Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2019 | Jul. 31, 2019 | |
Document Information [Line Items] | ||
Entity Registrant Name | CUTERA INC | |
Entity Central Index Key | 0001162461 | |
Trading Symbol | cutr | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Common Stock, Shares Outstanding (in shares) | 14,168,034 | |
Entity Shell Company | false | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false | |
Title of 12(b) Security | Common Stock |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 27,668 | $ 26,052 |
Marketable investments | 4,002 | 9,523 |
Accounts receivable, net | 24,919 | 19,637 |
Inventories | 26,889 | 28,014 |
Other current assets and prepaid expenses | 4,536 | 3,972 |
Total current assets | 88,014 | 87,198 |
Property and equipment, net | 2,834 | 2,672 |
Deferred tax asset | 458 | 457 |
Operating lease right-of-use assets | 8,990 | |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 6,311 | 5,971 |
Total assets | 107,946 | 97,637 |
Current liabilities: | ||
Accounts payable | 11,441 | 11,279 |
Accrued liabilities | 27,026 | 23,300 |
Operating lease liabilities | 1,276 | |
Extended warranty liability | 2,399 | 3,159 |
Deferred revenue | 10,717 | 9,882 |
Total current liabilities | 52,859 | 47,620 |
Deferred revenue, net of current portion | 3,142 | 2,684 |
Income tax liability | 93 | 394 |
Operating lease liabilities, net of current portion | 7,888 | |
Other long-term liabilities | 782 | 553 |
Total liabilities | 64,764 | 51,251 |
Commitments and Contingencies (Notes 12 and 13) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized: 50,000,000 shares; issued and outstanding: 14,142,296 and 13,968,852 shares at June 30, 2019 and December 31, 2018, respectively | 14 | 14 |
Additional paid-in capital | 74,870 | 70,451 |
Accumulated deficit | (31,642) | (24,010) |
Accumulated other comprehensive loss | (60) | (69) |
Total stockholders’ equity | 43,182 | 46,386 |
Total liabilities and stockholders’ equity | $ 107,946 | $ 97,637 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - $ / shares | Jun. 30, 2019 | Dec. 31, 2018 |
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) | 14,142,296 | 13,968,852 |
Common stock, outstanding (in shares) | 14,142,296 | 13,968,852 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net revenue: | ||||
Revenue | $ 47,774 | $ 42,553 | $ 83,800 | $ 76,678 |
Cost of revenue: | ||||
Cost of revenue | 21,943 | 20,176 | 40,660 | 36,967 |
Gross profit | 25,831 | 22,377 | 43,140 | 39,711 |
Operating expenses: | ||||
Sales and marketing | 16,992 | 15,535 | 33,096 | 28,623 |
Research and development | 3,273 | 4,095 | 6,979 | 7,651 |
General and administrative | 5,267 | 4,902 | 10,792 | 10,341 |
Total operating expenses | 25,532 | 24,532 | 50,867 | 46,615 |
Income (loss) from operations | 299 | (2,155) | (7,727) | (6,904) |
Interest and other income (expense), net | 46 | (129) | (33) | (31) |
Income (loss) before income taxes | 345 | (2,284) | (7,760) | (6,935) |
Income tax benefit | (243) | (712) | (128) | (3,331) |
Net income (loss) | $ 588 | $ (1,572) | $ (7,632) | $ (3,604) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ 0.04 | $ (0.11) | $ (0.54) | $ (0.26) |
Diluted (in dollars per share) | $ 0.04 | $ (0.11) | $ (0.54) | $ (0.26) |
Weighted-average number of shares used in per share calculations: | ||||
Basic (in shares) | 14,086 | 13,709 | 14,051 | 13,649 |
Diluted (in shares) | 14,356 | 13,709 | 14,051 | 13,649 |
Product [Member] | ||||
Net revenue: | ||||
Revenue | $ 41,968 | $ 37,650 | $ 72,730 | $ 66,914 |
Cost of revenue: | ||||
Cost of revenue | 18,393 | 17,045 | 33,935 | 30,967 |
Service [Member] | ||||
Net revenue: | ||||
Revenue | 5,806 | 4,903 | 11,070 | 9,764 |
Cost of revenue: | ||||
Cost of revenue | $ 3,550 | $ 3,131 | $ 6,725 | $ 6,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 588 | $ (1,572) | $ (7,632) | $ (3,604) |
Available-for-sale investments | ||||
Net change in unrealized gains (losses) on available-for-sale investments | 3 | 18 | 9 | (4) |
Less: Reclassification adjustment for (gains) losses on investments recognized during the period | 9 | |||
Net change in unrealized gains and losses on available-for-sale investments | 3 | 18 | 9 | 5 |
Tax provision | ||||
Other comprehensive income, net of tax | 3 | 18 | 9 | 5 |
Comprehensive income (loss) | $ 591 | $ (1,554) | $ (7,623) | $ (3,599) |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - 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, 2017 | 13,477,973 | ||||
Balance at Dec. 31, 2017 | $ 13 | $ 62,025 | $ 2,947 | $ (92) | $ 64,893 |
Issuance of common stock for employee purchase plan (in shares) | 34,776 | ||||
Issuance of common stock for employee purchase plan | 1,154 | 1,154 | |||
Exercise of stock options (in shares) | 188,859 | ||||
Exercise of stock options | $ 1 | 1,884 | 1,885 | ||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 122,644 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (2,665) | (2,665) | |||
Stock-based compensation expense | 3,893 | 3,893 | |||
Net income (loss) | (3,604) | (3,604) | |||
Net change in unrealized loss on available-for-sale investments | 5 | 5 | |||
Adjustment to opening balance for ASC 606 adoption at Dec. 31, 2017 | 3,813 | 3,813 | |||
Balance (in shares) at Jun. 30, 2018 | 13,824,252 | ||||
Balance at Jun. 30, 2018 | $ 14 | 66,291 | 3,156 | (87) | 69,374 |
Balance (in shares) at Mar. 31, 2018 | 13,824,252 | ||||
Balance at Mar. 31, 2018 | $ 14 | 62,057 | 5,888 | (104) | 67,855 |
Issuance of common stock for employee purchase plan (in shares) | |||||
Issuance of common stock for employee purchase plan | 1,154 | 1,154 | |||
Exercise of stock options (in shares) | |||||
Exercise of stock options | 1,251 | 1,251 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | |||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (377) | (377) | |||
Stock-based compensation expense | 2,206 | 2,206 | |||
Net income (loss) | (1,572) | (1,572) | |||
Net change in unrealized loss on available-for-sale investments | 17 | 18 | |||
Adjustment to opening balance for ASC 606 adoption at Mar. 31, 2018 | (1,160) | (1,160) | |||
Balance (in shares) at Jun. 30, 2018 | 13,824,252 | ||||
Balance at Jun. 30, 2018 | $ 14 | 66,291 | 3,156 | (87) | $ 69,374 |
Balance (in shares) at Dec. 31, 2018 | 13,968,852 | 13,968,852 | |||
Balance at Dec. 31, 2018 | $ 14 | 70,451 | (24,010) | (69) | $ 46,386 |
Issuance of common stock for employee purchase plan (in shares) | 53,803 | ||||
Issuance of common stock for employee purchase plan | 832 | $ 832 | |||
Exercise of stock options (in shares) | 40,454 | 42,066 | |||
Exercise of stock options | 331 | $ 331 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 79,187 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (570) | (570) | |||
Stock-based compensation expense | 3,826 | 3,826 | |||
Net income (loss) | (7,632) | (7,632) | |||
Net change in unrealized loss on available-for-sale investments | 9 | $ 9 | |||
Balance (in shares) at Jun. 30, 2019 | 14,142,296 | 14,142,296 | |||
Balance at Jun. 30, 2019 | $ 14 | 74,870 | (31,642) | (60) | $ 43,182 |
Balance (in shares) at Mar. 31, 2019 | 14,035,375 | ||||
Balance at Mar. 31, 2019 | $ 14 | 71,399 | (32,230) | (63) | 39,120 |
Issuance of common stock for employee purchase plan (in shares) | 53,803 | ||||
Issuance of common stock for employee purchase plan | 832 | 832 | |||
Exercise of stock options (in shares) | 25,422 | ||||
Exercise of stock options | 200 | 200 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 27,696 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (80) | (80) | |||
Stock-based compensation expense | 2,519 | 2,519 | |||
Net income (loss) | 588 | 588 | |||
Net change in unrealized loss on available-for-sale investments | 3 | $ 3 | |||
Balance (in shares) at Jun. 30, 2019 | 14,142,296 | 14,142,296 | |||
Balance at Jun. 30, 2019 | $ 14 | $ 74,870 | $ (31,642) | $ (60) | $ 43,182 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2019 | Jun. 30, 2018 | |
Cash flows from operating activities: | ||
Net income (loss) | $ (7,632) | $ (3,604) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 3,826 | 3,893 |
