Document and Entity Information
Document and Entity Information - shares | 9 Months Ended | |
Sep. 30, 2016 | Nov. 07, 2016 | |
Document Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Sep. 30, 2016 | |
Document Fiscal Year Focus | 2,016 | |
Document Fiscal Period Focus | Q3 | |
Trading Symbol | INVE | |
Entity Registrant Name | Identiv, Inc. | |
Entity Central Index Key | 1,036,044 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Smaller Reporting Company | |
Entity Common Stock, Shares Outstanding | 11,086,151 |
CONDENSED CONSOLIDATED BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Current assets: | ||
Cash | $ 9,183 | $ 16,667 |
Accounts receivable, net of allowances of $299 and $346 as of September 30, 2016 and December 31, 2015, respectively | 9,159 | 7,915 |
Inventories | 12,140 | 14,726 |
Prepaid expenses and other current assets | 3,399 | 1,518 |
Total current assets | 33,881 | 40,826 |
Property and equipment, net | 2,672 | 4,218 |
Intangible assets, net | 6,183 | 7,275 |
Other assets | 851 | 1,129 |
Total assets | 43,587 | 53,448 |
Current liabilities: | ||
Accounts payable | 6,369 | 6,280 |
Current portion - payment obligation | 760 | 681 |
Current portion - financial liabilities, net of discount of $375 and $0, respectively | 9,625 | |
Deferred revenue | 1,145 | 1,515 |
Accrued compensation and related benefits | 1,667 | 1,905 |
Other accrued expenses and liabilities | 6,876 | 5,835 |
Total current liabilities | 26,442 | 16,216 |
Long-term payment obligation | 4,209 | 4,878 |
Long-term financial liabilities, net of discount of $0 and $196, and debt issuance costs of $11 and $448, respectively (see Note 7) | 8,289 | 17,656 |
Other long-term liabilities | 549 | 508 |
Total liabilities | 39,489 | 39,258 |
Commitments and contingencies (see Note 11) | ||
Identiv, Inc. stockholders' equity: | ||
Preferred stock, $0.001 par value: 10,000 shares authorized; none issued and outstanding | ||
Common stock, $0.001 par value: 50,000 shares authorized; 11,788 and 11,365 shares issued and 11,078 and 10,747 shares outstanding as of September 30, 2016 and December 31, 2015, respectively | 11 | 11 |
Additional paid-in capital | 399,415 | 396,407 |
Treasury stock, 710 and 618 shares as of September 30, 2016 and December 31, 2015, respectively | (6,667) | (6,487) |
Accumulated deficit | (390,445) | (377,814) |
Accumulated other comprehensive income | 1,963 | 2,229 |
Total Identiv, Inc. stockholders' equity | 4,277 | 14,346 |
Noncontrolling interest | (179) | (156) |
Total stockholders´ equity | 4,098 | 14,190 |
Total liabilities and stockholders´equity | $ 43,587 | $ 53,448 |
CONDENSED CONSOLIDATED BALANCE3
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (Unaudited) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Statement Of Financial Position [Abstract] | ||
Accounts receivable, allowances | $ 299 | $ 346 |
Debt instrument unamortized discount, current | 375 | 0 |
Debt instrument unamortized discount , non-current | 0 | 196 |
Unamortized debt issuance expense | $ 11 | $ 448 |
Preferred stock, par value | $ 0.001 | $ 0.001 |
Preferred stock, shares authorized | 10,000,000 | 10,000,000 |
Preferred stock, issued | 0 | 0 |
Preferred stock, outstanding | 0 | 0 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 50,000,000 | 50,000,000 |
Common stock, shares issued | 11,788,000 | 11,365,000 |
Common stock, shares outstanding | 11,078,000 | 10,747,000 |
Treasury stock, shares | 710,000 | 618,000 |
CONDENSED CONSOLIDATED STATEMEN
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Income Statement [Abstract] | ||||
Net revenue | $ 15,560 | $ 17,196 | $ 41,521 | $ 47,717 |
Cost of revenue | 8,640 | 9,675 | 24,038 | 27,466 |
Gross profit | 6,920 | 7,521 | 17,483 | 20,251 |
Operating expenses: | ||||
Research and development | 1,480 | 2,235 | 4,997 | 6,567 |
Selling and marketing | 3,312 | 5,236 | 10,807 | 15,698 |
General and administrative | 2,115 | 6,456 | 9,674 | 15,057 |
Impairment of goodwill | 988 | |||
Restructuring and severance | 160 | 215 | 3,100 | 408 |
Total operating expenses | 7,067 | 14,142 | 28,578 | 38,718 |
Loss from operations | (147) | (6,621) | (11,095) | (18,467) |
Non-operating income (expense): | ||||
Interest expense, net | (525) | (478) | (1,814) | (1,367) |
Foreign currency gain (loss), net | 35 | (10) | 309 | (186) |
Loss before income taxes and noncontrolling interest | (637) | (7,109) | (12,600) | (20,020) |
Income tax benefit (provision) | (105) | (59) | (35) | (141) |
Loss before noncontrolling interest | (742) | (7,168) | (12,635) | (20,161) |
Less: Loss (income) attributable to noncontrolling interest | (1) | 6 | 4 | 72 |
Net loss attributable to Identiv, Inc. | $ (743) | $ (7,162) | $ (12,631) | $ (20,089) |
Basic and diluted net loss per share attributable to Identiv, Inc. | $ (0.07) | $ (0.66) | $ (1.16) | $ (1.85) |
Weighted average shares used to compute basic and diluted loss per share | 11,024 | 10,895 | 10,855 | 10,834 |
CONDENSED CONSOLIDATED STATEME5
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Statement Of Income And Comprehensive Income [Abstract] | ||||
Net loss | $ (742) | $ (7,168) | $ (12,635) | $ (20,161) |
Other comprehensive loss, net of income taxes: | ||||
Foreign currency translation adjustment | (64) | 30 | (285) | (112) |
Foreign currency translation reclassified into net loss upon acquisition of noncontrolling interest | (444) | |||
Total other comprehensive (loss) income, net of income taxes | (64) | 30 | (285) | (556) |
Comprehensive loss | (806) | (7,138) | (12,920) | (20,717) |
Less: Comprehensive income attributable to noncontrolling interest | 11 | 6 | 23 | 78 |
Comprehensive loss attributable to Identiv, Inc. common stockholders | $ (795) | $ (7,132) | $ (12,897) | $ (20,639) |
CONDENSED CONSOLIDATED STATEME6
CONDENSED CONSOLIDATED STATEMENT OF EQUITY (Unaudited) - 9 months ended Sep. 30, 2016 - USD ($) shares in Thousands, $ in Thousands | Total | Common Stock | Additional Paid-in Capital | Treasury Stock | Accumulated Deficit | Accumulated Other Comprehensive Income | Noncontrolling Interest |
Beginning Balances at Dec. 31, 2015 | $ 14,190 | $ 11 | $ 396,407 | $ (6,487) | $ (377,814) | $ 2,229 | $ (156) |
Beginning Balances (in shares) at Dec. 31, 2015 | 10,747 | 10,747 | |||||
Net loss | $ (12,635) | (12,631) | (4) | ||||
Other comprehensive loss | (285) | (266) | (19) | ||||
Issuance of warrants | 376 | 376 | |||||
Issuance of common stock in connection with vesting of stock awards (in shares) | 423 | ||||||
Stock-based compensation | 2,632 | 2,632 | |||||
Repurchase of common stock | (180) | (180) | |||||
Repurchase of common stock (in shares) | (92) | ||||||
Ending Balances at Sep. 30, 2016 | $ 4,098 | $ 11 | $ 399,415 | $ (6,667) | $ (390,445) | $ 1,963 | $ (179) |
Ending Balances (in shares) at Sep. 30, 2016 | 11,078 | 11,078 |
CONDENSED CONSOLIDATED STATEME7
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Sep. 30, 2015 | |
Cash flows from operating activities: | ||
Net loss | $ (12,635) | $ (20,161) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Depreciation and amortization | 2,492 | 2,203 |
Impairment of goodwill and long-lived assets | 988 | |
Accretion of interest on long-term payment obligation | 335 | 398 |
Amortization of debt issuance costs | 633 | 698 |
Stock-based compensation expense | 2,245 | 3,700 |
Loss on disposal of fixed assets | 329 | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,166) | 2,961 |
Inventories | 2,741 | (6,159) |
Prepaid expenses and other assets | (182) | (599) |
Accounts payable | 154 | (2,739) |
Payment obligation liability | (925) | (856) |
Deferred revenue | (370) | 916 |
Accrued expenses and other liabilities | 155 | 1,792 |
Net cash used in operating activities | (6,194) | (16,858) |
Cash flows from investing activities: | ||
Capital expenditures | (425) | (553) |
Net cash used in investing activities | (425) | (553) |
Cash flows from financing activities: | ||
Proceeds from issuance of debt, net of issuance costs | 4,000 | |
Proceeds from issuance of common stock under stock plans | 46 | |
Repurchase of common stock | (180) | (1,915) |
Net cash (used in) provided by financing activities | (180) | 2,131 |
Effect of exchange rates on cash | (685) | 149 |
Net decrease in cash | (7,484) | (15,131) |
Cash at beginning of period | 16,667 | 36,547 |
Cash at end of period | 9,183 | 21,416 |
Non-cash investing and financing activities: | ||
Warrants issued as debt issuance costs in connection with debt modification | 376 | |
Common stock issued to settle earn-out obligation | 3,510 | |
Common stock issued to acquire share of noncontrolling interest | 1,216 | |
Property and equipment included in accruals | 83 | $ 51 |
Restricted Stock Units (RSUs) | ||
Non-cash investing and financing activities: | ||
Restricted stock units issued to Board of Directors in lieu of cash | $ 387 |
Organization and Summary of Sig
Organization and Summary of Significant Accounting Policies | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Organization and Summary of Significant Accounting Policies | 1. Organization and Summary of Significant Accounting Policies The accompanying unaudited condensed consolidated financial statements of Identiv, Inc. (“Identiv” or the “Company”) have been prepared in accordance with accounting principles generally accepted in the United States of America (“U.S. GAAP”) for interim financial information and the rules and regulations of the U.S. Securities and Exchange Commission (“SEC”). Accordingly, they do not include all of the information and footnotes required by U.S. GAAP for complete financial statements. In the opinion of management, all adjustments, including normal recurring adjustments, considered necessary for a fair presentation of the Company’s unaudited condensed consolidated financial statements have been included. The results of operations for the nine months ended September 30, 2016 are not necessarily indicative of the results that may be expected for the year ending December 31, 2016 or any future period. The information included in this Quarterly Report on Form 10-Q should be read in conjunction with “Management’s Discussion and Analysis of Financial Condition and Results of Operations,” “Risk Factors,” “Quantitative and Qualitative Disclosures About Market Risk,” and the audited Consolidated Financial Statements and footnotes thereto included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2015. The preparation of unaudited condensed consolidated financial statements necessarily requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the condensed consolidated balance sheet dates and the reported amounts of revenues and expenses for the periods presented. The Company may experience significant variations in demand for its products quarter to quarter and typically experiences a stronger demand cycle in the second half of its fiscal year. As a result, the quarterly results may not be indicative of the full year results. The December 31, 2015 balance sheet was derived from the audited financial statements as of that date. Certain reclassifications, such as the accounting for debt issuance costs consistent with Accounting Standards Update (“ASU”) Simplifying the Presentation of Debt Issuance Costs have been made to the fiscal year 2015 financial statements to conform to the fiscal year 2016 presentation. Concentration of Credit Risk — No customer represented more than 10% of net revenue for the three months ended September 30, 2016, and one customer accounted for 10% of net revenue for the nine months ended September 30, 2016. One customer represented 19% of net revenue for the three months ended September 30, 2015, and one customer represented 18% of net revenue for the nine months ended September 30, 2015. No customer represented more than 10% of the Company’s accounts receivable balance at September 30, 2016 or December 31, 2015. Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation , which provides In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which In April 2015, the FASB issued 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company adopted this guidance as of January 1, 2016. The new guidance has been applied on a retrospective basis, wherein the consolidated balance sheet of December 31, 2015 has been retrospectively adjusted to reflect the effects of applying the new guidance. As a result of the change to the December 31, 2015 consolidated balance sheet, deferred debt issuance costs included in other assets and long-term financial liabilities decreased by $0.4 million. After the retrospective application to December 31, 2015, subsequent amortization of the deferred debt issuance costs results in an increase to long-term debt. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern . In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606) (“ASU 2015-14”), which defers the effective date of ASU 2014-09 by one year to annual periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new guidance is effective for the Company beginning January 1, 2018 and will provide the Company additional time to evaluate the method and impact that ASU 2014-09 will have on its condensed consolidated financial statements |
