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for doubtful accounts receivable Year ended December 31, 2016 $ 4 $ 21 $ 4 $ 21 Year ended December 31, 2015 $ — $ 4 $ — $ 4 Year ended December 31, 2014 $ 19 $ 4 $ 23 $ — |
Note 1 - Summary of Significa34
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2014 | |
Long-term Investment Marketable Period | 1 year | |||
Other than Temporary Impairment Losses, Investments, Available-for-sale Securities | $ 0 | $ 0 | $ 0 | |
Average Maturity Period of Interest Rate of Auction Securities | 1 year 180 days | |||
Inventories Estimated Useful Lives | 2 years | |||
Inventory, Finished Goods, Gross | $ 2,400,000 | 2,300,000 | ||
Depreciation | 841,000 | 734,000 | 562,000 | |
Impairment of Long-Lived Assets Held-for-use | 0 | |||
Impairment of Intangible Assets (Excluding Goodwill) | 650,000 | |||
Sales Revenue, Services, Net | 19,028,000 | 17,739,000 | 17,839,000 | $ 17,800,000 |
Advertising Expense | $ 1,300,000 | $ 1,200,000 | $ 1,600,000 | |
Uncertain Income Tax Position Minimum Rate | 50.00% | |||
Number of Operating Segments | 1 | |||
Disclosure on Geographic Areas Long Lived Assets in Entity S Country of Domicile, Percent | 98.00% | |||
End-Customers [Member] | ||||
Standard Warranty Period | 1 year | |||
Minimum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 330 days | |||
Minimum [Member] | Distributors [Member] | ||||
Standard Warranty Period | 1 year 60 days | |||
Maximum [Member] | ||||
Finite-Lived Intangible Asset, Useful Life | 10 years | |||
Maximum [Member] | Distributors [Member] | ||||
Standard Warranty Period | 1 year 120 days | |||
Customer Concentration Risk [Member] | Accounts Receivable [Member] | ||||
Concentration Risk, Percentage | 12.00% | 10.00% | ||
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | UNITED STATES | ||||
Concentration Risk, Percentage | 55.00% | 52.00% | 45.00% | |
Geographic Concentration Risk [Member] | Sales Revenue, Net [Member] | Outside the United States [Member] | ||||
Concentration Risk, Percentage | 45.00% | 48.00% | 55.00% |
Note 1 - Summary of Significa35
Note 1 - Summary of Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2016 | |
Equipment and Furniture [Member] | |
Property, plant, and equipment, useful lives (Year) | 3 years |
Machinery and Equipment [Member] | |
Property, plant, and equipment, useful lives (Year) | 3 years |
Note 2 - Investment Securitie36
Note 2 - Investment Securities (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 | $ 0 |
Maturity of Money Market Fund | 3 years |
Note 2 - Investment Securitie37
Note 2 - Investment Securities - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Cash and cash equivalents: | ||
Cash | $ 6,672 | $ 9,830 |
Cash equivalents | 13,775 | 10,868 |
Marketable securities: | ||
Marketable securities | 40,299 | 37,539 |
Total cash, cash equivalents and marketable securities | 54,074 | 48,407 |
US Treasury and Government [Member] | ||
Marketable securities: | ||
Marketable securities | 8,398 | 7,779 |
US Government Agencies Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 3,916 | 12,608 |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 1,325 | 4,346 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Marketable securities: | ||
Marketable securities | 12,299 | 4,040 |
Corporate Debt Securities [Member] | ||
Marketable securities: | ||
Marketable securities | 14,361 | 8,766 |
Money Market Funds [Member] | ||
Cash and cash equivalents: | ||
Cash equivalents | 6,053 | 1,000 |
Commercial Paper [Member] | ||
Cash and cash equivalents: | ||
Cash equivalents | $ 1,050 | $ 38 |
Note 2 - Investment Securitie38
Note 2 - Investment Securities - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 |
Amortizated cost | $ 13,775 | $ 10,868 | $ 9,803 | $ 16,242 |
Gross unrealized gains | 9 | 7 | ||
Gross unrealized losses | (21) | (46) | ||
Fair market value | 40,299 | |||
Amortizated cost | 54,086 | 48,446 | ||
Fair market value | 54,074 | 48,407 | ||
US Treasury and Government [Member] | ||||
Amortizated cost | 8,403 | 7,780 | ||
Gross unrealized gains | 4 | 1 | ||
Gross unrealized losses | (9) | (2) | ||
Fair market value | 8,398 | 7,779 | ||
US Government Agencies Debt Securities [Member] | ||||
Amortizated cost | 3,918 | 12,630 | ||
Gross unrealized gains | 3 | |||
Gross unrealized losses | (2) | (25) | ||
Fair market value | 3,916 | 12,608 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Amortizated cost | 1,325 | 4,344 | ||
Gross unrealized gains | 2 | |||
Gross unrealized losses | ||||
Fair market value | 1,325 | 4,346 | ||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||||
Amortizated cost | 12,299 | 4,041 | ||
Gross unrealized gains | 2 | 1 | ||
Gross unrealized losses | (2) | (2) | ||
Fair market value | 12,299 | 4,040 | ||
Corporate Debt Securities [Member] | ||||
Amortizated cost | 14,366 | 8,783 | ||
Gross unrealized gains | 3 | |||
Gross unrealized losses | (8) | (17) | ||
