Document_and_Entity_Informatio
Document and Entity Information (USD $) | 12 Months Ended | ||
In Millions, except Share data, unless otherwise specified | Dec. 31, 2013 | Feb. 18, 2014 | Jun. 30, 2013 |
Document And Entity Information [Abstract] | ' | ' | ' |
Document Type | '10-K | ' | ' |
Amendment Flag | 'false | ' | ' |
Document Period End Date | 31-Dec-13 | ' | ' |
Document Fiscal Year Focus | '2013 | ' | ' |
Document Fiscal Period Focus | 'FY | ' | ' |
Entity Registrant Name | 'NEOGENOMICS INC | ' | ' |
Entity Central Index Key | '0001077183 | ' | ' |
Current Fiscal Year End Date | '--12-31 | ' | ' |
Entity Well-known Seasoned Issuer | 'No | ' | ' |
Entity Current Reporting Status | 'Yes | ' | ' |
Entity Voluntary Filers | 'No | ' | ' |
Entity Filer Category | 'Accelerated Filer | ' | ' |
Entity Common Stock, Shares Outstanding | ' | 49,120,476 | ' |
Entity Public Float | ' | ' | $166.60 |
Consolidated_Balance_Sheets
Consolidated Balance Sheets (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
CURRENT ASSETS | ' | ' |
Cash and cash equivalents | $4,834 | $1,868 |
Accounts receivable (net of allowance for doubtful accounts of $4,540 and $3,002, respectively) | 18,653 | 14,034 |
Inventories | 2,301 | 1,859 |
Deferred income tax asset, net | 588 | ' |
Other current assets | 1,115 | 820 |
Total current assets | 27,491 | 18,581 |
PROPERTY AND EQUIPMENT (net of accumulated depreciation of $14,478 and $10,289 respectively) | 9,694 | 8,607 |
INTANGIBLE ASSETS (net of accumulated amortization of $405 and $182, respectively) | 2,577 | 2,800 |
OTHER ASSETS | 154 | 83 |
TOTAL ASSETS | 39,916 | 30,071 |
CURRENT LIABILITIES | ' | ' |
Accounts payable | 4,177 | 3,611 |
Accrued compensation | 2,337 | 2,808 |
Accrued expenses and other liabilities | 741 | 669 |
Short-term portion of equipment capital leases | 2,786 | 2,212 |
Revolving credit line | 4,282 | 8,458 |
Total current liabilities | 14,323 | 17,758 |
LONG TERM LIABILITIES | ' | ' |
Long-term portion of equipment capital leases | 3,294 | 3,097 |
Deferred income tax liability, net | 588 | ' |
Total long term liabilities | 3,882 | 3,097 |
TOTAL LIABILITIES | 18,205 | 20,855 |
COMMITMENTS AND CONTINGENCIES | ' | ' |
STOCKHOLDERS' EQUITY | ' | ' |
Common stock, $.001 par value, (100,000,000 shares authorized; 49,118,373 and 45,280,280 shares issued and outstanding at December 31, 2013 and 2012, respectively) | 49 | 45 |
Additional paid-in capital | 42,200 | 31,742 |
Accumulated deficit | -20,538 | -22,571 |
Total stockholders' equity | 21,711 | 9,216 |
TOTAL LIABILITIES AND STOCKHOLDERS' EQUITY | $39,916 | $30,071 |
Consolidated_Balance_Sheets_Pa
Consolidated Balance Sheets (Parenthetical) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, except Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $4,540 | $3,002 |
Property and equipment accumulated depreciation | 14,478 | 10,289 |
Intangible assets, accumulated amortization | $405 | $182 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 100,000,000 | 100,000,000 |
Common stock, shares issued | 49,118,373 | 45,280,280 |
Common stock, shares outstanding | 49,118,373 | 45,280,280 |
Consolidated_Statements_of_Ope
Consolidated Statements of Operations (USD $) | 12 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Income Statement [Abstract] | ' | ' | ' |
NET REVENUE | $66,467 | $59,867 | $43,484 |
COST OF REVENUE | 34,730 | 33,031 | 24,056 |
GROSS MARGIN | 31,737 | 26,836 | 19,428 |
OPERATING EXPENSES | ' | ' | ' |
General and administrative | 17,397 | 15,843 | 12,331 |
Research and development | 2,440 | 2,281 | 543 |
Sales and marketing | 8,726 | 7,501 | 6,963 |
Total operating expenses | 28,563 | 25,625 | 19,837 |
INCOME (LOSS) FROM OPERATIONS | 3,174 | 1,211 | -409 |
INTEREST AND OTHER INCOME / (EXPENSE) - NET | -989 | -1,146 | -768 |
INCOME (LOSS) BEFORE TAXES | 2,185 | 65 | -1,177 |
INCOME TAXES | 152 | ' | ' |
NET INCOME (LOSS) | $2,033 | $65 | ($1,177) |
NET INCOME (LOSS) PER SHARE - Basic | $0.04 | $0 | ($0.03) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Basic | 48,263 | 45,027 | 42,758 |
NET INCOME (LOSS) PER SHARE - Diluted | $0.04 | $0 | ($0.03) |
WEIGHTED AVERAGE NUMBER OF SHARES OUTSTANDING - Diluted | 52,775 | 48,715 | 42,758 |
Consolidated_Statements_of_Sha
Consolidated Statements of Shareholders' Equity (USD $) | Total | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data | ||||
Balance at Dec. 31, 2010 | $3,135 | $37 | $24,557 | ($21,459) |
Balance, Shares at Dec. 31, 2010 | ' | 37,424,423 | ' | ' |
Common stock issuance ESPP plan | 153 | ' | 153 | ' |
Common stock issuance ESPP plan, shares | 122,401 | 122,401 | ' | ' |
Transaction fees and expenses | -41 | ' | -41 | ' |
Issuance of stock for stock options | 367 | ' | 367 | ' |
Issuance of stock for stock options, shares | 382,500 | 382,500 | ' | ' |
Issuance of stock for warrants | ' | 4 | -4 | ' |
Issuance of stock for warrants, shares | ' | 3,365,209 | ' | ' |
Issuance of restricted shares | ' | 120,000 | ' | ' |
Issuance of common stock for cash | 3,002 | 2 | 3,000 | ' |
Issuance of common stock for cash, net, shares | ' | 2,001,667 | ' | ' |
Stock compensation expense - warrants | 83 | ' | 83 | ' |
Stock compensation expense - restricted stock | 90 | ' | 90 | ' |
Stock compensation expense - options | 285 | ' | 285 | ' |
Net income (loss) | -1,177 | ' | ' | -1,177 |
Balance at Dec. 31, 2011 | 5,897 | 43 | 28,490 | -22,636 |
Balance, Shares at Dec. 31, 2011 | ' | 43,416,200 | ' | ' |
Common stock issuance ESPP plan | 89 | ' | 89 | ' |
Common stock issuance ESPP plan, shares | 56,805 | 56,805 | ' | ' |
Transaction fees and expenses | -38 | ' | -38 | ' |
Issuance of stock for stock options | 198 | ' | 198 | ' |
Issuance of stock for stock options, shares | 197,209 | 197,209 | ' | ' |
Issuance of stock for warrants | 262 | ' | 262 | ' |
Issuance of stock for warrants, shares | ' | 250,066 | ' | ' |
Issuance of common stock for intangibles | 1,945 | 2 | 1,943 | ' |
Issuance of common stock for intangibles, shares | ' | 1,360,000 | ' | ' |
Stock compensation expense - warrants | 223 | ' | 223 | ' |
Stock compensation expense - options | 575 | ' | 575 | ' |
Net income (loss) | 65 | ' | ' | 65 |
Balance at Dec. 31, 2012 | 9,216 | 45 | 31,742 | -22,571 |
Balance, Shares at Dec. 31, 2012 | ' | 45,280,280 | ' | ' |
Common stock issuance ESPP plan | 230 | ' | 230 | ' |
Common stock issuance ESPP plan, shares | 76,595 | 76,595 | ' | ' |
Transaction fees and expenses | -1,037 | ' | -1,037 | ' |
Issuance of stock for stock options | 372 | 1 | 371 | ' |
Issuance of stock for stock options, shares | 438,998 | 438,998 | ' | ' |
Issuance of common stock for cash | 9,968 | 3 | 9,965 | ' |
Issuance of common stock for cash, net, shares | ' | 3,322,500 | ' | ' |
Stock compensation expense - warrants | 263 | ' | 263 | ' |
Stock compensation expense - options | 666 | ' | 666 | ' |
Net income (loss) | 2,033 | ' | ' | 2,033 |
Balance at Dec. 31, 2013 | $21,711 | $49 | $42,200 | ($20,538) |
Balance, Shares at Dec. 31, 2013 | ' | 49,118,373 | ' | ' |
Consolidated_Statements_of_Cas
Consolidated Statements of Cash Flows (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
CASH FLOWS FROM OPERATING ACTIVITIES | ' | ' | ' |
Net income (loss) | $2,033 | $65 | ($1,177) |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | ' | ' | ' |
Depreciation of property and equipment | 4,189 | 3,636 | 2,085 |
Amortization of intangibles | 223 | 182 | ' |
Amortization of debt issue costs | 49 | 38 | 40 |
Stock based compensation - options | 666 | 575 | 285 |
Stock based compensation - warrants and restricted stock | 263 | 223 | 173 |
Provision for bad debts | 2,797 | 3,053 | 2,567 |
Changes in assets and liabilities, net: | ' | ' | ' |
(Increase) decrease in accounts receivable, net of write-offs | -7,416 | -9,192 | -5,226 |
(Increase) decrease in inventories | -442 | -657 | -315 |
(Increase) decrease in other assets | -71 | 46 | -55 |
(Increase) decrease in other current assets | -932 | 96 | 25 |
Increase (decrease) in accounts payable and other liabilities | 868 | 1,443 | 1,667 |
NET CASH PROVIDED BY (USED IN) OPERATING ACTIVITIES | 2,227 | -492 | 69 |
CASH FLOWS FROM INVESTING ACTIVITIES | ' | ' | ' |
Purchases of intangible assets | ' | -1,037 | ' |
Purchases of property and equipment | -2,011 | -2,615 | -897 |
NET CASH USED IN INVESTING ACTIVITIES | -2,011 | -3,652 | -897 |
CASH FLOWS FROM FINANCING ACTIVITIES | ' | ' | ' |
Advances (repayments) from/to revolving credit facility | -4,177 | 4,560 | 456 |
Restricted cash | ' | 500 | ' |
Repayment of capital lease obligations | -2,606 | -2,187 | -1,579 |
Issuance of common stock and warrants for cash , net of transaction expenses | 9,533 | 511 | 3,482 |
NET CASH PROVIDED BY FINANCING ACTIVITIES | 2,750 | 3,384 | 2,359 |
NET CHANGE IN CASH AND CASH EQUIVALENTS | 2,966 | -760 | 1,531 |
CASH AND CASH EQUIVALENTS, BEGINNING OF YEAR | 1,868 | 2,628 | 1,097 |
CASH AND CASH EQUIVALENTS, END OF YEAR | 4,834 | 1,868 | 2,628 |
SUPPLEMENTAL DISCLOSURE OF CASH FLOW INFORMATION | ' | ' | ' |
Interest paid | 1,073 | 1,108 | 735 |
Income taxes paid | 17 | ' | ' |
Equipment leased under capital leases | 3,249 | 2,782 | 2,950 |
Common stock issued for intangible asset purchase | ' | $1,945 | ' |
Nature_of_Business_and_Basis_o
Nature of Business and Basis of Presentation | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Nature of Business and Basis of Presentation | ' |
NOTE A – NATURE OF BUSINESS AND BASIS OF PRESENTATION | |
NeoGenomics, Inc., a Nevada corporation (the “Parent” or the “Parent Company”), and its subsidiary, NeoGenomics Laboratories, Inc., a Florida corporation (“NEO”, “NeoGenomics Laboratories” or the “Subsidiary”) (collectively referred to as “we”, “us”, “our”, “NeoGenomics”, or the “Company”), operates as a certified “high complexity” clinical laboratory in accordance with the federal government’s Clinical Laboratory Improvement Act, as amended (“CLIA”), and is dedicated to the delivery of clinical diagnostic services to pathologists, oncologists, urologists, hospitals, and other laboratories throughout the United States. | |
The accompanying consolidated financial statements include the accounts of the Parent and the Subsidiary. All significant intercompany accounts and balances have been eliminated in consolidation. | |
Certain amounts in the prior year’s consolidated financial statements have been reclassified to conform to the current year presentation. | |
Our consolidated financial statements are prepared using accounting principles generally accepted in the United States of America applicable to a going concern, which contemplates the realization of assets and liquidation of liabilities in the normal course of business. We believe we have adequate resources, such as cash on-hand, availability under our revolving credit facility, and access to capital under our shelf registration to meet our operating commitments for the next twelve months. Accordingly, our consolidated financial statements do not include any adjustments relating to the recoverability and classification of recorded asset amounts or the amounts and classification of liabilities that might be necessary should we be unable to continue as a going concern. |
Summary_of_Significant_Account
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Summary of Significant Accounting Policies | ' |
NOTE B – SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |
Use of Estimates | |
The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the consolidated financial statements. Actual results and outcomes may differ from management’s estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these consolidated financial statements include, but are not limited to, those related to revenues, accounts receivable and related allowances, contingencies, useful lives and recovery of long-term assets, income taxes, and the fair value of stock-based compensation. These estimates, judgments, and assumptions are reviewed periodically and the effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate. | |
Revenue Recognition | |
The Company recognizes revenues when (a) the price is fixed or determinable, (b) persuasive evidence of an arrangement exists, (c) the service is performed and (d) collectability of the resulting receivable is reasonably assured. | |
The Company’s specialized diagnostic services are performed based on a written test requisition form or electronic equivalent and revenues are recognized once the diagnostic services have been performed, and the results have been delivered to the ordering physician. These diagnostic services are billed to various payers, including Medicare, commercial insurance companies, other directly billed healthcare institutions such as hospitals and clinics, and individuals. The Company reports revenues from contracted payers, including Medicare, certain insurance companies and certain healthcare institutions, based on the contractual rate, or in the case of Medicare, published fee schedules. The Company reports revenues from non-contracted payers, including certain insurance companies and individuals, based on the amount expected to be collected. The difference between the amount billed and the amount estimated to be collected from non-contracted payers is recorded as an allowance to arrive at the reported net revenues. The expected revenues from non-contracted payers are based on the historical collection experience of each payer or payer group, as appropriate. The Company records revenues from patient pay tests net of a large discount and as a result recognizes minimal revenue on those tests. The Company regularly reviews its historical collection experience for non-contracted payers and adjusts its expected revenues for current and subsequent periods accordingly. | |
Cost of Revenue | |
Cost of revenue includes payroll and payroll related costs for performing tests, depreciation of laboratory equipment, rent for laboratory facilities, laboratory reagents, probes and supplies, and delivery and courier costs relating to the transportation of specimens to be tested. | |
Advertising Costs | |
Advertising costs are expensed at the time they are incurred and are not material for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Research and Development | |
Research and development (“R&D”) costs are expensed as incurred. R&D expenses consist of cash and equity compensation and benefits for R&D personnel, amortization of intangibles, supplies, inventory and payment for samples to complete validation studies. These expenses were incurred to develop new genetic tests. | |
Fair Value Measurements | |
The Company determines fair value measurements used in its consolidated financial statements based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs, as determined by either the principal market or the most advantageous market. | |
Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. | |
Level 1: Quoted prices in active markets for identical assets or liabilities. | |
Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. | |
Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. | |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are reported net of an allowance for doubtful accounts, which is estimated based on the aging of accounts receivable with each payer category and the historical data on bad debts in these aging categories. In addition, the allowance is adjusted periodically for other relevant factors, including regularly assessing the state of our billing operations in order to identify issues which may impact the collectability of receivables or allowance estimates. Revisions to the allowance are recorded as an adjustment to bad debt expense within general and administrative expenses. After appropriate collection efforts have been exhausted, specific receivables deemed to be uncollectible are charged against the allowance in the period they are deemed uncollectible. Recoveries of receivables previously written-off are recorded as credits to the allowance. Our estimates of net revenue are subject to change based on the contractual status and payment policies of the third party payers with whom we deal. We regularly refine our estimates in order to make our estimated revenue as accurate as possible based on our most recent collection experience with each third party payer. | |
Statements of Cash Flows | |
For purposes of the statements of cash flows, we consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Fair Value of Financial Instruments and Concentrations of Credit Risk | |
The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities, amounts outstanding under our revolving credit facility, and other current assets and liabilities are considered reasonable estimates of their respective fair values due to their short-term nature. The Company maintains its cash and cash equivalents with domestic financial institutions that the Company believes to be of high credit standing. The Company believes that, as of December 31, 2013, its concentration of credit risk related to cash and cash equivalents was not significant. The carrying value of the Company’s long-term capital lease obligations approximates its fair value based on the current market conditions for similar instruments. | |
Concentrations of credit risk with respect to revenue and accounts receivable are primarily limited to certain clients and geographies to which the Company provides a significant volume of its services, and to specific payers of our services such as Medicare and individual insurance companies. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. For the years ended December 31, 2013, 2012 and 2011, a large oncology practice with multiple locations accounted for 15.8%, 14.9% and 11.3% respectively, of total revenue. This client has provided us with a notice of termination with our contract with them effective May 14, 2014. This client has informed us that it plans to internalize a large portion of the tests we currently process for them. All other clients were less than 5% of total revenue individually. For the years ended December 31, 2013, 2012 and 2011, revenue derived from the State of Florida accounted for 30.6%, 33.6% and 32.9%, respectively, of total revenue. | |