Fair Value Measurements
Fair Value Measurements | 9 Months Ended |
Sep. 30, 2016 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurements | 2. Fair Value Measurements The Company determines the fair values of its financial instruments based on a fair value hierarchy, which requires an entity to maximize the use of observable inputs and minimize the use of unobservable inputs when measuring fair value. The classification of a financial asset or liability within the hierarchy is based upon the lowest level input that is significant to the fair value measurement. Under the Accounting Standards Codification (“ASC”), ASC 820, Fair Value Measurement and Disclosures • Level 1 – Quoted prices (unadjusted) for identical assets and liabilities in active markets; • Level 2 – Inputs other than quoted prices in active markets for identical assets and liabilities that are observable either directly or indirectly; and • Level 3 – Unobservable inputs. Assets and Liabilities Measured at Fair Value on a Recurring Basis As of September 30, 2016 and December 31, 2015, there were no assets that are measured and recognized at fair value on a recurring basis. There were no cash equivalents as of September 30, 2016 and December 31, 2015. Assets and Liabilities Measured at Fair Value on a Non-recurring Basis Certain of the Company's assets, including intangible assets, and privately-held investments, are measured at fair value on a nonrecurring basis if impairment is indicated. Purchased intangible assets are measured at fair value primarily using discounted cash flow projections. During the three and nine months ended September 30, 2016, the Company noted no indicators of impairment. During the three and nine months ended September 30, 2015, the Company noted certain indicators of impairment, including a sustained decline in its stock price and continued reduced performance in its Identity reporting unit. Based on the results of step one of the goodwill impairment analysis, it was determined that the Company’s net adjusted carrying value exceeded its estimated fair value for the Identity reporting unit. As a result, goodwill relating to the Identity segment was determined to be fully impaired resulting in an impairment charge of $1.0 million which was recorded in the condensed consolidated statements of operations for the period. For additional discussion of measurement criteria used in evaluating potential impairment involving intangible assets, refer to Note 5, Intangible Assets Privately-held investments, which are normally carried at cost, are measured at fair value due to events and circumstances that the Company identified as significantly impacting the fair value of investments. The Company estimates the fair value of its privately-held investments using an analysis of the financial condition and near-term prospects of the investee, including recent financing activities and the investee's capital structure. As of September 30, 2016 and December 31, 2015, the Company had $0.3 million of privately-held investments measured at fair value on a nonrecurring basis which were classified as a Level 3 asset due to the absence of quoted market prices and inherent lack of liquidity. The Company reviews its investments to identify and evaluate investments that have an indication of possible impairment. The Company adjusts the carrying value for its privately-held investments for any impairment if the fair value is less than the carrying value of the respective assets on an other-than-temporary basis. During the three and nine months ended September 30, 2016 , the Company determined that no privately-held investments were impaired. The amount of privately-held investments is included in other assets in the condensed consolidated balance sheets. As of September 30, 2016 Assets and Liabilities Not Measured at Fair Value The carrying amounts of the Company's accounts receivable, prepaid expenses and other current assets, accounts payable, financial liabilities and other accrued liabilities approximate fair value due to their short maturities. |
Stockholders' Equity
Stockholders' Equity | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Stockholders' Equity | 3. Stockholders’ Equity Common Stock Warrants In connection with the Company’s entry into a consulting agreement in August 2014, the Company issued a consultant a warrant to purchase up to 85,000 shares of the Company’s common stock at a per share exercise price of $10.70 (the “Consultant Warrant”). One fourth of the shares under the warrant are exercisable for cash three months from the date the Consultant Warrant was issued and quarterly thereafter. The Consultant Warrant expires on August 13, 2019. In the event of an acquisition of the Company, the Consultant Warrant shall terminate and no longer be exercisable as of the closing of the acquisition. As of September 30, 2016, the Consultant Warrant had not been exercised. In connection with the Company’s entry into a credit agreement with Opus Bank (“Opus”) as discussed in Note 7, Financial Liabilities On March 31, 2016, the Company entered into a third amendment to its Credit Agreement increasing the number of shares of common stock underlying the warrant from 100,000 to 200,000 shares and decreased the exercise price from $9.90 to $2.19 per share subject to modification. The Company also agreed to issue new warrants to purchase 100,000 shares of common stock in the event that the outstanding principal balance of the Company’s loans with Opus exceeds specified thresholds on each of September 30, 2016, December 31, 2016 and March 31, 2017. The terms of any new warrants issued will be identical to those of the existing warrant, except that each new warrant issued will be exercisable for 100,000 shares and have an exercise price equal to the average closing price of the Company’s common stock for the five trading days ending on the last day of the quarter with respect to which the new warrant is issued. In addition, the existing registration rights agreement was amended to include the new warrants and change the circumstances under which the Company must register shares underlying the warrants issued to Opus (the “Amended Rights Agreement”). On September 30, 2016, the Company’s outstanding principal threshold, as required in its Credit Agreement, as amended, was not attained. As a result, the Company issued a new warrant (“New Opus Warrant”) to purchase 100,000 shares of common stock at a per share exercise price of $2.22 per share to Opus. The New Opus Warrant is immediately exercisable for cash or by net exercise and expires on September 30, 2021. On August 14, 2013, in a private placement, the Company issued 834,847 shares of its common stock at a price of $8.50 per share and warrants to purchase an additional 834,847 shares of its common stock at an exercise price of $10.00 per share (the “2013 Private Placement Warrants”) to accredited and other qualified investors (the “Investors”). The 2013 Private Placement Warrants have a term of four years and are exercisable beginning six months following the date of issuance. The number of shares issuable upon exercise of the 2013 Private Placement Warrants is subject to adjustment for any stock dividends, stock splits or distributions by the Company, or upon any merger or consolidation or sale of assets of the Company, tender or exchange offer for the Company’s common stock, or a reclassification of the Company’s common stock. Below is the summary of outstanding warrants issued by the Company as of September 30, 2016: Warrant Type Number of Shares Issuable Upon Exercise Weighted Average Exercise Price Issue Date Expiration Date Consultant Warrant 85,000 $ 10.70 August 13, 2014 August 13, 2019 Opus Warrant 200,000 2.19 March 31, 2014 March 31, 2019 New Opus Warrant 100,000 2.22 September 30, 2016 September 30, 2021 2013 Private Placement Warrants 186,878 10.00 August 14, 2013 August 14, 2017 Total 571,878 Stock-Based Compensation Plans The Company has various stock-based compensation plans to attract, motivate, retain and reward employees, directors and consultants by providing its Board or a committee of the Board the discretion to award equity incentives to these persons. The Company’s stock-based compensation plans consist of the Director Option Plan, 1997 Stock Option Plan, 2000 Stock Option Plan, 2007 Stock Option Plan (the “2007 Plan”), the 2010 Bonus and Incentive Plan (the “2010 Plan”) and the 2011 Incentive Compensation Plan (the “2011 Plan”), as amended. Stock Bonus and Incentive Plans In June 2010, the Company’s stockholders approved the 2010 Plan which granted cash and equity-based awards to executive officers, directors and other key employees as designated by the Compensation Committee of the Board. An aggregate of 300,000 shares of the Company’s common stock was reserved for issuance under the 2010 Plan as equity-based awards, including shares, nonqualified stock options, restricted stock or deferred stock awards. These awards provide the Company´s executives, directors and other key employees the opportunity to earn shares of common stock depending on the extent to which certain performance goals are met. Since the adoption of the 2011 Plan (described below), the Company utilizes shares from the 2010 Plan only for performance-based awards and all equity awards granted under the 2010 Plan are issued pursuant to the 2011 Plan. On June 6, 2011, the Company’s stockholders approved the 2011 Plan, which is administered by the Compensation Committee of the Board. The 2011 Plan provides that stock options, stock units, restricted shares, and stock appreciation rights may be granted to executive officers, directors, consultants, and other key employees. The Company reserved 400,000 shares of common stock under the 2011 Plan, plus 459,956 shares of common stock that remained available for delivery under the 2007 Plan and the 2010 Plan as of June 6, 2011. In aggregate, as of June 6, 2011, 859,956 shares were available for future grants under the 2011 Plan, including shares rolled over from the 2007 Plan and 2010 Plan. Subsequent to June 6, 2011, the number of shares of common stock authorized for issuance under the 2011 Plan has been increased by an aggregate of 3.0 million shares. Stock Option Plans A summary of activity for the Company’s stock option plans for the nine months ended September 30, 2016 follows: Number Outstanding Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Average Intrinsic Value Balance at December 31, 2015 781,804 $ 11.48 $ — Granted 444,460 4.36 Cancelled or Expired (299,929 ) 12.81 Exercised — — Balance at September 30, 2016 926,335 $ 7.40 8.15 $ — Vested or expected to vest at September 30, 2016 887,433 $ 7.49 8.10 $ — Exercisable at September 30, 2016 458,897 $ 9.12 7.21 $ — The following table summarizes information about options outstanding as of September 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.36 - $7.20 540,363 9.15 $ 4.58 183,894 $ 4.90 $7.50 - $11.30 320,768 7.07 9.59 210,142 9.44 $12.00 - $19.70 40,009 6.46 13.56 39,666 13.55 $21.70 - $33.90 17,411 4.19 25.14 17,411 25.14 $34.40 - $43.40 7,784 0.40 41.33 7,784 41.33 $4.36 - $43.40 926,335 8.15 $ 7.40 458,897 $ 9.12 At September 30, 2016, there was $1.7 million of unrecognized stock-based compensation expense, net of estimated forfeitures related to unvested options, that is expected to be recognized over a weighted-average period of 2.28 years. Restricted Stock and Restricted Stock Units The following is a summary of restricted stock and restricted stock unit (“RSU”) activity for the nine months ended September 30, 2016: Number Outstanding Weighted Fair Value Average Intrinsic Value Balance at December 31, 2015 721,918 $ 13.32 $ — Granted 1,756,732 2.06 Vested (603,869 ) 7.29 Forfeited (243,515 ) 15.14 Balance at September 30, 2016 1,631,266 $ 2.97 $ - The fair value of the Company’s restricted stock awards and RSUs is calculated based upon the fair market value of the Company’s stock at the date of grant. As of September 30, 2016, there was $2.1 million of unrecognized compensation cost related to unvested RSUs granted, which is expected to be recognized over a weighted average period of 2.89 years. As of September 30, 2016, an aggregate of 1,631,266 RSUs were outstanding under the 2011 Plan. Stock-Based Compensation Expense The following table illustrates all employee stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 26 $ 34 $ 72 $ 98 Research and development 69 73 205 212 Selling and marketing 148 363 433 911 General and administrative 620 659 1,535 2,316 Total $ 863 $ 1,129 $ 2,245 $ 3,537 Common Stock Reserved for Future Issuance Common stock reserved for future issuance as of September 30, 2016 was as follows: Exercise of outstanding stock options and vesting of RSUs 2,557,601 ESPP 293,888 Shares of common stock available for grant under the 2011 Plan 697,984 Noncontrolling interest in Bluehill AG 10,355 Warrants to purchase common stock 571,878 Total 4,131,706 Net Loss per Common Share Attributable to Identiv Stockholders’ Equity Basic and diluted net loss per share is based upon the weighted average number of common shares outstanding during the period. For the three and nine months ended September 30, 2016 and 2015, common stock equivalents consisting of outstanding stock options, RSUs and warrants were excluded from the calculation of diluted net loss per share because these securities were anti-dilutive due to the net loss in the respective periods. The total number of common stock equivalents excluded from diluted net loss per share relating to these securities was 3,129,479 common stock equivalents for the three and nine months ended September 30, 2016, and 2,323,430 common stock equivalents for the three and nine months ended September 30, 2015, respectively. Accumulated Other Comprehensive Income Accumulated other comprehensive income (“AOCI”) |
Balance Sheet Components
Balance Sheet Components | 9 Months Ended |
Sep. 30, 2016 | |
Statement Of Financial Position [Abstract] | |
Balance Sheet Components | 4. Balance Sheet Components The Company’s inventories are stated at the lower of cost or market. Inventories consist of (in thousands): September 30, December 31, 2016 2015 Raw materials $ 3,654 $ 5,033 Work-in-progress 764 12 Finished goods 7,722 9,681 Total $ 12,140 $ 14,726 Property and equipment, net consists of (in thousands): September 30, December 31, 2016 2015 Building and leasehold improvements $ 2,252 $ 2,670 Furniture, fixtures and office equipment 2,290 2,242 Plant and machinery 8,901 8,858 Purchased software 1,941 2,510 Total 15,384 16,280 Accumulated depreciation (12,712 ) (12,062 ) Property and equipment, net $ 2,672 $ 4,218 The Company recorded depreciation expense of $0.5 million and $0.4 million during the three months ended September 30, 2016 and 2015, respectively, and $1.4 million and $1.2 million during the nine months ended September 30, 2016 and 2015, respectively. Other accrued expenses and liabilities consist of (in thousands): September 30, December 31, 2016 2015 Accrued restructuring $ 487 $ 633 Accrued professional fees 4,138 1,731 Income taxes payable 187 282 Other accrued expenses 2,064 3,189 Total $ 6,876 $ 5,835 |
Intangible Assets
Intangible Assets | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Intangible Assets | 5. Intangible Assets Intangible Assets The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Existing Customer Technology Relationship Total Amortization period (in years) 11.75 4.0 – 11.75 Gross carrying amount at December 31, 2015 $ 4,600 $ 10,639 $ 15,239 Accumulated amortization (2,361 ) (5,603 ) (7,964 ) Intangible Assets, net at December 31, 2015 $ 2,239 $ 5,036 $ 7,275 Gross carrying amount at September 30, 2016 $ 4,600 $ 10,639 $ 15,239 Accumulated amortization (2,697 ) (6,359 ) (9,056 ) Intangible Assets, net at September 30, 2016 $ 1,903 $ 4,280 $ 6,183 Each period, the Company evaluates the estimated remaining useful lives of purchased intangible assets and whether events or changes in circumstances warrant a revision to the remaining period of amortization. If a revision to the remaining period of amortization is warranted, amortization is prospectively adjusted over the remaining useful life of the intangible asset. Intangible assets subject to amortization are amortized over their useful lives as shown in the table above. The Company evaluates its amortizable intangible assets for impairment at the end of each reporting period. The Company did not identify any impairment indicators during the three and nine months ended September 30, 2016. During the second quarter of 2015, the Company noted certain indicators of impairment, including a sustained decline in its stock price and continued reduced performance in its Identity reporting unit. Based on the results of step one of the goodwill impairment analysis, it was determined that the Company’s net adjusted carrying value exceeded its estimated fair value for the Identity reporting unit. As a result, the Company concluded that the carrying value of goodwill for the Identity reporting unit was fully impaired and recorded an impairment charge of approximately $ million in its condensed consolidated statements of operations during the second quarter of 2015. The following table illustrates the amortization expense included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 112 $ 112 $ 336 $ 336 Selling and marketing 252 252 756 756 Total $ 364 $ 364 $ 1,092 $ 1,092 The estimated annual future amortization expense for purchased intangible assets with definite lives over the next five years is as follows (in thousands): 2016 (remaining three months) $ 363 2017 1,455 2018 1,455 2019 1,455 2020 1,455 Total $ 6,183 |
Long-Term Payment Obligation
Long-Term Payment Obligation | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Long-Term Payment Obligation | 6. Long-Term Payment Obligation Hirsch Acquisition – Secure Keyboards and Secure Networks . Prior to the 2009 acquisition of Hirsch Electronics Corporation (“Hirsch”) by the Company, effective November 1994, Hirsch had entered into a settlement agreement (the “1994 Settlement Agreement”) with two limited partnerships, Secure Keyboards, Ltd. (“Secure Keyboards”) and Secure Networks, Ltd. (“Secure Networks”). At the time, Secure Keyboards and Secure Networks were related to Hirsch through certain common shareholders and limited partners, including Hirsch’s then President Lawrence Midland, who resigned as President of the Company effective July 31, 2014. Immediately following the acquisition, Mr. Midland owned 30% of Secure Keyboards and 9% of Secure Networks. Secure Networks was dissolved in 2012 and Mr. Midland owned 24.5% of Secure Keyboards upon his resignation from the Company effective July 31, 2014. On April 8, 2009, Secure Keyboards, Secure Networks and Hirsch amended and restated the 1994 Settlement Agreement to replace the royalty-based payment arrangement under the 1994 Settlement Agreement with a new, definitive installment payment schedule with contractual payments to be made in future periods through 2020 (the “2009 Settlement Agreement”). The Company was not an original party to the 2009 Settlement Agreement as the acquisition of Hirsch occurred subsequent to the 2009 Settlement Agreement being entered into. The Company has, however, provided Secure Keyboards and Secure Networks with a limited guarantee of Hirsch’s payment obligations under the 2009 Settlement Agreement (the “Guarantee”). The 2009 Settlement Agreement and the Guarantee became effective upon the acquisition of Hirsch on April 30, 2009. The Company’s annual payment to Secure Keyboards and Secure Networks in any given year under the 2009 Settlement Agreement is subject to an increase based on the percentage increase in the Consumer Price Index during the previous calendar year. The final payment to Secure Networks was made on January 30, 2012. The Company’s payment obligations under the 2009 Settlement Agreement to Secure Keyboards will continue through the calendar year ending December 31, 2020, with the final payment due on January 30, 2021, unless the Company elects at any time to satisfy its obligations by making a lump-sum payment to Secure Keyboards. The Company does not intend to make a lump-sum payment and therefore a portion of the payment obligation amount is classified as a long-term liability in the condensed consolidated balance sheets. The Company included $0.1 million and $0.3 million of interest expense during the three and nine months ended September 30, 2016, respectively, and $0.1 million and $0.4 million of interest expense during the three and nine months ended September 30, 2015, respectively, in its condensed consolidated statements of operations for interest accreted on the long-term payment obligation. The ongoing payment obligation in connection with the Hirsch acquisition as of September 30, 2016 is as follows (in thousands): 2016 (remaining three months) $ 291 2017 1,200 2018 1,248 2019 1,298 2020 1,444 Thereafter 372 Present value discount factor (884 ) Total $ 4,969 |
Financial Liabilities