Fair market value | 14,361 | 8,766 | ||
Cash and Cash Equivalents [Member] | ||||
Amortizated cost | 13,775 | 10,868 | ||
Fair market value | 13,775 | 10,868 | ||
Marketable Investments [Member] | ||||
Amortizated cost | 40,311 | 37,578 | ||
Gross unrealized gains | 9 | 7 | ||
Gross unrealized losses | (21) | (46) | ||
Fair market value | $ 40,299 | $ 37,539 |
Note 2 - Investment Securitie39
Note 2 - Investment Securities - Maturities of Available-for-sale Securities (Details) $ in Thousands | Dec. 31, 2016USD ($) |
Due in less than one year (fiscal year 2017) | $ 36,796 |
Due in 1 to 3 years (fiscal year 2018-2019) | 3,503 |
Total marketable securities | $ 40,299 |
Note 2 - Investment Securitie40
Note 2 - Investment Securities - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Available-for-sale securities | $ 40,299 | |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 40,299 | $ 37,539 |
Total assets at fair value | 47,402 | 38,577 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Total assets at fair value | 6,053 | 1,000 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 40,299 | 37,539 |
Total assets at fair value | 41,349 | 37,577 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Total assets at fair value | ||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | ||
Cash equivalents | 6,053 | 1,000 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 6,053 | 1,000 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | ||
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | ||
Cash equivalents | 1,050 | 38 |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | ||
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 1,050 | 38 |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents |
Note 3 - Balance Sheet Detail41
Note 3 - Balance Sheet Detail (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Capital Leased Assets, Gross | $ 1,400,000 | $ 862,000 | |
Capital Leases, Lessee Balance Sheet, Assets by Major Class, Accumulated Depreciation | 492,000 | 374,000 | |
Impairment of Intangible Assets (Excluding Goodwill) | $ 650,000 | ||
Amortization of Intangible Assets | $ 141,000 | $ 452,000 | $ 773,000 |
Note 3 - Balance Sheet Detail -
Note 3 - Balance Sheet Detail - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Raw materials | $ 10,966 | $ 7,982 |
Finished goods | 4,011 | 4,096 |
Total | $ 14,977 | $ 12,078 |
Note 3 - Balance Sheet Detail43
Note 3 - Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Property, plant and equipment, gross | $ 9,060 | $ 8,454 |
Less: Accumulated depreciation | (7,153) | (6,981) |
Property and equipment, net | 1,907 | 1,473 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 652 | 822 |
Equipment and Furniture [Member] | ||
Property, plant and equipment, gross | 2,973 | 2,970 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 5,435 | $ 4,662 |
Note 3 - Balance Sheet Detail44
Note 3 - Balance Sheet Detail - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accumulated amortization and impairment amount | $ 4,661 | $ 4,520 |
Net amount | 2 | |
Goodwill | 1,339 | 1,339 |
Goodwill | 1,339 | 1,339 |
Total | 6,002 | 6,002 |
Total | 1,341 | 1,482 |
Patents [Member] | ||
Gross carrying amount | 1,218 | 1,218 |
Accumulated amortization and impairment amount | 1,218 | 1,218 |
Net amount | ||
Customer Relationships [Member] | ||
Gross carrying amount | 2,510 | 2,510 |
Accumulated amortization and impairment amount | 2,508 | 2,367 |
Net amount | 2 | 143 |
Other Intangible Assets [Member] | ||
Gross carrying amount | 780 | 780 |
Accumulated amortization and impairment amount | 780 | 780 |
Net amount | ||
Other Intangible [Member] | ||
Gross carrying amount | 155 | 155 |
Accumulated amortization and impairment amount | 155 | 155 |
Net amount |
Note 3 - Balance Sheet Detail45
Note 3 - Balance Sheet Detail - Estimated Annual Amortization Expense (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 2 |
Total | $ 2 |
Note 3 - Balance Sheet Detail46
Note 3 - Balance Sheet Detail - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Accrued payroll and related expenses | $ 9,036 | $ 7,726 |
Accrued sales tax | 2,373 | 1,935 |
Warranty liability | 2,461 | 1,819 |
Other accrued liabilities | 3,527 | 2,354 |
Total | $ 17,397 | $ 13,834 |
Note 4 - Warranty and Service47
Note 4 - Warranty and Service Contracts (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Deferred Revenue Costs Incurred | $ 6.7 | $ 6.2 | $ 6.6 |
Note 4 - Warranty and Service48
Note 4 - Warranty and Service Contracts - Summary of Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 1,819 | $ 1,167 |
Add: Accruals for warranties issued during the year | 5,375 | 4,134 |
Less: Settlements and expirations made during the year | (4,733) | (3,482) |
Balance at end of year | $ 2,461 | $ 1,819 |
Note 4 - Warranty and Service49
Note 4 - Warranty and Service Contracts - Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Balance at beginning of year | $ 10,469 | $ 12,949 |
