Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2018 | Jul. 31, 2018 | |
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) | 13,836,800 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 18,432 | $ 14,184 |
Marketable investments | 10,573 | 21,728 |
Accounts receivable, net | 22,122 | 20,777 |
Inventories | 30,138 | 28,782 |
Other current assets and prepaid expenses | 3,469 | 2,903 |
Total current assets | 84,734 | 88,374 |
Property and equipment, net | 2,632 | 2,096 |
Deferred tax asset | 21,219 | 19,055 |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 5,807 | 374 |
Total assets | 115,731 | 111,238 |
Current liabilities: | ||
Accounts payable | 10,743 | 7,002 |
Accrued liabilities | 22,756 | 26,848 |
Deferred revenue | 9,288 | 9,461 |
Total current liabilities | 42,787 | 43,311 |
Deferred revenue, net of current portion | 2,519 | 2,195 |
Income tax liability | 386 | 379 |
Other long-term liabilities | 665 | 460 |
Total liabilities | 46,357 | 46,345 |
Commitments and Contingencies (Note 14) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized: 50,000,000 shares; issued and outstanding: 13,824,252 and 13,477,973 shares at June 30, 2018 and December 31, 2017, respectively | 14 | 13 |
Additional paid-in capital | 66,291 | 62,025 |
Accumulated deficit | 3,156 | 2,947 |
Accumulated other comprehensive loss | (87) | (92) |
Total stockholders’ equity | 69,374 | 64,893 |
Total liabilities and stockholders’ equity | $ 115,731 | $ 111,238 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2018 | Dec. 31, 2017 |
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) | 13,824,252 | 13,477,973 |
Common stock, outstanding (in shares) | 13,824,252 | 13,477,973 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |||
Net revenue: | ||||||
Revenue | $ 42,553,000 | $ 36,389,000 | $ 76,678,000 | $ 65,688,000 | ||
Cost of revenue: | ||||||
Cost of revenue | 20,176,000 | 15,343,000 | 36,967,000 | 29,121,000 | ||
Gross profit | 22,377,000 | 21,046,000 | 39,711,000 | 36,567,000 | ||
Operating expenses: | ||||||
Sales and marketing | 15,535,000 | 12,787,000 | 28,623,000 | 23,560,000 | ||
Research and development | 4,095,000 | 2,981,000 | 7,651,000 | 5,926,000 | ||
General and administrative | 4,902,000 | 3,548,000 | 10,341,000 | 6,764,000 | ||
Total operating expenses | 24,532,000 | 19,316,000 | 46,615,000 | 36,250,000 | ||
Income (loss) from operations | (2,155,000) | 1,730,000 | (6,904,000) | 317,000 | ||
Interest and other income (expense), net | (129,000) | [1] | 276,000 | (31,000) | [1] | 549,000 |
Income (loss) before income taxes | (2,284,000) | 2,006,000 | (6,935,000) | 866,000 | ||
Provision (benefit) for income taxes | (712,000) | 59,000 | (3,331,000) | (59,000) | ||
Net income (loss) | $ (1,572,000) | $ 1,947,000 | $ (3,604,000) | $ 925,000 | ||
Net income (loss) per share: | ||||||
Basic (in dollars per share) | $ (0.11) | $ 0.14 | $ (0.26) | $ 0.07 | ||
Diluted (in dollars per share) | $ (0.11) | $ 0.13 | $ (0.26) | $ 0.06 | ||
Weighted-average number of shares used in per share calculations: | ||||||
Basic (in shares) | 13,709 | 13,935 | 13,649 | 13,888 | ||
Diluted (in shares) | 13,709 | 14,629 | 13,649 | 14,633 | ||
Product [Member] | ||||||
Net revenue: | ||||||
Revenue | $ 37,650,000 | $ 31,727,000 | $ 66,914,000 | $ 56,202,000 | ||
Cost of revenue: | ||||||
Cost of revenue | 17,045,000 | 13,840,000 | 30,967,000 | 24,984,000 | ||
Operating expenses: | ||||||
Sales and marketing | 15,535,000 | 28,623,000 | ||||
Service [Member] | ||||||
Net revenue: | ||||||
Revenue | 4,903,000 | 4,662,000 | 9,764,000 | 9,486,000 | ||
Cost of revenue: | ||||||
Cost of revenue | $ 3,131,000 | $ 1,503,000 | $ 6,000,000 | $ 4,137,000 | ||
[1] | Included in interest and other income, net is the estimated interest expense for advance payment related to contract services under the new revenue standard going forward. Adoption of the standard had no impact to total net cash from or used in operating, investing, or financing activities within the Condensed Consolidated Statements of Cash Flows. |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ (1,572) | $ 1,947 | $ (3,604) | $ 925 |
Available-for-sale investments | ||||
Net change in unrealized gains (losses) on available-for-sale investments | 18 | 5 | (4) | 8 |
Less: Reclassification adjustment for gains (losses) on investments recognized during the period | 9 | (4) | ||
Net change in unrealized gains and losses on available-for-sale investments | 18 | 5 | 5 | 4 |
Tax provision | ||||
Other comprehensive income (loss), net of tax | 18 | 5 | 5 | 4 |
Comprehensive income (loss) | $ (1,554) | $ 1,952 | $ (3,599) | $ 929 |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2018 | Jun. 30, 2017 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (3,604) | $ 925 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 3,893 | 2,626 |
Depreciation of tangible assets | 544 | 492 |
Amortization of contract acquisition costs | 822 | |
Change in deferred tax assets | (3,324) | |
Provision for doubtful accounts receivable | (487) | 3 |
Other | (25) | (42) |
Changes in assets and liabilities: | ||
Accounts receivable | (1,832) | (1,641) |
Inventories | (1,356) | (1,936) |
Other current assets and prepaid expenses | (569) | (545) |
Other long-term assets | (1,578) | (1) |
Accounts payable | 3,741 | 1,695 |
Accrued liabilities | (4,325) | 1,534 |
Other long-term liabilities | 70 | |
Deferred revenue | 546 | 784 |
Income tax liability | 7 | 2 |
Net cash provided by (used in) operating activities | (6,503) | 3,890 |
Cash flows from investing activities: | ||
Acquisition of property, equipment and software | (581) | (210) |
Disposal of property and equipment | 38 | 40 |
Proceeds from sales of marketable investments | 13,044 | 6,754 |
Proceeds from maturities of marketable investments | 2,500 | 24,812 |
Purchase of marketable investments | (4,390) | (25,863) |
Net cash provided by investing activities | 10,611 | 5,533 |
Cash flows from financing activities: | ||
Repurchase of common stock | (7,041) | |
Proceeds from exercise of stock options and employee stock purchase plan | 3,038 | 3,871 |
Taxes paid related to net share settlement of equity awards | (2,664) | (1,167) |
Payments on capital lease obligations | (234) | (182) |
Net cash provided by (used) in financing activities | 140 | (4,519) |
Net increase in cash and cash equivalents | 4,248 | 4,904 |
Cash and cash equivalents at beginning of period | 14,184 | 13,775 |
Cash and cash equivalents at end of period | 18,432 | 18,679 |
Supplemental disclosure of non-cash items: | ||