The Company orders the majority of its FISH probes from one vendor and as a result of their dominance of that marketplace and the absence of any competitive alternatives, if they were to have a disruption and not have inventory available it could have a material effect on our business. This risk cannot be completely offset due to the fact that they have patent protection which limits other vendors from supplying certain of these probes. | |
Inventories | |
Inventories, which consist principally of testing supplies, are valued at the lower of cost or market, using the first-in, first-out method (FIFO). | |
Other Current Assets | |
As of December 31, 2013 and 2012, other current assets consist of prepaid expenses of approximately $1,115,000 and $820,000, respectively. | |
Property and Equipment | |
Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally includes purchases of items with a cost greater than $1,000 and a useful life greater than one year. Depreciation and amortization are computed on the straight line basis over the estimated useful lives of the assets. Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the related lease terms or their estimated useful lives. Costs incurred in connection with the development of internal-use software are capitalized in accordance with the accounting standard for internal-use software, and are amortized over the expected useful life of the software. | |
The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income (loss) from operations. Repairs and maintenance costs are expensed as incurred. | |
Intangible Assets | |
Intangible assets with finite useful lives are recorded at cost, less accumulated amortization. Amortization is recognized over the estimated useful lives of the assets. We have three classes of intangible assets and each class of intangible assets is amortized over its estimated service period from service date through the weighted average patent expiration date of each class of patents or the period of economic benefit. We periodically review the estimated pattern in which the economic benefits will be consumed and adjust the amortization period and pattern to match our estimate. The Company’s intangible assets are related to our license agreement with Health Discovery Corporation. | |
Recoverability and Impairment of Long-Lived Assets | |
The Company reviews the recoverability of its long-lived assets if events or changes in circumstances indicate the assets may be impaired. Evaluation of possible impairment is based on the Company’s ability to recover the asset from the expected future pretax cash flows (undiscounted and without interest charges) of the related operations. If the expected undiscounted pretax cash flows are less than the carrying amount of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying amount of the asset. No impairment loss was recognized in the fiscal year ended December 31, 2013. We believe the carrying values of our long-lived assets are recoverable at December 31, 2013. | |
Income Taxes | |
We compute income taxes in accordance with ASC Topic 740 Income Taxes. Under ASC-740, deferred taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Also, the effect on deferred taxes of a change in tax rates is recognized in income in the period that included the enactment date. Temporary differences between financial and tax reporting arise primarily from the use of different depreciation methods and lives for property and equipment and recognition of bad debts and various other expenses that have been allowed for or accrued for financial statement purposes but are not currently deductible for income tax purposes. | |
We quarterly evaluate tax positions that have been taken or are expected to be taken in our tax returns, and record a liability for uncertain tax positions, if deemed necessary. We follow a two-step approach to recognizing and measuring uncertain tax positions. First, tax positions are recognized if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination, including resolution of related appeals or litigation processes, if any. Second, the tax position is measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the accompanying consolidated financial statements. As of December 31, 2013, 2012 and 2011, we do not believe we had any significant uncertain tax positions nor did we have any provision for interest or penalties related to such positions. | |
Stock-Based Compensation | |
We account for option and stock awards under the Amended Plan in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the measurement and recognition of compensation expense in the Company’s statement of operations for all share-based option and stock awards, based on estimated grant-date fair values. | |
ASC Topic 718 requires us to estimate the fair value of stock-based option awards on the date of grant using an option-pricing model. The grant-date fair value of the award is recognized as expense over the requisite service period using the straight-line method. In accordance with ASC Topic 718, the estimated stock-based compensation expense to be recognized is reduced by stock option forfeitures. | |
We estimate the grant-date fair value of stock-based option awards using a trinomial lattice model. This model is affected by our stock price on the date of the grant as well as assumptions regarding a number of highly complex and subjective variables. These variables include the expected term of the option, expected risk-free rates of return, the expected volatility of our common stock, and expected dividend yield, each of which is more fully described below. The assumptions for expected term and expected volatility are the two assumptions that significantly affect the grant date fair value. | |
Expected Term: The expected term of an option is the period of time that the option is expected to be outstanding. The average expected term is determined using a trinomial lattice simulation model. | |
Risk-free Interest Rate: We base the risk-free interest rate used in the trinomial lattice valuation method on the implied yield at the grant date of the U.S. Treasury zero-coupon issue with an equivalent term to the stock-based award being valued. Where the expected term of a stock-based award does not correspond with the term for which a zero coupon interest rate is quoted, we use the nearest interest rate from the available maturities. | |
Expected Stock Price Volatility: Effective January 1, 2006 until December 31, 2009, we evaluated the assumptions used to estimate volatility and determined that, under SAB 107, we should use a blended average of our volatility and the volatility of certain peer companies. We believe that the use of this blended average peer volatility which was more reflective of market conditions and a better indicator of our expected volatility due to the limited trading history available for our Company since its last change of control, prior to which we operated under a different business model. Effective January 1, 2010 since we had sufficient historical data since our last change of control we began to use our own historical weekly volatility because that was more reflective of market conditions. | |
Dividend Yield: Because we have never paid a dividend and do not expect to begin doing so in the foreseeable future, we have assumed a 0% dividend yield in valuing our stock-based awards. | |
Tax Effects of Stock-Based Compensation | |
We will only recognize a tax benefit from windfall tax deductions for stock-based awards in additional paid-in capital if an incremental tax benefit is realized after all other tax attributes currently available have been utilized. | |
Net Income (Loss) Per Common Share | |
Basic net income per share is computed using the treasury stock method by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the applicable period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock options and warrants. | |
Recent Pronouncements | |
We have reviewed all recently issued standards and have determined they will not have a material impact on our consolidated financial statements or do not apply to our operations. |
Property_and_Equipment_Net
Property and Equipment, Net | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Property and Equipment, Net | ' | ||||||||||||
NOTE C – PROPERTY AND EQUIPMENT, NET | |||||||||||||
Property and equipment (in thousands) consisted of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | Estimated | |||||||||||
Useful | |||||||||||||
Lives in | |||||||||||||
Years | |||||||||||||
Equipment | $ | 13,848 | $ | 11,463 | 7-Mar | ||||||||
Leasehold improvements | 2,258 | 1,907 | 5-Feb | ||||||||||
Furniture & fixtures | 1,087 | 709 | 7 | ||||||||||
Computer hardware | 2,680 | 1,926 | 3 | ||||||||||
Computer software | 3,265 | 2,547 | 3-Feb | ||||||||||
Assets not yet placed in service | 1,034 | 344 | — | ||||||||||
Subtotal | 24,172 | 18,896 | |||||||||||
Less accumulated depreciation and amortization | (14,478 | ) | (10,289 | ) | |||||||||
Property and equipment, net | $ | 9,694 | $ | 8,607 | |||||||||
Depreciation expense on property and equipment, including leased assets in each period was as follows (in thousands): | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation expense | 4,189 | 3,636 | 2,085 | ||||||||||
These amounts are included as part of our Statement of Operations in Cost of Revenue as well as General and Administrative Expenses with the majority of the expense being classified as Cost of Revenue. | |||||||||||||
Property and equipment under capital leases (in thousands), included above, consists of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Equipment | $ | 7,885 | $ | 6,373 | |||||||||
Furniture & fixtures | 575 | 212 | |||||||||||
Computer hardware | 1,607 | 1,222 | |||||||||||
Computer software | 306 | 132 | |||||||||||
Leasehold Improvements | 134 | 134 | |||||||||||
Assets not yet placed in service | — | — | |||||||||||
Subtotal | 10,507 | 8,073 | |||||||||||
Less accumulated depreciation and amortization | (5,038 | ) | (3,910 | ) | |||||||||
Property and equipment under capital leases, net | $ | 5,469 | $ | 4,163 | |||||||||
Intangible_Assets
Intangible Assets | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
NOTE D – INTANGIBLE ASSETS | |||||||||||||||||
On January 6, 2012, we entered into a Master License Agreement (the “License Agreement”) with Health Discovery Corporation, a Georgia corporation (“HDC”). We were granted an exclusive worldwide license to certain of HDC’s “Licensed Patents” and “Licensed Know-How” (as defined in the License Agreement) to, among other things, use, develop, make, have made, sell, offer to sell, modify, and commercially exploit “Licensed Uses” (as defined in the License Agreement) and “Licensed Products” (as defined in the License Agreement), in the fields of laboratory testing, molecular diagnostics, clinical pathology, anatomic pathology and digital image analysis (excluding non-pathology-related radiologic and photographic image analysis) relating to the development, marketing production or sale of any “Laboratory Developed Tests” or LDTs (as defined in the License Agreement) or other products used for diagnosing, ruling out, predicting a response to treatment, and/or monitoring treatment of any or all hematopoietic and solid tumor cancers excluding cancers affecting the retina and breast cancer (collectively with certain other qualifications as defined in the License Agreement, the “Field” or “Field of Use”); provided, that the exclusion for breast cancer shall be in effect only so long as that certain license agreement between HDC and the licensee of the technology for breast cancer applications is in full force and effect and such licensee is not in material breach of any its obligations under that agreement. | |||||||||||||||||
The License Agreement allows us, among other things, to develop and sell, without limitation, any gene, gene-product or protein-based LDTs using HDC’s technology in the Field and provides for sublicensing rights and the assignment of the License Agreement, in whole or in part, in our sole discretion. The License Agreement further provides us with access to certain HDC personnel and consulting resources in the fields of mathematics and in genetic and molecular test development. The Licensed Know-How also includes, among other things, certain tests, algorithms and computer software which have already been developed by HDC. | |||||||||||||||||
We have agreed to use our best efforts to commercialize certain products within one year of the date of the License Agreement, subject to two one-year extensions per product if needed, including LDTs for prostate, colon and pancreatic cancer and software to automate the interpretation of cytogenetics and flow cytometry (collectively, the “Initial Licensed Products”). | |||||||||||||||||
If we have not generated $5.0 million of net revenue from products, services and sublicensing arrangements pursuant to the License Agreement by January 5, 2017, HDC may, at its option, revoke the exclusivity with respect to any one or more of the Initial Licensed Products, subject to certain conditions. | |||||||||||||||||
In addition, the License Agreement provides for milestone payments to HDC, in cash or stock, based on sublicensing revenue and revenue generated from products developed as a result of the License Agreement. Milestone payments are in increments of $500,000 for every $2,000,000 in GAAP revenue recognized by us up to a total of $5,000,000 in potential milestone payments. After $20,000,000 in cumulative GAAP revenue has been recognized by us, HDC will receive a royalty of (i) 6.5% (subject to adjustment under certain circumstances) of Net Revenue (as defined in the License Agreement) generated from all Licensed Uses except for the cytogenetics and flow cytometry interpretation system and (ii) a royalty of 50% of Net Revenue (after the recoupment of certain development and commercialization costs) that we derive from any sublicensing arrangements for the cytogenetics and flow cytometry interpretation system. | |||||||||||||||||
Intangible assets as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands): | |||||||||||||||||
Weighted | December 31, 2013 | ||||||||||||||||
Average | |||||||||||||||||
Amortization | |||||||||||||||||
Period | |||||||||||||||||
COST | Accumulated | Net | |||||||||||||||
Amortization | |||||||||||||||||
Support Vector Machine (SVM) technology | 108 months | $ | 500 | $ | 112 | $ | 388 | ||||||||||
Laboratory developed test (LDT) technology | 164 months | $ | 1,482 | $ | 188 | $ | 1,294 | ||||||||||
Flow Cytometry and Cytogenetics technology | 202 months | $ | 1,000 | $ | 105 | $ | 895 | ||||||||||
Total | $ | 2,982 | $ | 405 | $ | 2,577 | |||||||||||
Weighted | December 31, 2012 | ||||||||||||||||
Average | |||||||||||||||||
Amortization | |||||||||||||||||
Period | |||||||||||||||||
COST | Accumulated | Net | |||||||||||||||
Amortization | |||||||||||||||||
Support Vector Machine (SVM) technology | 108 months | $ | 500 | $ | 56 | $ | 444 | ||||||||||
Laboratory developed test (LDT) technology | 164 months | $ | 1,482 | $ | 81 | $ | 1,401 | ||||||||||
Flow Cytometry and Cytogenetics technology | 202 months | $ | 1,000 | $ | 45 | $ | 955 | ||||||||||
Total | $ | 2,982 | $ | 182 | $ | 2,800 | |||||||||||
We recorded straight-line amortization expense of intangibles as a research and development expense in the consolidated statement of operations in each period is as follows (in thousands): | |||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amortization of intangible assets | 223 | 182 | — | ||||||||||||||
We will record all amortization of intangibles in that category until the time that we have products, services or cost savings directly attributable to these intangible assets that would require that it be recorded in cost of goods sold. | |||||||||||||||||
The estimated amortization expense related to amortizable intangible assets for each of the five succeeding fiscal years and thereafter as of December 31, 2013 is as follows (in thousands): | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
2014 | $ | 223 | |||||||||||||||
2015 | 223 | ||||||||||||||||
2016 | 223 | ||||||||||||||||
2017 | 223 | ||||||||||||||||
2018 | 223 | ||||||||||||||||
Thereafter | 1,462 | ||||||||||||||||
Total | $ | 2,577 | |||||||||||||||
Income_Taxes
Income Taxes | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Income Taxes | ' | ||||||||
NOTE E – INCOME TAXES | |||||||||
We recognized income after permanent differences and net taxable income of approximately $3,100,000 and $4,200,000, respectively in 2013, however no provision for regular federal income taxes has been recorded in the accompanying consolidated statement of operations because we used net operating loss carry forwards to fully offset taxes that would otherwise be due, and because the deferred income tax assets arising from these net operating loss carry forwards had previously been fully reserved. A current provision for Alternate Minimum Taxes (“AMT”) has been created in the current year, but this amount also creates a deferred tax asset of the same amount. | |||||||||
In a similar manner, we recognized taxable income after permanent differences and net taxable income of approximately $1,000,000 and $1,300,000, respectively in 2012, however no provision for income taxes was recorded in the accompanying consolidated statement of operations because we used net operating loss carry forwards to fully offset taxes that would otherwise be due, and because the deferred income tax assets arising from these net operating loss carry forwards had previously been fully reserved. In 2011, we recognized a loss after permanent differences and a minimal amount of taxable income, which amount was reduced to zero through the utilization of net operating loss carry forwards. | |||||||||
At December 31, 2013 and 2012, we had combined federal and state net operating loss carry forwards of approximately $4.6 million and $13.6 million, respectively. The significant difference between these amounts and our accumulated deficit arises primarily from certain stock based compensation that has historically been considered to be a permanent difference. Assuming our net operating loss carry forwards are not disallowed because of certain “change of control” provisions of the Internal Revenue Code, these net operating loss carry forwards expire in various years through the year ending December 31, 2031. However we have established a valuation allowance to fully reserve our deferred income tax assets as such assets did not meet the required asset recognition standard established by ASC Topic 740. Our valuation allowance decreased by approximately $560,000 during the year ended December 31, 2013. | |||||||||