Add: Payments received | 12,344 | 10,378 |
Less: Revenue recognized | (13,382) | (12,858) |
Balance at end of year | $ 9,431 | $ 10,469 |
Note 5 - Stockholders' Equity50
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Details Textual) - USD ($) | 12 Months Ended | ||||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 13, 2017 | Feb. 08, 2016 | Feb. 18, 2015 | Feb. 17, 2015 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 3,600,000 | $ 5,100,000 | $ 824,000 | ||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 767,277 | 1,561,916 | |||||||
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.92 | $ 9.05 | |||||||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options | $ 10,111,000 | $ 11,079,000 | $ 3,758,000 | ||||||
Shares Paid for Tax Withholding for Share Based Compensation | 56,157 | 68,101 | 15,769 | ||||||
Adjustments Related to Tax Withholding for Share-based Compensation | $ 619,000 | $ 1,000,000 | $ 156,000 | ||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 49,000 | ||||||||
Employee Service Share-based Compensation, Tax Benefit Realized from Exercise of Stock Options | 0 | $ 0 | $ 0 | ||||||
New Accounting Pronouncement, Early Adoption, Effect [Member] | |||||||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | $ 49,000 | ||||||||
Minimum [Member] | |||||||||
Share Based Compensation, Forfeiture Rate | 0.00% | ||||||||
Maximum [Member] | |||||||||
Share Based Compensation, Forfeiture Rate | 17.00% | ||||||||
Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | 3 years | |||||||
Option Granted Contractual Term | 7 years | 7 years | |||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 3,300,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 1 year 240 days | ||||||||
Restricted Stock Units (RSUs) [Member] | |||||||||
Share Price | $ 17.35 | $ 12.79 | $ 10.68 | $ 10.18 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 2,200,000 | $ 2,600,000 | $ 699,000 | ||||||
Performance Shares [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | 255 days | 1 year | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 204,976 | 74,667 | 105,000 | ||||||
Stock Purchase Plan [Member] | |||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 110,000 | ||||||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 120 days | ||||||||
1998 Stock Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,650,000 | ||||||||
Two Thousand Four Equity Incentive Plan [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,750,000 | ||||||||
Number of Stock Awards Counted for Every Share Granted or Canceled | 2.12 | ||||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 60,000 | ||||||||
Stock Issued During Period, Shares, Restricted Stock Award, Net of Forfeitures | 45,350 | 21,020 | 38,688 | ||||||
Two Thousand Four Equity Incentive Plan [Member] | Employee Stock Option [Member] | |||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||||||||
Option Exercisable in Hundredths | 25.00% | ||||||||
Share Price | $ 17.35 | $ 12.79 | $ 10.68 | $ 10.18 | |||||
Two Thousand Four Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 6,500 | $ 60,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 229,865 | 107,417 | 211,250 | ||||||
2004 Employee Stock Purchase Plan [Member] | |||||||||
ESPP Offering and Purchase Period | 180 days | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 600,000 | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | ||||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 79,922 | 55,872 | 52,759 | ||||||
Common Stock, Capital Shares Reserved for Future Issuance | 770,063 | ||||||||
Modified Stock Buyback Program [Member] | |||||||||
Increase in Authorized Amount Under Stock Repurchase Plan | $ 10,000,000 | ||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,100,000 | $ 10,000,000 | $ 40,000,000 | $ 10,000,000 | |||||
Stock Repurchased During Period, Shares | 455,311 | 2,818,038 | |||||||
Stock Repurchased During Period, Value | $ 40,000,000 | ||||||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,900,000 | ||||||||
Modified Stock Buyback Program [Member] | Subsequent Event [Member] | |||||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,000,000 |
Note 5 - Stockholders' Equity51
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Activity Under the 2004 Equiy Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | ||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | ||||
Balances, shares available for grant (in shares) | 1,263,425 | 129,760 | 709,483 | ||||
Balances, stock options outstanding (in shares) | 2,148,797 | 3,462,567 | 3,792,162 | ||||
Balances, weighted-average exercise price (in dollars per share) | $ 9.31 | $ 9.39 | $ 9.42 | ||||
Balances, options outstanding weighted-average remaining contractual life (Year) | 3 years 255 days | 3 years 146 days | 3 years 146 days | 4 years 73 days | |||