Financial Liabilities | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Financial Liabilities | 7. Financial Liabilities Financial liabilities consist of (in thousands): September 30, December 31, 2016 2015 Secured term loan $ 10,000 $ 10,000 Bank revolving loan facility 8,300 8,300 Total before discount and debt issuance costs 18,300 18,300 Less: Current portion of financial liabilities (10,000 ) — Less: Long-term portion of unamortized discount and debt issuance costs (11 ) (644 ) Long-term financial liabilities $ 8,289 $ 17,656 Bank Term Loan and Revolving Loan Facility On March 31, 2014, the Company entered into a credit agreement (the “Credit Agreement”) with Opus. The Credit Agreement provides for a term loan in aggregate principal amount of $10.0 million (“Term Loan”) and an additional $10.0 million revolving loan facility (“Revolving Loan Facility”). The obligations of the Company under the Credit Agreement are secured by substantially all assets of the Company. Certain of the Company’s domestic subsidiaries have guaranteed the credit facilities and have granted Opus security interests in substantially all of their respective assets. The Company may voluntarily prepay the Term Loan and outstanding amounts under the Revolving Loan Facility, without prepayment charges, and is required to make prepayments of the Term Loan in certain circumstances or condemnation events using the proceeds of asset sales or insurance. In connection with the Company’s entry into the Credit Agreement, the Company paid Stockholders’ Equity Equity-Based Payments to Non-Employees Interest – Imputation of Interest Simplifying the Presentation of Debt Issuance Costs, On November 10, 2014, the Company entered into an amendment to its Credit Agreement (the “Amended Credit Agreement”) with Opus. Under the Amended Credit Agreement, the Revolving Loan Facility was increased from $10.0 million to $30.0 million and the revolving loan maturity date was extended to November 10, 2017. In addition, the Company is no longer be required to make scheduled monthly installment payments of principal under the Term Loan. Rather, the entire principal balance of the Term Loan will be due on March 31, 2017. Under the terms of the Amended Credit Agreement, both the principal amount of the Term Loan and the principal amount outstanding under the Revolving Loan Facility bear interest at a floating rate equal to: (a) if the Company holds more than $30.0 million in cash with Opus, the greater of (i) the prime rate plus 1.50% and (ii) 4.75%; (b) if the Company holds $30.0 million or less but more than $20.0 million in cash with Opus, the greater of (i) the prime rate plus 2.25% and (ii) 5.50%; or (c) if the Company holds $20.0 million or less in cash with Opus, the greater of (i) the prime rate plus 2.75% and (ii) 6.00%. Interest on both facilities continues to be payable monthly. Additionally, the Amended Credit Agreement (i) modifies certain loan covenants applicable to the Company’s stock repurchase plan, (ii) removes from the loan collateral shares of the Company’s common stock repurchased by the Company and (iii) extends the current tangible net worth covenant by one year. The Company paid customary lender fees and third party fees related to the debt modification. In accordance with ASC 470-50, Debt – Modifications and Extinguishments, The Amended Credit Agreement contains customary representations and warranties and customary affirmative and negative covenants, including, limits or restrictions on the Company’s ability to incur liens, incur indebtedness, make certain restricted payments, merge or consolidate and dispose of assets. The Amended Credit Agreement also provides for customary financial covenants, including a minimum tangible net worth covenant, a maximum senior leverage ratio and a minimum asset coverage ratio. In addition, it contains customary events of default that entitle Opus to cause any or all of the Company’s indebtedness under the Amended Credit Agreement to become immediately due and payable. Events of default, include, among other things, non-payment defaults, covenant defaults, cross-defaults to other material indebtedness, bankruptcy and insolvency defaults and material judgment defaults. Upon the occurrence and during the continuance of an event of default, Opus may terminate its lending commitments and/or declare all or any part of the unpaid principal of all indebtedness, all interest accrued and unpaid thereon and all other amounts payable under the Amended Credit Agreement to be immediately due and payable. The Company has considered the components of the material adverse change clause of the Amended Credit Agreement and determined the likelihood of default under the existing terms is remote. The Term Loan, net of discount and debt issuance costs, outstanding under the Amended Credit Agreement is classified as short-term and the Revolving Loan Facility, net of discount and debt issuance costs, is classified as long-term in the accompanying condensed consolidated balance sheets as of September 30, 2016. On December 4, 2015, the Company entered into an additional amendment (the “Second Amendment”) to its Credit Agreement with Opus. The Second Amendment amended the financial covenants and restricts the Company from permitting its consolidated tangible net worth, plus amounts payable to Secure Keyboards (see Note 6), to be less than $8,000,000 On March 31, 2016, the Company entered into an additional amendment (the “Third Amendment”) to its Credit Agreement with Opus. Under the Third Amendment, the Revolving Loan Facility was reduced from $30.0 million to $10.0 million and certain financial covenants were amended and added, including covenants with respect to tangible net worth, maximum senior leverage ratio, minimum asset coverage ratio, minimum EBITDA, minimum cash of at least $7.5 million, and minimum future outstanding principal balance thresholds. In addition, as discussed in Note 3, Stockholders’ Equity recorded as a direct deduction from the carrying amount of the Term Loan and is being amortized as interest expense over the remaining term of the Credit Agreement, as amended The Company was not in compliance with certain financial covenants under the Credit Agreement, as amended, as of September 30, 2016, which non-compliance was waived by Opus. The following table summarizes the timing of repayment obligations for the Company’s financial liabilities for the next four years under the current terms of the Credit Agreement, as amended, at September 30, 2016 (in thousands): 2017 2018 2019 2020 Total Bank term loan and revolving loan facility $ 18,300 $ — $ — $ — $ 18,300 |
Income Taxes
Income Taxes | 9 Months Ended |
Sep. 30, 2016 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 8. Income Taxes The Company conducts business globally and, as a result, files federal, state and foreign tax returns. The Company strives to resolve open matters with each tax authority at the examination level and could reach agreement with a tax authority at any time. While the Company has accrued for amounts it believes are the probable outcomes, the final outcome with a tax authority may result in a tax liability that is more or less than that reflected in the condensed consolidated financial statements. Furthermore, the Company may later decide to challenge any assessments, if made, and may exercise its right to appeal. The Company has no present intention of remitting undistributed retained earnings of any of its foreign subsidiaries. Accordingly, the Company has not established a deferred tax liability with respect to undistributed earnings of its foreign subsidiaries. The Company applies the provisions of, and accounted for uncertain tax positions in accordance with ASC 740, Income Taxes The Company generally is no longer subject to tax examinations for years prior to 2011. However, if loss carryforwards of tax years prior to 2011 are utilized in the U.S., these tax years may become subject to investigation by the tax authorities. While timing of the resolution and/or finalization of tax audits is uncertain, the Company does not believe that its unrecognized tax benefits would materially change in the next 12 months. |
Segment Reporting and Geographi
Segment Reporting and Geographic Information | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Segment Reporting and Geographic Information | 9. Segment Reporting and Geographic Information ASC 280, Segment Reporting The Company is organized into four reportable operating segments: Physical Access Control Systems (“PACS”), previously referred to as Premises, Identity, Credentials and All Other. The CODM reviews financial information and business performance for each operating segment. The Company evaluates the performance of its operating segments at the revenue and gross profit levels. The CODM does not review operating expenses or asset information by operating segment for purposes of assessing performance or allocating resources. Net revenue and gross profit information by segment for the three and nine months ended September 30, 2016 and 2015 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 PACS: Net revenue $ 7,253 $ 5,976 $ 17,908 $ 15,212 Gross profit 4,334 3,531 10,244 9,130 Gross profit margin 60 % 59 % 57 % 60 % Identity: Net revenue 3,508 3,109 8,923 8,970 Gross profit 1,359 1,526 3,324 3,988 Gross profit margin 39 % 49 % 37 % 44 % Credentials: Net revenue 4,799 7,788 14,110 22,324 Gross profit 1,227 2,255 3,654 6,357 Gross profit margin 26 % 29 % 26 % 28 % All Other: Net revenue - 323 580 1,211 Gross profit - 209 261 776 Gross profit margin 0 % 65 % 45 % 64 % Total: Net revenue 15,560 17,196 41,521 47,717 Gross profit 6,920 7,521 17,483 20,251 Gross profit margin 44 % 44 % 42 % 42 % Operating expenses: Research and development 1,480 2,235 4,997 6,567 Selling and marketing 3,312 5,236 10,807 15,698 General and administrative 2,115 6,456 9,674 15,057 Impairment of goodwill — — — 988 Restructuring and severance 160 215 3,100 408 Total operating expenses: 7,067 14,142 28,578 38,718 Loss from operations (147 ) (6,621 ) (11,095 ) (18,467 ) Non-operating income (expense): Interest expense, net (525 ) (478 ) (1,814 ) (1,367 ) Foreign currency gain (loss), net 35 (10 ) 309 (186 ) Loss before income taxes and noncontrolling interest $ (637 ) $ (7,109 ) $ (12,600 ) $ (20,020 ) Geographic net revenue is based on customer’s ship-to location. Information regarding net revenue by geographic region for the three and six months ended September 30, 2016 and 2015 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Americas $ 9,924 $ 12,473 $ 27,343 $ 32,423 Europe and the Middle East 2,834 2,294 6,654 7,386 Asia-Pacific 2,802 2,429 7,524 7,908 Total $ 15,560 $ 17,196 $ 41,521 $ 47,717 Revenues: Americas 64 % 73 % 66 % 68 % Europe and the Middle East 18 % 13 % 16 % 15 % Asia-Pacific 18 % 14 % 18 % 17 % Total 100 % 100 % 100 % 100 % Long-lived assets by geographic location as of September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, December 31, 2016 2015 Property and equipment, net: Americas $ 1,152 $ 2,096 Europe and the Middle East 205 295 Asia-Pacific 1,315 1,827 Total property and equipment, net $ 2,672 $ 4,218 |
Restructuring and Severance
Restructuring and Severance | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Severance | 10. Restructuring and Severance During the nine months ended September 30, 2015, severance costs were incurred for certain employees terminated as part of management’s continuing efforts to simplify business operations. As a result, the Company recorded $0.4 million in restructuring and severance costs and other closure related costs and an additional $0.1 million in severance costs recorded in general and administrative expenses related to the elimination of certain executive positions in conjunction with the corporate restructuring and cost reduction activities. In the first quarter of 2016, the Company implemented a worldwide restructuring plan designed to refocus the Company’s resources on its core business segments, including physical access and transponders, and to consolidate its operations in several worldwide locations. The restructuring plan included reducing the Company’s non-manufacturing employee base, reallocating overhead roles into direct business activities and eliminating certain management and executive roles. In the third quarter of 2016, the Company incurred additional facilities related restructuring costs of $0.1 million and severance related adjustments of $0.1 million in connection with this restructuring plan. As a result, the Company recorded $3.1 million in restructuring and severance costs in the nine months ended September 30, 2016. All unpaid restructuring and severance accruals are included in other accrued expenses and liabilities within current liabilities in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015. Restructuring and severance activities during the nine months ended September 30, 2016 and September 30, 2015 were as follows (in thousands): Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 633 $ 1,377 Restructuring expense incurred for the period 3,100 408 Other cost reduction activities for the period — 81 Payments and non-cash item adjustment during the period (3,246 ) (1,855 ) Balance at end of period $ 487 $ 11 |
Commitments and Contingencies