Assets acquired under capital lease | $ 533 | $ 257 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Summary of Significant Accounting Policies 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: excel V, excel HR, enlighten, Juliet, Secret RF, truSculpt xeo Titan, truSculpt 3D truSculpt iD Juliet, Secret RF third Titan truSculpt 3D truSculpt iD Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries that are currently operational in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. These subsidiaries market, sell and service the Company’s products outside of the United States. Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its financial position as of June 30, 2018, three six June 30, 2018, 2017, three six June 30, 2018 2017, six June 30, 2018, 2017. December 31, 2017 not not 10 December 31, 2017 March 26, 2018. Use of Estimates The preparation of interim Condensed Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial Statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. 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 goodwill, useful lives of property and equipment, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, fair value of investments, the standalone selling price of the Company's products and services, the customer life and period of benefit used to capitalize and amortize contracts acquisition costs, variable consideration, contingent liabilities, 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. Risks and Uncertainties The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to vary materially from expectations include, but are not may may Comparability The Company adopted the new revenue standard effective January 1, 2018, not December 31, 2017 three six June 30, 2017 three six June 30, 2018. June 30, 2018 December 31, 2017 not three six June 30, 2018 June 30, 2017. Adopted Accounting Pronouncements In May 2014, 2014 09, 606, December 15, 2017, December 15, 2016. first 2018 not See Note 2 Other Accounting Pronouncements Not In June 2018, No. 2018 07, 718 1 2 3 606. December 15, 2018, no 606. January 1, 2019. In February 2016, No. 2016 02, 842 first 2019 third not not January 1, 2019. |
Note 2 - Revenue Recognition
Note 2 - Revenue Recognition | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue Recognition, Disclosure [Text Block] | Note 2. The Company adopted ASC Topic 606, January 1, 2018, not January 1, 2018. January 1, 2018 606, not 606. Upon adoption of the Topic 606, $3.8 12 January 1, 2018 first second 2018: ● $237,000 ● $151,000 one ● $210,000 ● $4.7 ● $1.2 606 The Company’s revenue consists of product and service revenue resulting from the sale of systems, training on the systems, extended service contracts, consumables and other accessories. The Company accounts for a contract with a customer when there is a legally enforceable contract between the Company and the customer, the rights of the parties are identified, the contract has commercial substance, and collectability of the contract consideration is probable. Revenues are recognized when control of the promised goods or services are transferred to the Company’s customers, in an amount that reflects the consideration that the Company expects to receive in exchange for those goods or services. The Company's system sale arrangements generally contain multiple products and services. For these bundled sale arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct, which is if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company’s system sale arrangements include a combination of the following performance obligations: The System and software license (considered as one The following table summarizes the effects of adopting Topic 606 June 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Other long-term assets $ 5,807 $ 5,325 $ 482 Deferred tax asset 21,219 (1,160) 22,379 Accrued liabilities 22,756 (111) 22,867 Deferred revenue 11,807 (255) 11,552 Retained earnings (deficit) 3,156 5,690 (2,534) The following table summarizes the effects of adopting Topic 606 three June 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 37,650 $ 55 $ 37,595 Service revenue 4,903 69 4,834 Sales and marketing 15,535 (463) 15,998 Interest and other income, net* (129) (64) (65) The following table summarizes the effects of adopting Topic 606 six June 30, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 66,914 $ 65 $ 66,849 Service revenue 9,764 133 9,631 Sales and marketing 28,623 (648 ) 29,271 Interest and other income, net* (31 ) (129 ) 98 * Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. Adoption of the standard had no As part of the Company's adoption of ASC 606, not one one not not |
Note 3 - Cash, Cash Equivalent
Note 3 - Cash, Cash Equivalent and Marketable Investments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | N ote 3 . Cash, Cash Equivalent 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 securities. Investments with remaining maturities of more than one The following tables summarize the components, and the unrealized gains and losses position, related to the Company’s cash, cash equivalents and marketable investments (in thousands) as of June 30, 2018 December 31, 2017: June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents: Cash $ 15,545 $ — $ — $ 15,545 Money market funds 2,887 — — 2,887 Total cash and cash equivalents 18,432 — — 18,432 Marketable investments: U.S. government notes 6,012 — (8 ) 6,004 Municipal securities 200 — (1 ) 199 Corporate debt securities 4,388 — (18 ) 4,370 Total marketable investments 10,600 — (27 ) 10,573 Total cash, cash equivalents and marketable investments $ 29,032 $ — $ (27 ) $ 29,005 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents: Cash $ 14,058 $ — $ — $ 14,058 Money market funds 126 — — 126 Total cash and cash equivalents 14,184 — — 14,184 Marketable investments: U.S. government notes 11,885 — (15 ) 11,870 Municipal securities 201 — (1 ) 200 Commercial paper 1,836 — (3 ) 1,833 Corporate debt securities 7,838 2 (15 ) 7,825 Total marketable investments 21,760 2 (34 ) 21,728 Total cash, cash equivalents and marketable investments $ 35,944 $ 2 $ (34 ) $ 35,912 As of June 30, 2018 December 31, 2017, $27,000 $34,000, not No 12 The following table summarizes the contractual maturities of the Company’s available-for-sale securities, classified as marketable investments as of June 30, 2018 ( Amount Due in less than one year $ 9,573 Due in 1 to 3 years 1,000 Total marketable investments $ 10,573 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. 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 820: ● Level 1: ● Level 2: not 2 not ● Level 3: no 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. As of June 30, 2018, June 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 2,887 $ — $ — $ 2,887 Marketable investments: Available-for-sale securities — 10,573 — 10,573 Total assets at fair value $ 2,887 $ 10,573 $ — $ 13,460 As of December 31, 2017, December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 126 $ — $ — $ 126 Marketable investments: Available-for-sale securities — 21,728 — 21,728 Total assets at fair value $ 126 $ 21,728 $ — $ 21,854 The Company’s Level 1 2 may two 2 June 30, 2018 7 no June 30, 2018 December 31, 2017, |
Note 5 - Balance Sheet Details
Note 5 - Balance Sheet Details | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5. Balance Sheet Details Inventories As of June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017 Raw materials $ 17,875 $ 19,160 Work in progress 2,846 2,744 Finished goods 9,417 6,878 Total $ 30,138 $ 28,782 Accrued Liabilities As of June 30, 2018 December 31, 2017, June 30, 2018 December 31, 2017 Accrued payroll and related expenses $ 10,712 $ 12,567 Sales and marketing accruals 2,283 3,710 Warranty liability 3,561 3,508 Sales tax 2,388 2,920 Other 3,812 4,143 Total $ 22,756 $ 26,848 |
Note 6 - Warranty and Service C