Balances, aggregate intrinsic value | [1] | $ 8.7 | $ 7.9 | $ 5.7 | $ 5.1 | ||
Additional shares reserved, shares available for grant (in shares) | 1,300,000 | [2] | 200,000 | [3] | |||
Options granted, shares available for grant (in shares) | (162,000) | (129,000) | (486,300) | ||||
Options granted, stock options outstanding (in shares) | 162,000 | 129,000 | 486,300 | ||||
Options granted, weighted-average exercise price (in dollars per share) | $ 11.55 | $ 13.26 | $ 9.78 | ||||
Options exercised, stock options outstanding (in shares) | (1,051,138) | (1,141,904) | (396,970) | ||||
Options exercised, weighted-average exercise price (in dollars per share) | $ 8.89 | $ 9.20 | $ 8.33 | ||||
Options cancelled (expired or forfeited), shares available for grant (in shares) | 143,187 | 300,866 | 418,925 | ||||
Options cancelled (expired or forfeited), stock options outstanding (in shares) | (143,187) | (300,866) | (418,925) | ||||
Options cancelled (expired or forfeited), weighted-average exercise price (in dollars per share) | $ 12.93 | $ 12.37 | $ 11.15 | ||||
Stock awards granted, shares available for grant (in shares) | (1,018,005) | (430,580) | (764,394) | ||||
Stock awards cancelled (expired or forfeited), shares available for grant (in shares) | 495,050 | 92,379 | 52,046 | ||||
Balances, shares available for grant (in shares) | 721,657 | 1,263,425 | 129,760 | 709,483 | |||
Balances, stock options outstanding (in shares) | 1,116,472 | 2,148,797 | 3,462,567 | 3,792,162 | |||
Balances, weighted-average exercise price (in dollars per share) | $ 9.56 | $ 9.31 | $ 9.39 | $ 9.42 | |||
Exercisable, stock options outstanding (in shares) | 767,277 | ||||||
Exercisable, weighted-average exercise price (in dollars per share) | $ 8.92 | ||||||
Exercisable, options outstanding weighted-average remaining contractual life (Year) | 3 years | ||||||
Exercisable, aggregate intrinsic value | [1] | $ 6.5 | |||||
Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 (in shares) | 1,069,923 | ||||||
Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 (in dollars per share) | $ 9.47 | ||||||
Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 (Year) | 3 years 219 days | ||||||
Vested and expected to vest, net of estimated forfeitures, as of December 31, 2016 | [1] | $ 8.4 | |||||
[1] | Based on the closing stock price of the Company's stock of $17.35 on December 30, 2016, $12.79 on December 31, 2015, $10.68 on December 31 2014 and $10.18 on December 30, 2013. | ||||||
[2] | Approved by stockholders in 2015. | ||||||
[3] | Approved by Board of Directors in 2014, approved by stockholders in 2015. |
Note 5 - Stockholders' Equity52
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Options Outstanding and Exercisable Price Ranges (Details) - $ / shares | 12 Months Ended | |
Dec. 31, 2016 | Dec. 31, 2015 | |
Range of exercise prices, upper limit (in dollars per share) | $ 15.32 | |
Options outstanding, number outstanding (in shares) | 1,116,472 | |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 270 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 767,277 | 1,561,916 |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.92 | $ 9.05 |
Range of exercise prices, lower limit (in dollars per share) | 6.88 | |
Exercise Price Range 1 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | ||
Options outstanding, number outstanding (in shares) | 158,643 | |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 208 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 158,643 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 6.88 | |
Exercise Price Range 2 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 8.52 | |
Options outstanding, number outstanding (in shares) | 32,750 | |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 310 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 32,750 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 7.71 | |
Range of exercise prices, lower limit (in dollars per share) | 7.15 | |
Exercise Price Range 3 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | ||
Options outstanding, number outstanding (in shares) | 127,995 | |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 146 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 127,995 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.72 | |
Exercise Price Range 4 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | ||
Options outstanding, number outstanding (in shares) | 213,741 | |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 167 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 166,370 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 8.80 | |
Exercise Price Range 5 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 9.65 | |
Options outstanding, number outstanding (in shares) | 144,460 | |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 69 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 100,019 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.31 | |