Significant components of the provision for income taxes for the year ended December 31, 2013 is as follows (in thousands): | |||||||||
2013 | |||||||||
Current: | |||||||||
Federal | 93 | ||||||||
State | 59 | ||||||||
Total Current Provision | 152 | ||||||||
A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the year ended December 31, 2013 is as follows: | |||||||||
2013 | |||||||||
Federal Statutory Tax Rate | 34 | % | |||||||
State Income Taxes, net of Federal Income Tax Benefit | 1.77 | % | |||||||
Non-deductible meals and entertainment | 1.89 | % | |||||||
Non-deductible stock options and warrants | 14.45 | % | |||||||
Other, net | 0.26 | % | |||||||
Valuation allowance | (45.44 | )% | |||||||
Effective Tax Rate | 6.93 | % | |||||||
At December 31, 2013 and 2012, our current and non-current deferred income tax assets and liabilities consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Current deferred income tax assets: | |||||||||
Allowance for doubtful accounts | $ | 1,741 | $ | 1,151 | |||||
Accrued vacation | 243 | 255 | |||||||
AMT credit | 93 | — | |||||||
Other | 30 | 51 | |||||||
Subtotal | 2,107 | 1,457 | |||||||
Less valuation allowance | (1,519 | ) | (1,457 | ) | |||||
Total Net Current Deferred Income Tax Assets | $ | 588 | $ | — | |||||
Non-Current deferred income tax assets (liabilities): | |||||||||
Net operating loss carry-forwards | $ | 1,240 | $ | 2,752 | |||||
Accumulated depreciation and amortization | (933 | ) | (1,243 | ) | |||||
Subtotal | 307 | 1,509 | |||||||
Less valuation allowance | (895 | ) | (1,509 | ) | |||||
Total Net Non-current Deferred Income Tax Liability | (588 | ) | — | ||||||
Net Deferred Income Tax Asset / (Liability) | $ | — | $ | — | |||||
We file income tax returns in the U.S. federal jurisdiction and in various state jurisdictions. Tax regulations within each jurisdiction are subject to the interpretation of the related tax laws and regulations and require significant judgment to apply. For federal and state purposes, we have open tax years from the tax year ending December 31, 2003 to December 31, 2012. We are not currently subject to any ongoing income tax examinations. |
Net_Income_Loss_Per_Share
Net Income (Loss) Per Share | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Net Income (Loss) Per Share | ' | ||||||||||||
NOTE F – NET INCOME (LOSS) PER SHARE | |||||||||||||
The following table provides the computation of basic and diluted net income (loss) per share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 2,033 | $ | 65 | $ | (1,177 | ) | ||||||
Basic weighted average shares outstanding | 48,263 | 45,027 | 42,758 | ||||||||||
Effect of potentially dilutive securities | 4,512 | 3,688 | — | ||||||||||
Diluted weighted average shares outstanding | 52,775 | 48,715 | 42,758 | ||||||||||
Basic net income (loss) per share | $ | 0.04 | 0 | $ | (0.03 | ) | |||||||
Diluted net income (loss) per share | $ | 0.04 | 0 | $ | (0.03 | ) | |||||||
For the year ended December 31, 2013 there were 341,000 options and no warrants excluded from the calculation of diluted earnings per share as anti-dilutive. For the year ended December 31, 2012 there were no outstanding options or warrants excluded from the calculation of diluted earnings per share as anti-dilutive, as the exercise prices of all outstanding options and warrants were less than the average market price of the Company’s common stock for the year ended December 31, 2012. |
Stock_Options_Stock_Purchase_P
Stock Options, Stock Purchase Plan and Warrants | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||||||||||
Stock Options, Stock Purchase Plan and Warrants | ' | ||||||||||||||||||||||||
NOTE G – STOCK OPTIONS, STOCK PURCHASE PLAN AND WARRANTS | |||||||||||||||||||||||||
Stock Option Plan | |||||||||||||||||||||||||
On April 16, 2013 the Company’s Board of Directors approved the Amended and Restated Equity Incentive Plan (the “Amended Plan”), which amended and restated the Equity Incentive Plan, originally effective as of October 14, 2003, and previously amended and restated effective as of October 31, 2006. The Amended Plan allows for the award of equity incentives, including stock options, stock appreciation rights, restricted stock awards, stock bonus awards, deferred stock awards, and other stock-based awards to certain employees, directors, or officers of, or key non-employee advisers or consultants, including contracted physicians to the Company or its subsidiaries. The Amended Plan, which expires on March 3, 2019, provides that the maximum aggregate number of shares of the Company’s common stock reserved and available for issuance under the Amended Plan is 7,000,000. | |||||||||||||||||||||||||
As of December 31, 2013, option and stock awards for 5,725,798 shares were outstanding, including both, 800,000 options issued outside of the Amended Plan to Douglas VanOort, the Company’s Chairman and Chief Executive Officer and 350,000 options issued to Robert Gasparini, the Company’s Chief Scientific Officer. A total of 662,065 shares were available for future option and stock awards under the Amended Plan. Options typically expire after 5 - 10 years and generally vest over 3 or 4 years, but each grant’s expiration, vesting and exercise price provisions are determined at the time the awards are granted by the Compensation Committee of the Board of Directors or by the Chairman and Chief Executive Officer by virtue of authority delegated to him by the Compensation Committee. | |||||||||||||||||||||||||
The fair value of each stock option award granted during the years ended December 31, 2013, 2012 and 2011 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected term (in years) | 2.5 - 4.5 | 2.5 – 4.5 | 3.0 – 4.5 | ||||||||||||||||||||||
Risk-free interest rate (%) | 0.70% | 0.60% | 1.18% | ||||||||||||||||||||||
Expected volatility (%) | 46% | 51% | 55% | ||||||||||||||||||||||
Dividend yield (%) | 0% | 0% | 0% | ||||||||||||||||||||||
Weighted average fair value/share at grant date | $1.19 | $0.73 | $0.51 | ||||||||||||||||||||||
The status of our stock options and stock awards are summarized as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Of | Exercise | ||||||||||||||||||||||||
Shares | Price | ||||||||||||||||||||||||
Outstanding at December 31, 2010 | 5,470,544 | $ | 0.87 | ||||||||||||||||||||||
Granted | 519,000 | 1.39 | |||||||||||||||||||||||
Exercised | (382,500 | ) | 0.95 | ||||||||||||||||||||||
Canceled | (827,374 | ) | 1.15 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 4,779,670 | 0.87 | |||||||||||||||||||||||
Granted | 1,298,000 | 1.64 | |||||||||||||||||||||||
Exercised | (197,209 | ) | 1.02 | ||||||||||||||||||||||
Canceled | (102,749 | ) | 1.6 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 5,777,712 | 1.02 | |||||||||||||||||||||||
Granted | 416,000 | 3.66 | |||||||||||||||||||||||
Exercised | (438,998 | ) | 0.85 | ||||||||||||||||||||||
Canceled | (28,916 | ) | 1.47 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 5,725,798 | 1.22 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 4,205,173 | $ | 0.89 | ||||||||||||||||||||||
The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2013, as well as options granted, vested and forfeited during the year was as follows: | |||||||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested at January 1, 2013 | 1,702,378 | $ | 0.71 | ||||||||||||||||||||||
Granted in 2013 | 416,000 | $ | 1.2 | ||||||||||||||||||||||
Vested in 2013 | (573,588 | ) | $ | 0.63 | |||||||||||||||||||||
Forfeited in 2013 | (24,165 | ) | $ | 0.57 | |||||||||||||||||||||
Non-vested at December 31, 2013 | 1,520,625 | $ | 1.02 | ||||||||||||||||||||||
The following table summarizes information about our options outstanding at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | Average | |||||||||||||||||||
Prices ($) | Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||||||||||
0.00 – 0.50 | 930,000 | 1 | $ | 0.28 | 930,000 | 1 | $ | 0.28 | |||||||||||||||||
0.51 – 0.75 | 350,504 | 2.3 | 0.64 | 350,504 | 2.3 | 0.64 | |||||||||||||||||||
0.76 – 1.00 | 1,589,000 | 1.8 | 0.8 | 1,589,000 | 1.8 | 0.8 | |||||||||||||||||||
1.01 – 1.50 | 1,274,294 | 2.4 | 1.38 | 864,669 | 2.2 | 1.38 | |||||||||||||||||||
1.51 – 2.00 | 1,166,000 | 2.8 | 1.69 | 462,000 | 2.2 | 1.66 | |||||||||||||||||||
2.01 – 3.00 | 40,000 | 4.2 | 2.6 | 5,000 | 4 | 2.48 | |||||||||||||||||||
3.01 – 3.98 | 376,000 | 4.4 | 3.77 | 4,000 | 4.3 | 3.76 | |||||||||||||||||||
5,725,798 | 2.2 | $ | 1.22 | 4,205,173 | 1.8 | $ | 0.89 | ||||||||||||||||||
As of December 31, 2013, the aggregate intrinsic value of all stock options outstanding and expected to vest was approximately $13.8 million and the aggregate intrinsic value of currently exercisable stock options was approximately $11.5 million. The intrinsic value of each option share is the difference between the fair market value of NeoGenomics common stock and the exercise price of such option share to the extent it is “in-the-money”. Aggregate intrinsic value represents the value that would have been received by the holders of in-the-money options had they exercised their options on the last trading day of the year and sold the underlying shares at the closing stock price on such day. The intrinsic value calculation is based on the $3.62 closing stock price of NeoGenomics Common Stock on December 31, 2013, the last trading day of 2013. The total number of in-the-money options outstanding and exercisable as of December 31, 2013 was approximately 4,205,173. | |||||||||||||||||||||||||
The total intrinsic value of options exercised during the years ended December 31, 2013, 2012 and 2011 was approximately $1,200,000, $264,000 and $126,000, respectively. Intrinsic value of exercised shares is the total value of such shares on the date of exercise less the cash received from the option holder to exercise the options. The total cash proceeds received from the exercise of stock options was approximately $372,000, $201,000 and $367,000 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
The total fair value of options granted during the years ended December 31, 2013, 2012 and 2011 was approximately $493,000, $943,000 and $267,000, respectively. The total fair value of option shares vested during the years ended December 31, 2013, 2012 and 2011 was approximately $349,000, $218,000 and $321,000. | |||||||||||||||||||||||||
We recognize stock-based compensation expense over the vesting period using the straight-line method for employees and ratably for non-employees. Stock compensation cost recognized for the years ended December 31, 2013, 2012 and 2011 related to stock options was approximately $666,000, $575,000 and $285,000, respectively. As of December 31, 2013, there was approximately $654,000 of total unrecognized stock-based compensation cost, related to unvested stock options granted under the Amended Plan. This cost is expected to be recognized over a weighted-average period of 1.5 years. | |||||||||||||||||||||||||
On April 22, 2013, Steven Ross, our Chief Information Officer was granted stock options to purchase 150,000 shares of the Company’s common stock at an exercise price per share of $3.93, which was the closing price per share on the last trading day prior to his start date. The stock options have a five year term and become 25% vested on each of the first four anniversaries of his start date. The stock options were valued at $192,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.5 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.5 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 45 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
We recorded stock compensation expense of approximately $63,000 for these options during the year ended December 31, 2013. | |||||||||||||||||||||||||
On January 9, 2012, Dr. Maher Albitar, our Chief Medical Officer was granted stock options to purchase 250,000 shares of the Company’s common stock at an exercise price per share of $1.43, which was the closing price per share on the last trading day prior to his start date. The stock options have a five year term and become 25% vested on each of the first four anniversaries of his start date. The stock options also fully vest upon a change of control of the Company. Dr. Albitar works in our California laboratory location, and the State of California has certain regulations that prohibit the corporate practice of medicine. As a result of this regulation, Dr. Albitar is not an employee, but rather is a full-time consulting physician to NeoGenomics. Thus, these stock options are non-employee consultant options and as such are being revalued at the end of every reporting period. At December 31, 2013 these stock options were valued at $535,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.3 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.6 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 53 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
We recorded stock compensation expense of approximately $252,000 and $151,000 for these options during the years ended December 31, 2013 and 2012, respectively which amount is included in the $666,000 and $575,000, respectively mentioned above. | |||||||||||||||||||||||||
On February 14, 2012, Mr. VanOort, our Chief Executive Officer was granted supplemental non-qualified stock options to purchase 800,000 shares of common stock at an exercise price of $1.71 per share which have a five year term so long as Mr. VanOort remains an employee of the Company (the “Supplemental Options”). The Supplemental Options are scheduled to vest according to the passage of time with 200,000 shares vesting each year on the anniversary of the grant date for the first four years after the grant. The Supplemental Options are valued at $505,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.8 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.6 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 52 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
We recorded stock compensation expense of $155,000 and $210,000 for these options during the years ended December 31, 2013 and 2012, respectively which amount is included in the $666,000 and $575,000, respectively mentioned above. In the event of a change of control of the Company in which the consideration payable to common stockholders of the Company has a deemed value of at least $4.00 per share, any unvested portion of the Supplemental Options will immediately vest in full. | |||||||||||||||||||||||||
Employee Stock Purchase Plan | |||||||||||||||||||||||||
Effective January 1, 2007, the Company began sponsoring an Employee Stock Purchase Plan (“ESPP”), under which eligible employees may purchase Common Stock, by means of limited payroll deductions, at a 5% discount from the fair market value of the Common Stock as of specific dates. In accordance with ASC Topic 718-50 Compensation – Stock Compensation – Employee Share Purchase Plans, the ESPP is considered non-compensatory and does not require the recognition of compensation cost because the discount offered to employees does not exceed 5%. Shares issued pursuant to this plan were 76,595, 56,805 and 122,401 for the years ended December 31, 2013, 2012 and 2011, respectively. | |||||||||||||||||||||||||
Common Stock Warrants | |||||||||||||||||||||||||
From time to time, the Company issues warrants to purchase its common stock. These warrants have been issued for consulting services, in connection with the Company’s credit facilities and sales of its common stock, and in connection with employment agreements and for compensation to directors. These warrants are valued using an option pricing model and using the volatility, market price, strike price, risk-free interest rate and dividend yield appropriate at the date the warrants were issued. Stock compensation costs recognized for the years ended December 31, 2013, 2012 and 2011 was approximately $263,000, $153,000 and $83,000 respectively. | |||||||||||||||||||||||||
On January 9, 2012 Dr. Maher Albitar was granted performance incentive warrants to purchase 200,000 shares of the Company’s common stock (the “Albitar Warrants”) at an exercise price per share of $1.43, which was the closing price per share on the last trading day prior to his start date. These warrants are being treated as non-employee consultant warrants and as such are being revalued, with assumptions for meeting performance, at the end of every reporting period using a trinomial lattice model. The Albitar Warrants have a five year term and vest in accordance with the performance criteria as follows: | |||||||||||||||||||||||||
(i) | 80,000 will vest upon the commercial launch of the Company’s gene-based plasma prostate cancer test licensed from Health Discovery Corp (“HDC”) or similar test based on our mutual agreement. | ||||||||||||||||||||||||
(ii) | 40,000 will vest upon the commercial launch of the Company’s gene-based colon cancer test licensed from HDC or similar test based on our mutual agreement. | ||||||||||||||||||||||||
(iii) | 40,000 will vest upon the commercial launch of the Company’s gene-based pancreatic cancer test licensed from HDC or similar test based on our mutual agreement. | ||||||||||||||||||||||||
(iv) | 20,000 will vest upon successful consummation of a sublicensing agreement with an instrument manufacturer to commercialize the cytogenetics automated image analysis technology licenses from HDC. | ||||||||||||||||||||||||
(v) | 20,000 will vest upon successful consummation of a sublicensing agreement with an instrument manufacturer to commercialize the flow cytometry automated image analysis technology licenses from HDC. | ||||||||||||||||||||||||
In the event of a change of control of the Company in which the consideration payable to common stockholders of the Company has a deemed value of at least $4.00 per share, any unvested portion of the Albitar Warrants will immediately vest in full. | |||||||||||||||||||||||||
On December 31, 2013 the Albitar Warrants were valued at approximately $479,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.7 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.5 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 52 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