Note 6 - Warranty and Service Contracts | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | Note 6. 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 not 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. The following table provides the changes in the product warranty accrual for the three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Beginning Balance $ 3,373 $ 2,735 $ 3,508 $ 2,461 Add: Accruals for warranties issued during the period 2,311 1,944 4,575 4,079 Less: Settlements made during the period (2,123) (1,802) (4,522) (3,663) Ending Balance $ 3,561 $ 2,877 $ 3,561 $ 2,877 |
Note 7 - Revenue
Note 7 - Revenue | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 7. Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that are transferred to customers over time accounted for approximately 9% six June 30, 2018. The Company's system sale arrangements generally contain multiple products and services. For these bundled sale arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct, which is if a product or service is separately identifiable from other items in the bundled package, and if a customer can benefit from it on its own or with other resources that are readily available to the customer. The Company’s system sale arrangements include a combination of the following performance obligations: the system and software license (considered as one For the Company’s system sale arrangements that include an extended service contract, the period of service commences at the expiration of the Company’s standard warranty offered at the time of the system sale. The Company considers the extended service contracts terms in the arrangements that are legally enforceable to be performance obligations. Other than extended service contracts and marketing services (which are satisfied over time), the Company generally satisfies all of the performance obligations at a point in time. System, system accessories (hand pieces), training, time and material services are also sold on a stand-alone basis, and related performance obligations are satisfied at a point in time. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation, on a relative basis using its standalone selling price. The stated contract value is the transaction price to be allocated to the separate performance obligations. Nature of Products and Services Systems System revenue represents the sale of a system or an upgrade of an existing system. A system consists of a console that incorporates a universal graphic user interface, a laser and or other energy based module, control system software and high voltage electronics, as well as one The Company offers customers the ability to select the system that best fits their practice at the time of purchase and then to cost-effectively add applications to their system as their practice grows. This provides customers the flexibility to upgrade their systems whenever they choose and provides us with a source of additional Systems revenue. The Company has concluded that the system or upgrade and the right to use the embedded software represent a single performance obligation as the software license is integral to the functionality of the system or upgrade. The Company considers set-up or installation an immaterial promise as set-up or installation for systems other than enlighten enlighten one For systems sold directly to end-customers that are credit approved, revenue is recognized when the Company transfers control to the end-customer, which occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. The Company recognizes revenue on cash basis for system sales to international direct end-customer sales that have not not one The Company typically receives payment for its system consoles and other accessories within 30 Skincare products The Company sells third third Consumables (Other accessories) The Company treats its customers' purchase of replacement Titan, truSculpt 3D truSculpt iD Juliet Secret RF truSculpt Extended contract services The Company offers post-warranty services to its customers through extended service contracts that cover preventive maintenance and or replacement parts and labor for a term of one, two, or three Training Sales of system to customers include training on the system to be provided within 90 not Customer Marketing Support In North America, the Company offers marketing and consulting phone support to its customers who purchase its truSculpt 3D truSculpt iD six six Significant Judgments More judgments and estimates are required under Topic 606 605. 606 may The enlighten one enlighten third The Company has however concluded that set-up or installation for all other systems (excluding the enlighten enlighten Judgment is required to determine the standalone selling price ("SSP") for each distinct performance obligation. The Company estimates SSPs for each performance obligation as follows: Systems: The SSPs for systems are based on directly observable sales in similar circumstances to similar customers. When SSP is not Training: SSP is based on observable price when sold on a standalone basis. Extended warranty: SSP is based on observable price when sold on a standalone basis (by customer type). Marketing program: SSP is estimated based on cost plus margin. The Company will combine two one The Company is required to estimate the total consideration expected to be received from contracts with customers. In limited circumstances, the consideration expected to be received is variable based on the specific terms of the contract or based on the Company’s expectations of the term of the contract. Generally, the Company has not Deferred Sales Commissions Incremental costs of obtaining a contract, including sales commissions, are capitalized and amortized on a straight-line basis over the expected customer relationship period if the Company expects to recover those costs. The Company uses the portfolio method to recognize the amortization expense related to these capitalized costs related to initial contracts and such expense is recognized over a period associated with the revenue of the related portfolio, which is generally two three Total capitalized costs as of June 30, 2018 $5.3 $0.4 $0.8 three six June 30, 2018 |
Note 8 - Contract Balance
Note 8 - Contract Balance | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Deferred Revenue Disclosure [Text Block] | Note 8. The Company’s service contracts include an upfront payment for the one, two three $11.8 June 30, 2018, 78% 12 The Company's deferred contract revenue consists of service revenue, training and product revenue. Deferred contract revenue balance is comprised mainly of Service revenue. The Company generates Service revenue from the sale of extended service contracts and from time and material services provided to customers who are not The following table provides changes in the deferred contract revenue balance for the three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Beginning Balance $ 11,015 $ 9,555 $ 11,656 $ 9,431 Add: Payments received 4,739 3,721 8,416 7,112 Less: Revenue recognized (3,947) (3,263) (8,265) (6,530) Ending Balance $ 11,807 $ 10,013 $ 11,807 $ 10,013 Costs for extended service contracts for the three six June 30, 2018, $2.0 3.9 |