Commitments and Contingencies | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 11. Commitments and Contingencies The Company leases its facilities, certain equipment, and automobiles under non-cancelable operating lease agreements. Those lease agreements existing as of September 30, 2016 expire at various dates during the next five years. The Company recognized rent expense of $0.3 million and $1.2 million in the three and nine months ended September 30, 2016, respectively, and $0.4 million and $1.3 million, in the three and nine months ended September 30, 2015, respectively, in its condensed consolidated statements of operations. Purchases for inventories are highly dependent upon forecasts of customer demand. Due to the uncertainty in demand from its customers, the Company may have to change, reschedule, or cancel purchases or purchase orders from its suppliers. These changes may lead to vendor cancellation charges on these purchases or contractual commitments. The following table summarizes the Company’s principal contractual commitments as of September 30, 2016 (in thousands): Operating Lease Purchase Commitments Other Contractual Commitments Total 2016 (remaining three months) $ 368 $ 6,312 $ 13 $ 6,693 2017 1,029 2,679 11 3,719 2018 266 — — 266 2019 171 — — 171 2020 159 — — 159 Thereafter 2 — — 2 Total $ 1,995 $ 8,991 $ 24 $ 11,010 The Company provides warranties on certain product sales for periods ranging from 12 to 24 months, and allowances for estimated warranty costs are recorded during the period of sale. The determination of such allowances requires the Company to make estimates of product return rates and expected costs to repair or to replace the products under warranty. The Company currently establishes warranty reserves based on historical warranty costs for each product line combined with liability estimates based on the prior 12 months’ sales activities. If actual return rates and/or repair and replacement costs differ significantly from the Company’s estimates, adjustments to recognize additional cost of sales may be required in future periods. Historically the warranty accrual and the expense amounts have been immaterial. On December 16, 2015, the Company and certain of its present and former officers and directors were named as defendants in a putative class action lawsuit filed in the United States District Court for the Northern District of California, entitled Rok v. Identiv, Inc., et al. Rok Rok Rok Oswald v. Humphreys, et al. Chopra v. Hart, et al. Wollnik v. Wenzel, et al. Chopra Chopra Oswald Chopra Wollnik Wollnik Oswald Oswald Oswald |
Organization and Summary of S19
Organization and Summary of Significant Accounting Policies (Policies) | 9 Months Ended |
Sep. 30, 2016 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Concentration of Credit Risk | Concentration of Credit Risk — No customer represented more than 10% of net revenue for the three months ended September 30, 2016, and one customer accounted for 10% of net revenue for the nine months ended September 30, 2016. One customer represented 19% of net revenue for the three months ended September 30, 2015, and one customer represented 18% of net revenue for the nine months ended September 30, 2015. No customer represented more than 10% of the Company’s accounts receivable balance at September 30, 2016 or December 31, 2015. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements In March 2016, the Financial Accounting Standards Board ("FASB") issued Accounting Standards Update (“ASU”) 2016-09, Compensation – Stock Compensation , which provides In February 2016, the FASB issued ASU 2016-02, Leases (“ASU 2016-02”), which In April 2015, the FASB issued 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In April 2015, the FASB issued ASU 2015-03, Interest – Imputation of Interest (Subtopic 835-30): Simplifying the Presentation of Debt Issuance Costs The amendments in this ASU require that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. The recognition and measurement guidance for debt issuance costs are not affected by the amendments in this ASU. The amendments are effective for financial statements issued for fiscal years beginning after December 15, 2015. The Company adopted this guidance as of January 1, 2016. The new guidance has been applied on a retrospective basis, wherein the consolidated balance sheet of December 31, 2015 has been retrospectively adjusted to reflect the effects of applying the new guidance. As a result of the change to the December 31, 2015 consolidated balance sheet, deferred debt issuance costs included in other assets and long-term financial liabilities decreased by $0.4 million. After the retrospective application to December 31, 2015, subsequent amortization of the deferred debt issuance costs results in an increase to long-term debt. In January 2015, the FASB issued ASU 2015-01, Simplifying Income Statement Presentation by Eliminating the Concept of Extraordinary Items In August 2014, the FASB issued ASU No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern . In May 2014, the FASB issued ASU No. 2014-09 Revenue from Contracts with Customers In August 2015, the FASB issued ASU 2015-14, Revenue From Contracts With Customers (Topic 606) (“ASU 2015-14”), which defers the effective date of ASU 2014-09 by one year to annual periods beginning after December 15, 2017, including interim reporting periods within that reporting period. Early adoption is permitted only as of annual reporting periods beginning after December 15, 2016, including interim reporting periods within that reporting period. The new guidance is effective for the Company beginning January 1, 2018 and will provide the Company additional time to evaluate the method and impact that ASU 2014-09 will have on its condensed consolidated financial statements |
Stockholders' Equity (Tables)
Stockholders' Equity (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Equity [Abstract] | |
Summary of Outstanding Warrants Issued By Company | Below is the summary of outstanding warrants issued by the Company as of September 30, 2016: Warrant Type Number of Shares Issuable Upon Exercise Weighted Average Exercise Price Issue Date Expiration Date Consultant Warrant 85,000 $ 10.70 August 13, 2014 August 13, 2019 Opus Warrant 200,000 2.19 March 31, 2014 March 31, 2019 New Opus Warrant 100,000 2.22 September 30, 2016 September 30, 2021 2013 Private Placement Warrants 186,878 10.00 August 14, 2013 August 14, 2017 Total 571,878 |
Summary of Activity under Stock-Based Compensation Plans | A summary of activity for the Company’s stock option plans for the nine months ended September 30, 2016 follows: Number Outstanding Average Exercise Price per Share Weighted Average Remaining Contractual Term (Years) Average Intrinsic Value Balance at December 31, 2015 781,804 $ 11.48 $ — Granted 444,460 4.36 Cancelled or Expired (299,929 ) 12.81 Exercised — — Balance at September 30, 2016 926,335 $ 7.40 8.15 $ — Vested or expected to vest at September 30, 2016 887,433 $ 7.49 8.10 $ — Exercisable at September 30, 2016 458,897 $ 9.12 7.21 $ — |
Summary Information about Options Outstanding | The following table summarizes information about options outstanding as of September 30, 2016: Options Outstanding Options Exercisable Range of Exercise Prices Number Outstanding Weighted Average Remaining Contractual Life (Years) Weighted Average Exercise Price Number Exercisable Weighted Average Exercise Price $4.36 - $7.20 540,363 9.15 $ 4.58 183,894 $ 4.90 $7.50 - $11.30 320,768 7.07 9.59 210,142 9.44 $12.00 - $19.70 40,009 6.46 13.56 39,666 13.55 $21.70 - $33.90 17,411 4.19 25.14 17,411 25.14 $34.40 - $43.40 7,784 0.40 41.33 7,784 41.33 $4.36 - $43.40 926,335 8.15 $ 7.40 458,897 $ 9.12 |
Summary of Restricted Stock and Restricted Stock Unit Activity | The following is a summary of restricted stock and restricted stock unit (“RSU”) activity for the nine months ended September 30, 2016: Number Outstanding Weighted Fair Value Average Intrinsic Value Balance at December 31, 2015 721,918 $ 13.32 $ — Granted 1,756,732 2.06 Vested (603,869 ) 7.29 Forfeited (243,515 ) 15.14 Balance at September 30, 2016 1,631,266 $ 2.97 $ - |
Stock-Based Compensation Expense Related To Stock Options and RSUs | The following table illustrates all employee stock-based compensation expense related to stock options and RSUs included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015 (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 26 $ 34 $ 72 $ 98 Research and development 69 73 205 212 Selling and marketing 148 363 433 911 General and administrative 620 659 1,535 2,316 Total $ 863 $ 1,129 $ 2,245 $ 3,537 |
Summary of Common Stock Reserved For Future Issuance | Common stock reserved for future issuance as of September 30, 2016 was as follows: Exercise of outstanding stock options and vesting of RSUs 2,557,601 ESPP 293,888 Shares of common stock available for grant under the 2011 Plan 697,984 Noncontrolling interest in Bluehill AG 10,355 Warrants to purchase common stock 571,878 Total 4,131,706 |
Balance Sheet Components (Table
Balance Sheet Components (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Statement Of Financial Position [Abstract] | |
Inventories | The Company’s inventories are stated at the lower of cost or market. Inventories consist of (in thousands): September 30, December 31, 2016 2015 Raw materials $ 3,654 $ 5,033 Work-in-progress 764 12 Finished goods 7,722 9,681 Total $ 12,140 $ 14,726 |
Property and Equipment, Net | Property and equipment, net consists of (in thousands): September 30, December 31, 2016 2015 Building and leasehold improvements $ 2,252 $ 2,670 Furniture, fixtures and office equipment 2,290 2,242 Plant and machinery 8,901 8,858 Purchased software 1,941 2,510 Total 15,384 16,280 Accumulated depreciation (12,712 ) (12,062 ) Property and equipment, net $ 2,672 $ 4,218 |
Other Accrued Expenses and Liabilities | Other accrued expenses and liabilities consist of (in thousands): September 30, December 31, 2016 2015 Accrued restructuring $ 487 $ 633 Accrued professional fees 4,138 1,731 Income taxes payable 187 282 Other accrued expenses 2,064 3,189 Total $ 6,876 $ 5,835 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions | The following table summarizes the gross carrying amount and accumulated amortization for intangible assets resulting from acquisitions (in thousands): Existing Customer Technology Relationship Total Amortization period (in years) 11.75 4.0 – 11.75 Gross carrying amount at December 31, 2015 $ 4,600 $ 10,639 $ 15,239 Accumulated amortization (2,361 ) (5,603 ) (7,964 ) Intangible Assets, net at December 31, 2015 $ 2,239 $ 5,036 $ 7,275 Gross carrying amount at September 30, 2016 $ 4,600 $ 10,639 $ 15,239 Accumulated amortization (2,697 ) (6,359 ) (9,056 ) Intangible Assets, net at September 30, 2016 $ 1,903 $ 4,280 $ 6,183 |
Amortization Expense Included in Condensed Consolidated Statements of Operations | The following table illustrates the amortization expense included in the condensed consolidated statements of operations for the three and nine months ended September 30, 2016 and 2015, respectively (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Cost of revenue $ 112 $ 112 $ 336 $ 336 Selling and marketing 252 252 756 756 Total $ 364 $ 364 $ 1,092 $ 1,092 |
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives | The estimated annual future amortization expense for purchased intangible assets with definite lives over the next five years is as follows (in thousands): 2016 (remaining three months) $ 363 2017 1,455 2018 1,455 2019 1,455 2020 1,455 Total $ 6,183 |
Long-Term Payment Obligation (T
Long-Term Payment Obligation (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Related Party Transactions [Abstract] | |
Payment Obligations To Former Related Party Liability | The ongoing payment obligation in connection with the Hirsch acquisition as of September 30, 2016 is as follows (in thousands): 2016 (remaining three months) $ 291 2017 1,200 2018 1,248 2019 1,298 2020 1,444 Thereafter 372 Present value discount factor (884 ) Total $ 4,969 |