Depreciation of tangible assets | 815 | 544 |
Amortization of contract acquisition costs | 1,412 | 822 |
Change in deferred tax asset | (1) | (3,324) |
Provision for doubtful accounts receivable | 19 | (487) |
Other | 151 | (25) |
Changes in assets and liabilities: | ||
Accounts receivable | (5,263) | (1,832) |
Inventories | 1,125 | (1,356) |
Other current assets and prepaid expenses | (614) | (569) |
Other long-term assets | (1,752) | (1,578) |
Accounts payable | 162 | 3,741 |
Accrued liabilities | 3,779 | (4,325) |
Extended warranty liabilities | (760) | |
Other long-term liabilities | (140) | 70 |
Deferred revenue | 1,293 | 546 |
Income tax liabilities | (301) | 7 |
Net cash used in operating activities | (3,919) | (6,503) |
Cash flows from investing activities: | ||
Acquisition of property, equipment and software | (316) | (581) |
Disposal of property and equipment | 20 | 38 |
Proceeds from sales of marketable investments | 13,044 | |
Proceeds from maturities of marketable investments | 9,600 | 2,500 |
Purchase of marketable investments | (4,020) | (4,390) |
Net cash provided by investing activities | 5,284 | 10,611 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 1,163 | 3,038 |
Taxes paid related to net share settlement of equity awards | (570) | (2,664) |
Payments on finance lease obligations | (342) | (234) |
Net cash provided by financing activities | 251 | 140 |
Net increase in cash and cash equivalents | 1,616 | 4,248 |
Cash and cash equivalents at beginning of period | 26,052 | 14,184 |
Cash and cash equivalents at end of period | 27,668 | 18,432 |
Supplemental disclosure of non-cash items: | ||
Assets acquired under finance lease | $ 903 | $ 533 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) provides laser and energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, distributes and markets light and energy-based product platforms for use by physicians and other qualified practitioners, enabling them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following system platforms: excel, enlighten, Juliet, Secret RF, truSculpt xeo . truSculpt iD truSculpt flex Juliet Secret RF third Titan, truSculpt 3D , truSculpt iD and truSculpt flex Headquartered in Brisbane, California, the Company operates wholly-owned subsidiaries in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. The Company’s wholly owned subsidiary in Italy is currently dormant. These active subsidiaries market, sell and service the Company’s products outside of the United States. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated. 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, 2019 2018, three six June 30, 2019 2018, six June 30, 2019 2018. December 31, 2018 not not 10 December 31, 2018 March 18, 2019. Accounting Policies These unaudited Condensed Consolidated Financial Statements are prepared in accordance with the rules and regulations of the SEC applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not 10 December 31, 2018 March 18, 2019. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to Condensed Consolidated Financial Statements refer to the Company’s continuing operations. Notes 2 13 Use of Estimates The preparation of 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, management evaluates its estimates, including those related to warranty obligations, sales commission, accounts receivable and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, incremental borrowing rates related to the Company’s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, 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. Management bases 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 Recently Adopted Accounting Pronouncements Adopted In February 2016, 2016 02, 842 July 2018, 2018 11, 2016 02 2018 11 not July 2018, 2018 10, 842, 2016 02. The Company adopted ASU 2016 02, January 1, 2019, not not The adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of $10.3 $10.4 January 1, 2019, no See Notes 2 12 842. In August 2018, No. 2018 15, 350 December 15, 2019 The Company adopted this standard effective April 1, 2019, $0.5 three June 30, 2019. Issued In August 2018, 2018 13, " 820 ", December 15, 2019. |
Note 2 - Effect of Adoption of
Note 2 - Effect of Adoption of the New Lease Standard (ASC Topic 842) on Condensed Consolidated Financial Statements | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
New Accounting Pronouncements and Changes in Accounting Principles [Text Block] | Note 2. 842 The Company adopted ASC Topic 842 January 1, 2019, not The following table summarizes the effects of adopting Topic 842 January 1, 2019 ( As reported under Topic 842 Adjustments Balances under Prior GAAP Operating lease right-of-use assets $ 10,049 $ (10,049 ) $ — Operating lease liabilities (2,430 ) 2,430 — Other long-term liabilities* — 140 140 Operating lease liabilities, net of current portion (7,759 ) 7,759 — *Deferred rent included in other long-term liabilities |
Note 3 - Cash, Cash Equivalents
Note 3 - Cash, Cash Equivalents and Marketable Investments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 3. The Company invests its cash primarily in money market funds, U.S. Treasury bills 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 are 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, 2019 December 31, 2018: June 30, 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 27,669 $ — $ (1) $ 27,668 Marketable investments: U.S. government notes 1,397 1 — 1,398 U.S. government agencies — — — — Municipal securities — — — — Commercial paper 1,393 — — 1,393 Corporate debt securities 1,211 1 (1) 1,211 Total marketable investments 4,001 2 (1) 4,002 Total cash, cash equivalents and marketable investments $ 31,670 $ 2 $ (2) $ 31,670 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,052 $ — $ — $ 26,052 Marketable investments: U.S. government notes 1,397 — — 1,397 U.S. government agencies 2,677 — — 2,677 Municipal securities 200 — — 200 Commercial paper 2,433 — — 2,433 Corporate debt securities 2,825 — (9) 2,816 Total marketable investments 9,532 — (9) 9,523 Total cash, cash equivalents and marketable investments $ 35,584 $ — $ (9) $ 35,575 As of June 30, 2019 December 31, 2018, $2,000 $9,000, 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, 2019 ( Amount Due in less than one year $ 4,002 Due in 1 to 3 years — Total marketable investments $ 4,002 |
Note 4 - Fair Value of Financia
Note 4 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 4. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three may 820, ● Level 1: ● Level 2: 1 not not third ● Level 3: no 3 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, 2019, June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,339 $ — $ — $ 4,339 U.S. Treasury bills 1,345 — — 1,345 Commercial paper — 4,091 — 4,091 Marketable investments: Available-for-sale securities — 4,002 — 4,002 Total assets at fair value $ 5,684 $ 8,093 $ — $ 13,777 As of December 31, 2018, December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 3,036 $ — $ — $ 3,036 Commercial paper — 1,047 — 1,047 Marketable investments: Available-for-sale securities — 9,523 — 9,523 Total assets at fair value $ 3,036 $ 10,570 $ — $ 13,606 Money market funds and U.S. Treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 Corporate debt, U.S. government-backed securities, and commercial paper are measured at fair value using Level 2 not third 2 2 June 30, 2019 nine no June 30, 2019 December 31, 2018, |
Note 5 - Balance Sheet Details
Note 5 - Balance Sheet Details | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 5. Inventories As of June 30, 2019 December 31, 2018, June 30, 2019 December 31, 2018 Raw materials $ 15,130 $ 16,991 Work in process 1,465 2,306 Finished goods 10,294 8,717 Total $ 26,889 $ 28,014 Accrued Liabilities As of June 30, 2019 December 31, 2018, June 30, 2019 December 31, 2018 Accrued payroll and related expenses $ 11,102 $ 9,377 Sales and marketing accruals 2,183 2,379 Warranty liability 4,832 4,666 Sales tax 2,826 2,935 Accrued expenses payable 2,259 — Other 3,824 3,943 Total $ 27,026 $ 23,300 Product Remediation Liability During the fourth 2018, one one $5.0 $1.1 fourth 2018. December 31, 2018, $0.7 $3.2 In the six June 30, 2019, $0.2 $0.7 June 30, 2019, $0.6 $2.4 |