We recorded stock compensation expense of approximately $231,000 and $135,000 for these warrants during the years ended December 31, 2013 and 2012, which amount is included in the $263,000 and $153,000, respectively mentioned above. | |||||||||||||||||||||||||
For the year ended December 31, 2012, 650,000 warrants previously issued to members of our board of directors and 348,417 warrants issued in June 2007 as part of a common stock offering were exercised or expired as follows: | |||||||||||||||||||||||||
Type of Exercise | Warrant Shares | Exercise Price / | Cash Received | Common Stock | |||||||||||||||||||||
Share | Shares Issued | ||||||||||||||||||||||||
For cash | 175,000 | $ | 1.5 | $ | 262,500 | 175,000 | |||||||||||||||||||
Cashless net exercise | 725,000 | $ | 1.5 | $ | — | 75,066 | |||||||||||||||||||
Expired unexercised | 98,417 | $ | 1.5 | $ | — | — | |||||||||||||||||||
Warrant activity is summarized as follows: | |||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||
Warrants outstanding, December 31, 2010 | 6,326,750 | 0.65 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (4,170,000 | ) | 0.29 | ||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Warrants outstanding, December 31, 2011 | 2,156,750 | 1.34 | |||||||||||||||||||||||
Granted | 200,000 | 1.43 | |||||||||||||||||||||||
Exercised | (900,000 | ) | 1.5 | ||||||||||||||||||||||
Expired | (98,417 | ) | 1.5 | ||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Warrants outstanding, December 31, 2012 | 1,358,333 | $ | 1.24 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Exercised | — | 0 | |||||||||||||||||||||||
Expired | — | 0 | |||||||||||||||||||||||
Cancelled | — | 0 | |||||||||||||||||||||||
Warrants outstanding, December 31, 2013 | 1,358,333 | $ | 1.24 | ||||||||||||||||||||||
The following table summarizes information on warrants outstanding on December 31, 2013: | |||||||||||||||||||||||||
Number | Exercise | Issued | Expire | ||||||||||||||||||||||
outstanding | price | ||||||||||||||||||||||||
83,333 | $ | 0.75 | 2/9/09 | 2/8/14 | |||||||||||||||||||||
625,000 | $ | 1.05 | 3/16/09 | 3/15/14 | |||||||||||||||||||||
450,000 | $ | 1.5 | 5/3/10 | 5/2/17 | |||||||||||||||||||||
200,000 | $ | 1.43 | 1/12/12 | 1/12/17 | |||||||||||||||||||||
1,358,333 | $ | 1.24 | |||||||||||||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Commitments and Contingencies | ' | ||||
NOTE H – COMMITMENTS AND CONTINGENCIES | |||||
Operating Leases | |||||
The Company leases its laboratory and office facilities under non-cancelable operating leases. These operating leases expire at various dates through December 2017 and generally require the payment of real estate taxes, insurance, maintenance and operating costs. The Company has approximately 49,000 square feet of office and laboratory space at our corporate headquarters in Fort Myers, Florida. In addition, we maintain laboratory and office space in Irvine, California, Nashville, Tennessee and Tampa, Florida. | |||||
The minimum aggregate future obligations under non-cancelable operating leases as of December 31, 2013 are as follows (in thousands): | |||||
Years ending December 31, | |||||
2014 | $ | 939 | |||
2015 | 754 | ||||
2016 | 526 | ||||
2017 | 334 | ||||
Total minimum lease payments | $ | 2,553 | |||
Rent expense for the years ended December 31, 2013, 2012 and 2011 was approximately $1,072,000, $1,123,000 and $797,000, respectively and is included in costs of revenues and in general and administrative expenses, depending on the allocation of work space in each facility. Certain of the Company’s facility leases include rent escalation clauses. The Company normalizes rent expense on a straight-line basis over the term of the lease for known changes in lease payments over the life of the lease. | |||||
Capital Lease Obligations | |||||
The Company’s capital lease obligations expire at various times through 2018 and the weighted average interest rates under such leases approximated 9.3% at December 31, 2013. Some of our leases contain bargain purchase options that allow us to purchase the leased property for a minimal amount upon the expiration of the lease term. The remaining leases have purchase options at fair market value. Future minimum lease payments under capital lease obligations (in thousands), including those described above are: | |||||
Years ending December 31, | |||||
2014 | $ | 3,162 | |||
2015 | 1,755 | ||||
2016 | 1,181 | ||||
2017 | 420 | ||||
2018 | 196 | ||||
2019 | 8 | ||||
Total future minimum lease payments | 6,722 | ||||
Less amount representing interest | (642 | ) | |||
Present value of future minimum lease payments | 6,080 | ||||
Less current maturities | (2,786 | ) | |||
Obligations under capital leases – long term | $ | 3,294 | |||
Property and equipment acquired under capital lease agreements (see Note C) are pledged as collateral to secure the performance of the future minimum lease payments above. | |||||
Employment Contracts | |||||
The agreements with our Chief Executive Officer, Chief Medical Officer, Chief Scientific Officer, Chief Information Officer and Chief Financial Officer contain the following: | |||||
• | Clauses that allow for continuous automatic extensions of one year unless timely written notice terminating the contract is provided to such officers (as defined in the agreements). | ||||
• | Clauses that provide for accelerated vesting of the options granted pursuant to such agreements at the time of certain changes of control of the Company. | ||||
• | Clauses that provided for 6-12 months of severance benefits in the event that such officers are terminated without “cause” (as defined in the agreements) by the Company. The base salaries for these officers in 2014 are expected to approximate $1,635,000. |
Covance_Agreement
Covance Agreement | 12 Months Ended |
Dec. 31, 2013 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' |
Covance Agreement | ' |
NOTE I – COVANCE AGREEMENT | |
On November 18, 2013, NeoGenomics and Covance Central Laboratories (“Covance”) entered into an exclusive alliance to provide comprehensive anatomic pathology, histology and specialty laboratory testing services for clinical trials. Covance is the largest contract research organization servicing the needs of the pharmaceutical industry. Through this alliance, Covance’s clients will gain access to fully integrated anatomic pathology and histology (“APH”) services, including immunohistochemistry (“IHC”), fluorescence in-situ hybridization (“FISH”) and molecular testing. Covance will establish a laboratory at NeoGenomics’ Fort Myers, Florida facility and together with NeoGenomics, will provide a full range of APH, tissue based biomarkers and other specialty testing services. The companies will then expand joint capabilities globally at Covance’s central laboratory locations in Shanghai, China; Geneva, Switzerland; and Singapore. As part of the alliance, Covance will have access to NeoGenomics extensive medical and scientific networks, which includes more than 500 pathologists. NeoGenomics gains access to Covance’s broad market reach, established client relationships, and extensive clinical trials experience. We believe this alliance will provide seamless global testing services supporting oncology and companion diagnostics strategies for biopharmaceutical firms around the world. We are currently expanding our facility in Fort Myers, Florida to provide the capacity to grow this partnership with Covance and to provide quality testing for global clinical trials. |
Revolving_Credit_and_Security_
Revolving Credit and Security Agreement | 12 Months Ended | ||
Dec. 31, 2013 | |||
Debt Disclosure [Abstract] | ' | ||
Revolving Credit and Security Agreement | ' | ||
NOTE J – REVOLVING CREDIT AND SECURITY AGREEMENT | |||
On March 26, 2012, the Parent Company, NeoGenomics Laboratories (together with the Parent Company, the “Borrower”), and CapitalSource Finance LLC (“Capital Source”) entered into a First Amendment (the “Amendment”) to the Amended and Restated Revolving Credit and Security Agreement, dated April 26, 2010 (the “Amended and Restated Credit Agreement” or the “Credit Facility”). The Amended and Restated Credit Agreement amended and restated the original Revolving Credit and Security Agreement dated February 1, 2008, as amended, by and among the Parent Company, Borrower and CapitalSource (the “Original Credit Agreement”). The terms of the Amendment and the Amended and Restated Credit Agreement are substantially similar except that the Amendment, among other things: | |||
I.) | Increased the maximum principal amount of the revolving credit facility (the “Facility Cap”) to $8.0 million from $5.0 million; provided, that the Borrower may request to increase the Facility Cap twice during the term of the Amended and Restated Credit Agreement in increments of $1.0 million to a maximum of $10,000,000; | ||
II.) | Extended the term of the Amended and Restated Credit Agreement to March 26, 2015; | ||
III.) | Revised the definition of “Minimum Termination Fee” to be: | ||
a. | 2.5% of the Facility Cap if the Revolver Termination (as defined in the Agreement) is at any time before March 26, 2013; | ||
b. | 1.5% of the Facility Cap if the Revolver Termination is after March 26, 2013 but before March 26, 2014; | ||
c. | 0.5% of the Facility Cap if the Revolver Termination is on or after March 26, 2014; and | ||
d. | That there shall be no Minimum Termination Fee if the Revolver Termination occurs within five (5) days of the end of the term. | ||
IV.) | Modified the definition of “Permitted Indebtedness” and “Fixed Charge Coverage Ratio”; and | ||
V.) | Amended Section 3.1 of the Amended and Restated Credit Agreement by deleting “the LIBOR shall be not less than 2.0%” and replacing it with “the LIBOR shall be not less than 1.0%”. | ||
We paid Capital Source a commitment fee of $80,000 in connection with the Amendment. | |||
On July 27, 2012 the Facility Cap was increased from $8.0 million to $9.0 million. | |||
On January 25, 2013 the Borrower and CapitalSource entered into the Second Amendment to the Amended and Restated Revolving Credit and Security Agreement, dated April 26, 2010. The Second Amendment: | |||
I.) | Increased the Facility Cap to $10.0 million from $9.0 million; provided, that the Borrower may request to increase the Facility Cap twice during the term of the Amended and Restated Credit Agreement in increments of $1.0 million to a maximum of $12,000,000 on or after January 31, 2013; | ||
II.) | Amended Annex 1 of the Credit Facility as follows: | ||
a) | Deleted Section 2 of the Annex 1 in its entirety and replaced it with the following: | ||
2. Minimum Cash Velocity | |||
For each Test Period, measured as of the last day of each calendar month ending on or after December 31, 2012, Collections of Accounts of Borrowers collectively shall not be less than the Cash Velocity Percentage of Borrower’s net revenue for the Revenue Period less the bad debt expense recognized on the income statement for such Revenue Period. | |||
b) | Added the following definition to the definitions set forth in such Annex in the appropriate alphabetic order: | ||
“Cash Velocity Percentage” means (a) 80% for the period beginning December 31, 2012 and ending on March 31, 2013 and (b) 87.5% at all other times. | |||
We paid Capital Source a commitment fee of $10,000 in connection with the Second Amendment. | |||
Interest on outstanding advances under the Credit Facility is payable monthly in arrears on the first day of each calendar month at an effective rate of interest of 5.25%. | |||
This credit agreement may limit our ability to issue dividends in the future. | |||
On December 31, 2013 the available credit under the Credit Facility was approximately $5.7 million and the outstanding borrowing was approximately $4.3 million after netting compensating cash on hand. |
Related_Party_Transactions
Related Party Transactions | 12 Months Ended |
Dec. 31, 2013 | |
Related Party Transactions [Abstract] | ' |
Related Party Transactions | ' |
NOTE K – RELATED PARTY TRANSACTIONS | |
Consulting Agreement | |
During 2013, 2012 and 2011, Steven Jones, a director of the Company, earned $254,394, $207,500 and $198,334, respectively, for various consulting work performed in connection with his duties as Executive Vice President of Finance. Mr. Jones is Chairman of the Compliance Committee. Mr. Jones also earned $72,500, $80,000 and $55,000 in corporate bonuses related to his consulting work in 2013, 2012 and 2011. | |
On May 3, 2010, the Company entered into a consulting agreement (the “Consulting Agreement”) with Steven Jones (the “Consultant” or “Mr. Jones”) whereby Mr. Jones would continue to provide consulting services to the Company in the capacity of Executive Vice President of Finance. The Consulting Agreement has an initial term from May 3, 2010 through April 30, 2013, which initial term automatically renews for additional one year periods unless either party provides notice of termination at least three months prior to the expiration of the initial term or any renewal term. In addition, the Company has the right to terminate the Consulting Agreement by giving written notice to the Consultant the year prior to the effective date of termination. The Consultant has the right to terminate the Consulting Agreement by giving written notice to the Company three months prior to the proposed termination date, provided, however, the Consultant is required to provide an additional three months of transition services to the Company upon reasonable request by the Company. The Consulting Agreement specifies an annual base retainer compensation of $180,000 per year, which was subsequently increased to $210,000 per year in April 2012. Mr. Jones annual compensation was increased to $250,000 on January 1, 2013. Mr. Jones is also eligible to receive an annual cash bonus based on the achievement of certain performance metrics with a target of 30% of his base retainer. Such bonus is eligible to be increased to up to 150% of the target bonus in any fiscal year in which he meets certain performance thresholds established by the CEO of the Company and approved by the Board of Directors. The Company also agreed that it would issue to the Consultant a warrant to purchase 450,000 shares of the Company’s common stock, which have all vested as of December 31, 2013. |
Retirement_Plan
Retirement Plan | 12 Months Ended |
Dec. 31, 2013 | |
Compensation And Retirement Disclosure [Abstract] | ' |
Retirement Plan | ' |
NOTE L – RETIREMENT PLAN | |
We maintain a defined-contribution 401(k) retirement plan covering substantially all employees (as defined). Our employees may make voluntary contributions to the plan, subject to limitations based on IRS regulations and compensation. In addition, we match any employees’ contributions at the rate of 50% on the dollar up to a 4% employee contribution (2% Company match) of the respective employee’s salary. We made matching contributions of approximately $275,000, $220,000 and $105,000 during the years ended December 31, 2013, 2012 and 2011, respectively. |
Equity_Transactions
Equity Transactions | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Equity Transactions | ' | ||||||||
NOTE M – EQUITY TRANSACTIONS | |||||||||
Public Offering of Common Stock | |||||||||
In March 2013, the Company completed an offering of 3,322,500 shares of registered common stock, at a price of $3.00 per share, for gross proceeds of $10.0 million. The Company received approximately $9.2 million in net proceeds after deducting underwriting fees and offering costs of approximately $0.8 million. | |||||||||
Restricted Stock Awards | |||||||||
On April 27, 2011, the Company granted 24,000 shares of restricted stock to each of the five non-officer directors of the Company for a total of 120,000 shares of restricted stock. These directors were elected by the shareholders and the restricted stock award is for service on the Board of Directors only. Such restricted shares vest a rate of 2,000 shares per quarter on the last day of each calendar quarter beginning on June 30, 2011 and ending on March 31, 2014 so long as each director remains a member of the Board of Directors. The fair market value of each grant of restricted stock on the award date was deemed to be $34,560 or $1.44 per share, which was the closing price of the Company’s common stock on the day before the grant as approved by the board of directors. We recorded approximately $16,000, $71,000 and $90,000 of stock compensation expense for the years ended December 31, 2013, 2012 and 2011 related to this restricted stock. | |||||||||
The number and weighted average grant date fair values of restricted stock non-vested at the beginning and end of 2013 and 2012, as well as stock awards granted, vested and forfeited during the year are as follows: | |||||||||
Number | Weighted | ||||||||
of | Average | ||||||||
Restricted | Grant Date | ||||||||
Shares | Fair Value | ||||||||
Nonvested at December 31, 2011 | 90,000 | $ | 1.44 | ||||||
Granted in 2012 | — | — | |||||||
Vested in 2012 | (50,000 | ) | 1.44 | ||||||
Forfeited in 2012 | — | — | |||||||
Nonvested at December 31, 2012 | 40,000 | $ | 1.44 | ||||||
Granted in 2013 | — | ||||||||
Vested in 2013 | (32,000 | ) | $ | 1.44 | |||||
Forfeited in 2013 | — | ||||||||
Nonvested at December 31, 2013 | 8,000 | $ | 1.44 |
Selected_Quarterly_Financial_D
Selected Quarterly Financial Data | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Selected Quarterly Financial Data | ' | ||||||||||||||||||||
NOTE N – SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED) (IN THOUSANDS, EXCEPT PER SHARE DATA) | |||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | 2013 | |||||||||||||||||
Net Revenues | $ | 15,657 | $ | 15,603 | $ | 16,884 | $ | 18,323 | $ | 66,467 | |||||||||||
Gross Profit | $ | 7,246 | $ | 7,157 | $ | 8,171 | $ | 9,163 | $ | 31,737 | |||||||||||
Net Income | $ | 3 | $ | 273 | $ | 900 | $ | 857 | $ | 2,033 | |||||||||||
Net Income Per Common Share: | |||||||||||||||||||||
Basic | $ | 0 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||||
Diluted | $ | 0 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||||