Range of exercise prices, lower limit (in dollars per share) | 8.91 | |
Exercise Price Range 6 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 10.03 | |
Options outstanding, number outstanding (in shares) | 115,000 | |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 240 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 67,605 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 9.99 | |
Range of exercise prices, lower limit (in dollars per share) | 9.97 | |
Exercise Price Range 7 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 10.86 | |
Options outstanding, number outstanding (in shares) | 114,133 | |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 317 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 55,394 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 10.30 | |
Range of exercise prices, lower limit (in dollars per share) | 10.24 | |
Exercise Price Range 8 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 11.98 | |
Options outstanding, number outstanding (in shares) | 116,250 | |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 240 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 24,792 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 11.18 | |
Range of exercise prices, lower limit (in dollars per share) | 10.90 | |
Exercise Price Range 9 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | $ 14.04 | |
Options outstanding, number outstanding (in shares) | 88,500 | |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 317 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 31,938 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 13.67 | |
Range of exercise prices, lower limit (in dollars per share) | 13.40 | |
Exercise Price Range 10 [Member] | ||
Range of exercise prices, upper limit (in dollars per share) | ||
Options outstanding, number outstanding (in shares) | 5,000 | |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 204 days | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Number of Exercisable Options | 1,771 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Exercisable Options, Weighted Average Exercise Price | $ 15.32 |
Note 5 - Stockholders' Equity53
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | Dec. 31, 2013 | |||||
Outstanding, number of shares (in shares) | 371,630 | 434,321 | 179,465 | |||||
Outstanding, weighted-average grant date fair value (in dollars per share) | $ 12.39 | $ 9.31 | $ 8.34 | |||||
Outstanding, aggregate intrinsic value | [1] | $ 7,726 | $ 4,753 | $ 4,639 | $ 1,827 | |||
Granted, number of shares (in shares) | 480,191 | 203,104 | 360,563 | |||||
Granted, weighted-average grant date fair value (in dollars per share) | $ 10.80 | $ 14.81 | $ 9.72 | |||||
Vested, number of shares (in shares) | [2] | (172,990) | (222,220) | (81,157) | ||||
Vested, weighted-average grant date fair value (in dollars per share) | [2] | $ 12.56 | $ 11.79 | $ 8.62 | ||||
Vested, aggregate fair value | [2],[4] | $ 1,906,000 | [3] | $ 3,285,000 | [5] | $ 777,000 | [6] | |
Forfeited, number of shares (in shares) | (233,514) | (43,575) | (24,550) | |||||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 11.36 | $ 9.09 | $ 8.14 | |||||
Outstanding, number of shares (in shares) | 445,317 | 371,630 | 434,321 | |||||
Outstanding, weighted-average grant date fair value (in dollars per share) | $ 11.15 | $ 12.39 | $ 9.31 | |||||
[1] | Based on the closing stock price of the Company's stock of $17.35 on December 31, 2016, $12.79 on December 31, 2015, $10.68 on December 30, 2014 and $10.18 on December 31, 2013. | |||||||
[2] | The number of restricted stock units vested includes shares that the Company withheld on behalf of the employees to satisfy the statutory tax withholding requirements. | |||||||
[3] | On the grant date, the fair value for these vested awards was $2.2 million. | |||||||
[4] | Represents the value of the Company's stock on the date that the restricted stock units and performance stock units vest. | |||||||
[5] | On the grant date, the fair value for these vested awards was $2.6 million. | |||||||
[6] | On the grant date, the fair value for these vested awards was $699,000. |
Note 5 - Stockholders' Equity54
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allocated share-based compensation expense | $ 3,713 | $ 4,084 | $ 3,299 |
Employee Stock Option [Member] | |||
Allocated share-based compensation expense | 989 | 1,438 | 1,811 |
Restricted Stock Units (RSUs) [Member] | |||
Allocated share-based compensation expense | 1,508 | 1,297 | 875 |
Performance Shares [Member] | |||
Allocated share-based compensation expense | 967 | 1,167 | 455 |
ESPP [Member] | |||
Allocated share-based compensation expense | $ 249 | $ 182 | $ 158 |
Note 5 - Stockholders' Equity55
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Stock-based Compensation Expense by Department (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Allocated share-based compensation expense | $ 3,713 | $ 4,084 | $ 3,299 |