Note 9 - Stockholders' Equity a
Note 9 - Stockholders' Equity and Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 9. y and Stock-based Compensation Expense In 1998, 1998 1998 4,650,000 January 12, 2004, 2004 1,750,000 2004 2004 1998 1998 2012 2004 2.12 Activity under the Company’s Amended and Restated 2004 Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2017 1,494,865 839,919 $ 16.46 Options granted (21,010) 21,010 50.65 Stock awards granted (1) (395,511) — — Options exercised — (188,859) 9.98 Options canceled 43,833 (43,833) 20.33 Stock awards canceled (1) 93,390 — — Balance, June 30, 2018 1,215,567 628,237 $ 19.28 ( 1 The Company has a “fungible share” provision in its Amended and Restated 2004 Equity Incentive Plan whereby for each full-value award (RSU/PSU) issued or canceled under the Plan requires the subtraction or add back of 2.12 shares from or to the Shares Available for Grant, respectively. Under the 2004 346,279 six June 30, 2018, As of June 30, 2018, $19.8 2.5 may Non-Employee Stock-Based Compensation The Company granted 3,384 3,384 six June 30, 2018, 7,745 2,478 December 31, 2017. 4 25% first 1/48th 4 25% Stock-based Compensation Expense Stock-based compensation expense by department recognized during the three six June 30, 2018 2017 Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Cost of revenue $ 227 $ 147 $ 380 $ 276 Sales and marketing Employee 660 401 1,112 821 Non-Employee 55 — 92 — Research and development 262 239 453 476 General and administrative 1,002 444 1,856 1,053 Total stock-based compensation expense $ 2,206 $ 1,231 $ 3,893 $ 2,626 |
Note 10 - Net Loss Per Share
Note 10 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10. 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, performance stock units and employee stock purchase plan contributions), which is calculated based on the average share price for each fiscal period using the treasury stock method. In accordance with ASC 718, 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 table sets forth the computation of basic and diluted net income (loss) and the weighted average number of shares used in computing basic and diluted net income (loss) per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ (1,572) $ 1,947 $ (3,604) $ 925 Denominator Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 13,709 13,935 13,649 13,888 Dilutive effect of incremental shares and share equivalents — 694 — 745 Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 13,709 14,629 13,649 14,633 Net income (loss) per share: Net income (loss) per share, basic $ (0.11) $ 0.14 $ (0.26) $ 0.07 Net income (loss) per share, diluted $ (0.11) $ 0.13 $ (0.26) $ 0.06 The following numbers of 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 period presented because including them would have had an anti-dilutive effect (in thousands): Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Options to purchase common stock 710 66 758 53 Restricted stock units 449 3 422 2 Performance stock units 49 — 36 — Employee stock purchase plan shares 73 — 73 — Total 1,281 69 1,289 55 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 11. The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full year to "ordinary" income or loss (pretax income or loss excluding unusual or infrequently occurring discrete items) for the reporting period. When applicable, the year-to-date tax provision reflects adjustments from discrete tax items. The income tax benefits for the three six June 30, 2018 three six June 30, 2018. For the three six June 30, 2018, $712,000 $3,331,000 $59,000 $59,000 2017. three six June 30, 2018 $1.14 $2.6 The Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not not December 31, 2017, June 30, 2018. 2017 “2017 |
Note 12 - Correction of Prior P
Note 12 - Correction of Prior Period Immaterial Error | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Accounting Changes and Error Corrections [Text Block] | Note 12. During the three June 30, 2018, not 606 March 31, 2018. 606, $5.0 January 1, 2018. 606 $1.2 The Company evaluated the impact of the error on prior period and determined that the effect was not three March 31, 2018 six June 30, 2018. six June 30, 2018. $1.2 $1.2 2 January 1, 2018. The Company’s condensed consolidated statements of operations, comprehensive income (loss) and cash flows for the three March 31, 2018, three six June 30, 2018 not three March 31, 2018, three six June 30, 2018 |
Note 13 - Segment Reporting
Note 13 - Segment Reporting | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 13. Segment reporting is based on the “management approach,” following the method that management organizes the company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer ("CEO"), who makes decision on allocating resources and in assessing performance. The CEO reviews the Company's consolidated results as one one one The following table presents a summary of revenue by geography for the three June 30, 2018 2017 Three Months Ended June 30, 2018 2017 Revenue mix by geography: United States $ 28,132 $ 24,239 Japan 3,946 3,710 Asia, excluding Japan 4,231 2,830 Europe 1,803 1,219 Rest of the world 4,441 4,391 Total consolidated revenue $ 42,553 $ 36,389 Revenue mix by product category: Products $ 35,291 $ 30,115 Consumables 1,057 649 Skincare 1,302 963 Total product revenue $ 37,650 $ 31,727 Service 4,903 4,662 Total consolidated revenue $ 42,553 $ 36,389 The following table presents a summary of revenue by geography for the six June 30, 2018 2017 Six Months Ended June 30, 2018 2017 Revenue mix by geography: United States $ 49,268 $ 40,783 Japan 7,501 7,590 Asia, excluding Japan 7,074 6,014 Europe 4,373 3,445 Rest of the World 8,462 7,856 Total consolidated revenue $ 76,678 $ 65,688 Revenue mix by product category: Products $ 62,530 $ 53,107 Consumables 1,826 1,148 Skincare 2,558 1,947 Total product revenue $ 66,914 $ 56,202 Service 9,764 9,486 Total consolidated revenue $ 76,678 $ 65,688 |
Note 14 - Commitments and Conti
Note 14 - Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 14 . Commitments and Contingencies Operating Leases The Company leases space for operations in the United States, Spain, Japan and France. Future minimum lease commitments under the Company’s facility operating leases were as follows (in thousands): Year Ending December 31 Amount 2018 $ 1,494 2019 2,971 2020 2,913 2021 2,525 2022 2,495 2023 and beyond 214 Total future minimum lease payments $ 12,612 In addition to the above facility leases, the Company also routinely leases automobiles for certain sales and field service employees under capital leases. The remaining committed lease payments as of June 30, 2018 $1.15 Contingencies The Company is named from time to time as a party to other legal proceeds product liability, commercial disputes, employee disputes, and contractual lawsuits in the normal course of business. A liability and related charge are recorded to earnings in the Company’s consolidated financial statements for legal contingencies when the loss is considered probable and the amount can be reasonably estimated. The assessment is re-evaluated each accounting period and is based on all available information, including discussion with outside legal counsel. If a reasonable estimate of a known or probable loss cannot be made, but a range of probable losses can be estimated, the low-end of the range of losses is recognized if no not As of June 30, 2018 December 31, 2017, $137,000 $91,000, not |