Weighted Average Common | 46,624 | 48,793 | 48,933 | 49,021 | 48,263 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 50,923 | 53,744 | 53,173 | 53,638 | 52,775 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | 2012 | |||||||||||||||||
Net Revenues | $ | 15,160 | $ | 15,611 | $ | 14,202 | $ | 14,894 | $ | 59,867 | |||||||||||
Gross Profit | $ | 7,144 | $ | 7,367 | $ | 5,892 | $ | 6,433 | $ | 26,836 | |||||||||||
Net Income (Loss) | $ | 603 | $ | 551 | $ | (975 | ) | $ | (114 | ) | $ | 65 | |||||||||
Net Income (Loss) Per Common | |||||||||||||||||||||
Share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0 | |||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0 | |||||||||
Weighted Average Common | 44,697 | 44,954 | 45,175 | 45,273 | 45,027 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 47,424 | 47,650 | 45,175 | 45,273 | 48,715 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/11 | 6/30/11 | 9/30/11 | 12/31/11 | 2011 | |||||||||||||||||
Net Revenues | $ | 8,805 | $ | 10,466 | $ | 11,320 | $ | 12,893 | $ | 43,484 | |||||||||||
Gross Profit | $ | 3,865 | $ | 4,656 | $ | 5,074 | $ | 5,833 | $ | 19,428 | |||||||||||
Net Income (Loss) | $ | (893 | ) | $ | (293 | ) | $ | (143 | ) | $ | 152 | $ | (1,177 | ) | |||||||
Net Income (Loss) Per Common | |||||||||||||||||||||
Share: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0 | $ | (0.03 | ) | |||||||
Diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0 | $ | (0.03 | ) | |||||||
Weighted Average Common | 41,734 | 42,857 | 43,104 | 43,104 | 42,758 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 41,734 | 42,857 | 43,104 | 45,270 | 42,758 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted |
Subsequent_Events
Subsequent Events | 12 Months Ended |
Dec. 31, 2013 | |
Subsequent Events [Abstract] | ' |
Subsequent Events | ' |
NOTE O – SUBSEQUENT EVENT | |
On January 24, 2014 the Borrower and CapitalSource entered into a Third Amendment (the “Third Amendment”) to the Amended and Restated Credit Agreement. The terms of the Third Amendment amended the Annex I of the credit agreement to delete the definition of Cash Velocity Percentage in its entirety and to replace it with the following: | |
Cash Velocity Percentage – shall mean (a) 80% for the period beginning December 31, 2012 and ending on March 31, 2013, (b) 75% for the period beginning December 1, 2013 and ending on March 31, 2014 and (c) 87.5% at all other times. |
Summary_of_Significant_Account1
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2013 | |
Accounting Policies [Abstract] | ' |
Use of Estimates | ' |
Use of Estimates | |
The Company prepares its consolidated financial statements in conformity with accounting principles generally accepted in the United States of America. These principles require management to make estimates, judgments and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses, together with amounts disclosed in the related notes to the consolidated financial statements. Actual results and outcomes may differ from management’s estimates, judgments and assumptions. Significant estimates, judgments and assumptions used in these consolidated financial statements include, but are not limited to, those related to revenues, accounts receivable and related allowances, contingencies, useful lives and recovery of long-term assets, income taxes, and the fair value of stock-based compensation. These estimates, judgments, and assumptions are reviewed periodically and the effects of material revisions in estimates are reflected in the consolidated financial statements prospectively from the date of the change in estimate. | |
Revenue Recognition | ' |
Revenue Recognition | |
The Company recognizes revenues when (a) the price is fixed or determinable, (b) persuasive evidence of an arrangement exists, (c) the service is performed and (d) collectability of the resulting receivable is reasonably assured. | |
The Company’s specialized diagnostic services are performed based on a written test requisition form or electronic equivalent and revenues are recognized once the diagnostic services have been performed, and the results have been delivered to the ordering physician. These diagnostic services are billed to various payers, including Medicare, commercial insurance companies, other directly billed healthcare institutions such as hospitals and clinics, and individuals. The Company reports revenues from contracted payers, including Medicare, certain insurance companies and certain healthcare institutions, based on the contractual rate, or in the case of Medicare, published fee schedules. The Company reports revenues from non-contracted payers, including certain insurance companies and individuals, based on the amount expected to be collected. The difference between the amount billed and the amount estimated to be collected from non-contracted payers is recorded as an allowance to arrive at the reported net revenues. The expected revenues from non-contracted payers are based on the historical collection experience of each payer or payer group, as appropriate. The Company records revenues from patient pay tests net of a large discount and as a result recognizes minimal revenue on those tests. The Company regularly reviews its historical collection experience for non-contracted payers and adjusts its expected revenues for current and subsequent periods accordingly. | |
Cost of Revenue | ' |
Cost of Revenue | |
Cost of revenue includes payroll and payroll related costs for performing tests, depreciation of laboratory equipment, rent for laboratory facilities, laboratory reagents, probes and supplies, and delivery and courier costs relating to the transportation of specimens to be tested. | |
Advertising Costs | ' |
Advertising Costs | |
Advertising costs are expensed at the time they are incurred and are not material for the years ended December 31, 2013, 2012 and 2011, respectively. | |
Research and Development | ' |
Research and Development | |
Research and development (“R&D”) costs are expensed as incurred. R&D expenses consist of cash and equity compensation and benefits for R&D personnel, amortization of intangibles, supplies, inventory and payment for samples to complete validation studies. These expenses were incurred to develop new genetic tests. | |
Fair Value Measurements | ' |
Fair Value Measurements | |
The Company determines fair value measurements used in its consolidated financial statements based upon the exit price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants exclusive of any transaction costs, as determined by either the principal market or the most advantageous market. | |
Inputs used in the valuation techniques to derive fair values are classified based on a three-level hierarchy. The basis for fair value measurements for each level within the hierarchy is described below with Level 1 having the highest priority and Level 3 having the lowest. | |
Level 1: Quoted prices in active markets for identical assets or liabilities. | |
Level 2: Quoted prices for similar assets or liabilities in active markets; quoted prices for identical or similar instruments in markets that are not active; and model-derived valuations in which all significant inputs are observable in active markets. | |
Level 3: Valuations derived from valuation techniques in which one or more significant inputs are unobservable. | |
Accounts Receivable and Allowance for Doubtful Accounts | ' |
Accounts Receivable and Allowance for Doubtful Accounts | |
Accounts receivable are reported net of an allowance for doubtful accounts, which is estimated based on the aging of accounts receivable with each payer category and the historical data on bad debts in these aging categories. In addition, the allowance is adjusted periodically for other relevant factors, including regularly assessing the state of our billing operations in order to identify issues which may impact the collectability of receivables or allowance estimates. Revisions to the allowance are recorded as an adjustment to bad debt expense within general and administrative expenses. After appropriate collection efforts have been exhausted, specific receivables deemed to be uncollectible are charged against the allowance in the period they are deemed uncollectible. Recoveries of receivables previously written-off are recorded as credits to the allowance. Our estimates of net revenue are subject to change based on the contractual status and payment policies of the third party payers with whom we deal. We regularly refine our estimates in order to make our estimated revenue as accurate as possible based on our most recent collection experience with each third party payer. | |
Statements of Cash Flows | ' |
Statements of Cash Flows | |
For purposes of the statements of cash flows, we consider all highly liquid investments purchased with an original maturity of three months or less to be cash equivalents. | |
Fair Value of Financial Instruments and Concentrations of Credit Risk | ' |
Fair Value of Financial Instruments and Concentrations of Credit Risk | |
The carrying value of cash and cash equivalents, restricted cash, accounts receivable, accounts payable, accrued expenses and other liabilities, amounts outstanding under our revolving credit facility, and other current assets and liabilities are considered reasonable estimates of their respective fair values due to their short-term nature. The Company maintains its cash and cash equivalents with domestic financial institutions that the Company believes to be of high credit standing. The Company believes that, as of December 31, 2013, its concentration of credit risk related to cash and cash equivalents was not significant. The carrying value of the Company’s long-term capital lease obligations approximates its fair value based on the current market conditions for similar instruments. | |
Concentrations of credit risk with respect to revenue and accounts receivable are primarily limited to certain clients and geographies to which the Company provides a significant volume of its services, and to specific payers of our services such as Medicare and individual insurance companies. The Company’s client base consists of a large number of geographically dispersed clients diversified across various customer types. For the years ended December 31, 2013, 2012 and 2011, a large oncology practice with multiple locations accounted for 15.8%, 14.9% and 11.3% respectively, of total revenue. This client has provided us with a notice of termination with our contract with them effective May 14, 2014. This client has informed us that it plans to internalize a large portion of the tests we currently process for them. All other clients were less than 5% of total revenue individually. For the years ended December 31, 2013, 2012 and 2011, revenue derived from the State of Florida accounted for 30.6%, 33.6% and 32.9%, respectively, of total revenue. | |
The Company orders the majority of its FISH probes from one vendor and as a result of their dominance of that marketplace and the absence of any competitive alternatives, if they were to have a disruption and not have inventory available it could have a material effect on our business. This risk cannot be completely offset due to the fact that they have patent protection which limits other vendors from supplying certain of these probes. | |
Inventories | ' |
Inventories | |
Inventories, which consist principally of testing supplies, are valued at the lower of cost or market, using the first-in, first-out method (FIFO). | |
Other Current Assets | ' |
Other Current Assets | |
As of December 31, 2013 and 2012, other current assets consist of prepaid expenses of approximately $1,115,000 and $820,000, respectively. | |
Property and Equipment | ' |
Property and Equipment | |
Property and equipment are recorded at cost, net of accumulated depreciation and amortization. Property and equipment generally includes purchases of items with a cost greater than $1,000 and a useful life greater than one year. Depreciation and amortization are computed on the straight line basis over the estimated useful lives of the assets. Leasehold improvements and property and equipment under capital leases are amortized over the shorter of the related lease terms or their estimated useful lives. Costs incurred in connection with the development of internal-use software are capitalized in accordance with the accounting standard for internal-use software, and are amortized over the expected useful life of the software. | |
The Company periodically reviews the estimated useful lives of property and equipment. Changes to the estimated useful lives are recorded prospectively from the date of the change. Upon retirement or sale, the cost of the assets disposed of and the related accumulated depreciation are removed from the accounts and any resulting gain or loss is included in income (loss) from operations. Repairs and maintenance costs are expensed as incurred. | |
Intangible Assets | ' |
Intangible Assets | |
Intangible assets with finite useful lives are recorded at cost, less accumulated amortization. Amortization is recognized over the estimated useful lives of the assets. We have three classes of intangible assets and each class of intangible assets is amortized over its estimated service period from service date through the weighted average patent expiration date of each class of patents or the period of economic benefit. We periodically review the estimated pattern in which the economic benefits will be consumed and adjust the amortization period and pattern to match our estimate. The Company’s intangible assets are related to our license agreement with Health Discovery Corporation. | |
Recoverability and Impairment of Long-Lived Assets | ' |
Recoverability and Impairment of Long-Lived Assets | |
The Company reviews the recoverability of its long-lived assets if events or changes in circumstances indicate the assets may be impaired. Evaluation of possible impairment is based on the Company’s ability to recover the asset from the expected future pretax cash flows (undiscounted and without interest charges) of the related operations. If the expected undiscounted pretax cash flows are less than the carrying amount of such asset, an impairment loss is recognized for the difference between the estimated fair value and carrying amount of the asset. No impairment loss was recognized in the fiscal year ended December 31, 2013. We believe the carrying values of our long-lived assets are recoverable at December 31, 2013. | |
Income Taxes | ' |
Income Taxes | |
We compute income taxes in accordance with ASC Topic 740 Income Taxes. Under ASC-740, deferred taxes are recognized for the tax consequences of temporary differences by applying enacted statutory rates applicable to future years to differences between the financial statement carrying amounts and the tax bases of existing assets and liabilities. Also, the effect on deferred taxes of a change in tax rates is recognized in income in the period that included the enactment date. Temporary differences between financial and tax reporting arise primarily from the use of different depreciation methods and lives for property and equipment and recognition of bad debts and various other expenses that have been allowed for or accrued for financial statement purposes but are not currently deductible for income tax purposes. | |
We quarterly evaluate tax positions that have been taken or are expected to be taken in our tax returns, and record a liability for uncertain tax positions, if deemed necessary. We follow a two-step approach to recognizing and measuring uncertain tax positions. First, tax positions are recognized if the weight of available evidence indicates that it is more likely than not that the position will be sustained upon examination, including resolution of related appeals or litigation processes, if any. Second, the tax position is measured as the largest amount of tax benefit that has a greater than 50% likelihood of being realized upon settlement. We recognize interest and penalties related to unrecognized tax benefits in the provision for income taxes in the accompanying consolidated financial statements. As of December 31, 2013, 2012 and 2011, we do not believe we had any significant uncertain tax positions nor did we have any provision for interest or penalties related to such positions. | |
Stock-Based Compensation | ' |
Stock-Based Compensation | |
We account for option and stock awards under the Amended Plan in accordance with ASC Topic 718 Compensation – Stock Compensation, which requires the measurement and recognition of compensation expense in the Company’s statement of operations for all share-based option and stock awards, based on estimated grant-date fair values. | |
ASC Topic 718 requires us to estimate the fair value of stock-based option awards on the date of grant using an option-pricing model. The grant-date fair value of the award is recognized as expense over the requisite service period using the straight-line method. In accordance with ASC Topic 718, the estimated stock-based compensation expense to be recognized is reduced by stock option forfeitures. | |
We estimate the grant-date fair value of stock-based option awards using a trinomial lattice model. This model is affected by our stock price on the date of the grant as well as assumptions regarding a number of highly complex and subjective variables. These variables include the expected term of the option, expected risk-free rates of return, the expected volatility of our common stock, and expected dividend yield, each of which is more fully described below. The assumptions for expected term and expected volatility are the two assumptions that significantly affect the grant date fair value. | |
Expected Term: The expected term of an option is the period of time that the option is expected to be outstanding. The average expected term is determined using a trinomial lattice simulation model. | |
Risk-free Interest Rate: We base the risk-free interest rate used in the trinomial lattice valuation method on the implied yield at the grant date of the U.S. Treasury zero-coupon issue with an equivalent term to the stock-based award being valued. Where the expected term of a stock-based award does not correspond with the term for which a zero coupon interest rate is quoted, we use the nearest interest rate from the available maturities. | |