Note 6 - Warranty and Extended
Note 6 - Warranty and Extended Service Contract | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | Note 6. The Company has a direct field service organization in North America (including Canada). Internationally, the Company provides direct service support in Australia, Belgium, France, Germany, Hong Kong, Japan, Spain and Switzerland, as well as through third not third After the original warranty period, maintenance and support are offered on an extended service contract basis or on a time and materials basis. The Company provides for the estimated cost to repair or replace products under standard warranty at the time of sale. Costs incurred in connection with extended service contracts are recognized at the time when costs are incurred, except the one $3.2 December 31, 2018, one The following table provides the changes in the product standard warranty accrual for the three six June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30, 201 9 201 8 201 9 201 8 Beginning Balance $ 4,064 $ 3,373 $ 4,668 $ 3,508 Add: Accruals for warranties issued during the period 2,708 2,311 4,152 4,575 Less: Settlements made during the period (1,940) (2,123) (3,988) (4,522) Ending Balance $ 4,832 $ 3,561 $ 4,832 $ 3,561 |
Note 7 - Deferred Revenue
Note 7 - Deferred Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Contract with Customer Liability [Text Block] | Note 7. The Company records deferred revenue when revenue is to be recognized subsequent to invoicing. For extended service contracts, the Company generally invoices customers at the beginning of the extended service contract term. The Company’s extended service contracts typically have one, two three June 30, 2019, 77% $13.9 12 The following table provides changes in the deferred service contract revenue balance for the three six June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning Balance $ 12,475 $ 11,015 $ 11,855 $ 11,656 Add: Payments received 5,309 4,739 9,451 8,416 Less: Revenue recognized (3,925) (3,947) (7,447) (8,265) Ending Balance $ 13,859 $ 11,807 $ 13,859 $ 11,807 Costs for extended service contracts were $2.2 $4.2 three six June 30, 2019, $2.0 3.9 three six June 30, 2018. |
Note 8 - Revenue
Note 8 - Revenue | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 8. 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 13% 9% six June 30, 2019 2018. The Company has certain system sale arrangements that 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. The Company’s products and services are distinct if a customer can benefit from the product or service on its own or with other resources that are readily available to the customer, and if the Company’s promise to transfer the products or service to the customer is separately identifiable from other promises in the sale arrangements. The Company’s system sale arrangements can include all or 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 performance obligations at a point in time. Systems, system accessories (hand pieces), training, time and materials services are also sold on a stand-alone basis, and these 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 standalone selling price basis. Nature of Products and Services Systems Systems revenue is generated from the sale of systems and from the sale of upgrades to existing systems. A system consists of a console that incorporates a universal graphic user interface, a laser or other energy based module, control system software and high voltage electronics, as well as one Pearl Pearl Fractional 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 the Company with a source of additional Systems revenue. 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 does not enlighten enlighten enlighten 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. In international markets where the Company has a direct presence, revenue is recognized on cash basis, for system sales to end-use customers in which the collectibility criterion has not The Company typically receives payment for its system consoles and other accessories within 30 Skincare products The Company sells third third third Consumables (Other accessories) The Company treats its customers' purchases of replacement cycles for truSculpt iD and truSculpt flex, Titan truSculpt 3D Juliet Secret RF truSculpt Extended contract services The Company offers post-warranty services to its customers through extended service contracts that cover parts and labor for a term of one, two, or three Training Sales of systems to customers include training on the use of the system to be provided within 180 not Customer Marketing Support In North America, the Company offers marketing and consulting phone support to its customers across all system platforms. These customer marketing support services include a practice development model and marketing training, performed remotely with ongoing phone consultations for six six Significant Judgments The determination of whether two one may While the Company’s contracts do not The Company determines standalone selling price ("SSP") 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/Service contracts: SSP is based on observable price when sold on a standalone basis (by customer type). ● Customer Marketing Support: SSP is estimated based on cost plus a margin. ● Set-up /Installation: Set-up or installation for all systems, excluding the enlighten The calibration and installation service of the enlighten enlighten Loyalty Program The Company launched a customer loyalty program during the third 2018 fifth 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. 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, 2019 $5.0 $0.7 $1.4 three six June 30, 2019 $0.4 $0.8 three six June 30, 2018. |
Note 9 - Stockholders' Equity a
Note 9 - Stockholders' Equity and Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 9. 2019 At the Company’s Annual Meeting of Stockholders on June 14, 2019, 2004 2019 700,000 9,701,192 2029; June 14, 2019 2.12 3 2.12 3 11 162 1986, one On June 11, 2019, July 28, 2017 16a 1 1934, 50% one On June 11, 2019, 402 The Amended and Restated Plan provides for the grant of incentive stock options, non-statutory stock options, RSAs, RSUs, stock appreciation rights, performance units, performance shares, and other stock or cash awards. The Company issued 22,344 42,236 three six June 30, 2019. 307,355 six June 30, 2019. six June 30, 2019 2019 21,324 267,106 three six June 30, 2019. four 25% As of June 30, 2019, $13.0 1.8 may Activity under the predecessor plans to the 2019 Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2018 1,141,305 507,705 $ 20.52 Additional shares reserved 700,000 — — Stock awards granted* (1,319,304) — — Options exercised — (42,066) 7.87 Options canceled 41,573 (41,573) 20.60 Stock awards canceled* 299,374 — — Balance, June 30 , 2019 862,948 424,066 $ 21.77 *The Company had a “fungible share” provision in the Prior Plan whereby for each full-value award (RSU/PSU) issued or canceled under the Prior Plan required the subtraction or add back of 2.12 June 14, 2019 2019 June 14, 2019. Non-Employee Stock-Based Compensation The Company granted 9,303 11,920 six June 30, 2019. four 25% three six June 30, 2019 2019 Stock-based Compensation Expense Stock-based compensation expense by department recognized during the three six June 30, 2019 2018 Three Months Ended Six Months Ended June 30, June 30 , 2019 2018 2019* 2018 Cost of revenue $ 404 $ 227 $ 673 $ 380 Sales and marketing 997 715 1,715 1,204 Research and development 370 262 633 453 General and administrative 748 1,002 805 1,856 Total stock-based compensation expense $ 2,519 $ 2,206 $ 3,826 $ 3,893 *Included in the six June 30, 2019 stock-based compensation expense is the charge in connection with the accelerated vesting of 4,667 January 4, 2019. |
Note 10 - Net Income (Loss) Per