Note 15 - Debt
Note 15 - Debt | 6 Months Ended |
Jun. 30, 2018 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 15. Loan and Security Agreement On May 30, 2018, $25,000,000. May 30, 2021. The Revolving Line of Credit bears interest at a variable interest rate equal to the LIBOR Rate plus a defined LIBOR Rate Margin based on the then-current Leverage Ratio (a ratio of funded debt to the Trailing Twelve Month ("TTM") Adjusted EBITDA). The Revolving Line of Credit provides for borrowing limits that range from $5,000,000 $25,000,000 0.25% 1.0 1.0, 0.30% 1.0 1.0, 2.0 1.0, 0.35% 2.0 1.0. The Revolving Line of Credit is secured by a pledge of security interest in all the shares of each material subsidiary, together with all proceeds, all cash, stock and other moneys and property paid thereon, all rights to subscribe for securities declared or granted, and all other cash and noncash proceeds, as security for the performance of the obligations. As of June 30, 2018, no Covenants The Loan and Security Agreement contains financial and other covenants as well as the maintenance of a leverage ratio not 2.5 1.0 not $10 June 30, 2018, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2018 | |
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: excel V, excel HR, enlighten, Juliet, Secret RF, truSculpt xeo Titan, truSculpt 3D truSculpt iD Juliet, Secret RF third Titan truSculpt 3D truSculpt iD Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries that are currently operational in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. These subsidiaries market, sell and service the Company’s products outside of the United States. |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its financial position as of June 30, 2018, three six June 30, 2018, 2017, three six June 30, 2018 2017, six June 30, 2018, 2017. December 31, 2017 not not 10 December 31, 2017 March 26, 2018. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of interim Condensed Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial Statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. 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 goodwill, useful lives of property and equipment, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, fair value of investments, the standalone selling price of the Company's products and services, the customer life and period of benefit used to capitalize and amortize contracts acquisition costs, variable consideration, contingent liabilities, 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. |
Risks and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to vary materially from expectations include, but are not may may |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Comparability The Company adopted the new revenue standard effective January 1, 2018, not December 31, 2017 three six June 30, 2017 three six June 30, 2018. June 30, 2018 December 31, 2017 not three six June 30, 2018 June 30, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Adopted Accounting Pronouncements In May 2014, 2014 09, 606, December 15, 2017, December 15, 2016. first 2018 not See Note 2 Other Accounting Pronouncements Not In June 2018, No. 2018 07, 718 1 2 3 606. December 15, 2018, no 606. January 1, 2019. In February 2016, No. 2016 02, 842 first 2019 third not not January 1, 2019. |
Note 2 - Revenue Recognition (T
Note 2 - Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Other long-term assets $ 5,807 $ 5,325 $ 482 Deferred tax asset 21,219 (1,160) 22,379 Accrued liabilities 22,756 (111) 22,867 Deferred revenue 11,807 (255) 11,552 Retained earnings (deficit) 3,156 5,690 (2,534) As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 37,650 $ 55 $ 37,595 Service revenue 4,903 69 4,834 Sales and marketing 15,535 (463) 15,998 Interest and other income, net* (129) (64) (65) As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 66,914 $ 65 $ 66,849 Service revenue 9,764 133 9,631 Sales and marketing 28,623 (648 ) 29,271 Interest and other income, net* (31 ) (129 ) 98 |
Note 3 - Cash, Cash Equivalen24
Note 3 - Cash, Cash Equivalent and Marketable Investments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents: Cash $ 15,545 $ — $ — $ 15,545 Money market funds 2,887 — — 2,887 Total cash and cash equivalents 18,432 — — 18,432 Marketable investments: U.S. government notes 6,012 — (8 ) 6,004 Municipal securities 200 — (1 ) 199 Corporate debt securities 4,388 — (18 ) 4,370 Total marketable investments 10,600 — (27 ) 10,573 Total cash, cash equivalents and marketable investments $ 29,032 $ — $ (27 ) $ 29,005 December 31, 2017 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents: Cash $ 14,058 $ — $ — $ 14,058 Money market funds 126 — — 126 Total cash and cash equivalents 14,184 — — 14,184 Marketable investments: U.S. government notes 11,885 — (15 ) 11,870 Municipal securities 201 — (1 ) 200 Commercial paper 1,836 — (3 ) 1,833 Corporate debt securities 7,838 2 (15 ) 7,825 Total marketable investments 21,760 2 (34 ) 21,728 Total cash, cash equivalents and marketable investments $ 35,944 $ 2 $ (34 ) $ 35,912 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amount Due in less than one year $ 9,573 Due in 1 to 3 years 1,000 Total marketable investments $ 10,573 |
Note 4 - Fair Value of Financ25
Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 2,887 $ — $ — $ 2,887 Marketable investments: Available-for-sale securities — 10,573 — 10,573 Total assets at fair value $ 2,887 $ 10,573 $ — $ 13,460 December 31, 2017 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 126 $ — $ — $ 126 Marketable investments: Available-for-sale securities — 21,728 — 21,728 Total assets at fair value $ 126 $ 21,728 $ — $ 21,854 |
Note 5 - Balance Sheet Details
Note 5 - Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2018 December 31, 2017 Raw materials $ 17,875 $ 19,160 Work in progress 2,846 2,744 Finished goods 9,417 6,878 Total $ 30,138 $ 28,782 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2018 December 31, 2017 Accrued payroll and related expenses $ 10,712 $ 12,567 Sales and marketing accruals 2,283 3,710 Warranty liability 3,561 3,508 Sales tax 2,388 2,920 Other 3,812 4,143 Total $ 22,756 $ 26,848 |
Note 6 - Warranty and Service27
Note 6 - Warranty and Service Contracts (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Beginning Balance $ 3,373 $ 2,735 $ 3,508 $ 2,461 Add: Accruals for warranties issued during the period 2,311 1,944 4,575 4,079 Less: Settlements made during the period (2,123) (1,802) (4,522) (3,663) Ending Balance $ 3,561 $ 2,877 $ 3,561 $ 2,877 |
Note 8 - Contract Balance (Tabl
Note 8 - Contract Balance (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Beginning Balance $ 11,015 $ 9,555 $ 11,656 $ 9,431 Add: Payments received 4,739 3,721 8,416 7,112 Less: Revenue recognized (3,947) (3,263) (8,265) (6,530) Ending Balance $ 11,807 $ 10,013 $ 11,807 $ 10,013 |
Note 9 - Stockholders' Equity29