Expected Stock Price Volatility: Effective January 1, 2006 until December 31, 2009, we evaluated the assumptions used to estimate volatility and determined that, under SAB 107, we should use a blended average of our volatility and the volatility of certain peer companies. We believe that the use of this blended average peer volatility which was more reflective of market conditions and a better indicator of our expected volatility due to the limited trading history available for our Company since its last change of control, prior to which we operated under a different business model. Effective January 1, 2010 since we had sufficient historical data since our last change of control we began to use our own historical weekly volatility because that was more reflective of market conditions. | |
Dividend Yield: Because we have never paid a dividend and do not expect to begin doing so in the foreseeable future, we have assumed a 0% dividend yield in valuing our stock-based awards. | |
Tax Effects of Stock-Based Compensation | ' |
Tax Effects of Stock-Based Compensation | |
We will only recognize a tax benefit from windfall tax deductions for stock-based awards in additional paid-in capital if an incremental tax benefit is realized after all other tax attributes currently available have been utilized. | |
Net Income (Loss) Per Common Share | ' |
Net Income (Loss) Per Common Share | |
Basic net income per share is computed using the treasury stock method by dividing the net income available to common stockholders by the weighted average number of common shares outstanding during the period. Diluted net income per share is computed using the weighted average number of common shares outstanding during the applicable period, plus the dilutive effect of potential common stock. Potential common stock consists of shares issuable pursuant to stock options and warrants. | |
Recent Pronouncements | ' |
Recent Pronouncements | |
We have reviewed all recently issued standards and have determined they will not have a material impact on our consolidated financial statements or do not apply to our operations. |
Property_and_Equipment_Net_Tab
Property and Equipment, Net (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Property Plant And Equipment [Abstract] | ' | ||||||||||||
Summary of Property and Equipment | ' | ||||||||||||
Property and equipment (in thousands) consisted of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | Estimated | |||||||||||
Useful | |||||||||||||
Lives in | |||||||||||||
Years | |||||||||||||
Equipment | $ | 13,848 | $ | 11,463 | 7-Mar | ||||||||
Leasehold improvements | 2,258 | 1,907 | 5-Feb | ||||||||||
Furniture & fixtures | 1,087 | 709 | 7 | ||||||||||
Computer hardware | 2,680 | 1,926 | 3 | ||||||||||
Computer software | 3,265 | 2,547 | 3-Feb | ||||||||||
Assets not yet placed in service | 1,034 | 344 | — | ||||||||||
Subtotal | 24,172 | 18,896 | |||||||||||
Less accumulated depreciation and amortization | (14,478 | ) | (10,289 | ) | |||||||||
Property and equipment, net | $ | 9,694 | $ | 8,607 | |||||||||
Depreciation Expense on Property and Equipment, Including Leased Assets | ' | ||||||||||||
Depreciation expense on property and equipment, including leased assets in each period was as follows (in thousands): | |||||||||||||
For the years ended | |||||||||||||
December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Depreciation expense | 4,189 | 3,636 | 2,085 | ||||||||||
Property and Equipment under Capital Leases | ' | ||||||||||||
Property and equipment under capital leases (in thousands), included above, consists of the following at December 31, 2013 and 2012: | |||||||||||||
2013 | 2012 | ||||||||||||
Equipment | $ | 7,885 | $ | 6,373 | |||||||||
Furniture & fixtures | 575 | 212 | |||||||||||
Computer hardware | 1,607 | 1,222 | |||||||||||
Computer software | 306 | 132 | |||||||||||
Leasehold Improvements | 134 | 134 | |||||||||||
Assets not yet placed in service | — | — | |||||||||||
Subtotal | 10,507 | 8,073 | |||||||||||
Less accumulated depreciation and amortization | (5,038 | ) | (3,910 | ) | |||||||||
Property and equipment under capital leases, net | $ | 5,469 | $ | 4,163 | |||||||||
Intangible_Assets_Tables
Intangible Assets (Tables) | 12 Months Ended | ||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||
Classes of Intangible Assets | ' | ||||||||||||||||
Intangible assets as of December 31, 2013 and December 31, 2012 consisted of the following (in thousands): | |||||||||||||||||
Weighted | December 31, 2013 | ||||||||||||||||
Average | |||||||||||||||||
Amortization | |||||||||||||||||
Period | |||||||||||||||||
COST | Accumulated | Net | |||||||||||||||
Amortization | |||||||||||||||||
Support Vector Machine (SVM) technology | 108 months | $ | 500 | $ | 112 | $ | 388 | ||||||||||
Laboratory developed test (LDT) technology | 164 months | $ | 1,482 | $ | 188 | $ | 1,294 | ||||||||||
Flow Cytometry and Cytogenetics technology | 202 months | $ | 1,000 | $ | 105 | $ | 895 | ||||||||||
Total | $ | 2,982 | $ | 405 | $ | 2,577 | |||||||||||
Weighted | December 31, 2012 | ||||||||||||||||
Average | |||||||||||||||||
Amortization | |||||||||||||||||
Period | |||||||||||||||||
COST | Accumulated | Net | |||||||||||||||
Amortization | |||||||||||||||||
Support Vector Machine (SVM) technology | 108 months | $ | 500 | $ | 56 | $ | 444 | ||||||||||
Laboratory developed test (LDT) technology | 164 months | $ | 1,482 | $ | 81 | $ | 1,401 | ||||||||||
Flow Cytometry and Cytogenetics technology | 202 months | $ | 1,000 | $ | 45 | $ | 955 | ||||||||||
Total | $ | 2,982 | $ | 182 | $ | 2,800 | |||||||||||
Straight-Line Amortization Expense of Intangibles as a Research and Development Expense | ' | ||||||||||||||||
We recorded straight-line amortization expense of intangibles as a research and development expense in the consolidated statement of operations in each period is as follows (in thousands): | |||||||||||||||||
For the Years Ended | |||||||||||||||||
December 31, | |||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||
Amortization of intangible assets | 223 | 182 | — | ||||||||||||||
Estimated Amortization Expense | ' | ||||||||||||||||
The estimated amortization expense related to amortizable intangible assets for each of the five succeeding fiscal years and thereafter as of December 31, 2013 is as follows (in thousands): | |||||||||||||||||
Years Ending December 31, | |||||||||||||||||
2014 | $ | 223 | |||||||||||||||
2015 | 223 | ||||||||||||||||
2016 | 223 | ||||||||||||||||
2017 | 223 | ||||||||||||||||
2018 | 223 | ||||||||||||||||
Thereafter | 1,462 | ||||||||||||||||
Total | $ | 2,577 | |||||||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||
Significant Components of Provision for Income Taxes | ' | ||||||||
Significant components of the provision for income taxes for the year ended December 31, 2013 is as follows (in thousands): | |||||||||
2013 | |||||||||
Current: | |||||||||
Federal | 93 | ||||||||
State | 59 | ||||||||
Total Current Provision | 152 | ||||||||
Reconciliation of Effective Tax Rate | ' | ||||||||
A reconciliation of the differences between the effective tax rate and the federal statutory tax rate for the year ended December 31, 2013 is as follows: | |||||||||
2013 | |||||||||
Federal Statutory Tax Rate | 34 | % | |||||||
State Income Taxes, net of Federal Income Tax Benefit | 1.77 | % | |||||||
Non-deductible meals and entertainment | 1.89 | % | |||||||
Non-deductible stock options and warrants | 14.45 | % | |||||||
Other, net | 0.26 | % | |||||||
Valuation allowance | (45.44 | )% | |||||||
Effective Tax Rate | 6.93 | % | |||||||
Current and Non-current Deferred Income Tax Assets | ' | ||||||||
At December 31, 2013 and 2012, our current and non-current deferred income tax assets and liabilities consisted of the following (in thousands): | |||||||||
2013 | 2012 | ||||||||
Current deferred income tax assets: | |||||||||
Allowance for doubtful accounts | $ | 1,741 | $ | 1,151 | |||||
Accrued vacation | 243 | 255 | |||||||
AMT credit | 93 | — | |||||||
Other | 30 | 51 | |||||||
Subtotal | 2,107 | 1,457 | |||||||
Less valuation allowance | (1,519 | ) | (1,457 | ) | |||||
Total Net Current Deferred Income Tax Assets | $ | 588 | $ | — | |||||
Non-Current deferred income tax assets (liabilities): | |||||||||
Net operating loss carry-forwards | $ | 1,240 | $ | 2,752 | |||||
Accumulated depreciation and amortization | (933 | ) | (1,243 | ) | |||||
Subtotal | 307 | 1,509 | |||||||
Less valuation allowance | (895 | ) | (1,509 | ) | |||||
Total Net Non-current Deferred Income Tax Liability | (588 | ) | — | ||||||
Net Deferred Income Tax Asset / (Liability) | $ | — | $ | — | |||||
Net_Income_Loss_Per_Share_Tabl
Net Income (Loss) Per Share (Tables) | 12 Months Ended | ||||||||||||
Dec. 31, 2013 | |||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||
Computation of Basic and Diluted Net Income (Loss) Per Share | ' | ||||||||||||
The following table provides the computation of basic and diluted net income (loss) per share for the years ended December 31, 2013, 2012 and 2011 (in thousands, except per share amounts): | |||||||||||||
Year Ended December 31, | |||||||||||||
2013 | 2012 | 2011 | |||||||||||
Net income (loss) | $ | 2,033 | $ | 65 | $ | (1,177 | ) | ||||||
Basic weighted average shares outstanding | 48,263 | 45,027 | 42,758 | ||||||||||
Effect of potentially dilutive securities | 4,512 | 3,688 | — | ||||||||||
Diluted weighted average shares outstanding | 52,775 | 48,715 | 42,758 | ||||||||||
Basic net income (loss) per share | $ | 0.04 | 0 | $ | (0.03 | ) | |||||||
Diluted net income (loss) per share | $ | 0.04 | 0 | $ | (0.03 | ) | |||||||
Stock_Options_Stock_Purchase_P1
Stock Options, Stock Purchase Plan and Warrants (Tables) | 12 Months Ended | ||||||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||||||
Fair Value of Each Stock Option Award Granted | ' | ||||||||||||||||||||||||
The fair value of each stock option award granted during the years ended December 31, 2013, 2012 and 2011 was estimated as of the grant date using a trinomial lattice model with the following weighted average assumptions: | |||||||||||||||||||||||||
2013 | 2012 | 2011 | |||||||||||||||||||||||
Expected term (in years) | 2.5 - 4.5 | 2.5 – 4.5 | 3.0 – 4.5 | ||||||||||||||||||||||
Risk-free interest rate (%) | 0.70% | 0.60% | 1.18% | ||||||||||||||||||||||
Expected volatility (%) | 46% | 51% | 55% | ||||||||||||||||||||||
Dividend yield (%) | 0% | 0% | 0% | ||||||||||||||||||||||
Weighted average fair value/share at grant date | $1.19 | $0.73 | $0.51 | ||||||||||||||||||||||
Status of our Stock Options and Stock Awards | ' | ||||||||||||||||||||||||
The status of our stock options and stock awards are summarized as follows: | |||||||||||||||||||||||||
Number | Weighted | ||||||||||||||||||||||||
Average | |||||||||||||||||||||||||
Of | Exercise | ||||||||||||||||||||||||
Shares | Price | ||||||||||||||||||||||||
Outstanding at December 31, 2010 | 5,470,544 | $ | 0.87 | ||||||||||||||||||||||
Granted | 519,000 | 1.39 | |||||||||||||||||||||||
Exercised | (382,500 | ) | 0.95 | ||||||||||||||||||||||
Canceled | (827,374 | ) | 1.15 | ||||||||||||||||||||||
Outstanding at December 31, 2011 | 4,779,670 | 0.87 | |||||||||||||||||||||||
Granted | 1,298,000 | 1.64 | |||||||||||||||||||||||
Exercised | (197,209 | ) | 1.02 | ||||||||||||||||||||||
Canceled | (102,749 | ) | 1.6 | ||||||||||||||||||||||
Outstanding at December 31, 2012 | 5,777,712 | 1.02 | |||||||||||||||||||||||
Granted | 416,000 | 3.66 | |||||||||||||||||||||||
Exercised | (438,998 | ) | 0.85 | ||||||||||||||||||||||
Canceled | (28,916 | ) | 1.47 | ||||||||||||||||||||||
Outstanding at December 31, 2013 | 5,725,798 | 1.22 | |||||||||||||||||||||||
Exercisable at December 31, 2013 | 4,205,173 | $ | 0.89 | ||||||||||||||||||||||
Roll Forward of Non-Vested Stock Options Activity | ' | ||||||||||||||||||||||||
The number and weighted average grant-date fair values of options non-vested at the beginning and end of 2013, as well as options granted, vested and forfeited during the year was as follows: | |||||||||||||||||||||||||
Number of | Weighted | ||||||||||||||||||||||||
Options | Average | ||||||||||||||||||||||||
Grant Date | |||||||||||||||||||||||||
Fair Value | |||||||||||||||||||||||||
Non-vested at January 1, 2013 | 1,702,378 | $ | 0.71 | ||||||||||||||||||||||
Granted in 2013 | 416,000 | $ | 1.2 | ||||||||||||||||||||||
Vested in 2013 | (573,588 | ) | $ | 0.63 | |||||||||||||||||||||
Forfeited in 2013 | (24,165 | ) | $ | 0.57 | |||||||||||||||||||||
Non-vested at December 31, 2013 | 1,520,625 | $ | 1.02 | ||||||||||||||||||||||
Summarizes Information about our Options Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information about our options outstanding at December 31, 2013: | |||||||||||||||||||||||||
Options Outstanding | Options Exercisable | ||||||||||||||||||||||||
Range of | Number | Weighted | Weighted | Number | Weighted | Weighted | |||||||||||||||||||
Exercise | Outstanding | Average | Average | Exercisable | Average | Average | |||||||||||||||||||
Prices ($) | Remaining | Exercise | Remaining | Exercise | |||||||||||||||||||||
Contractual | Price | Contractual | Price | ||||||||||||||||||||||
Life (Years) | Life (Years) | ||||||||||||||||||||||||
0.00 – 0.50 | 930,000 | 1 | $ | 0.28 | 930,000 | 1 | $ | 0.28 | |||||||||||||||||
0.51 – 0.75 | 350,504 | 2.3 | 0.64 | 350,504 | 2.3 | 0.64 | |||||||||||||||||||
0.76 – 1.00 | 1,589,000 | 1.8 | 0.8 | 1,589,000 | 1.8 | 0.8 | |||||||||||||||||||
1.01 – 1.50 | 1,274,294 | 2.4 | 1.38 | 864,669 | 2.2 | 1.38 | |||||||||||||||||||
1.51 – 2.00 | 1,166,000 | 2.8 | 1.69 | 462,000 | 2.2 | 1.66 | |||||||||||||||||||
2.01 – 3.00 | 40,000 | 4.2 | 2.6 | 5,000 | 4 | 2.48 | |||||||||||||||||||
3.01 – 3.98 | 376,000 | 4.4 | 3.77 | 4,000 | 4.3 | 3.76 | |||||||||||||||||||
5,725,798 | 2.2 | $ | 1.22 | 4,205,173 | 1.8 | $ | 0.89 | ||||||||||||||||||
Warrants Issued to Members of Board of Directors | ' | ||||||||||||||||||||||||
For the year ended December 31, 2012, 650,000 warrants previously issued to members of our board of directors and 348,417 warrants issued in June 2007 as part of a common stock offering were exercised or expired as follows: | |||||||||||||||||||||||||
Type of Exercise | Warrant Shares | Exercise Price / | Cash Received | Common Stock | |||||||||||||||||||||
Share | Shares Issued | ||||||||||||||||||||||||
For cash | 175,000 | $ | 1.5 | $ | 262,500 | 175,000 | |||||||||||||||||||
Cashless net exercise | 725,000 | $ | 1.5 | $ | — | 75,066 | |||||||||||||||||||
Expired unexercised | 98,417 | $ | 1.5 | $ | — | — | |||||||||||||||||||
Warrant Activity is Summarized | ' | ||||||||||||||||||||||||
Warrant activity is summarized as follows: | |||||||||||||||||||||||||
Shares | Weighted Average | ||||||||||||||||||||||||
Exercise Price | |||||||||||||||||||||||||
Warrants outstanding, December 31, 2010 | 6,326,750 | 0.65 | |||||||||||||||||||||||
Granted | — | — | |||||||||||||||||||||||
Exercised | (4,170,000 | ) | 0.29 | ||||||||||||||||||||||
Expired | — | — | |||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Warrants outstanding, December 31, 2011 | 2,156,750 | 1.34 | |||||||||||||||||||||||
Granted | 200,000 | 1.43 | |||||||||||||||||||||||
Exercised | (900,000 | ) | 1.5 | ||||||||||||||||||||||
Expired | (98,417 | ) | 1.5 | ||||||||||||||||||||||
Cancelled | — | — | |||||||||||||||||||||||
Warrants outstanding, December 31, 2012 | 1,358,333 | $ | 1.24 | ||||||||||||||||||||||
Granted | — | 0 | |||||||||||||||||||||||
Exercised | — | 0 | |||||||||||||||||||||||
Expired | — | 0 | |||||||||||||||||||||||
Cancelled | — | 0 | |||||||||||||||||||||||
Warrants outstanding, December 31, 2013 | 1,358,333 | $ | 1.24 | ||||||||||||||||||||||
Summarizes Information on Warrants Outstanding | ' | ||||||||||||||||||||||||
The following table summarizes information on warrants outstanding on December 31, 2013: | |||||||||||||||||||||||||
Number | Exercise | Issued | Expire | ||||||||||||||||||||||
outstanding | price | ||||||||||||||||||||||||
83,333 | $ | 0.75 | 2/9/09 | 2/8/14 | |||||||||||||||||||||
625,000 | $ | 1.05 | 3/16/09 | 3/15/14 | |||||||||||||||||||||
450,000 | $ | 1.5 | 5/3/10 | 5/2/17 | |||||||||||||||||||||
200,000 | $ | 1.43 | 1/12/12 | 1/12/17 | |||||||||||||||||||||
1,358,333 | $ | 1.24 | |||||||||||||||||||||||
Warrant [Member] | ' | ||||||||||||||||||||||||
Valuation of Option Items under Trinomial Lattice Model | ' | ||||||||||||||||||||||||
On December 31, 2013 the Albitar Warrants were valued at approximately $479,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.7 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.5 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 52 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
Chief Information Officer [Member] | ' | ||||||||||||||||||||||||
Valuation of Option Items under Trinomial Lattice Model | ' | ||||||||||||||||||||||||
The stock options were valued at $192,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.5 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.5 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 45 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
Chief Medical Officer [Member] | ' | ||||||||||||||||||||||||
Valuation of Option Items under Trinomial Lattice Model | ' | ||||||||||||||||||||||||
At December 31, 2013 these stock options were valued at $535,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.3 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.6 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 53 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % | |||||||||||||||||||||||
Chief Executive Officer [Member] | ' | ||||||||||||||||||||||||
Valuation of Option Items under Trinomial Lattice Model | ' | ||||||||||||||||||||||||
The Supplemental Options are valued at $505,000 based on a trinomial lattice model with the following terms: | |||||||||||||||||||||||||
Expected term in years | 3.8 | ||||||||||||||||||||||||
Risk-free interest rate (%) | 0.6 | % | |||||||||||||||||||||||
Weighted average expected volatility (%) | 52 | % | |||||||||||||||||||||||
Dividend yield (%) | 0 | % |
Commitments_and_Contingencies_
Commitments and Contingencies (Tables) | 12 Months Ended | ||||
Dec. 31, 2013 | |||||
Commitments And Contingencies Disclosure [Abstract] | ' | ||||
Operating Leases | ' | ||||