Note 10 - Net Income (Loss) Per Share | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 10. Income (L oss ) 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, RSUs, PSUs and employee stock purchase plan contributions), which is calculated based on the average share price for each fiscal period using the treasury stock method. 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 Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator Net income (loss) (in thousands) $ 588 $ (1,572) $ (7,632) $ (3,604) Denominator Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 14,086 13,709 14,051 13,649 Dilutive effect of incremental shares and share equivalents 270 — — — Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 14,356 13,709 14,051 13,649 Net income (loss) per share: Net income (loss) per share, basic $ 0.04 $ (0.11) $ (0.54) $ (0.26) Net income (loss) per share, diluted $ 0.04 $ (0.11) $ (0.54) $ (0.26) 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, 2019 2018 2019 2018 Options to purchase common stock 192 710 466 758 Restricted stock units 178 449 460 422 Performance stock units — 49 162 36 Employee stock purchase plan shares — 73 94 73 Total 370 1,281 1,182 1,289 |
Note 11 - Income Taxes
Note 11 - Income Taxes | 6 Months Ended |
Jun. 30, 2019 | |
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 fiscal year to ordinary income or loss for the interim reporting period. When applicable, the year-to-date tax provision reflects adjustments from discrete tax items. The Company's income tax benefit for the three June 30, 2019 $0.3 100% For the three six June 30, 2019, $0.2 $0.1 $0.7 $3.3 2018. 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 June 30, 2019, December 31, 2018, 100% no three June 30, 2018 Management’s judgment is required in determining any valuation allowance recorded against deferred tax assets. In evaluating the ability to recover deferred tax assets, the Company considers available positive and negative evidence giving greater weight to its more recent cumulative losses, and lesser weight to its projected financial results, due to the subjectivity involved in forecasting future periods. The Company also considers, commensurate with its objective verifiability, the forecast of future taxable income including the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. |
Note 12 - Leases
Note 12 - Leases | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 12. The Company has operating and finance leases for vehicles, office space and storages. The Company’s material operating leases consist of office space, as well as storage facilities. The Company’s leases generally have remaining terms of 1 10 5 The Company determines if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not not The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce our right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Below is supplemental balance sheet information related to leases (in thousands): Assets Classification June 30, 2019 Right-of-use assets Operating lease assets $ 8,990 Finance lease Property and equipment, net * 1,327 Total leased assets $ 10,317 *Finance lease assets included in Property and equipment, net. Liabilities Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 1,276 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 7,888 Total Operating lease liabilities $ 9,164 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 640 Finance lease liabilities, non-current Other long-term liabilities 782 Total Finance lease liabilities $ 1,422 Lease cost s during the three June 30, 2019 : Finance lease cost Amortization expense $ 188 Finance lease cost Interest for finance lease 21 Operating lease cost Operating lease expense 717 Lease costs during the six months ended June 30, 2019: Finance lease cost Amortization expense $ 371 Finance lease cost Interest for finance lease 40 Operating lease cost Operating lease expense 1,441 Cash paid for amounts included in the measurement of lease liabilities during the three months ended June 30, 2019 were as follows: Operating cash flow Finance lease $ 21 Financing cash flow Finance lease 253 Operating cash flow Operating lease 699 Cash paid for amounts included in the measurement of le ase liabilities during the six June 30, 2019 Operating cash flow Finance lease $ 40 Financing cash flow Finance lease 415 Operating cash flow Operating lease 1,404 Maturities of lease liabilities Maturities of lease liabilities were as follows as of June 30, 2019 Operating leases Remainder of 2019 $ 1,416 2020 2,868 2021 2,613 2022 2,607 2023 and thereafter 352 Total lease payments 9,856 Less: imputed interest 692 Present value of lease liabilities $ 9,164 Vehicle Leases As of June 30, 2019, Operating leases Remainder of 2019 $ 456 2020 499 2021 379 2022 234 Total lease payments 1,568 Less: imputed interest 146 Present value of lease liabilities $ 1,422 As previously disclosed in our 2018 10 December 31, 2018: Facility Leases As of December 31, 2018, Operating leases 2019 $ 3,011 2020 2,939 2021 2,564 2022 2,495 2023 and thereafter 214 Future minimum rental payments $ 11,223 Vehicle Leases - As of December 31, 2018, Operating leases 2019 $ 576 2020 287 2021 152 Future minimum lease payments $ 1,015 Weighted-average remaining lease term and discount rate, as of June 30, 2019, Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 3.5 Finance leases 3.0 Weighted-average discount rate Operating leases 4.4 % Finance leases 5.6 % |
Note 13 - Contingencies
Note 13 - Contingencies | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 13. The Company is named from time to time as a party to other legal proceedings, product liability, commercial disputes, employee disputes, and contractual lawsuits in the ordinary 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, 2019 December 31, 2018, zero $171,000 not |
Note 14 - Debt
Note 14 - Debt | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 14. On May 30, 2018, $25 May 30, 2021. On or about November 2, 2018, $15 $10 On or about, March 11, 2019, $15 no may twelve not $10 not 2.5 1.0. As of June 30, 2019, not |
Note 15 - Segment Reporting
Note 15 - Segment Reporting | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 15. 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 decisions 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, 2019 2018: Three Months Ended June 30, 2019 2018 Revenue mix by geography: United States $ 28,147 $ 28,132 Japan 5,337 3,946 Asia, excluding Japan 4,547 4,231 Europe 2,504 1,803 Rest of the world 7,239 4,441 Total consolidated revenue $ 47,774 $ 42,553 Revenue mix by product category: Products $ 37,539 $ 35,291 Consumables 2,654 1,057 Skincare 1,775 1,302 Total product revenue $ 41,968 $ 37,650 Service 5,806 4,903 Total consolidated revenue $ 47,774 $ 42,553 The following table presents a summary of revenue by geography for the six June 30, 2019 2018: Six Months Ended June 30, 2019 2018 Revenue mix by geography: United States $ 48,547 $ 49,268 Japan 10,631 7,501 Asia, excluding Japan 7,642 7,074 Europe 5,240 4,373 Rest of the world 11,740 8,462 Total consolidated revenue $ 83,800 $ 76,678 Revenue mix by product category: Products $ 64,748 $ 62,530 Consumables 4,599 1,826 Skincare 3,383 2,558 Total product revenue $ 72,730 $ 66,914 Service 11,070 9,764 Total consolidated revenue $ 83,800 $ 76,678 |
Note 16 - Subsequent Events
Note 16 - Subsequent Events | 6 Months Ended |
Jun. 30, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 16—Subsequent The Company has determined based on the evaluation that no On July 2, 2019, July 8, 2019. six seven July 8, 2019. Mr. Mowry’s base salary is $650,000 not 2019 2019 80% 67,897 4 25% 67,897 4 2019 2022. Following the appointment of a permanent CEO, the Board promoted Mr. Jason Richey, the Interim CEO and Chief Operating Officer to President of the Company, effective July 8, 2019. $505,000 $575,000. The Board also granted Mr. Richey an RSU award covering 27,159 four one two three four July 8, 2019, 27,159 January 1, 2020, |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2019 | |