Cost of Sales [Member] | |||
Allocated share-based compensation expense | 341 | 447 | 560 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 1,179 | 1,054 | 641 |
Research and Development Expense [Member] | |||
Allocated share-based compensation expense | 596 | 662 | 581 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 1,597 | $ 1,921 | $ 1,517 |
Note 5 - Stockholders' Equity56
Note 5 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Valuation Assumptions and Fair Value of Stock Option and ESPP Grants (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||
Employee Stock Option [Member] | ||||
Expected term (in years) (Year) | [1] | 3 years 302 days | 3 years 87 days | 4 years 65 days |
Risk-free interest rate | [2] | 1.09% | 0.90% | 1.31% |
Volatility | [3] | 40.00% | 30.00% | 41.00% |
Dividend yield | [4] | |||
Weighted average estimated fair value at grant date (in dollars per share) | $ 3.72 | $ 4.78 | $ 3.36 | |
Stock Purchase Plan [Member] | ||||
Expected term (in years) (Year) | [1] | 182 days | 182 days | 182 days |
Risk-free interest rate | [2] | 0.46% | 0.17% | 0.06% |
Volatility | [3] | 39.00% | 36.00% | 37.00% |
Dividend yield | [4] | |||
Weighted average estimated fair value at grant date (in dollars per share) | $ 3.22 | $ 3.51 | $ 2.65 | |
[1] | The expected term represents the period during which the Company's stock-based awards are expected to be outstanding. The estimated term is based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting terminations. | |||
[2] | The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option as of the date of grant. | |||
[3] | Estimated volatility is based on historical volatility. The Company also considers implied volatility when there is sufficient volume of freely traded options with comparable terms and exercise prices in the open market. | |||
[4] | The Company has not historically issued any dividends and does not expect to do so in the foreseeable future. |
Note 6 - Income Taxes (Details
Note 6 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2016 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Effective Income Tax Rate Reconciliation, Change in Deferred Tax Assets Valuation Allowance, Amount | $ 4,100,000 | $ 1,600,000 | $ 3,300,000 | |
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 49,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards | 15,487,000 | 14,231,000 | ||
Deferred Tax Assets, Tax Credit Carryforwards | 9,006,000 | 4,477,000 | ||
Undistributed Earnings of Foreign Subsidiaries | 3,100,000 | 2,800,000 | ||
Unrecognized Tax Benefits that Would Impact Effective Tax Rate | 82,000 | 78,000 | ||
Unrecognized Tax Benefits, Interest on Income Taxes Accrued | 49,000 | 45,000 | ||
Unrecognized Tax Benefits, Income Tax Penalties Accrued | 0 | $ 0 | ||
New Accounting Pronouncement, Early Adoption, Effect [Member] | ||||
New Accounting Pronouncement or Change in Accounting Principle, Cumulative Effect of Change on Equity or Net Assets | 49,000 | |||
Deferred Tax Assets, Operating Loss Carryforwards | $ 1,200,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards | 3,900,000 | |||
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | $ 5,200,000 | |||
Domestic Tax Authority [Member] | ||||
Operating Loss Carryforwards | 42,000,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | $ 5,000,000 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards Expiration Date 1 | 2,029 | |||
Domestic Tax Authority [Member] | Earliest Tax Year [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward Expiration Year | 2,024 | |||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | ||||
Operating Loss Carryforwards Expiration Date 1 | 2,035 | |||
Domestic Tax Authority [Member] | Latest Tax Year [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward Expiration Year | 2,035 | |||
State and Local Jurisdiction [Member] | ||||
Operating Loss Carryforwards | $ 21,800,000 | |||
Deferred Tax Assets, Tax Credit Carryforwards, Research | 6,200,000 | |||
Research and Development Tax Credits Expiring in 2020 | $ 268,000 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | ||||
Operating Loss Carryforwards Expiration Date 1 | 2,029 | |||
State and Local Jurisdiction [Member] | Earliest Tax Year [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward Expiration Year | 2,020 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | ||||
Operating Loss Carryforwards Expiration Date 1 | 2,035 | |||
State and Local Jurisdiction [Member] | Latest Tax Year [Member] | Research Tax Credit Carryforward [Member] | ||||
Tax Credit Carryforward Expiration Year | 2,021 |
Note 6 - Income Taxes - Income
Note 6 - Income Taxes - Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
U.S. | $ 2,207 | $ (4,588) | $ (10,592) | ||||||||
Foreign | 513 | 360 | 199 | ||||||||