The minimum aggregate future obligations under non-cancelable operating leases as of December 31, 2013 are as follows (in thousands): | |||||
Years ending December 31, | |||||
2014 | $ | 939 | |||
2015 | 754 | ||||
2016 | 526 | ||||
2017 | 334 | ||||
Total minimum lease payments | $ | 2,553 | |||
Capital Lease Obligations | ' | ||||
Future minimum lease payments under capital lease obligations (in thousands), including those described above are: | |||||
Years ending December 31, | |||||
2014 | $ | 3,162 | |||
2015 | 1,755 | ||||
2016 | 1,181 | ||||
2017 | 420 | ||||
2018 | 196 | ||||
2019 | 8 | ||||
Total future minimum lease payments | 6,722 | ||||
Less amount representing interest | (642 | ) | |||
Present value of future minimum lease payments | 6,080 | ||||
Less current maturities | (2,786 | ) | |||
Obligations under capital leases – long term | $ | 3,294 | |||
Equity_Transactions_Tables
Equity Transactions (Tables) | 12 Months Ended | ||||||||
Dec. 31, 2013 | |||||||||
Equity [Abstract] | ' | ||||||||
Roll Forward of RSU Activity | ' | ||||||||
The number and weighted average grant date fair values of restricted stock non-vested at the beginning and end of 2013 and 2012, as well as stock awards granted, vested and forfeited during the year are as follows: | |||||||||
Number | Weighted | ||||||||
of | Average | ||||||||
Restricted | Grant Date | ||||||||
Shares | Fair Value | ||||||||
Nonvested at December 31, 2011 | 90,000 | $ | 1.44 | ||||||
Granted in 2012 | — | — | |||||||
Vested in 2012 | (50,000 | ) | 1.44 | ||||||
Forfeited in 2012 | — | — | |||||||
Nonvested at December 31, 2012 | 40,000 | $ | 1.44 | ||||||
Granted in 2013 | — | ||||||||
Vested in 2013 | (32,000 | ) | $ | 1.44 | |||||
Forfeited in 2013 | — | ||||||||
Nonvested at December 31, 2013 | 8,000 | $ | 1.44 |
Selected_Quarterly_Financial_D1
Selected Quarterly Financial Data (Tables) | 12 Months Ended | ||||||||||||||||||||
Dec. 31, 2013 | |||||||||||||||||||||
Quarterly Financial Information Disclosure [Abstract] | ' | ||||||||||||||||||||
Schedule of Quarterly Financial Information | ' | ||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/13 | 6/30/13 | 9/30/13 | 12/31/13 | 2013 | |||||||||||||||||
Net Revenues | $ | 15,657 | $ | 15,603 | $ | 16,884 | $ | 18,323 | $ | 66,467 | |||||||||||
Gross Profit | $ | 7,246 | $ | 7,157 | $ | 8,171 | $ | 9,163 | $ | 31,737 | |||||||||||
Net Income | $ | 3 | $ | 273 | $ | 900 | $ | 857 | $ | 2,033 | |||||||||||
Net Income Per Common Share: | |||||||||||||||||||||
Basic | $ | 0 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||||
Diluted | $ | 0 | $ | 0.01 | $ | 0.02 | $ | 0.02 | $ | 0.04 | |||||||||||
Weighted Average Common | 46,624 | 48,793 | 48,933 | 49,021 | 48,263 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 50,923 | 53,744 | 53,173 | 53,638 | 52,775 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/12 | 6/30/12 | 9/30/12 | 12/31/12 | 2012 | |||||||||||||||||
Net Revenues | $ | 15,160 | $ | 15,611 | $ | 14,202 | $ | 14,894 | $ | 59,867 | |||||||||||
Gross Profit | $ | 7,144 | $ | 7,367 | $ | 5,892 | $ | 6,433 | $ | 26,836 | |||||||||||
Net Income (Loss) | $ | 603 | $ | 551 | $ | (975 | ) | $ | (114 | ) | $ | 65 | |||||||||
Net Income (Loss) Per Common | |||||||||||||||||||||
Share: | |||||||||||||||||||||
Basic | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0 | |||||||||
Diluted | $ | 0.01 | $ | 0.01 | $ | (0.02 | ) | $ | (0.00 | ) | $ | 0 | |||||||||
Weighted Average Common | 44,697 | 44,954 | 45,175 | 45,273 | 45,027 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 47,424 | 47,650 | 45,175 | 45,273 | 48,715 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted | |||||||||||||||||||||
Three Months Ended | Total | ||||||||||||||||||||
3/31/11 | 6/30/11 | 9/30/11 | 12/31/11 | 2011 | |||||||||||||||||
Net Revenues | $ | 8,805 | $ | 10,466 | $ | 11,320 | $ | 12,893 | $ | 43,484 | |||||||||||
Gross Profit | $ | 3,865 | $ | 4,656 | $ | 5,074 | $ | 5,833 | $ | 19,428 | |||||||||||
Net Income (Loss) | $ | (893 | ) | $ | (293 | ) | $ | (143 | ) | $ | 152 | $ | (1,177 | ) | |||||||
Net Income (Loss) Per Common | |||||||||||||||||||||
Share: | |||||||||||||||||||||
Basic | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0 | $ | (0.03 | ) | |||||||
Diluted | $ | (0.02 | ) | $ | (0.01 | ) | $ | (0.00 | ) | $ | 0 | $ | (0.03 | ) | |||||||
Weighted Average Common | 41,734 | 42,857 | 43,104 | 43,104 | 42,758 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Basic | |||||||||||||||||||||
Weighted Average Common | 41,734 | 42,857 | 43,104 | 45,270 | 42,758 | ||||||||||||||||
Shares Outstanding – | |||||||||||||||||||||
Diluted |
Summary_of_Significant_Account2
Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Oncology practice combined represented revenue | 15.80% | 14.90% | 11.30% |
Contract termination date | 14-May-14 | ' | ' |
Revenue of all other clients individually | 'Less than 5% | ' | ' |
Other current assets consist of prepaid expenses | $1,115,000 | $820,000 | ' |
Minimum cost of purchases under Property and equipment | 1,000 | ' | ' |
Property and equipment, life | '1 year | ' | ' |
Impairment loss | 0 | ' | ' |
Largest amount of tax benefit | 'Greater than 50% | ' | ' |
Provision for interest or penalties related to uncertain tax positions | $0 | $0 | $0 |
Dividend yield (%) | 0.00% | 0.00% | 0.00% |
Florida [Member] | Sales [Member] | ' | ' | ' |
Schedule Of Significant Accounting Policies [Line Items] | ' | ' | ' |
Percentage of revenue derived from the State of Florida | 30.60% | 33.60% | 32.90% |
Property_and_Equipment_Net_Sum
Property and Equipment, Net - Summary of Property and Equipment (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | $24,172 | $18,896 |
Less accumulated depreciation and amortization | -14,478 | -10,289 |
Property and equipment, net | 9,694 | 8,607 |
Property and equipment, life | '1 year | ' |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | 13,848 | 11,463 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | 2,258 | 1,907 |
Furniture & Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | 1,087 | 709 |
Property and equipment, life | '7 years | ' |
Computer Hardware [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | 2,680 | 1,926 |
Property and equipment, life | '3 years | ' |
Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | 3,265 | 2,547 |
Assets Not Yet Placed in Service [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and Equipment | $1,034 | $344 |
Property and equipment, life | '0 years | ' |
Minimum [Member] | Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '3 years | ' |
Minimum [Member] | Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '2 years | ' |
Minimum [Member] | Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '2 years | ' |
Maximum [Member] | Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '7 years | ' |
Maximum [Member] | Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '5 years | ' |
Maximum [Member] | Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment, life | '3 years | ' |
Property_and_Equipment_Net_Dep
Property and Equipment, Net - Depreciation Expense on Property and Equipment,Including Leased Assets (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Property Plant And Equipment Useful Life And Values [Abstract] | ' | ' | ' |
Depreciation expense | $4,189 | $3,636 | $2,085 |
Property_and_Equipment_Net_Pro
Property and Equipment, Net - Property and Equipment under Capital Leases (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | $10,507 | $8,073 |
Less accumulated depreciation and amortization | -5,038 | -3,910 |
Property and equipment under capital leases, net | 5,469 | 4,163 |
Equipment [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 7,885 | 6,373 |
Furniture & Fixtures [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 575 | 212 |
Computer Hardware [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 1,607 | 1,222 |
Computer Software [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 306 | 132 |
Leasehold Improvements [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | 134 | 134 |
Assets Not Yet Placed in Service [Member] | ' | ' |
Property, Plant and Equipment [Line Items] | ' | ' |
Property and equipment | ' | ' |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Goodwill And Intangible Assets Disclosure [Abstract] | ' |
Agreed period to commercialize certain products from the date of the License Agreement | '1 year |
Extended period to commercialize certain products | '2 years |
Net revenue from products | $5,000,000 |
License agreement expiry date | 5-Jan-17 |
Milestone payment to be made upon incremental revenue | 500,000 |
Amount of revenue recognized for milestone | 2,000,000 |
Maximum milestone payment to be made | $5,000,000 |
Royalty payable as a percentage of net revenue | 6.50% |
Royalty payable as a percentage of sublicensing revenue | 50.00% |
Intangible_Assets_Classes_of_I
Intangible Assets - Classes of Intangible Assets (Detail) (USD $) | 12 Months Ended | |
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
COST | $2,982 | $2,982 |
Accumulated Amortization | 405 | 182 |
Total | 2,577 | 2,800 |
Support Vector Machine (SVM) Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '108 months | '108 months |
COST | 500 | 500 |
Accumulated Amortization | 112 | 56 |
Total | 388 | 444 |
Laboratory Developed Test (LDT) Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '164 months | '164 months |
COST | 1,482 | 1,482 |
Accumulated Amortization | 188 | 81 |
Total | 1,294 | 1,401 |
Flow Cytometry and Cytogenetics Technology [Member] | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' |
Weighted Average Amortization Period | '202 months | '202 months |
COST | 1,000 | 1,000 |
Accumulated Amortization | 105 | 45 |
Total | $895 | $955 |
Intangible_Assets_Amortization
Intangible Assets - Amortization Expense of Intangibles as a Research and Development Expense (Detail) (USD $) | 12 Months Ended | ||
In Thousands, unless otherwise specified | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Amortization of intangible assets | $223 | $182 | ' |
Intangible_Assets_Estimated_Am
Intangible Assets - Estimated Amortization Expense (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' |
2014 | $223 | ' |
2015 | 223 | ' |
2016 | 223 | ' |
2017 | 223 | ' |
2018 | 223 | ' |
Thereafter | 1,462 | ' |
Total | $2,577 | $2,800 |
Income_Taxes_Additional_Inform
Income Taxes - Additional Information (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Income Tax Disclosure [Abstract] | ' | ' |
Taxable income, permanent differences | $3,100,000 | $1,000,000 |
Taxable income, net | 4,200,000 | 1,300,000 |
Provision for Income Taxes | 0 | ' |
Federal and state income tax | 4,600,000 | 13,600,000 |
Net operating loss carry-forwards expire | 31-Dec-31 | ' |
Valuation allowance, decreased | $560,000 | ' |
Income_Taxes_Significant_Compo
Income Taxes - Significant Components of the Provision for Income Taxes (Detail) (USD $) | 12 Months Ended |
In Thousands, unless otherwise specified | Dec. 31, 2013 |
Current | ' |
Federal | $93 |
State | 59 |
Total Current Provision | $152 |
Income_Taxes_Reconciliation_of
Income Taxes - Reconciliation of Effective Tax Rate and the Federal Statutory Tax Rate (Detail) | 12 Months Ended |
Dec. 31, 2013 | |
Income Tax Disclosure [Abstract] | ' |
Federal Statutory Tax Rate | 34.00% |
State Income Taxes, net of Federal Income Tax Benefit | 1.77% |
Non-deductible meals and entertainment | 1.89% |
Non-deductible stock options and warrants | 14.45% |
Other, net | 0.26% |
Valuation allowance | -45.44% |
Effective Tax Rate | 6.93% |
Income_Taxes_Current_and_Noncu
Income Taxes - Current and Non-current Deferred Income Tax Assets (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Non-Current deferred income tax assets (liabilities): | ' | ' |
Net Deferred Income Tax Asset / (Liability) | ' | ' |
Current Deferred Income Tax Assets [Member] | ' | ' |
Current deferred income tax assets: | ' | ' |
Allowance for doubtful accounts | 1,741 | 1,151 |
Accrued vacation | 243 | 255 |
AMT credit | 93 | ' |
Other | 30 | 51 |
Subtotal | 2,107 | 1,457 |
Less valuation allowance | -1,519 | -1,457 |
Total Net Current Deferred Income Tax Assets | 588 | ' |
Non-Current Deferred Income Tax Assets (Liabilities) [Member] | ' | ' |
Non-Current deferred income tax assets (liabilities): | ' | ' |
Net operating loss carry-forwards | 1,240 | 2,752 |
Accumulated depreciation and amortization | -933 | -1,243 |
Subtotal | 307 | 1,509 |
Less valuation allowance | -895 | -1,509 |
Total Net Non-current Deferred Income Tax Liability | ($588) | ' |
Net_Income_Loss_Per_Share_Comp
Net Income (Loss) Per Share - Computation of Basic and Diluted Net Income Per Share (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Earnings Per Share [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net income (loss) | $857 | $900 | $273 | $3 | ($114) | ($975) | $551 | $603 | $152 | ($143) | ($293) | ($893) | $2,033 | $65 | ($1,177) |
Basic weighted average shares outstanding | 49,021 | 48,933 | 48,793 | 46,624 | 45,273 | 45,175 | 44,954 | 44,697 | 43,104 | 43,104 | 42,857 | 41,734 | 48,263 | 45,027 | 42,758 |
Effect of potentially dilutive securities | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 4,512 | 3,688 | ' |
Diluted weighted average shares outstanding | 53,638 | 53,173 | 53,744 | 50,923 | 45,273 | 45,175 | 47,650 | 47,424 | 45,270 | 43,104 | 42,857 | 41,734 | 52,775 | 48,715 | 42,758 |
Basic net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0 | ($0.03) |
Diluted net income (loss) per share | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $0.04 | $0 | ($0.03) |
Net_Income_Loss_Per_Share_Addi
Net Income (Loss) Per Share - Additional Information (Detail) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Stock Options [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Outstanding stock options and warrants | 341,000 | 0 |
Warrant [Member] | ' | ' |
Earnings Per Share, Basic, by Common Class, Including Two Class Method [Line Items] | ' | ' |
Outstanding stock options and warrants | 0 | 0 |
Stock_Options_Stock_Purchase_P2
Stock Options, Stock Purchase Plan and Warrants - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||||||||||||||||
Feb. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2010 | Jun. 30, 2007 | Dec. 31, 2013 | Dec. 31, 2013 | Jan. 09, 2012 | Jan. 09, 2012 | Jan. 09, 2012 | Jan. 09, 2012 | Jan. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Jan. 31, 2007 | Dec. 31, 2013 | Jan. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Apr. 22, 2013 | Dec. 31, 2013 | Jan. 09, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Feb. 14, 2012 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2013 | |
Minimum [Member] | Maximum [Member] | Plasma Prostate Cancer Test Licensed From Health Discovery Corp HDC [Member] | Colon Cancer Test Licensed From HDC [Member] | Pancreatic Cancer Test Licensed From HDC [Member] | Cytogenetics Automated Image Analysis Technology Licenses From HDC [Member] | Cytometry Automated Image Analysis Technology Licenses From HDC [Member] | Stock Options [Member] | Stock Options [Member] | Stock Options [Member] | Employee Stock Purchase Plan [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Warrant [Member] | Chief Information Officer [Member] | Chief Information Officer [Member] | Chief Medical Officer [Member] | Chief Medical Officer [Member] | Chief Medical Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Executive Officer [Member] | Chief Scientific Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Amended Plan expiration date | ' | 3-Mar-19 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved and available for issuance under the Amended Plan | ' | 7,000,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option outstanding | ' | 5,725,798 | 5,777,712 | 4,779,670 | 5,470,544 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option to purchase | ' | 416,000 | 1,298,000 | 519,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | 150,000 | ' | 250,000 | ' | ' | 800,000 | 800,000 | ' | ' |
Options issued outside of the Amended Plan | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 350,000 |
Shares were available for future option and stock awards under the Amended Plan | ' | 662,065 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options expiry period | ' | ' | ' | ' | ' | ' | '5 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock option term | '4 years | ' | ' | ' | ' | ' | '3 years | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '5 years | ' | '5 years | ' | ' | '5 years | ' | ' | ' |
Aggregate intrinsic value of all stock options outstanding and expected to vest | ' | $13,800,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Aggregate intrinsic value of currently exercisable stock options | ' | 11,500,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Deemed value per share | ' | $3.62 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | $4 | ' | ' |
Total number of in the money options outstanding and exercisable | ' | 4,205,173 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | ' | 1,200,000 | 264,000 | 126,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total cash proceeds received from the exercise of stock options | ' | 372,000 | 201,000 | 367,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of options granted | ' | 493,000 | 943,000 | 267,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of option shares vested | ' | 349,000 | 218,000 | 321,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 666,000 | 575,000 | 285,000 | ' | ' | ' | 263,000 | 153,000 | 83,000 | ' | 63,000 | ' | 252,000 | 151,000 | ' | 155,000 | 210,000 | ' |
Unrecognized stock-based compensation cost | ' | 654,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized cost is expected to be recognized over a weighted-average period | ' | '1 year 6 months | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Weighted average exercise price, granted | ' | $3.66 | $1.64 | $1.39 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $1.43 | ' | ' | ' | $3.93 | ' | $1.43 | ' | ' | $1.71 | ' | ' | ' |
Stock option vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | 25.00% | ' | ' | ' | ' | ' | ' |
Stock option valued | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 192,000 | ' | ' | 535,000 | ' | 505,000 | ' | ' | ' |
Supplemental options vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' |