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”) provides laser and energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, distributes and markets light and energy-based product platforms for use by physicians and other qualified practitioners, enabling them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following system platforms: excel, enlighten, Juliet, Secret RF, truSculpt xeo . truSculpt iD truSculpt flex Juliet Secret RF third Titan, truSculpt 3D , truSculpt iD and truSculpt flex Headquartered in Brisbane, California, the Company operates wholly-owned subsidiaries in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. The Company’s wholly owned subsidiary in Italy is currently dormant. These active subsidiaries market, sell and service the Company’s products outside of the United States. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated. |
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, 2019 2018, three six June 30, 2019 2018, six June 30, 2019 2018. December 31, 2018 not not 10 December 31, 2018 March 18, 2019. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of 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, management evaluates its estimates, including those related to warranty obligations, sales commission, accounts receivable and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, incremental borrowing rates related to the Company’s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, 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. Management bases 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 |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements Adopted In February 2016, 2016 02, 842 July 2018, 2018 11, 2016 02 2018 11 not July 2018, 2018 10, 842, 2016 02. The Company adopted ASU 2016 02, January 1, 2019, not not The adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of $10.3 $10.4 January 1, 2019, no See Notes 2 12 842. In August 2018, No. 2018 15, 350 December 15, 2019 The Company adopted this standard effective April 1, 2019, $0.5 three June 30, 2019. Issued In August 2018, 2018 13, " 820 ", December 15, 2019. |
Note 2 - Effect of Adoption o_2
Note 2 - Effect of Adoption of the New Lease Standard (ASC Topic 842) on Condensed Consolidated Financial Statements (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As reported under Topic 842 Adjustments Balances under Prior GAAP Operating lease right-of-use assets $ 10,049 $ (10,049 ) $ — Operating lease liabilities (2,430 ) 2,430 — Other long-term liabilities* — 140 140 Operating lease liabilities, net of current portion (7,759 ) 7,759 — |
Note 3 - Cash, Cash Equivalen_2
Note 3 - Cash, Cash Equivalents and Marketable Investments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30, 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 27,669 $ — $ (1) $ 27,668 Marketable investments: U.S. government notes 1,397 1 — 1,398 U.S. government agencies — — — — Municipal securities — — — — Commercial paper 1,393 — — 1,393 Corporate debt securities 1,211 1 (1) 1,211 Total marketable investments 4,001 2 (1) 4,002 Total cash, cash equivalents and marketable investments $ 31,670 $ 2 $ (2) $ 31,670 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,052 $ — $ — $ 26,052 Marketable investments: U.S. government notes 1,397 — — 1,397 U.S. government agencies 2,677 — — 2,677 Municipal securities 200 — — 200 Commercial paper 2,433 — — 2,433 Corporate debt securities 2,825 — (9) 2,816 Total marketable investments 9,532 — (9) 9,523 Total cash, cash equivalents and marketable investments $ 35,584 $ — $ (9) $ 35,575 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amount Due in less than one year $ 4,002 Due in 1 to 3 years — Total marketable investments $ 4,002 |
Note 4 - Fair Value of Financ_2
Note 4 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2019 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,339 $ — $ — $ 4,339 U.S. Treasury bills 1,345 — — 1,345 Commercial paper — 4,091 — 4,091 Marketable investments: Available-for-sale securities — 4,002 — 4,002 Total assets at fair value $ 5,684 $ 8,093 $ — $ 13,777 December 31, 2018 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 3,036 $ — $ — $ 3,036 Commercial paper — 1,047 — 1,047 Marketable investments: Available-for-sale securities — 9,523 — 9,523 Total assets at fair value $ 3,036 $ 10,570 $ — $ 13,606 |
Note 5 - Balance Sheet Details
Note 5 - Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30, 2019 December 31, 2018 Raw materials $ 15,130 $ 16,991 Work in process 1,465 2,306 Finished goods 10,294 8,717 Total $ 26,889 $ 28,014 |
Schedule of Accrued Liabilities [Table Text Block] | June 30, 2019 December 31, 2018 Accrued payroll and related expenses $ 11,102 $ 9,377 Sales and marketing accruals 2,183 2,379 Warranty liability 4,832 4,666 Sales tax 2,826 2,935 Accrued expenses payable 2,259 — Other 3,824 3,943 Total $ 27,026 $ 23,300 |
Note 6 - Warranty and Extende_2
Note 6 - Warranty and Extended Service Contract (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 201 9 201 8 201 9 201 8 Beginning Balance $ 4,064 $ 3,373 $ 4,668 $ 3,508 Add: Accruals for warranties issued during the period 2,708 2,311 4,152 4,575 Less: Settlements made during the period (1,940) (2,123) (3,988) (4,522) Ending Balance $ 4,832 $ 3,561 $ 4,832 $ 3,561 |
Note 7 - Deferred Revenue (Tabl
Note 7 - Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Beginning Balance $ 12,475 $ 11,015 $ 11,855 $ 11,656 Add: Payments received 5,309 4,739 9,451 8,416 Less: Revenue recognized (3,925) (3,947) (7,447) (8,265) Ending Balance $ 13,859 $ 11,807 $ 13,859 $ 11,807 |
Note 9 - Stockholders' Equity_2
Note 9 - Stockholders' Equity and Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2018 1,141,305 507,705 $ 20.52 Additional shares reserved 700,000 — — Stock awards granted* (1,319,304) — — Options exercised — (42,066) 7.87 Options canceled 41,573 (41,573) 20.60 Stock awards canceled* 299,374 — — Balance, June 30 , 2019 862,948 424,066 $ 21.77 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30 , 2019 2018 2019* 2018 Cost of revenue $ 404 $ 227 $ 673 $ 380 Sales and marketing 997 715 1,715 1,204 Research and development 370 262 633 453 General and administrative 748 1,002 805 1,856 Total stock-based compensation expense $ 2,519 $ 2,206 $ 3,826 $ 3,893 |
Note 10 - Net Income (Loss) P_2
Note 10 - Net Income (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Numerator Net income (loss) (in thousands) $ 588 $ (1,572) $ (7,632) $ (3,604) Denominator Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 14,086 13,709 14,051 13,649 Dilutive effect of incremental shares and share equivalents 270 — — — Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 14,356 13,709 14,051 13,649 Net income (loss) per share: Net income (loss) per share, basic $ 0.04 $ (0.11) $ (0.54) $ (0.26) Net income (loss) per share, diluted $ 0.04 $ (0.11) $ (0.54) $ (0.26) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended Six Months Ended June 30, June 30, 2019 2018 2019 2018 Options to purchase common stock 192 710 466 758 Restricted stock units 178 449 460 422 Performance stock units — 49 162 36 Employee stock purchase plan shares — 73 94 73 Total 370 1,281 1,182 1,289 |
Note 12 - Leases (Tables)
Note 12 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Leases, Financial Statement Information [Table Text Block] | Assets Classification June 30, 2019 Right-of-use assets Operating lease assets $ 8,990 Finance lease Property and equipment, net * 1,327 Total leased assets $ 10,317 Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 1,276 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 7,888 Total Operating lease liabilities $ 9,164 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 640 Finance lease liabilities, non-current Other long-term liabilities 782 Total Finance lease liabilities $ 1,422 Finance lease cost Amortization expense $ 188 Finance lease cost Interest for finance lease 21 Operating lease cost Operating lease expense 717 Lease costs during the six months ended June 30, 2019: Finance lease cost Amortization expense $ 371 Finance lease cost Interest for finance lease 40 Operating lease cost Operating lease expense 1,441 Cash paid for amounts included in the measurement of lease liabilities during the three months ended June 30, 2019 were as follows: Operating cash flow Finance lease $ 21 Financing cash flow Finance lease 253 Operating cash flow Operating lease 699 Operating cash flow Finance lease $ 40 Financing cash flow Finance lease 415 Operating cash flow Operating lease 1,404 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating leases Remainder of 2019 $ 1,416 2020 2,868 2021 2,613 2022 2,607 2023 and thereafter 352 Total lease payments 9,856 Less: imputed interest 692 Present value of lease liabilities $ 9,164 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating leases Remainder of 2019 $ 456 2020 499 2021 379 2022 234 Total lease payments 1,568 Less: imputed interest 146 Present value of lease liabilities $ 1,422 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating leases 2019 $ 3,011 2020 2,939 2021 2,564 2022 2,495 2023 and thereafter 214 Future minimum rental payments $ 11,223 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Operating leases 2019 $ 576 2020 287 2021 152 Future minimum lease payments $ 1,015 |