Income (loss) before income taxes | $ 4,241 | $ 1,705 | $ (1,199) | $ (2,027) | $ 2,102 | $ (900) | $ (1,836) | $ (3,594) | $ 2,720 | $ (4,228) | $ (10,393) |
Note 6 - Income Taxes - Incom59
Note 6 - Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Current: | |||||||||||
Federal | $ (7) | $ (7) | |||||||||
State | 16 | 23 | 19 | ||||||||
Foreign | 131 | 218 | 110 | ||||||||
Total Current | 147 | 234 | 122 | ||||||||
Deferred: | |||||||||||
Federal | (24) | 33 | 32 | ||||||||
State | (2) | ||||||||||
Foreign | 22 | (55) | 65 | ||||||||
Total Deferred | (4) | (22) | 97 | ||||||||
Tax provision | $ 28 | $ 61 | $ 30 | $ 24 | $ 52 | $ 57 | $ 53 | $ 50 | $ 143 | $ 212 | $ 219 |
Note 6 - Income Taxes - Deferre
Note 6 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred Tax Assets, Operating Loss Carryforwards | $ 15,487 | $ 14,231 |
Stock-based compensation | 1,486 | 2,462 |
Other accruals and reserves | 2,160 | 4,679 |
Deferred Tax Assets, Tax Credit Carryforwards | 9,006 | 4,477 |
Foreign | 377 | 350 |
Accrued warranty | 890 | 657 |
Depreciation and amortization | 2,627 | 1,105 |
Other | 95 | 5 |
Deferred tax asset before valuation allowance | 32,128 | 27,966 |
Valuation allowance | (31,751) | (27,616) |
Deferred tax asset after valuation allowance | 377 | 350 |
Deferred tax liability on goodwill | (85) | (103) |
Net deferred tax asset | $ 292 | $ 247 |
Note 6 - Income Taxes - Defer61
Note 6 - Income Taxes - Deferred Tax Asset Balance (Details) - USD ($) $ in Thousands | Dec. 31, 2016 | Dec. 31, 2015 |
Deferred tax asset | $ 377 | $ 350 |
Income tax liability | (85) | (103) |
Net deferred tax asset after valuation allowance | $ 292 | $ 247 |
Note 6 - Income Taxes - Reconci
Note 6 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | ||||
U.S. federal statutory income tax rate | 34.00% | 34.00% | [1] | 34.00% | [1] | |
State tax rate, net of federal benefit | (14.56%) | 1.94% | [1] | 1.62% | [1] | |
Benefit for research and development credit | (9.25%) | |||||
Benefit for research and development nondeductible expense | [1] | 15.92% | 7.24% | |||
Stock-based compensation | 14.36% | (19.19%) | [1] | (5.56%) | [1] | |
Foreign rate differential | (0.16%) | (1.47%) | [1] | (1.04%) | [1] | |
True ups | (0.67%) | [1] | [1] | |||
Other | 6.08% | (4.58%) | [1] | (1.78%) | [1] | |
Valuation allowance | (24.57%) | (31.63%) | [1] | (36.58%) | [1] | |
Effective tax rate | 5.23% | (5.01%) | [1] | (2.10%) | [1] | |
[1] | Certain items have changed for classification purposes. |
Note 6 - Income Taxes - Unrecog
Note 6 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Balance at beginning of year | $ 651 | $ 597 | $ 535 |
Increases related to prior year tax positions | |||
Increases related to current year tax positions | 56 | 54 | 62 |
Decreases related to lapsing of statute of limitations | |||
Balance at end of year | $ 707 | $ 651 | $ 597 |
Note 7 - Net Income (Loss) Pe64
Note 7 - Net Income (Loss) Per Share - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Antidilutive Securities (in shares) | 244 | 2,988 | 3,825 |
Employee Stock Option [Member] | |||
Antidilutive Securities (in shares) | 220 | 2,575 | 3,489 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 24 | 296 | 213 |
ESPP [Member] | |||
Antidilutive Securities (in shares) | 93 | 86 | |
Performance Shares [Member] | |||
Antidilutive Securities (in shares) | 24 | 37 |
Note 8 - Defined Contribution65
Note 8 - Defined Contribution Plan (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 262,000 | $ 244,000 | $ 211,000 |
Maximum [Member] | |||
Defined Contribution Plan Maximum Percentage of Employee Voluntary Contribution | 100.00% |
Note 9 - Segment Information 66
Note 9 - Segment Information and Revenue by Geograpy and Products (Details Textual) | 12 Months Ended |
Dec. 31, 2016 | |
Number of Operating Segments | 1 |
Note 9 - Segment Information 67
Note 9 - Segment Information and Revenue by Geograpy and Products - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenue | $ 37,875 | $ 30,281 | $ 27,477 | $ 22,423 | $ 30,042 | $ 23,085 | $ 22,563 | $ 19,071 | $ 118,056 | $ 94,761 | $ 78,138 |
Product [Member] | |||||||||||
Net revenue | 92,721 | 71,223 | 53,106 | ||||||||
Hand Piece Refills [Member] | |||||||||||
Net revenue | 2,498 | 2,910 | 3,714 | ||||||||
Skincare [Member] | |||||||||||
Net revenue | 3,809 | 2,889 | 3,479 | ||||||||
Total Product Revenue [Member] | |||||||||||
Net revenue | 99,028 | 77,022 | 60,299 | ||||||||
Service [Member] | |||||||||||
Net revenue | 19,028 | 17,739 | 17,839 | ||||||||
UNITED STATES | |||||||||||
Net revenue | 65,513 | 48,916 | 35,494 | ||||||||
JAPAN | |||||||||||
Net revenue | 14,727 | 11,504 | 13,328 | ||||||||
Asia, Excluding Japan [Member] | |||||||||||
Net revenue | 13,445 | 15,596 | 11,023 | ||||||||
Europe [Member] | |||||||||||
Net revenue | 7,539 | 7,728 | 7,792 | ||||||||
Rest of World [Member] | |||||||||||
Net revenue | $ 16,832 | $ 11,017 | $ 10,501 |
Note 10 - Commitments and Con68