Note 9 - Stockholders' Equity and Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Share-based Compensation, Stock Options, Activity [Table Text Block] | Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2017 1,494,865 839,919 $ 16.46 Options granted (21,010) 21,010 50.65 Stock awards granted (1) (395,511) — — Options exercised — (188,859) 9.98 Options canceled 43,833 (43,833) 20.33 Stock awards canceled (1) 93,390 — — Balance, June 30, 2018 1,215,567 628,237 $ 19.28 |
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Cost of revenue $ 227 $ 147 $ 380 $ 276 Sales and marketing Employee 660 401 1,112 821 Non-Employee 55 — 92 — Research and development 262 239 453 476 General and administrative 1,002 444 1,856 1,053 Total stock-based compensation expense $ 2,206 $ 1,231 $ 3,893 $ 2,626 |
Note 10 - Net Loss Per Share (T
Note 10 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2018 2017 2018 2017 Net income (loss) $ (1,572) $ 1,947 $ (3,604) $ 925 Denominator Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 13,709 13,935 13,649 13,888 Dilutive effect of incremental shares and share equivalents — 694 — 745 Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 13,709 14,629 13,649 14,633 Net income (loss) per share: Net income (loss) per share, basic $ (0.11) $ 0.14 $ (0.26) $ 0.07 Net income (loss) per share, diluted $ (0.11) $ 0.13 $ (0.26) $ 0.06 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2018 2017 2018 2017 Options to purchase common stock 710 66 758 53 Restricted stock units 449 3 422 2 Performance stock units 49 — 36 — Employee stock purchase plan shares 73 — 73 — Total 1,281 69 1,289 55 |
Note 13 - Segment Reporting (Ta
Note 13 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, 2018 2017 Revenue mix by geography: United States $ 28,132 $ 24,239 Japan 3,946 3,710 Asia, excluding Japan 4,231 2,830 Europe 1,803 1,219 Rest of the world 4,441 4,391 Total consolidated revenue $ 42,553 $ 36,389 Revenue mix by product category: Products $ 35,291 $ 30,115 Consumables 1,057 649 Skincare 1,302 963 Total product revenue $ 37,650 $ 31,727 Service 4,903 4,662 Total consolidated revenue $ 42,553 $ 36,389 Six Months Ended June 30, 2018 2017 Revenue mix by geography: United States $ 49,268 $ 40,783 Japan 7,501 7,590 Asia, excluding Japan 7,074 6,014 Europe 4,373 3,445 Rest of the World 8,462 7,856 Total consolidated revenue $ 76,678 $ 65,688 Revenue mix by product category: Products $ 62,530 $ 53,107 Consumables 1,826 1,148 Skincare 2,558 1,947 Total product revenue $ 66,914 $ 56,202 Service 9,764 9,486 Total consolidated revenue $ 76,678 $ 65,688 |
Note 14 - Commitments and Con32
Note 14 - Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2018 | |
Notes Tables | |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Year Ending December 31 Amount 2018 $ 1,494 2019 2,971 2020 2,913 2021 2,525 2022 2,495 2023 and beyond 214 Total future minimum lease payments $ 12,612 |
Note 2 - Revenue Recognition (D
Note 2 - Revenue Recognition (Details Textual) - USD ($) | Jun. 30, 2018 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Deferred Revenue | $ 11,807,000 | $ 11,015,000 | $ 11,656,000 | $ 10,013,000 | $ 9,555,000 | $ 9,431,000 | |
Accounting Standards Update 2014-09 [Member] | |||||||
Deferred Revenue | $ 237,000 | ||||||
Extended Product Warranty Accrual, Ending Balance | 151,000 | ||||||
Variable Consideration | 210,000 | ||||||
Capitalized Contract Cost, Net, Total | 4,700,000 | ||||||
Deferred Tax Liabilities, Net, Noncurrent | 1,200,000 | ||||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | |||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,800,000 |
Note 2 - Revenue Recognition -
Note 2 - Revenue Recognition - Summary of Effects of Adopting Topic 606 on the Condensed Consolidated Financial Statements (Details) - USD ($) | 3 Months Ended | 6 Months Ended | ||||||||||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | Mar. 31, 2018 | Jan. 01, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 | ||||
Other long-term assets | $ 5,807,000 | $ 5,807,000 | $ 374,000 | |||||||||
Deferred tax asset | 21,219,000 | 21,219,000 | 19,055,000 | |||||||||
Accrued liabilities | 22,756,000 | 22,756,000 | 26,848,000 | |||||||||
Deferred revenue | 11,807,000 | $ 10,013,000 | 11,807,000 | $ 10,013,000 | $ 11,015,000 | 11,656,000 | $ 9,555,000 | $ 9,431,000 | ||||
Retained earnings (deficit) | 3,156,000 | 3,156,000 | $ 2,947,000 | |||||||||
Products revenue | 42,553,000 | 36,389,000 | 76,678,000 | 65,688,000 | ||||||||
Sales and marketing | 15,535,000 | 12,787,000 | 28,623,000 | 23,560,000 | ||||||||
Interest and other income (expense), net | (129,000) | [1] | 276,000 | (31,000) | [1] | 549,000 | ||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||
Deferred revenue | $ 237,000 | |||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
Other long-term assets | 5,325,000 | 5,325,000 | ||||||||||
Deferred tax asset | (1,160,000) | (1,160,000) | ||||||||||
Accrued liabilities | (111,000) | (111,000) | ||||||||||
Deferred revenue | (255,000) | (255,000) | ||||||||||
Retained earnings (deficit) | 5,690,000 | 5,690,000 | ||||||||||
Interest and other income (expense), net | [1] | (64,000) | (129,000) | |||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||
Other long-term assets | 482,000 | 482,000 | ||||||||||
Deferred tax asset | 22,379,000 | 22,379,000 | ||||||||||
Accrued liabilities | 22,867,000 | 22,867,000 | ||||||||||
Deferred revenue | 11,552,000 | 11,552,000 | ||||||||||
Retained earnings (deficit) | (2,534,000) | (2,534,000) | ||||||||||
Interest and other income (expense), net | [1] | (65,000) | 98,000 | |||||||||
Product [Member] | ||||||||||||
Products revenue | 37,650,000 | 31,727,000 | 66,914,000 | 56,202,000 | ||||||||
Sales and marketing | 15,535,000 | 28,623,000 | ||||||||||
Product [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
Products revenue | 55,000 | 65,000 | ||||||||||
Sales and marketing | (463,000) | (648,000) | ||||||||||
Product [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||
Products revenue | 37,595,000 | 66,849,000 | ||||||||||
Sales and marketing | 15,998,000 | 29,271,000 | ||||||||||
Service [Member] | ||||||||||||
Products revenue | 4,903,000 | $ 4,662,000 | 9,764,000 | $ 9,486,000 | ||||||||
Service [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||
Products revenue | 69,000 | 133,000 | ||||||||||
Service [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||
Products revenue | $ 4,834,000 | $ 9,631,000 | ||||||||||
[1] | Included in interest and other income, net is the estimated interest expense for advance payment related to contract services under the new revenue standard going forward. Adoption of the standard had no impact to total net cash from or used in operating, investing, or financing activities within the Condensed Consolidated Statements of Cash Flows. |
Note 3 - Cash, Cash Equivalen35
Note 3 - Cash, Cash Equivalent and Marketable Investments (Details Textual) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax, Total | $ 27,000 | $ 34,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Note 3 - Cash, Cash Equivalen36
Note 3 - Cash, Cash Equivalent and Marketable Investments - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 | Jun. 30, 2017 | Dec. 31, 2016 |