Lease, Cost [Table Text Block] | Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 3.5 Finance leases 3.0 Weighted-average discount rate Operating leases 4.4 % Finance leases 5.6 % |
Note 15 - Segment Reporting (Ta
Note 15 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, 2019 2018 Revenue mix by geography: United States $ 28,147 $ 28,132 Japan 5,337 3,946 Asia, excluding Japan 4,547 4,231 Europe 2,504 1,803 Rest of the world 7,239 4,441 Total consolidated revenue $ 47,774 $ 42,553 Revenue mix by product category: Products $ 37,539 $ 35,291 Consumables 2,654 1,057 Skincare 1,775 1,302 Total product revenue $ 41,968 $ 37,650 Service 5,806 4,903 Total consolidated revenue $ 47,774 $ 42,553 Six Months Ended June 30, 2019 2018 Revenue mix by geography: United States $ 48,547 $ 49,268 Japan 10,631 7,501 Asia, excluding Japan 7,642 7,074 Europe 5,240 4,373 Rest of the world 11,740 8,462 Total consolidated revenue $ 83,800 $ 76,678 Revenue mix by product category: Products $ 64,748 $ 62,530 Consumables 4,599 1,826 Skincare 3,383 2,558 Total product revenue $ 72,730 $ 66,914 Service 11,070 9,764 Total consolidated revenue $ 83,800 $ 76,678 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | |
Operating Lease, Right-of-Use Asset | $ 8,990 | $ 10,049 | |
Operating Lease, Liability, Total | 9,164 | ||
Accounting Standards Update 2016-02 [Member] | |||
Operating Lease, Right-of-Use Asset | 10,300 | ||
Operating Lease, Liability, Total | $ 10,400 | ||
Accounting Standards Update 2018-15 [Member] | |||
Capitalized Computer Software, Additions | $ 500 |
Note 2 - Effect of Adoption o_3
Note 2 - Effect of Adoption of the New Lease Standard (ASC Topic 842) On Condensed Consolidated Financial Statements - Financial Statement Impact (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 8,990 | $ 10,049 | |||
Operating lease liabilities | (1,276) | (2,430) | |||
Other long-term liabilities* | 782 | [1] | 553 | ||
Operating lease liabilities, net of current portion | $ (7,888) | (7,759) | |||
Accounting Standards Update 2016-02 [Member] | |||||
Operating Lease, Right-of-Use Asset | (10,049) | ||||
Operating lease liabilities | 2,430 | ||||
Other long-term liabilities* | [1] | 140 | |||
Operating lease liabilities, net of current portion | $ 7,759 | ||||
Previous Accounting Guidance [Member] | |||||
Operating Lease, Right-of-Use Asset | |||||
Operating lease liabilities | |||||
Other long-term liabilities* | [1] | 140 | |||
Operating lease liabilities, net of current portion | |||||
[1] | Deferred rent included in other long-term liabilities |
Note 3 - Cash, Cash Equivalen_3
Note 3 - Cash, Cash Equivalents and Marketable Investments (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Cash, Cash Equivalents and Marketable Investments, Gross Unrealized Losses | $ 2,000 | $ 9,000 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Note 3 - Cash, Cash Equivalen_4
Note 3 - Cash, Cash Equivalents and Marketable Investments - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Dec. 31, 2017 |
Cash and cash equivalents, amortized cost | $ 27,669,000 | |||
Cash and cash equivalents, Gross Unrealized Losses | (1,000) | |||
Cash and cash equivalents, Fair Market Value | 27,668,000 | $ 26,052,000 | ||
Marketable investments, Amortized Cost | 4,001,000 | 9,532,000 | ||
Marketable investments, Gross Unrealized Gains | 2,000 | |||
Marketable investments, Gross Unrealized Losses | (1,000) | (9,000) | ||
Marketable investments, Fair Market Value | 4,002,000 | 9,523,000 | ||
Marketable investments, Amortized Cost | 31,670,000 | 35,584,000 | ||
Marketable investments, Gross Unrealized Losses | (2,000) | (9,000) | ||
Marketable investments, Fair Market Value | 31,670,000 | 35,575,000 | ||
Cash and cash equivalents, Amortized Cost | 27,668,000 | 26,052,000 | $ 18,432,000 | $ 14,184,000 |
Cash Equivalents | 27,668,000 | 26,052,000 | ||
Cash [Member] | ||||
Marketable investments, Amortized Cost | 2,677,000 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 2,677,000 | |||
Money Market Funds [Member] | ||||
Marketable investments, Amortized Cost | 1,393,000 | 2,433,000 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 1,393,000 | 2,433,000 | ||
US Treasury and Government [Member] | ||||
Marketable investments, Amortized Cost | 1,397,000 | 1,397,000 | ||
Marketable investments, Gross Unrealized Gains | 1,000 | |||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 1,398,000 | 1,397,000 | ||
US States and Political Subdivisions Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 200,000 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 200,000 | |||
Corporate Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 1,211,000 | 2,825,000 | ||
Marketable investments, Gross Unrealized Gains | 1,000 | |||
Marketable investments, Gross Unrealized Losses | (1,000) | (9,000) | ||
Marketable investments, Fair Market Value | $ 1,211,000 | $ 2,816,000 |
Note 3 - Cash, Cash Equivalen_5
Note 3 - Cash, Cash Equivalents and Marketable Investments - Maturities of Available-for-sale Securities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Due in less than one year | $ 4,002 |
Due in 1 to 3 years | |
Total marketable investments | $ 4,002 |
Note 4 - Fair Value of Financ_3
Note 4 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Cash equivalents: | ||
Cash Equivalents | $ 27,668 | $ 26,052 |
Marketable investments: | ||
Available-for-sale securities | 4,002 | 9,523 |
Money Market Funds [Member] | ||
Marketable investments: | ||
Available-for-sale securities | 1,393 | 2,433 |
Fair Value, Recurring [Member] | ||
Marketable investments: | ||
Available-for-sale securities | 4,002 | 9,523 |
Total assets at fair value | 13,777 | 13,606 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Marketable investments: | ||
Total assets at fair value | 5,684 | 3,036 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Marketable investments: | ||
Available-for-sale securities | 4,002 | 9,523 |
Total assets at fair value | 8,093 | 10,570 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Marketable investments: | ||
Total assets at fair value | ||
Fair Value, Recurring [Member] | Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 4,339 | 3,036 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 4,339 | 3,036 |
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | ||
Fair Value, Recurring [Member] | Money Market Funds [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 1,345 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 1,345 | |
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | ||
Fair Value, Recurring [Member] | US Treasury Securities [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | ||
Fair Value, Recurring [Member] | Commercial Paper [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 4,091 | 1,047 |
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | ||
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 4,091 | 1,047 |
Fair Value, Recurring [Member] | Commercial Paper [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents: | ||
Cash Equivalents |
Note 5 - Balance Sheet Detail_2
Note 5 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||||||