Financial Liabilities (Tables)
Financial Liabilities (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Debt Disclosure [Abstract] | |
Summary of Financial Liabilities | Financial liabilities consist of (in thousands): September 30, December 31, 2016 2015 Secured term loan $ 10,000 $ 10,000 Bank revolving loan facility 8,300 8,300 Total before discount and debt issuance costs 18,300 18,300 Less: Current portion of financial liabilities (10,000 ) — Less: Long-term portion of unamortized discount and debt issuance costs (11 ) (644 ) Long-term financial liabilities $ 8,289 $ 17,656 |
Company's Financial Obligations | The following table summarizes the timing of repayment obligations for the Company’s financial liabilities for the next four years under the current terms of the Credit Agreement, as amended, at September 30, 2016 (in thousands): 2017 2018 2019 2020 Total Bank term loan and revolving loan facility $ 18,300 $ — $ — $ — $ 18,300 |
Segment Reporting and Geograp25
Segment Reporting and Geographic Information (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Segment Reporting [Abstract] | |
Information Regarding Net Revenue and Gross Profit by Segment | Net revenue and gross profit information by segment for the three and nine months ended September 30, 2016 and 2015 is as follows (in thousands): Three Months Ended September 30, Nine Months Ended September 30, 2016 2015 2016 2015 PACS: Net revenue $ 7,253 $ 5,976 $ 17,908 $ 15,212 Gross profit 4,334 3,531 10,244 9,130 Gross profit margin 60 % 59 % 57 % 60 % Identity: Net revenue 3,508 3,109 8,923 8,970 Gross profit 1,359 1,526 3,324 3,988 Gross profit margin 39 % 49 % 37 % 44 % Credentials: Net revenue 4,799 7,788 14,110 22,324 Gross profit 1,227 2,255 3,654 6,357 Gross profit margin 26 % 29 % 26 % 28 % All Other: Net revenue - 323 580 1,211 Gross profit - 209 261 776 Gross profit margin 0 % 65 % 45 % 64 % Total: Net revenue 15,560 17,196 41,521 47,717 Gross profit 6,920 7,521 17,483 20,251 Gross profit margin 44 % 44 % 42 % 42 % Operating expenses: Research and development 1,480 2,235 4,997 6,567 Selling and marketing 3,312 5,236 10,807 15,698 General and administrative 2,115 6,456 9,674 15,057 Impairment of goodwill — — — 988 Restructuring and severance 160 215 3,100 408 Total operating expenses: 7,067 14,142 28,578 38,718 Loss from operations (147 ) (6,621 ) (11,095 ) (18,467 ) Non-operating income (expense): Interest expense, net (525 ) (478 ) (1,814 ) (1,367 ) Foreign currency gain (loss), net 35 (10 ) 309 (186 ) Loss before income taxes and noncontrolling interest $ (637 ) $ (7,109 ) $ (12,600 ) $ (20,020 ) |
Information Regarding Net Revenue by Geographic Region | Geographic net revenue is based on customer’s ship-to location. Information regarding net revenue by geographic region for the three and six months ended September 30, 2016 and 2015 is as follows (in thousands): Three Months Ended Nine Months Ended September 30, September 30, 2016 2015 2016 2015 Americas $ 9,924 $ 12,473 $ 27,343 $ 32,423 Europe and the Middle East 2,834 2,294 6,654 7,386 Asia-Pacific 2,802 2,429 7,524 7,908 Total $ 15,560 $ 17,196 $ 41,521 $ 47,717 Revenues: Americas 64 % 73 % 66 % 68 % Europe and the Middle East 18 % 13 % 16 % 15 % Asia-Pacific 18 % 14 % 18 % 17 % Total 100 % 100 % 100 % 100 % |
Long-Lived Assets by Geographic Location | Long-lived assets by geographic location as of September 30, 2016 and December 31, 2015 are as follows (in thousands): September 30, December 31, 2016 2015 Property and equipment, net: Americas $ 1,152 $ 2,096 Europe and the Middle East 205 295 Asia-Pacific 1,315 1,827 Total property and equipment, net $ 2,672 $ 4,218 |
Restructuring and Severance (Ta
Restructuring and Severance (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Restructuring And Related Activities [Abstract] | |
Restructuring and Severance | All unpaid restructuring and severance accruals are included in other accrued expenses and liabilities within current liabilities in the condensed consolidated balance sheets at September 30, 2016 and December 31, 2015. Restructuring and severance activities during the nine months ended September 30, 2016 and September 30, 2015 were as follows (in thousands): Nine Months Ended September 30, 2016 2015 Balance at beginning of period $ 633 $ 1,377 Restructuring expense incurred for the period 3,100 408 Other cost reduction activities for the period — 81 Payments and non-cash item adjustment during the period (3,246 ) (1,855 ) Balance at end of period $ 487 $ 11 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 9 Months Ended |
Sep. 30, 2016 | |
Commitments And Contingencies Disclosure [Abstract] | |
Summary of Principal Contractual Obligations | The following table summarizes the Company’s principal contractual commitments as of September 30, 2016 (in thousands): Operating Lease Purchase Commitments Other Contractual Commitments Total 2016 (remaining three months) $ 368 $ 6,312 $ 13 $ 6,693 2017 1,029 2,679 11 3,719 2018 266 — — 266 2019 171 — — 171 2020 159 — — 159 Thereafter 2 — — 2 Total $ 1,995 $ 8,991 $ 24 $ 11,010 |
Organization and Summary of S28
Organization and Summary of Significant Accounting Policies - Additional Information (Detail) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016Customer | Sep. 30, 2015Customer | Sep. 30, 2016Customer | Sep. 30, 2015Customer | Dec. 31, 2015USD ($)Customer | |
Accounting Policies [Line Items] | |||||
Number of major customer represented stated percentage of total net revenue | Customer | 0 | 1 | 1 | 1 | |
Number of customers who accounted for more than 10% accounts receivable balance | Customer | 0 | 0 | |||
Concentration Risk, Customer | One customer represented 19% of net revenue for the three months ended September 30, 2015, and one customer represented 18% of net revenue for the nine months ended September 30, 2015. No customer represented more than 10% of the Company’s accounts receivable balance at September 30, 2016 or December 31, 2015. | ||||
New Accounting Pronouncement, Early Adoption, Effect | |||||
Accounting Policies [Line Items] | |||||
Decrease in deferred debt issuance costs | $ | $ 0.4 | ||||
Decrease in long-term financial liabilities | $ | $ 0.4 | ||||
Net revenue | Customer Concentration Risk | |||||
Accounting Policies [Line Items] | |||||
Percentage concentration risk | 10.00% | 19.00% | 10.00% | 18.00% |
Fair Value Measurements - Addit
Fair Value Measurements - Additional Information (Detail) - USD ($) | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2015 | |
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Asset measured and recognized at fair value on recurring basis | $ 0 | $ 0 | $ 0 | ||
Impairment of goodwill | $ 1,000,000 | $ 988,000 | |||
Liability measured and recognized at fair value on non-recurring basis | 0 | 0 | 0 | ||
Fair Value, Measurements, Recurring | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Cash equivalent at recurring basis | 0 | 0 | 0 | ||
Fair Value Measurements, Non-recurring | Fair Value, Level 3 | |||||
Fair Value Assets And Liabilities Measured On Recurring And Nonrecurring Basis [Line Items] | |||||
Privately-held investments measured at fair value | 300,000 | 300,000 | $ 300,000 | ||
Impairment of privately-held investments | $ 0 | $ 0 |
Stockholders' Equity - Addition
Stockholders' Equity - Additional Information (Detail) - USD ($) $ / shares in Units, $ in Millions | Sep. 30, 2016 | Aug. 14, 2013 | Aug. 31, 2014 | Mar. 31, 2014 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Dec. 31, 2015 | Jun. 06, 2011 | Jun. 30, 2010 |
Stockholders Equity [Line Items] | ||||||||||||
Warrant exercise price | $ 10 | |||||||||||
Issuance of common stock in connection with common stock offerings (in shares) | 834,847 | |||||||||||
Shares issued, price per share | $ 8.50 | |||||||||||
Common stock reserved for future issuance | 4,131,706 | 4,131,706 | 4,131,706 | 4,131,706 | ||||||||
Unrecognized compensation expense | $ 1.7 | $ 1.7 | $ 1.7 | $ 1.7 | ||||||||
Unrecognized stock-based compensation expense, weighted average period of recognition | 2 years 3 months 11 days | |||||||||||
Shares excluded from calculation of diluted net loss per share | 3,129,479 | 2,323,430 | 3,129,479 | 2,323,430 | ||||||||
Accumulated Other Comprehensive Income (Loss), Foreign Currency Translation Adjustment, Net of Tax | 2 | $ 2 | $ 2 | 2 | $ 2.2 | |||||||
Other Comprehensive Income (Loss), Foreign Currency Transaction and Translation Reclassification Adjustment from AOCI, Realized upon Sale or Liquidation, Net of Tax | $ 0.5 | |||||||||||
Restricted Stock Units (RSUs) | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Unrecognized compensation expense | $ 2.1 | $ 2.1 | $ 2.1 | $ 2.1 | ||||||||
Unrecognized stock-based compensation expense, weighted average period of recognition | 2 years 10 months 21 days | |||||||||||
2010 Plan | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Common stock reserved for future issuance | 300,000 | |||||||||||
2011 Plan | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Common stock reserved for future issuance | 400,000 | |||||||||||
Number of shares available for grant | 859,956 | |||||||||||
Increase in shares of common stock authorized for issuance | 3,000,000 | |||||||||||
2011 Plan | Restricted Stock Units (RSUs) | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Aggregate restricted stock units outstanding | 1,631,266 | 1,631,266 | 1,631,266 | 1,631,266 | ||||||||
2007 Plan and 2010 Plan | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of shares available for grant | 459,956 | |||||||||||
Private Placement Investors | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of additional common stock to be purchased by the warrant | 834,847 | |||||||||||
Consultant Warrant | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Warrant exercise price | $ 10.70 | $ 10.70 | $ 10.70 | $ 10.70 | $ 10.70 | |||||||
Warrants expiration date | Aug. 13, 2019 | |||||||||||
Warrants exercised | 0 | 0 | 0 | 0 | ||||||||
Opus Warrant | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Warrant exercise price | $ 2.19 | $ 2.19 | $ 2.19 | $ 2.19 | ||||||||
Warrants expiration date | Mar. 31, 2019 | |||||||||||
Opus Warrant | Opus Bank | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of additional common stock to be purchased by the warrant | 100,000 | |||||||||||
Warrant exercise price | $ 9.90 | |||||||||||
Warrants expiration date | Mar. 31, 2019 | |||||||||||
Warrants exercised | 0 | 0 | 0 | 0 | ||||||||
Increase in number of shares common stock underlying warrants | 200,000 | |||||||||||
Decrease in warrant exercise price per share | $ 2.19 | |||||||||||
Terms of new warrants issues | The terms of any new warrants issued will be identical to those of the existing warrant, except that each new warrant issued will be exercisable for 100,000 shares and have an exercise price equal to the average closing price of the Company’s common stock for the five trading days ending on the last day of the quarter with respect to which the new warrant is issued. In addition, the existing registration rights agreement was amended to include the new warrants and change the circumstances under which the Company must register shares underlying the warrants issued to Opus (the “Amended Rights Agreement”). | |||||||||||
Warrants issued and excisable | 100,000 | 100,000 | 100,000 | 100,000 | ||||||||
New Opus Warrant | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of additional common stock to be purchased by the warrant | 100,000 | |||||||||||
Warrant exercise price | $ 2.22 | $ 2.22 | $ 2.22 | $ 2.22 | ||||||||
Warrants expiration date | Sep. 30, 2021 | |||||||||||
Maximum | Consultant Warrant | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of additional common stock to be purchased by the warrant | 85,000 | |||||||||||