Cash and cash equivalents, Amortized Cost | $ 18,432,000 | $ 14,184,000 | $ 18,679,000 | $ 13,775,000 |
Cash and cash equivalents, Fair Market Value | 18,432,000 | 14,184,000 | ||
Marketable investments, Amortized Cost | 10,600,000 | 21,760,000 | ||
Marketable investments, Gross Unrealized Gains | 2,000 | |||
Marketable investments, Gross Unrealized Losses | (27,000) | (34,000) | ||
Marketable investments, Fair Market Value | 10,573,000 | 21,728,000 | ||
Marketable investments, Amortized Cost | 29,032,000 | 35,944,000 | ||
Marketable investments, Fair Market Value | 29,005,000 | 35,912,000 | ||
US Treasury and Government [Member] | ||||
Marketable investments, Amortized Cost | 6,012,000 | 11,885,000 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | (8,000) | (15,000) | ||
Marketable investments, Fair Market Value | 6,004,000 | 11,870,000 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 200,000 | 201,000 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | (1,000) | (1,000) | ||
Marketable investments, Fair Market Value | 199,000 | 200,000 | ||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||||
Marketable investments, Amortized Cost | 1,836,000 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | (3,000) | |||
Marketable investments, Fair Market Value | 1,833,000 | |||
Corporate Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 4,388,000 | 7,838,000 | ||
Marketable investments, Gross Unrealized Gains | 2,000 | |||
Marketable investments, Gross Unrealized Losses | (18,000) | (15,000) | ||
Marketable investments, Fair Market Value | 4,370,000 | 7,825,000 | ||
Cash [Member] | ||||
Cash and cash equivalents, Amortized Cost | 15,545,000 | 14,058,000 | ||
Cash and cash equivalents, Fair Market Value | 15,545,000 | 14,058,000 | ||
Money Market Funds [Member] | ||||
Cash and cash equivalents, Amortized Cost | 2,887,000 | 126,000 | ||
Cash and cash equivalents, Fair Market Value | $ 2,887,000 | $ 126,000 |
Note 3 - Cash, Cash Equivalen37
Note 3 - Cash, Cash Equivalent and Marketable Investments - Maturities of Available-for-sale Securities (Details) $ in Thousands | Jun. 30, 2018USD ($) |
Due in less than one year | $ 9,573 |
Due in 1 to 3 years | 1,000 |
Total marketable investments | $ 10,573 |
Note 4 - Fair Value of Financ38
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Cash Equivalents | $ 18,432 | $ 14,184 |
Available-for-sale securities | 10,573 | 21,728 |
Money Market Funds [Member] | ||
Cash Equivalents | 2,887 | 126 |
Fair Value, Measurements, Recurring [Member] | ||
Available-for-sale securities | 10,573 | |
Total assets at fair value | 13,460 | 21,854 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | ||
Total assets at fair value | 2,887 | 126 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 10,573 | 21,728 |
Total assets at fair value | 10,573 | 21,728 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Total assets at fair value | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | ||
Cash Equivalents | 2,887 | 126 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash Equivalents | $ 2,887 | 126 |
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash Equivalents | ||
Fair Value, Measurements, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash Equivalents |
Note 5 - Balance Sheet Detail39
Note 5 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Raw materials | $ 17,875 | $ 19,160 |
Work in progress | 2,846 | 2,744 |
Finished goods | 9,417 | 6,878 |
Total | $ 30,138 | $ 28,782 |
Note 5 - Balance Sheet Detail40
Note 5 - Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2018 | Dec. 31, 2017 |
Accrued payroll and related expenses | $ 10,712 | $ 12,567 |
Sales and marketing accruals | 2,283 | 3,710 |
Warranty liability | 3,561 | 3,508 |
Sales tax | 2,388 | 2,920 |
Other | 3,812 | 4,143 |
Total | $ 22,756 | $ 26,848 |
Note 6 - Warranty and Service41
Note 6 - Warranty and Service Contracts - Summary of Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Beginning Balance | $ 3,373 | $ 2,735 | $ 3,508 | $ 2,461 |
Add: Accruals for warranties issued during the period | 2,311 | 1,944 | 4,575 | 4,079 |
Less: Settlements made during the period | (2,123) | (1,802) | (4,522) | (3,663) |
Ending Balance | $ 3,561 | $ 2,877 | $ 3,561 | $ 2,877 |
Note 7 - Revenue (Details Textu
Note 7 - Revenue (Details Textual) $ in Millions | 6 Months Ended |
Jun. 30, 2018USD ($) | |
Selling and Marketing Expense [Member] | |
Capitalized Contract Cost, Amortization | $ 0.8 |
Other Assets [Member] | |
Capitalized Contract Cost, Net, Total | $ 5.3 |
Transferred over Time [Member] | |
Revenue from Contract with Customer, Including Assessed Tax, Percent of Total Revenues | 9.00% |
Note 8 - Contract Balance 1 (De
Note 8 - Contract Balance 1 (Details Textual) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2018USD ($) | Jun. 30, 2018USD ($) | |
Revenue, Remaining Performance Obligation, Amount | $ 11.8 | $ 11.8 |
Deferred Revenue Costs Incurred | $ 2 | $ 3.9 |
Note 8 - Contract Balance 2 (De
Note 8 - Contract Balance 2 (Details Textual) | Jun. 30, 2018 |
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2018-07-01 | |
Revenue, Remaining Performance Obligation, Percentage | 78.00% |
Note 8 - Contract Balance - Sum
Note 8 - Contract Balance - Summary of Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Beginning Balance, deferred service contract revenue | $ 11,015 | $ 9,555 | $ 11,656 | $ 9,431 |
Add: Payments received | 4,739 | 3,721 | 8,416 | 7,112 |
Less: Revenue recognized | (3,947) | (3,263) | (8,265) | (6,530) |
Ending Balance, deferred service contract revenue | $ 11,807 | $ 10,013 | $ 11,807 | $ 10,013 |
Note 9 - Stockholders' Equity46
Note 9 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) $ in Millions | 6 Months Ended | 12 Months Ended |
Jun. 30, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period | 188,859 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Total | $ 19.8 | |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 182 days | |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 21,010 | |
Non-employees [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 7,745 | |
Non-employees [Member] | Restricted Stock Units (RSUs) [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,384 | 2,478 |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Non-employees [Member] | Restricted Stock Units (RSUs) [Member] | Vesting Each Anniversary of Grant Date [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Non-employees [Member] | Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 3,384 | |
Non-employees [Member] | Employee Stock Option [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |
Non-employees [Member] | Employee Stock Option [Member] | Vesting on First Anniversary of Grant Date [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |
Non-employees [Member] | Employee Stock Option [Member] | Vesting Each Month After First Anniversary of Grant Date [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 0.02083% | |
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 Arrangement by Share-based Payment Award, Options, Exercises in Period | 346,279 |
Note 9 - Stockholders' Equity47
Note 9 - Stockholders' Equity and Stock-based Compensation Expense - Activity Under the 2004 Equity Incentive Plan (Details) | 6 Months Ended | |