Note 10 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Operating Leases, Rent Expense | $ 1,600,000 | $ 1,500,000 | $ 1,500,000 |
Estimated Litigation Liability | $ 138,000 | $ 110,000 |
Note 10 - Commitments and Con69
Note 10 - Commitments and Contingencies - Minimum Lease and Other Leased Assets under Long-term Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 1,912 |
2,018 | 189 |
2,019 | 35 |
2,020 | 5 |
Future minimum rental payments | $ 2,141 |
Note 10 - Commitments and Con70
Note 10 - Commitments and Contingencies - Minimum Lease Payments for Leased Vehicles under Long-term Non-cancellable Capital Leases (Details) $ in Thousands | Dec. 31, 2016USD ($) |
2,017 | $ 367 |
2,018 | 354 |
2,019 | 266 |
2,020 | 6 |
Future minimum lease payments | $ 993 |
Note 11 - Related Parties (Deta
Note 11 - Related Parties (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 480,191 | 203,104 | 360,563 |
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 87,100 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | Vesting Commencing on August 15, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Director [Member] | Product Development, Clinical Sales and Marketing Support Services [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 182,100 |
Note 12 - Subsequent Events (De
Note 12 - Subsequent Events (Details Textual) - Modified Stock Buyback Program [Member] - USD ($) | 12 Months Ended | |||||
Dec. 31, 2016 | Dec. 31, 2015 | Feb. 13, 2017 | Feb. 08, 2016 | Feb. 18, 2015 | Feb. 17, 2015 | |
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,100,000 | $ 10,000,000 | $ 40,000,000 | $ 10,000,000 | ||
Stock Repurchased During Period, Shares | 455,311 | 2,818,038 | ||||
Treasury Stock, Value, Acquired, Cost Method | $ 4,900,000 | |||||
Subsequent Event [Member] | ||||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 5,000,000 |
Note 13 - Supplementary Finan73
Note 13 - Supplementary Financial Data (Unaudited) - Supplementary Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2016 | Sep. 30, 2016 | Jun. 30, 2016 | Mar. 31, 2016 | Dec. 31, 2015 | Sep. 30, 2015 | Jun. 30, 2015 | Mar. 31, 2015 | Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Net revenue | $ 37,875 | $ 30,281 | $ 27,477 | $ 22,423 | $ 30,042 | $ 23,085 | $ 22,563 | $ 19,071 | $ 118,056 | $ 94,761 | $ 78,138 |
Cost of revenue | 15,962 | 12,538 | 11,472 | 9,949 | 12,145 | 9,594 | 9,687 | 9,052 | 49,921 | 40,478 | 34,765 |
Gross profit | 21,913 | 17,743 | 16,005 | 12,474 | 17,897 | 13,491 | 12,876 | 10,019 | 68,135 | 54,283 | 43,373 |
Sales and marketing | 11,561 | 10,574 | 10,712 | 8,716 | 9,899 | 8,790 | 9,066 | 8,187 | 41,563 | 35,942 | 32,246 |
Research and development | 2,897 | 2,914 | 2,712 | 2,709 | 2,812 | 2,748 | 2,728 | 2,445 | 11,232 | 10,733 | 10,543 |
General and administrative | 3,010 | 2,716 | 3,997 | 3,220 | 3,189 | 2,937 | 3,014 | 2,989 | 12,943 | 12,129 | 11,203 |
Total operating expenses | 17,468 | 16,204 | 17,421 | 14,645 | 15,900 | 14,475 | 14,808 | 13,621 | 65,738 | 58,804 | 53,992 |
Income (loss) from operations | 4,445 | 1,539 | (1,416) | (2,171) | 1,997 | (984) | (1,932) | (3,602) | 2,397 | (4,521) | (10,619) |
Interest and other income, net | (204) | 166 | 217 | 144 | 105 | 84 | 96 | 8 | 323 | 293 | 226 |
Income (loss) before income taxes | 4,241 | 1,705 | (1,199) | (2,027) | 2,102 | (900) | (1,836) | (3,594) | 2,720 | (4,228) | (10,393) |
Income tax provision | 28 | 61 | 30 | 24 | 52 | 57 | 53 | 50 | 143 | 212 | 219 |
Net income (loss) | $ 4,213 | $ 1,644 | $ (1,229) | $ (2,051) | $ 2,050 | $ (957) | $ (1,889) | $ (3,644) | $ 2,577 | $ (4,440) | $ (10,612) |
Net income (loss) per share—basic (in dollars per share) | $ 0.31 | $ 0.12 | $ (0.09) | $ (0.16) | $ 0.16 | $ (0.07) | $ (0.13) | $ (0.25) | $ 0.19 | $ (0.32) | $ (0.74) |
Net income (loss) per share—diluted (in dollars per share) | $ 0.30 | $ 0.12 | $ (0.09) | $ (0.16) | $ 0.15 | $ (0.07) | $ (0.13) | $ (0.25) | $ 0.19 | $ (0.32) | $ (0.74) |
Basic (in shares) | 13,591 | 13,163 | 13,131 | 13,010 | 12,978 | 13,827 | 14,441 | 14,611 | 13,225 | 13,960 | 14,254 |
Diluted (in shares) | 14,201 | 13,544 | 13,131 | 13,010 | 13,591 | 13,827 | 14,441 | 14,611 | 13,753 | 13,960 | 14,254 |
Schedule II - Valuation and Q74
Schedule II - Valuation and Qualifying Accounts - Summary of the Deferred Tax Assets Valuation Allowance (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2016 | Dec. 31, 2015 | Dec. 31, 2014 | |
Valuation Allowance of Deferred Tax Assets [Member] | |||
Year ended December 31, 2016 | $ 27,616 | $ 26,046 | $ 22,762 |
Year ended December 31, 2016 | 6,755 | 3,327 | 3,780 |
Year ended December 31, 2016 | 2,620 | 1,757 | 496 |
Year ended December 31, 2016 | 31,751 | 27,616 | 26,046 |
Allowance for Doubtful Accounts, Current [Member] | |||
Year ended December 31, 2016 | 4 | 19 | |
Year ended December 31, 2016 | 21 | 4 | 4 |
Year ended December 31, 2016 | 4 | 23 | |
Year ended December 31, 2016 | $ 21 | $ 4 |