Maximum | Opus Warrant | Opus Bank | ||||||||||||
Stockholders Equity [Line Items] | ||||||||||||
Number of additional common stock to be purchased by the warrant | 100,000 |
Summary of Outstanding Warrants
Summary of Outstanding Warrants Issued By Company (Detail) - $ / shares | 9 Months Ended | ||
Sep. 30, 2016 | Aug. 31, 2014 | Aug. 14, 2013 | |
Class Of Warrant Or Right [Line Items] | |||
Number of Shares Issuable Upon Exercise | 571,878 | ||
Weighted Average Exercise Price | $ 10 | ||
Consultant Warrant | |||
Class Of Warrant Or Right [Line Items] | |||
Number of Shares Issuable Upon Exercise | 85,000 | ||
Weighted Average Exercise Price | $ 10.70 | $ 10.70 | |
Issue Date | Aug. 13, 2014 | ||
Expiration Date | Aug. 13, 2019 | ||
Opus Warrant | |||
Class Of Warrant Or Right [Line Items] | |||
Number of Shares Issuable Upon Exercise | 200,000 | ||
Weighted Average Exercise Price | $ 2.19 | ||
Issue Date | Mar. 31, 2014 | ||
Expiration Date | Mar. 31, 2019 | ||
New Opus Warrant | |||
Class Of Warrant Or Right [Line Items] | |||
Number of Shares Issuable Upon Exercise | 100,000 | ||
Weighted Average Exercise Price | $ 2.22 | ||
Issue Date | Sep. 30, 2016 | ||
Expiration Date | Sep. 30, 2021 | ||
2013 Private Placement Warrants | |||
Class Of Warrant Or Right [Line Items] | |||
Number of Shares Issuable Upon Exercise | 186,878 | ||
Weighted Average Exercise Price | $ 10 | ||
Issue Date | Aug. 14, 2013 | ||
Expiration Date | Aug. 14, 2017 |
Summary of Activity under Stock
Summary of Activity under Stock-Based Compensation Plans (Detail) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Stock Options Number Outstanding | |
Beginning Balance | shares | 781,804 |
Granted | shares | 444,460 |
Cancelled or Expired | shares | (299,929) |
Ending Balance | shares | 926,335 |
Vested or expected to vest at September 30, 2016 | shares | 887,433 |
Exercisable at September 30, 2016 | shares | 458,897 |
Stock Options Average Exercise Price per share | |
Beginning Balance | $ / shares | $ 11.48 |
Granted | $ / shares | 4.36 |
Cancelled or Expired | $ / shares | 12.81 |
Ending Balance | $ / shares | 7.40 |
Vested or expected to vest at September 30, 2016 | $ / shares | 7.49 |
Exercisable at September 30, 2016 | $ / shares | $ 9.12 |
Stock Options Remaining Contractual Life (in years) | |
Remaining Contractual Life | 8 years 1 month 24 days |
Vested or expected to vest at September 30, 2016 | 8 years 1 month 6 days |
Exercisable at September 30, 2016 | 7 years 2 months 16 days |
Summary Information about Optio
Summary Information about Options Outstanding (Detail) | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | $ 4.36 |
Range of Exercise Prices, upper limit | $ 43.40 |
Options Number Outstanding | shares | 926,335 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 8 years 1 month 24 days |
Options Outstanding Weighted Average Exercise Price | $ 7.40 |
Options Number Exercisable | shares | 458,897 |
Options Exercisable Weighted Average Exercise Price | $ 9.12 |
Range 1 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 4.36 |
Range of Exercise Prices, upper limit | $ 7.20 |
Options Number Outstanding | shares | 540,363 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 9 years 1 month 24 days |
Options Outstanding Weighted Average Exercise Price | $ 4.58 |
Options Number Exercisable | shares | 183,894 |
Options Exercisable Weighted Average Exercise Price | $ 4.90 |
Range 2 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 7.50 |
Range of Exercise Prices, upper limit | $ 11.30 |
Options Number Outstanding | shares | 320,768 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 7 years 26 days |
Options Outstanding Weighted Average Exercise Price | $ 9.59 |
Options Number Exercisable | shares | 210,142 |
Options Exercisable Weighted Average Exercise Price | $ 9.44 |
Range 3 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 12 |
Range of Exercise Prices, upper limit | $ 19.70 |
Options Number Outstanding | shares | 40,009 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 6 years 5 months 16 days |
Options Outstanding Weighted Average Exercise Price | $ 13.56 |
Options Number Exercisable | shares | 39,666 |
Options Exercisable Weighted Average Exercise Price | $ 13.55 |
Range 4 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 21.70 |
Range of Exercise Prices, upper limit | $ 33.90 |
Options Number Outstanding | shares | 17,411 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 4 years 2 months 9 days |
Options Outstanding Weighted Average Exercise Price | $ 25.14 |
Options Number Exercisable | shares | 17,411 |
Options Exercisable Weighted Average Exercise Price | $ 25.14 |
Range 5 | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Range of Exercise Prices, lower limit | 34.40 |
Range of Exercise Prices, upper limit | $ 43.40 |
Options Number Outstanding | shares | 7,784 |
Options Outstanding Weighted Average Remaining Contractual Life (Years) | 4 months 24 days |
Options Outstanding Weighted Average Exercise Price | $ 41.33 |
Options Number Exercisable | shares | 7,784 |
Options Exercisable Weighted Average Exercise Price | $ 41.33 |
Summary of Restricted Stock and
Summary of Restricted Stock and Restricted Stock Unit Activity (Detail) - Restricted Stock And Restricted Stock Units | 9 Months Ended |
Sep. 30, 2016$ / sharesshares | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | |
Beginning Balance, Number Outstanding | shares | 721,918 |
Granted, Number Outstanding | shares | 1,756,732 |
Vested, Number Outstanding | shares | (603,869) |
Forfeited, Number Outstanding | shares | (243,515) |
Ending Balance, Number Outstanding | shares | 1,631,266 |
Beginning Balance, Weighted Average Fair Value | $ / shares | $ 13.32 |
Granted, Weighted Average Fair Value | $ / shares | 2.06 |
Vested, Weighted Average Fair Value | $ / shares | 7.29 |
Forfeited, Weighted Average Fair Value | $ / shares | 15.14 |
Ending Balance, Weighted Average Fair Value | $ / shares | $ 2.97 |
Stock-Based Compensation Expens
Stock-Based Compensation Expense Related To Stock Options and RSUs (Detail) - Stock Options And Restricted Stock Units - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | $ 863 | $ 1,129 | $ 2,245 | $ 3,537 |
Cost of revenue | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | 26 | 34 | 72 | 98 |
Research and Development Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | 69 | 73 | 205 | 212 |
Selling and Marketing Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | 148 | 363 | 433 | 911 |
General and Administrative Expense | ||||
Share Based Compensation Arrangement By Share Based Payment Award [Line Items] | ||||
Stock-Based Compensation Expense | $ 620 | $ 659 | $ 1,535 | $ 2,316 |
Summary of Common Stock Reserve
Summary of Common Stock Reserved for Future Issuance (Detail) | Sep. 30, 2016shares |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 4,131,706 |
Warrant | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 571,878 |
Stock Options And Restricted Stock Units | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 2,557,601 |
Bluehill AG | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 10,355 |
Stock Incentive Plan Twenty Eleven | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 697,984 |
ESPP | |
Share Based Compensation Shares Authorized Under Stock Option Plans Exercise Price Range [Line Items] | |
Common stock reserved for future issuance | 293,888 |
Inventories (Detail)
Inventories (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 3,654 | $ 5,033 |
Work-in-progress | 764 | 12 |
Finished goods | 7,722 | 9,681 |
Total | $ 12,140 | $ 14,726 |
Property and Equipment, Net (De
Property and Equipment, Net (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 15,384 | $ 16,280 |
Accumulated depreciation | (12,712) | (12,062) |
Property and equipment, net | 2,672 | 4,218 |
Building and Leasehold Improvements | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,252 | 2,670 |
Furniture, Fixtures and Office Equipment | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 2,290 | 2,242 |
Plant and Machinery | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | 8,901 | 8,858 |
Purchased Software | ||
Property Plant And Equipment [Line Items] | ||
Property and equipment, gross | $ 1,941 | $ 2,510 |
Balance Sheet Components - Addi
Balance Sheet Components - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Property Plant And Equipment [Abstract] | ||||
Depreciation expense | $ 0.5 | $ 0.4 | $ 1.4 | $ 1.2 |
Other Accrued Expenses and Liab
Other Accrued Expenses and Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Accrued Liabilities And Other Liabilities Current [Abstract] | ||
Accrued restructuring | $ 487 | $ 633 |
Accrued professional fees | 4,138 | 1,731 |
Income taxes payable | 187 | 282 |
Other accrued expenses | 2,064 | 3,189 |
Total | $ 6,876 | $ 5,835 |
Summary of Gross Carrying Amoun
Summary of Gross Carrying Amount and Accumulated Amortization for Intangible Assets Resulting from Acquisitions (Detail) - USD ($) $ in Thousands | 9 Months Ended | |
Sep. 30, 2016 | Dec. 31, 2015 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 15,239 | $ 15,239 |
Accumulated amortization | (9,056) | (7,964) |
Intangible Assets, net | $ 6,183 | 7,275 |
Existing Technology | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 11 years 9 months | |
Gross carrying amount | $ 4,600 | 4,600 |
Accumulated amortization | (2,697) | (2,361) |
Intangible Assets, net | 1,903 | 2,239 |
Customer Relationship | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 10,639 | 10,639 |
Accumulated amortization | (6,359) | (5,603) |
Intangible Assets, net | $ 4,280 | $ 5,036 |
Customer Relationship | Minimum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 4 years | |
Customer Relationship | Maximum | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization period (in years) | 11 years 9 months |
Intangible Assets - Additional
Intangible Assets - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended |
Jun. 30, 2015 | Sep. 30, 2015 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
Impairment of goodwill | $ 1,000 | $ 988 |
Amortization Expense Included i
Amortization Expense Included in Condensed Consolidated Statements of Operations (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 364 | $ 364 | $ 1,092 | $ 1,092 |
Cost of revenue | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | 112 | 112 | 336 | 336 |
Selling and Marketing Expense | ||||
Finite Lived Intangible Assets [Line Items] | ||||
Amortization expense | $ 252 | $ 252 | $ 756 | $ 756 |
Estimated Future Amortization E
Estimated Future Amortization Expense of Purchased Intangible Assets with Definite Lives (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Goodwill And Intangible Assets Disclosure [Abstract] | ||
2016 (remaining three months) | $ 363 | |
2,017 | 1,455 | |
2,018 | 1,455 | |
2,019 | 1,455 | |
2,020 | 1,455 | |
Intangible Assets, net | $ 6,183 | $ 7,275 |
Long-Term Payment Obligation -
Long-Term Payment Obligation - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | Dec. 31, 2012 | |
Related Party Transaction [Line Items] | |||||
Interest accreted on long-term payment obligation | $ 0.1 | $ 0.1 | $ 0.3 | $ 0.4 | |
Secure Keyboards Ltd | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership by a related party following acquisition | 24.50% | 30.00% | |||
Secure Networks Ltd | |||||
Related Party Transaction [Line Items] | |||||
Percentage of ownership by a related party following acquisition | 9.00% | ||||
Settlement Agreement | Maximum | |||||
Related Party Transaction [Line Items] | |||||
Installment payment, contractual payment year | 2,020 |
Payment Obligation in Connectio
Payment Obligation in Connection with Hirsch Acquisition (Detail) - Hirsch Electronics $ in Thousands | Sep. 30, 2016USD ($) |
Related Party Transaction [Line Items] | |
2016 (remaining three months) | $ 291 |
2,017 | 1,200 |