Jun. 30, 2018$ / sharesshares | ||
Balances, shares available for grant (in shares) | 1,494,865 | |
Balances, stock options outstanding (in shares) | 839,919 | |
Balances, weighted-average exercise price (in dollars per share) | $ / shares | $ 16.46 | |
Options granted, shares available for grant (in shares) | (21,010) | |
Options granted, stock options outstanding (in shares) | 21,010 | |
Options granted, weighted-average exercise price (in dollars per share) | $ / shares | $ 50.65 | |
Stock awards granted, shares available for grant (in shares) | (395,511) | [1] |
Options exercised, stock options outstanding (in shares) | (188,859) | |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 9.98 | |
Options cancelled (expired or forfeited), shares available for grant (in shares) | 43,833 | |
Options cancelled (expired or forfeited), stock options outstanding (in shares) | (43,833) | |
Options cancelled (expired or forfeited), weighted-average exercise price (in dollars per share) | $ / shares | $ 20.33 | |
Stock awards cancelled (expired or forfeited), shares available for grant (in shares) | 93,390 | [1] |
Balance, June 30, 2018 (in shares) | 1,215,567 | |
Balance, June 30, 2018 (in shares) | 628,237 | |
Balance, June 30, 2018 (in dollars per share) | $ / shares | $ 19.28 | |
[1] | The Company has a "fungible share" provision in its Amended and Restated 2004 Equity Incentive Plan whereby for each full-value award (RSU/PSU) issued or canceled under the Plan requires the subtraction or add back of 2.12 shares from or to the Shares Available for Grant, respectively. |
Note 9 - Stockholders' Equity48
Note 9 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense by Department (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Allocated Share Based Compensation Expense | $ 2,206 | $ 1,231 | $ 3,893 | $ 2,626 |
Cost of Sales [Member] | ||||
Allocated Share Based Compensation Expense | 227 | 147 | 380 | 276 |
Selling and Marketing Expense [Member] | Employee [Member] | ||||
Allocated Share Based Compensation Expense | 660 | 401 | 1,112 | 821 |
Selling and Marketing Expense [Member] | Non-employees [Member] | ||||
Allocated Share Based Compensation Expense | 55 | 92 | ||
Research and Development Expense [Member] | ||||
Allocated Share Based Compensation Expense | 262 | 239 | 453 | 476 |
General and Administrative Expense [Member] | ||||
Allocated Share Based Compensation Expense | $ 1,002 | $ 444 | $ 1,856 | $ 1,053 |
Note 10 - Net Loss Per Share -
Note 10 - Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Net income (loss) | $ (1,572) | $ 1,947 | $ (3,604) | $ 925 |
Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic (in shares) | 13,709 | 13,935 | 13,649 | 13,888 |
Dilutive effect of incremental shares and share equivalents (in shares) | 694 | 745 | ||
Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted (in shares) | 13,709 | 14,629 | 13,649 | 14,633 |
Net income (loss) per share, basic (in dollars per share) | $ (0.11) | $ 0.14 | $ (0.26) | $ 0.07 |
Net income (loss) per share, diluted (in dollars per share) | $ (0.11) | $ 0.13 | $ (0.26) | $ 0.06 |
Note 10 - Net Loss Per Share 50
Note 10 - Net Loss Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Antidilutive Securities (in shares) | 1,281 | 69 | 1,289 | 55 |
Employee Stock Option [Member] | ||||
Antidilutive Securities (in shares) | 710 | 66 | 758 | 53 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities (in shares) | 449 | 3 | 422 | 2 |
Performance Shares [Member] | ||||
Antidilutive Securities (in shares) | 49 | 36 | ||
ESPP [Member] | ||||
Antidilutive Securities (in shares) | 73 | 73 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Income Tax Expense (Benefit), Total | $ (712,000) | $ 59,000 | $ (3,331,000) | $ (59,000) |
Income Tax Benefit for Excess Tax Deductions Related to Employee Share-based Compensation | $ 1,140,000 | $ 2,600,000 |
Note 12 - Correction of Prior52
Note 12 - Correction of Prior Period Immaterial Error (Details Textual) - USD ($) | Jan. 01, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Retained Earnings (Accumulated Deficit), Ending Balance | $ 3,156,000 | $ 2,947,000 | |
Accounting Standards Update 2014-09 [Member] | |||
Cumulative Effect on Retained Earnings, before Tax | $ 5,000,000 | ||
Cumulative Effect on Retained Earnings, Tax | 1,200,000 | ||
Deferred Tax Liabilities, Net, Noncurrent | $ 1,200,000 | ||
Accounting Standards Update 2014-09 [Member] | Errors Related to Not Recording Tax Effect of ASC 606 [Member] | |||
Deferred Tax Liabilities, Net, Noncurrent | 1,200,000 | ||
Retained Earnings (Accumulated Deficit), Ending Balance | $ (1,200,000) |
Note 13 - Segment Reporting (De
Note 13 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2018 | |
Number of Operating Segments | 1 |
Note 13 - Segment Reporting - R
Note 13 - Segment Reporting - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2018 | Jun. 30, 2017 | Jun. 30, 2018 | Jun. 30, 2017 | |
Revenue | $ 42,553 | $ 36,389 | $ 76,678 | $ 65,688 |
Products [Member] | ||||
Revenue | 35,291 | 30,115 | 62,530 | 53,107 |
Hand Piece Refills [Member] | ||||
Revenue | 1,057 | 649 | 1,826 | 1,148 |
Skincare [Member] | ||||
Revenue | 1,302 | 963 | 2,558 | 1,947 |
Total Product Revenue [Member] | ||||
Revenue | 37,650 | 31,727 | 66,914 | 56,202 |
Service [Member] | ||||
Revenue | 4,903 | 4,662 | 9,764 | 9,486 |
UNITED STATES | ||||
Revenue | 28,132 | 24,239 | 49,268 | 40,783 |
JAPAN | ||||
Revenue | 3,946 | 3,710 | 7,501 | 7,590 |
Asia, Excluding Japan [Member] | ||||
Revenue | 4,231 | 2,830 | 7,074 | 6,014 |
Europe [Member] | ||||
Revenue | 1,803 | 1,219 | 4,373 | 3,445 |
Rest of World [Member] | ||||
Revenue | $ 4,441 | $ 4,391 | $ 8,462 | $ 7,856 |
Note 14 - Commitments and Con55
Note 14 - Commitments and Contingencies (Details Textual) - USD ($) | Jun. 30, 2018 | Dec. 31, 2017 |
Estimated Litigation Liability | $ 137,000 | $ 91,000 |
Automobile Operating Leases [Member] | ||
Operating Leases, Future Minimum Payments Due, Total | $ 1,150,000 |
Note 14 - Commitments and Con56
Note 14 - Commitments and Contingencies - Minimum Lease and Other Leased Assets Under Long-term Non-cancellable Operating Leases (Details) - Facility Operating Leases [Member] $ in Thousands | Jun. 30, 2018USD ($) |
2,018 | $ 1,494 |
2,019 | 2,971 |
2,020 | 2,913 |
2,021 | 2,525 |
2,022 | 2,495 |
2023 and beyond | 214 |
Total future minimum lease payments | $ 12,612 |
Note 15 - Debt (Details Textual
Note 15 - Debt (Details Textual) - Revolving Line of Credit [Member] - Wells Fargo [Member] | May 30, 2018USD ($) |
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, If Leverage Ratio is Less Than 1.00 | 0.25% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, If Leverage Ratio is Equal to or Greater Than 1.00 But Less Than 2.00 | 0.30% |
Line of Credit Facility, Unused Capacity, Commitment Fee Percentage, If Leverage Ratio is Equal To or Greater Than 2.00 | 0.35% |
Leverage Ratio, Maximum | 2.5 |
Debt Instrument, Minimum Adjusted EBITDA | $ 10,000,000 |
Minimum [Member] | |
Line of Credit Facility, Current Borrowing Capacity | 5,000,000 |
Maximum [Member] | |
Line of Credit Facility, Current Borrowing Capacity | $ 25,000,000 |