Jun. 30, 2019 | Dec. 31, 2018 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2017 | |
Standard Product Warranty Accrual, Ending Balance | $ 4,832 | $ 4,668 | $ 3,561 | $ 4,832 | $ 3,561 | $ 4,064 | $ 3,373 | $ 3,508 |
Standard Product Warranty Accrual, Decrease for Payments | 1,940 | $ 2,123 | 3,988 | $ 4,522 | ||||
Product Remediation Liability [Member] | ||||||||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued, Total | 5,000 | |||||||
Standard and Extended Product Warranty Accrual, Decrease for Payments, Total | 1,100 | |||||||
Standard Product Warranty Accrual, Ending Balance | 600 | 700 | 600 | |||||
Extended Product Warranty Accrual, Ending Balance | $ 2,400 | $ 3,200 | 2,400 | |||||
Standard Product Warranty Accrual, Decrease for Payments | 200 | |||||||
Extended Product Warranty Accrual, Decrease for Payments | $ 700 |
Note 5 - Balance Sheet Detail_3
Note 5 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Raw materials | $ 15,130 | $ 16,991 |
Work in process | 1,465 | 2,306 |
Finished goods | 10,294 | 8,717 |
Total | $ 26,889 | $ 28,014 |
Note 5 - Balance Sheet Detail_4
Note 5 - Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Accrued payroll and related expenses | $ 11,102 | $ 9,377 |
Sales and marketing accruals | 2,183 | 2,379 |
Warranty liability | 4,832 | 4,666 |
Sales tax | 2,826 | 2,935 |
Accrued expenses payable | 2,259 | |
Other | 3,824 | 3,943 |
Total | $ 27,026 | $ 23,300 |
Note 6 - Warranty and Extende_3
Note 6 - Warranty and Extended Service Contract (Details Textual) - USD ($) $ in Thousands | Jun. 30, 2019 | Dec. 31, 2018 |
Extended Product Warranty Accrual, Current | $ 2,399 | $ 3,159 |
Note 6 - Warranty and Extende_4
Note 6 - Warranty and Extended Service Contract - Summary of Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Beginning Balance | $ 4,064 | $ 3,373 | $ 4,668 | $ 3,508 |
Add: Accruals for warranties issued during the period | 2,708 | 2,311 | 4,152 | 4,575 |
Less: Settlements made during the period | (1,940) | (2,123) | (3,988) | (4,522) |
Ending Balance | $ 4,832 | $ 3,561 | $ 4,832 | $ 3,561 |
Note 7 - Deferred Revenue (Deta
Note 7 - Deferred Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue, Remaining Performance Obligation, Percentage | 77.00% | 77.00% | ||
Revenue, Remaining Performance Obligation, Amount | $ 13.9 | $ 13.9 | ||
Deferred Revenue Costs Incurred | $ 2.2 | $ 2 | $ 4.2 | $ 3.9 |
Note 7 - Deferred Revenue - Sum
Note 7 - Deferred Revenue - Summary of Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Beginning Balance | $ 12,475 | $ 11,015 | $ 11,855 | $ 11,656 |
Add: Payments received | 5,309 | 4,739 | 9,451 | 8,416 |
Less: Revenue recognized | (3,925) | (3,947) | (7,447) | (8,265) |
Ending Balance | $ 13,859 | $ 11,807 | $ 13,859 | $ 11,807 |
Note 8 - Revenue (Details Textu
Note 8 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Selling and Marketing Expense [Member] | ||||
Capitalized Contract Cost, Amortization | $ 0.7 | $ 0.4 | $ 1.4 | $ 0.8 |
Other Assets [Member] | ||||
Capitalized Contract Cost, Net, Total | $ 5 | $ 5 | ||
Transferred over Time [Member] | ||||
Revenue from Contract with Customer, Including Assessed Tax, Percent of Total Revenues | 13.00% | 9.00% |
Note 9 - Stockholders' Equity_3
Note 9 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) $ in Millions | Jan. 04, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | ||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 13 | $ 13 | |
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 1 year 292 days | ||
Chief Executive Officer [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested, Number of Shares | 4,667 | ||
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,324 | 267,106 | |
Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 22,344 | 42,236 | |
Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,303 | ||
Performance Shares [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 307,355 | ||
Performance Shares [Member] | Non-employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 11,920 | ||
Two Thousand Nineteen Equity Incentive Plan [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,701,192 | 9,701,192 | |
Number of Stock Awards Counted for Every Share Granted or Canceled | 2.12 | 2.12 | |
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | ||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Vest Over Each Anniversary of the Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | ||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | Vest Over Each Anniversary of the Grant Date [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% |
Note 9 - Stockholders' Equity_4
Note 9 - Stockholders' Equity and Stock-based Compensation Expense - Activity Under the 2004 Equity Incentive Plan (Details) | 6 Months Ended | |
Jun. 30, 2019$ / sharesshares | ||
Balances, shares available for grant (in shares) | 1,141,305 | |
Balances, stock options outstanding (in shares) | 507,705 | |
Balances, weighted-average exercise price (in dollars per share) | $ / shares | $ 20.52 | |
Additional shares reserved, shares available for grant (in shares) | 700,000 | |
Stock awards granted, shares available for grant (in shares) | (1,319,304) | [1] |
Stock awards granted, stock options outstanding (in shares) | [1] | |
Stock awards granted, weighted-average exercise price (in dollars per share) | $ / shares | [1] | |
Options exercised, stock options outstanding (in shares) | (42,066) | |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 7.87 | |
Options canceled (in shares) | 41,573 | |
Options canceled, stock options outstanding (in shares) | (41,573) | |
Options canceled, weighted-average exercise price (in dollars per share) | $ / shares | $ 20.60 | |
Stock awards canceled, shares available for grant (in shares) | 299,374 | [1] |
Balances, shares available for grant (in shares) | 862,948 | |
Balances, stock options outstanding (in shares) | 424,066 | |
Balances, weighted-average exercise price (in dollars per share) | $ / shares | $ 21.77 | |
[1] | The Company had a "fungible share" provision in the Prior Plan whereby for each full-value award (RSU/PSU) issued or canceled under the Prior Plan required the subtraction or add back of 2.12 shares from or to the Shares Available for Grant, respectively. The Company's stockholders approved the removal of the "fungible share" provision for awards granted on or after June 14, 2019 upon adoption of the Amended and Restated Plan at the Company's 2019 Annual Meeting of Stockholders held on June 14, 2019. |
Note 9 - Stockholders' Equity_5
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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | [1] | Jun. 30, 2018 | [1] | |
Allocated Share Based Compensation Expense | $ 2,519 | $ 2,206 | $ 3,826 | $ 3,893 | ||
Cost of Sales [Member] | ||||||
Allocated Share Based Compensation Expense | 404 | 227 | 673 | 380 | ||
Selling and Marketing Expense [Member] | ||||||
Allocated Share Based Compensation Expense | 997 | 715 | 1,715 | 1,204 | ||
Research and Development Expense [Member] | ||||||
Allocated Share Based Compensation Expense | 370 | 262 | 633 | 453 | ||
General and Administrative Expense [Member] | ||||||
Allocated Share Based Compensation Expense | $ 748 | $ 1,002 | $ 805 | $ 1,856 | ||
[1] | Included in the six-month ended June 30, 2019 stock-based compensation expense is the charge in connection with the accelerated vesting of 4,667 shares of the Company's former CEO, in accordance with his separation agreement dated January 4, 2019. |
Note 10 - Net Income (Loss) P_3
Note 10 - Net Income (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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Net income (loss) | $ 588 | $ (1,572) | $ (7,632) | $ (3,604) |
Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic (in shares) | 14,086 | 13,709 | 14,051 | 13,649 |
Dilutive effect of incremental shares and share equivalents (in shares) | 270 | |||
Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted (in shares) | 14,356 | 13,709 | 14,051 | 13,649 |
Net income (loss) per share, basic (in dollars per share) | $ 0.04 | $ (0.11) | $ (0.54) | $ (0.26) |