2,018 | 1,248 |
2,019 | 1,298 |
2,020 | 1,444 |
Thereafter | 372 |
Present value discount factor | (884) |
Total | $ 4,969 |
Summary of Financial Liabilitie
Summary of Financial Liabilities (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Debt Instrument [Line Items] | ||
Total before discount and debt issuance costs | $ 18,300 | $ 18,300 |
Less: Current portion of financial liabilities | (10,000) | |
Less: Long-term portion of unamortized discount and debt issuance costs | (11) | (644) |
Long-term financial liabilities | 8,289 | 17,656 |
Secured Term Loan | ||
Debt Instrument [Line Items] | ||
Total before discount and debt issuance costs | 10,000 | 10,000 |
Bank Revolving Loan Facility | ||
Debt Instrument [Line Items] | ||
Total before discount and debt issuance costs | $ 8,300 | $ 8,300 |
Financial Liabilities - Additio
Financial Liabilities - Additional Information (Detail) - USD ($) | Sep. 30, 2016 | Mar. 31, 2016 | Dec. 04, 2015 | Nov. 10, 2014 | Mar. 31, 2014 | Sep. 30, 2016 | Aug. 14, 2013 |
Debt Instrument [Line Items] | |||||||
Borrowing capacity under credit facility | $ 10,000,000 | ||||||
Warrant exercise price | $ 10 | ||||||
Revolving credit agreement amendment date | Nov. 10, 2014 | ||||||
Credit facility and term loan maturity date | Mar. 31, 2017 | ||||||
New Opus Warrant | |||||||
Debt Instrument [Line Items] | |||||||
Warrant exercise price | $ 2.22 | $ 2.22 | |||||
Opus Bank | |||||||
Debt Instrument [Line Items] | |||||||
Revolving credit agreement amendment date | Dec. 4, 2015 | ||||||
Credit agreement, financial covenant description | consolidated tangible net worth, plus amounts payable to Secure Keyboards (see Note 6), to be less than $8,000,000 plus, 50% of any proceeds from debt or equity issued after December 1, 2015 | ||||||
Percentage of Cash Proceeds from Equity or Subordinated Debt | 50.00% | ||||||
Maximum | Opus Bank | |||||||
Debt Instrument [Line Items] | |||||||
Consolidated tangible net worth amount | $ 8,000,000 | ||||||
Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Amount borrowed under term loan | $ 18,300,000 | $ 18,300,000 | |||||
Borrowing capacity under credit facility | $ 30,000,000 | ||||||
Credit facility and term loan maturity date | Nov. 10, 2017 | ||||||
Debt instrument, payment terms | monthly | ||||||
Revolving credit facility interest rate term | Under the terms of the Amended Credit Agreement, both the principal amount of the Term Loan and the principal amount outstanding under the Revolving Loan Facility bear interest at a floating rate equal to: (a) if the Company holds more than $30.0 million in cash with Opus, the greater of (i) the prime rate plus 1.50% and (ii) 4.75%; (b) if the Company holds $30.0 million or less but more than $20.0 million in cash with Opus, the greater of (i) the prime rate plus 2.25% and (ii) 5.50%; or (c) if the Company holds $20.0 million or less in cash with Opus, the greater of (i) the prime rate plus 2.75% and (ii) 6.00%. Interest on both facilities continues to be payable monthly. | ||||||
Scenario One | Amended Credit Agreement | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Cash held with opus | $ 30,000,000 | ||||||
Debt instrument, interest rate | 4.75% | ||||||
Scenario Two | Amended Credit Agreement | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Cash held with opus | $ 20,000,000 | ||||||
Debt instrument, interest rate | 5.50% | ||||||
Scenario Two | Amended Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Cash held with opus | $ 30,000,000 | ||||||
Scenario Three | Amended Credit Agreement | Minimum | |||||||
Debt Instrument [Line Items] | |||||||
Debt instrument, interest rate | 6.00% | ||||||
Scenario Three | Amended Credit Agreement | Maximum | |||||||
Debt Instrument [Line Items] | |||||||
Cash held with opus | $ 20,000,000 | ||||||
Prime Rate | Scenario One | Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Percentage points added to base rate | 1.50% | ||||||
Prime Rate | Scenario Two | Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Percentage points added to base rate | 2.25% | ||||||
Prime Rate | Scenario Three | Amended Credit Agreement | |||||||
Debt Instrument [Line Items] | |||||||
Percentage points added to base rate | 2.75% | ||||||
Opus Bank | |||||||
Debt Instrument [Line Items] | |||||||
Amount borrowed under term loan | 10,000,000 | ||||||
Borrowing capacity under credit facility | $ 10,000,000 | ||||||
Warrants issued to purchase common stock | 100,000 | ||||||
Warrant exercise price | $ 9.90 | ||||||
Private placement warrant estimated volatility | 92.09% | ||||||
Private placement warrant dividend yield | 0.00% | ||||||
Private placement warrant expected life (in years) | 5 years | ||||||
Private placement warrant risk free interest rate | 1.73% | ||||||
Private placement warrant fair value | $ 800,000 | ||||||
Opus Bank | Third Amendment | |||||||
Debt Instrument [Line Items] | |||||||
Borrowing capacity under credit facility | $ 10,000,000 | $ 30,000,000 | |||||
Revolving credit agreement amendment date | Mar. 31, 2016 | ||||||
Financial covenants with minimum cash | $ 7,500,000 | ||||||
Opus Bank | Third Amendment | New Opus Warrant | |||||||
Debt Instrument [Line Items] | |||||||
Warrants issued to purchase common stock | 100,000 | ||||||
Opus Bank | Third Amendment | Opus Warrant and New Opus Warrant | |||||||
Debt Instrument [Line Items] | |||||||
Private placement warrant estimated volatility | 83.92% | ||||||
Private placement warrant dividend yield | 0.00% | ||||||
Private placement warrant expected life (in years) | 3 years | ||||||
Private placement warrant risk free interest rate | 0.90% | ||||||
Private placement warrant fair value | $ 400,000 | $ 400,000 | |||||
Opus Bank | Bank Term Loan | Bank Revolving Loan Facility | |||||||
Debt Instrument [Line Items] | |||||||
Payments of debt issuance costs | $ 900,000 |
Company's Financial Obligations
Company's Financial Obligations (Detail) - Amended Credit Agreement $ in Thousands | Sep. 30, 2016USD ($) |
Debt Instrument [Line Items] | |
2,017 | $ 18,300 |
Total | $ 18,300 |
Segment Reporting and Geograp50
Segment Reporting and Geographic Information - Additional Information (Detail) | 9 Months Ended |
Sep. 30, 2016Segment | |
Segment Reporting [Abstract] | |
Number of reportable business segments | 4 |
Information Regarding Net Reven
Information Regarding Net Revenue and Gross Profit by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | |||
Sep. 30, 2016 | Sep. 30, 2015 | Jun. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 15,560 | $ 17,196 | $ 41,521 | $ 47,717 | |
Gross profit | $ 6,920 | $ 7,521 | $ 17,483 | $ 20,251 | |
Gross profit margin | 44.00% | 44.00% | 42.00% | 42.00% | |
Operating expenses: | |||||
Research and development | $ 1,480 | $ 2,235 | $ 4,997 | $ 6,567 | |
Selling and marketing | 3,312 | 5,236 | 10,807 | 15,698 | |
General and administrative | 2,115 | 6,456 | 9,674 | 15,057 | |
Impairment of goodwill | $ 1,000 | 988 | |||
Restructuring and severance | 160 | 215 | 3,100 | 408 | |
Total operating expenses | 7,067 | 14,142 | 28,578 | 38,718 | |
Loss from operations | (147) | (6,621) | (11,095) | (18,467) | |
Non-operating income (expense): | |||||
Interest expense, net | (525) | (478) | (1,814) | (1,367) | |
Foreign currency gain (loss), net | 35 | (10) | 309 | (186) | |
Loss before income taxes and noncontrolling interest | (637) | (7,109) | (12,600) | (20,020) | |
PACS | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | 7,253 | 5,976 | 17,908 | 15,212 | |
Gross profit | $ 4,334 | $ 3,531 | $ 10,244 | $ 9,130 | |
Gross profit margin | 60.00% | 59.00% | 57.00% | 60.00% | |
Identity | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 3,508 | $ 3,109 | $ 8,923 | $ 8,970 | |
Gross profit | $ 1,359 | $ 1,526 | $ 3,324 | $ 3,988 | |
Gross profit margin | 39.00% | 49.00% | 37.00% | 44.00% | |
Credentials | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 4,799 | $ 7,788 | $ 14,110 | $ 22,324 | |
Gross profit | $ 1,227 | $ 2,255 | $ 3,654 | $ 6,357 | |
Gross profit margin | 26.00% | 29.00% | 26.00% | 28.00% | |
All Other | |||||
Segment Reporting Information [Line Items] | |||||
Net revenue | $ 323 | $ 580 | $ 1,211 | ||
Gross profit | $ 209 | $ 261 | $ 776 | ||
Gross profit margin | 0.00% | 65.00% | 45.00% | 64.00% |
Information Regarding Net Rev52
Information Regarding Net Revenue by Geographic Region (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 15,560 | $ 17,196 | $ 41,521 | $ 47,717 |
Percentage of net revenue | 100.00% | 100.00% | 100.00% | 100.00% |
Americas | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 9,924 | $ 12,473 | $ 27,343 | $ 32,423 |
Percentage of net revenue | 64.00% | 73.00% | 66.00% | 68.00% |
Europe And Middle East | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 2,834 | $ 2,294 | $ 6,654 | $ 7,386 |
Percentage of net revenue | 18.00% | 13.00% | 16.00% | 15.00% |
Asia-Pacific | ||||
Segment Reporting Information [Line Items] | ||||
Net revenue | $ 2,802 | $ 2,429 | $ 7,524 | $ 7,908 |
Percentage of net revenue | 18.00% | 14.00% | 18.00% | 17.00% |
Long-Lived Assets by Geographic
Long-Lived Assets by Geographic Location (Detail) - USD ($) $ in Thousands | Sep. 30, 2016 | Dec. 31, 2015 |
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 2,672 | $ 4,218 |
Americas | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 1,152 | 2,096 |
Europe And Middle East | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | 205 | 295 |
Asia-Pacific | ||
Segment Reporting Information [Line Items] | ||
Property and equipment, net | $ 1,315 | $ 1,827 |
Restructuring and Severance - A
Restructuring and Severance - Additional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring and severance | $ 160 | $ 215 | $ 3,100 | $ 408 |
Facility Closing | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Restructuring and severance | 100 | |||
Employee Severance | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance costs | $ 100 | |||
General and Administrative Expense | ||||
Restructuring Cost And Reserve [Line Items] | ||||
Severance costs | $ 100 |
Restructuring and Severance (De
Restructuring and Severance (Detail) - USD ($) $ in Thousands | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Restructuring And Related Activities [Abstract] | ||||
Restructuring and Severance Beginning Balance | $ 633 | $ 1,377 | ||
Restructuring expense incurred for the period | $ 160 | $ 215 | 3,100 | 408 |
Other cost reduction activities for the period | 81 | |||
Payments and non-cash item adjustment | (3,246) | (1,855) | ||
Restructuring and Severance Ending Balance | $ 487 | $ 11 | $ 487 | $ 11 |
Commitments and Contingencies -
Commitments and Contingencies - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | 9 Months Ended | ||
Sep. 30, 2016 | Sep. 30, 2015 | Sep. 30, 2016 | Sep. 30, 2015 | |
Commitment And Contingencies [Line Items] | ||||
Operating leases expiration period | 5 years | |||
Rent expense | $ 0.3 | $ 0.4 | $ 1.2 | $ 1.3 |
Minimum | ||||
Commitment And Contingencies [Line Items] | ||||
Term of warranties on certain product sales | 12 months | |||
Maximum | ||||
Commitment And Contingencies [Line Items] | ||||
Term of warranties on certain product sales | 24 months |
Summary of Principal Contractua
Summary of Principal Contractual Obligations (Detail) $ in Thousands | Sep. 30, 2016USD ($) |
Operating Lease | |
2016 (remaining three months) | $ 368 |
2,017 | 1,029 |
2,018 | 266 |
2,019 | 171 |
2,020 | 159 |
Thereafter | 2 |
Contractual Obligation, Total | 1,995 |
Purchase Commitments | |
2016 (remaining three months) | 6,312 |
2,017 | 2,679 |
Contractual Obligation, Total | 8,991 |
Other Contractual Commitments | |
2016 (remaining three months) | 13 |
2,017 | 11 |
Contractual Obligation, Total | 24 |
Total Commitments | |
2016 (remaining three months) | 6,693 |
2,017 | 3,719 |
2,018 | 266 |
2,019 | 171 |
2,020 | 159 |
Thereafter | 2 |
Contractual Obligation, Total | $ 11,010 |