Net income (loss) per share, diluted (in dollars per share) | $ 0.04 | $ (0.11) | $ (0.54) | $ (0.26) |
Note 10 - Net Income (Loss) P_4
Note 10 - Net Income (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, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Antidilutive Securities (in shares) | 370 | 1,281 | 1,182 | 1,289 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities (in shares) | 192 | 710 | 466 | 758 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities (in shares) | 178 | 449 | 460 | 422 |
Performance Shares [Member] | ||||
Antidilutive Securities (in shares) | 49 | 162 | 36 | |
ESPP [Member] | ||||
Antidilutive Securities (in shares) | 73 | 94 | 73 |
Note 11 - Income Taxes (Details
Note 11 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Income Tax Expense (Benefit), Total | $ (243) | $ (712) | $ (128) | $ (3,331) |
Deferred Tax Assets, Valuation Allowance, Total | $ 0 | $ 0 | ||
GERMANY | Foreign Tax Authority [Member] | ||||
Unrecognized Tax Benefits, Period Increase (Decrease), Total | $ 300 |
Note 12 - Leases (Details Textu
Note 12 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2019 | |
Lessee, Operating Lease, Renewal Term | 5 years |
Minimum [Member] | |
Lessee, Leases, Remaining Term | 1 year |
Maximum [Member] | |
Lessee, Leases, Remaining Term | 10 years |
Note 12 - Leases - Financial St
Note 12 - Leases - Financial Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2019 | Jun. 30, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 8,990 | $ 8,990 | $ 10,049 | ||
Total leased assets | 10,317 | 10,317 | |||
Operating lease liabilities, current | 1,276 | 1,276 | 2,430 | ||
Operating lease liabilities , non-current | 7,888 | 7,888 | $ 7,759 | ||
Operating Lease, Liability, Total | 9,164 | 9,164 | |||
Total Finance lease liabilities | 1,422 | 1,422 | |||
Finance lease cost | 188 | 371 | |||
Finance lease cost | 21 | 40 | |||
Operating lease cost | 717 | 1,441 | |||
Operating cash flow | 21 | 40 | |||
Financing cash flow | 253 | 415 | |||
Operating cash flow | 699 | 1,404 | |||
Operating Lease Assets [Member] | |||||
Operating Lease, Right-of-Use Asset | 8,990 | 8,990 | |||
Operating Lease Liabilities [Member] | |||||
Operating lease liabilities, current | 1,276 | 1,276 | |||
Accrued Liabilities, Current [Member] | |||||
Finance lease liabilities, current | 640 | 640 | |||
Property and Equipment, Net [Member] | |||||
Finance lease | [1] | 1,327 | 1,327 | ||
Operating Lease Liabilities, Net of Current Portion [Member] | |||||
Operating lease liabilities , non-current | 7,888 | 7,888 | |||
Other Current Liabilities [Member] | |||||
Finance lease liabilities, non-current | $ 782 | $ 782 | |||
[1] | Finance leases assets included in Property and equipment, net. |
Note 12 - Leases - Maturities o
Note 12 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2019 | $ 1,416 |
2020 | 2,868 |
2021 | 2,613 |
2022 | 2,607 |
2023 and thereafter | 352 |
Total lease payments | 9,856 |
Less: imputed interest | 692 |
Present value of lease liabilities | $ 9,164 |
Note 12 - Leases - Maturities_2
Note 12 - Leases - Maturities of Finance Liabilities (Details) $ in Thousands | Jun. 30, 2019USD ($) |
Remainder of 2019 | $ 456 |
2020 | 499 |
2021 | 379 |
2022 | 234 |
Total lease payments | 1,568 |
Less: imputed interest | 146 |
Present value of lease liabilities | $ 1,422 |
Note 12 - Leases - Minimum Leas
Note 12 - Leases - Minimum Lease and Other Leased Assets Under Long-term Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 3,011 |
2020 | 2,939 |
2021 | 2,564 |
2022 | 2,495 |
2023 and thereafter | 214 |
Future minimum rental payments | $ 11,223 |
Note 12 - Leases - Minimum Le_2
Note 12 - Leases - Minimum Lease Payments for Leased Vehicles Under Long-term Non-cancellable Capital Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 576 |
2020 | 287 |
2021 | 152 |
Future minimum lease payments | $ 1,015 |
Note 12 - Leases - Lease Inform
Note 12 - Leases - Lease Information (Details) | Jun. 30, 2019 |
Operating leases (Year) | 3 years 182 days |
Finance leases (Year) | 3 years |
Operating leases | 4.40% |
Finance leases | 5.60% |
Note 13 - Contingencies (Detail
Note 13 - Contingencies (Details Textual) - USD ($) | Jun. 30, 2019 | Dec. 31, 2018 |
Estimated Litigation Liability | $ 0 | $ 171,000 |
Note 14 - Debt (Details Textual
Note 14 - Debt (Details Textual) $ in Thousands | Mar. 11, 2019USD ($) | Jun. 30, 2019USD ($) | Nov. 02, 2018USD ($) | May 30, 2018USD ($) |
Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||
Revised Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||
Line of Credit Facility, Additional Requestable Maximum Borrowing Capacity | $ 10,000 | |||
Debt Instrument, Debt Covenant, Minimum Unrestricted Cash Balance | $ 15,000 | |||
Revolving Credit Facility [Member] | ||||
Debt Instrument, Minimum Adjusted EBITDA | $ 10,000 | |||
Leverage Ratio, Maximum | 2.5 | |||
Long-term Line of Credit, Total | $ 0 |
Note 15 - Segment Reporting (De
Note 15 - Segment Reporting (Details Textual) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2019 | Dec. 31, 2018 | |
Number of Operating Segments | 1 | 1 |
Note 15 - Segment Reporting - R
Note 15 - Segment Reporting - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2019 | Jun. 30, 2018 | Jun. 30, 2019 | Jun. 30, 2018 | |
Revenue | $ 47,774 | $ 42,553 | $ 83,800 | $ 76,678 |
Products Excluding Consumables and Skincare [Member] | ||||
Revenue | 37,539 | 35,291 | 64,748 | 62,530 |
Hand Piece Refills [Member] | ||||
Revenue | 2,654 | 1,057 | 4,599 | 1,826 |
Skincare [Member] | ||||
Revenue | 1,775 | 1,302 | 3,383 | 2,558 |
Product [Member] | ||||
Revenue | 41,968 | 37,650 | 72,730 | 66,914 |
Service [Member] | ||||
Revenue | 5,806 | 4,903 | 11,070 | 9,764 |
UNITED STATES | ||||
Revenue | 28,147 | 28,132 | 48,547 | 49,268 |
JAPAN | ||||
Revenue | 5,337 | 3,946 | 10,631 | 7,501 |
Asia, Excluding Japan [Member] | ||||
Revenue | 4,547 | 4,231 | 7,642 | 7,074 |
Europe [Member] | ||||
Revenue | 2,504 | 1,803 | 5,240 | 4,373 |
Rest of World [Member] | ||||
Revenue | $ 7,239 | $ 4,441 | $ 11,740 | $ 8,462 |
Note 16 - Subsequent Events (De
Note 16 - Subsequent Events (Details Textual) - USD ($) | Jul. 08, 2019 | Jul. 07, 2019 | Jun. 30, 2019 | Jun. 30, 2019 |
Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 21,324 | 267,106 | ||
Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 307,355 | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | ||||
Annual Base Salary | $ 650,000 | |||
Target Bonus, Percent of Base Salary | 80.00% | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,897 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Subsequent Event [Member] | Chief Executive Officer [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% | |||
Subsequent Event [Member] | Chief Executive Officer [Member] | Performance Shares [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,897 | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||
Subsequent Event [Member] | President [Member] | ||||
Annual Base Salary | $ 575,000 | $ 505,000 | ||
Subsequent Event [Member] | President [Member] | Restricted Stock Units (RSUs) [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,159 | |||
Subsequent Event [Member] | President [Member] | RSU Vesting in Four Installments [Member] | Share-based Payment Arrangement, Tranche One [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Subsequent Event [Member] | President [Member] | RSU Vesting in Four Installments [Member] | Share-based Payment Arrangement, Tranche Two [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Subsequent Event [Member] | President [Member] | RSU Vesting in Four Installments [Member] | Share-based Payment Arrangement, Tranche Three [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Subsequent Event [Member] | President [Member] | RSU Vesting in Four Installments [Member] | Share-based Payment Arrangement, Tranche Four [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||
Subsequent Event [Member] | President [Member] | RSU Vesting in January 2020 [Member] | Share-based Payment Arrangement, Tranche Five [Member] | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 27,159 |