Limited payroll deductions a discount | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 5.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares issued under ESPP | ' | 76,595 | 56,805 | 122,401 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Albitar warrant period | ' | ' | '5 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants granted | ' | ' | ' | ' | ' | ' | ' | ' | 80,000 | 40,000 | 40,000 | 20,000 | 20,000 | ' | ' | ' | ' | ' | ' | ' | 200,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Value of Albitar Warrants | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 479,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recorded stock based compensation expense | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $231,000 | $135,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock, shares issued | ' | 49,118,373 | 45,280,280 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 650,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Warrants issued | ' | ' | ' | ' | ' | 348,417 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock_Options_Stock_Purchase_P3
Stock Options, Stock Purchase Plan and Warrants - Fair Value of Each Stock Option Award Granted (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Risk-free interest rate (%) | 0.70% | 0.60% | 1.18% |
Expected volatility (%) | 46.00% | 51.00% | 55.00% |
Dividend yield (%) | 0.00% | 0.00% | 0.00% |
Weighted average fair value/share at grant date | $1.19 | $0.73 | $0.51 |
Minimum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '2 years 6 months | '2 years 6 months | '3 years |
Maximum [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Expected term (in years) | '4 years 6 months | '4 years 6 months | '4 years 6 months |
Stock_Options_Stock_Purchase_P4
Stock Options, Stock Purchase Plan and Warrants - Status of Our Stock Options and Stock Awards (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Stock options, beginning balance | 5,777,712 | 4,779,670 | 5,470,544 |
Weighted average exercise price, beginning balance | $1.02 | $0.87 | $0.87 |
Stock options, granted | 416,000 | 1,298,000 | 519,000 |
Stock options, exercised | -438,998 | -197,209 | -382,500 |
Stock options, cancelled | -28,916 | -102,749 | -827,374 |
Stock options, ending balance | 5,725,798 | 5,777,712 | 4,779,670 |
Stock options, exercisable, ending balance | 4,205,173 | ' | ' |
Weighted average exercise price, granted | $3.66 | $1.64 | $1.39 |
Weighted average exercise price, exercised | $0.85 | $1.02 | $0.95 |
Weighted average exercise price, cancelled | $1.47 | $1.60 | $1.15 |
Weighted average exercise price, ending balance | $1.22 | $1.02 | $0.87 |
Weighted average exercise price, exercisable, ending balance | $0.89 | ' | ' |
Stock_Options_Stock_Purchase_P5
Stock Options, Stock Purchase Plan And Warrants - Roll Forward of Non-Vested Stock Options Activity (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Number of Options, Nonvested, Beginning balance | 1,702,378 | ' | ' |
Number of Options, Granted | 416,000 | 1,298,000 | 519,000 |
Number of Options, Vested | -573,588 | ' | ' |
Number of Options, Forfeited | -24,165 | ' | ' |
Number of Options, Nonvested, Ending balance | 1,520,625 | 1,702,378 | ' |
Weighted average grant date fair value, Nonvested, Beginning balance | $0.71 | ' | ' |
Weighted average grant date fair value, Granted | $1.20 | ' | ' |
Weighted average grant date fair value, Vested | $0.63 | ' | ' |
Weighted average grant date fair value, Forfeited | $0.57 | ' | ' |
Weighted average grant date fair value, Nonvested, Ending balance | $1.02 | $0.71 | ' |
Stock_Options_Stock_Purchase_P6
Stock Options, Stock Purchase Plan and Warrants - Summarizes Information About Our Options Outstanding (Detail) (USD $) | 12 Months Ended |
Dec. 31, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Outstanding number of options | 5,725,798 |
Weighted average remaining contractual life outstanding | '2 years 2 months 12 days |
Outstanding average exercise price | $1.22 |
Exercisable, number of options | 4,205,173 |
Weighted average remaining contractual life exercisable | '1 year 9 months 18 days |
Exercisable, average exercise Price | $0.89 |
Range One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $0 |
Price Range, Maximum | $0.50 |
Outstanding number of options | 930,000 |
Weighted average remaining contractual life outstanding | '1 year |
Outstanding average exercise price | $0.28 |
Exercisable, number of options | 930,000 |
Weighted average remaining contractual life exercisable | '1 year |
Exercisable, average exercise Price | $0.28 |
Range Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $0.51 |
Price Range, Maximum | $0.75 |
Outstanding number of options | 350,504 |
Weighted average remaining contractual life outstanding | '2 years 3 months 18 days |
Outstanding average exercise price | $0.64 |
Exercisable, number of options | 350,504 |
Weighted average remaining contractual life exercisable | '2 years 3 months 18 days |
Exercisable, average exercise Price | $0.64 |
Range Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $0.76 |
Price Range, Maximum | $1 |
Outstanding number of options | 1,589,000 |
Weighted average remaining contractual life outstanding | '1 year 9 months 18 days |
Outstanding average exercise price | $0.80 |
Exercisable, number of options | 1,589,000 |
Weighted average remaining contractual life exercisable | '1 year 9 months 18 days |
Exercisable, average exercise Price | $0.80 |
Range Four [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $1.01 |
Price Range, Maximum | $1.50 |
Outstanding number of options | 1,274,294 |
Weighted average remaining contractual life outstanding | '2 years 4 months 24 days |
Outstanding average exercise price | $1.38 |
Exercisable, number of options | 864,669 |
Weighted average remaining contractual life exercisable | '2 years 2 months 12 days |
Exercisable, average exercise Price | $1.38 |
Range Five [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $1.51 |
Price Range, Maximum | $2 |
Outstanding number of options | 1,166,000 |
Weighted average remaining contractual life outstanding | '2 years 9 months 18 days |
Outstanding average exercise price | $1.69 |
Exercisable, number of options | 462,000 |
Weighted average remaining contractual life exercisable | '2 years 2 months 12 days |
Exercisable, average exercise Price | $1.66 |
Range Six [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $2.01 |
Price Range, Maximum | $3 |
Outstanding number of options | 40,000 |
Weighted average remaining contractual life outstanding | '4 years 2 months 12 days |
Outstanding average exercise price | $2.60 |
Exercisable, number of options | 5,000 |
Weighted average remaining contractual life exercisable | '4 years |
Exercisable, average exercise Price | $2.48 |
Range Seven [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Price Range, Minimum | $3.01 |
Price Range, Maximum | $3.98 |
Outstanding number of options | 376,000 |
Weighted average remaining contractual life outstanding | '4 years 4 months 24 days |
Outstanding average exercise price | $3.77 |
Exercisable, number of options | 4,000 |
Weighted average remaining contractual life exercisable | '4 years 3 months 18 days |
Exercisable, average exercise Price | $3.76 |
Stock_Options_Stock_Purchase_P7
Stock Options, Stock Purchase Plan and Warrants - Valuation of Option Items under Trinomial Lattice Model (Detail) | 12 Months Ended | 0 Months Ended | 12 Months Ended | ||||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | Dec. 31, 2013 | Feb. 14, 2012 | Apr. 22, 2013 | Dec. 31, 2013 | |
Warrant [Member] | Chief Executive Officer [Member] | Chief Information Officer [Member] | Chief Medical Officer [Member] | ||||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Expected term in years | ' | ' | ' | '3 years 8 months 12 days | '3 years 9 months 18 days | '3 years 6 months | '3 years 3 months 18 days |
Risk-free interest rate (%) | 0.70% | 0.60% | 1.18% | 0.50% | 0.60% | 0.50% | 0.60% |
Weighted average expected volatility (%) | 46.00% | 51.00% | 55.00% | 52.00% | 52.00% | 45.00% | 53.00% |
Dividend yield (%) | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Stock_Options_Stock_Purchase_P8
Stock Options, Stock Purchase Plan and Warrants - Warrants Issued to Members of Board of Directors (Detail) (Warrant [Member], USD $) | 12 Months Ended |
Dec. 31, 2012 | |
Cash Exercise [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Warrant Shares | 175,000 |
Exercise Price / Share | $1.50 |
Cash Received | $262,500 |
Common Stock Shares Issued | 175,000 |
Cashless Net Exercise [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Warrant Shares | 725,000 |
Exercise Price / Share | $1.50 |
Cash Received | ' |
Common Stock Shares Issued | 75,066 |
Expired Unexercised [Member] | ' |
Deferred Compensation Arrangement with Individual, Share-based Payments [Line Items] | ' |
Warrant Shares | 98,417 |
Exercise Price / Share | $1.50 |
Cash Received | ' |
Common Stock Shares Issued | ' |
Stock_Options_Stock_Purchase_P9
Stock Options, Stock Purchase Plan And Warrants - Warrant Activity (Detail) (Warrant [Member], USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Warrant [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Warrants outstanding, beginning balance | 1,358,333 | 2,156,750 | 6,326,750 |
Warrants, Granted | ' | 200,000 | ' |
Warrants, Exercised | ' | -900,000 | -4,170,000 |
Warrants, Expired | ' | -98,417 | ' |
Warrants, Cancelled | ' | ' | ' |
Warrants outstanding, December 31, 2013 | 1,358,333 | 1,358,333 | 2,156,750 |
Weighted Average Exercise Price Warrants outstanding, beginning balance | $1.24 | $1.34 | $0.65 |
Weighted Average Exercise Price Granted | $0 | $1.43 | ' |
Weighted Average Exercise Price Exercised | $0 | $1.50 | $0.29 |
Weighted Average Exercise Price Expired | $0 | $1.50 | ' |
Weighted Average Exercise Price Cancelled | 0 | ' | ' |
Warrants outstanding, December 31, 2013 | $1.24 | $1.24 | $1.34 |
Recovered_Sheet1
Stock Options, Stock Purchase Plan and Warrants - Summarizes Information on Warrants Outstanding (Detail) | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 1,358,333 |
Exercise price | 1.24 |
Warrant One [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 83,333 |
Exercise price | 0.75 |
Issued | 9-Feb-09 |
Expire | 8-Feb-14 |
Warrants Two [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 625,000 |
Exercise price | 1.05 |
Issued | 16-Mar-09 |
Expire | 15-Mar-14 |
Warrant Three [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 450,000 |
Exercise price | 1.5 |
Issued | 3-May-10 |
Expire | 2-May-17 |
Warrants Four [Member] | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' |
Number outstanding | 200,000 |
Exercise price | 1.43 |
Issued | 12-Jan-12 |
Expire | 12-Jan-17 |
Commitments_and_Contingencies_1
Commitments and Contingencies - Additional Information (Detail) (USD $) | 0 Months Ended | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
sqft | ||||
Commitments And Contingencies Disclosure [Abstract] | ' | ' | ' | ' |
Square Feet of Office and Laboratory | ' | 49,000 | ' | ' |
Rent expenses | ' | $1,072,000 | $1,123,000 | $797,000 |
Weighted Average Interest Rates | 9.30% | 9.30% | ' | ' |
Base salaries | $1,635,000 | ' | ' | ' |
Commitments_and_Contingencies_2
Commitments and Contingencies - Operating Leases (Detail) (USD $) | Dec. 31, 2013 |
In Thousands, unless otherwise specified | |
Commitments And Contingencies Disclosure [Abstract] | ' |
2014 | $939 |
2015 | 754 |
2016 | 526 |
2017 | 334 |
Total minimum lease payments | $2,553 |
Commitments_and_Contingencies_3
Commitments and Contingencies - Capital Lease Obligations (Detail) (USD $) | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | ||
Commitments And Contingencies Disclosure [Abstract] | ' | ' |
2014 | $3,162 | ' |
2015 | 1,755 | ' |
2016 | 1,181 | ' |
2017 | 420 | ' |
2018 | 196 | ' |
2019 | 8 | ' |
Total future minimum lease payments | 6,722 | ' |
Less amount representing interest | -642 | ' |
Present value of future minimum lease payments | 6,080 | ' |
Less current maturities | -2,786 | -2,212 |
Obligations under capital leases - long term | $3,294 | $3,097 |
Covance_Agreement_Additional_I
Covance Agreement - Additional Information (Detail) (Minimum [Member]) | 12 Months Ended |
Dec. 31, 2013 | |
Number | |
Minimum [Member] | ' |
Collaborative Arrangements and Non-collaborative Arrangement Transactions [Line Items] | ' |
Minimum number of Pathologies having access by Covance | 500 |
Revolving_Credit_and_Security_1
Revolving Credit and Security Agreement - Additional Information (Detail) (USD $) | 0 Months Ended | 3 Months Ended | 12 Months Ended | 0 Months Ended | 3 Months Ended | 0 Months Ended | 3 Months Ended | ||||||
Jan. 31, 2013 | Mar. 26, 2012 | Mar. 31, 2013 | Dec. 31, 2013 | Mar. 26, 2012 | Jan. 25, 2013 | Mar. 26, 2012 | Mar. 31, 2013 | Jul. 27, 2012 | Mar. 26, 2012 | Mar. 31, 2013 | Jan. 25, 2013 | Jul. 27, 2012 | |
Amended and Restated Credit Arrangement [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Minimum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | Maximum [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Line of Credit Facility, Current Borrowing Capacity | ' | ' | ' | ' | ' | ' | $5,000,000 | ' | ' | $8,000,000 | ' | ' | ' |
Increase in line of credit facility cap | 12,000,000 | ' | ' | ' | ' | 1,000,000 | 1,000,000 | ' | ' | 10,000,000 | ' | ' | ' |
Amended and Restated Credit Agreement maturity date | ' | 26-Mar-15 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum termination fee, percentage at any time before March 26, 2013 | ' | 2.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum termination fee, percentage after March 26, 2013 but before March 26, 2014 | ' | 1.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum termination fee, percentage on or after March 26, 2014 | ' | 0.50% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Minimum termination fee, grace period | ' | '5 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Basis Spread on Variable Rate | ' | 2.00% | ' | ' | 1.00% | ' | ' | ' | ' | ' | ' | ' | ' |
Debt Instrument, Description of Variable Rate Basis | ' | ' | ' | '"The LIBOR shall be not less than 2.0%" and replacing it with "the LIBOR shall be not less than 1.0%" | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Commitment fee for capital source | ' | 80,000 | 10,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increased facility cap | ' | ' | ' | ' | ' | 9,000,000 | ' | ' | 8,000,000 | ' | ' | 10,000,000 | 9,000,000 |
Cash Velocity Percentage | ' | ' | ' | ' | ' | ' | ' | 80.00% | ' | ' | 87.50% | ' | ' |
Effective rate of interest | ' | ' | ' | 5.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Increase in line of credit facility cap, remaining | ' | ' | ' | 5,700,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding borrowing | ' | ' | ' | $4,300,000 | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Related_Party_Transactions_Add
Related Party Transactions - Additional Information (Detail) (USD $) | 1 Months Ended | 12 Months Ended | |||
Apr. 30, 2012 | Dec. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Executive Vice President [Member] | Executive Vice President [Member] | Executive Vice President [Member] | |||
Deferred Compensation Arrangement with Individual, Excluding Share-based Payments and Postretirement Benefits [Line Items] | ' | ' | ' | ' | ' |
Fees for consulting work performed | ' | ' | $254,394 | $207,500 | $198,334 |
Corporate bonus | ' | ' | 72,500 | 80,000 | 55,000 |
Retainer Compensation | 210,000 | 180,000 | ' | ' | ' |
Annual compensation | ' | ' | $250,000 | ' | ' |
Cash bonus | ' | ' | 30.00% | ' | ' |
Target cash bonus | ' | ' | 150.00% | ' | ' |
Common stock warrants issued to the Consultant (Steven Jones) | ' | ' | 450,000 | ' | ' |
Retirement_Plan_Additional_Inf
Retirement Plan - Additional Information (Detail) (USD $) | 12 Months Ended | ||
Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' |
Employee's contribution to retirement plan | 4.00% | ' | ' |
Percentage of employees contribution | 50.00% | ' | ' |
Percentage of company match | 2.00% | ' | ' |
Employers contribution | $275,000 | $220,000 | $105,000 |
Equity_Transactions_Additional
Equity Transactions - Additional Information (Detail) (USD $) | 0 Months Ended | 1 Months Ended | 12 Months Ended | 0 Months Ended | 12 Months Ended | |||
Apr. 27, 2011 | Mar. 31, 2013 | Dec. 31, 2013 | Dec. 31, 2012 | Apr. 27, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 | |
Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | |||||
Directors | ||||||||
Compensation Related Costs Share Based Payments Disclosure [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Sale of Common stock | ' | 3,322,500 | ' | ' | ' | ' | ' | ' |
Share price | ' | $3 | ' | ' | ' | ' | ' | ' |
Gross proceeds | ' | $10,000,000 | ' | ' | ' | ' | ' | ' |
Net proceeds from public offering | ' | 9,200,000 | ' | ' | ' | ' | ' | ' |
Underwriting fees and offering costs | ' | 800,000 | ' | ' | ' | ' | ' | ' |
Restricted stock granted | ' | ' | ' | ' | 24,000 | ' | ' | ' |
Restricted stock outstanding | 120,000 | ' | ' | ' | ' | ' | ' | ' |
Number of directors | ' | ' | ' | ' | 5 | ' | ' | ' |
Restricted stock value | ' | ' | ' | ' | ' | 34,560 | ' | ' |
Restricted stock per share | ' | ' | ' | ' | ' | $1.44 | ' | ' |
Vested restricted shares per quarter from June, 2011 to March 31,2013 | ' | ' | ' | ' | 2,000 | ' | ' | ' |
Stock compensation expense | ' | ' | ' | ' | ' | $16,000 | $71,000 | $90,000 |
Equity_Transactions_Roll_Forwa
Equity Transactions - Roll Forward of RSU Activity (Detail) (USD $) | 12 Months Ended | |
Dec. 31, 2013 | Dec. 31, 2012 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' |
Number of restricted shares, Nonvested, Beginning balance | 40,000 | 90,000 |
Number of restricted shares, Granted | ' | ' |
Number of restricted shares, Vested | -32,000 | -50,000 |
Number of restricted shares, Forfeited | ' | ' |
Number of restricted shares, Nonvested, Ending balance | 8,000 | 40,000 |
Weighted average grant date fair value, Nonvested, Beginning balance | $1.44 | $1.44 |
Weighted average grant date fair value, Granted | ' | ' |
Weighted average grant date fair value, Vested | $1.44 | $1.44 |
Weighted average grant date fair value, Forfeited | ' | ' |
Weighted average grant date fair value, Nonvested, Ending balance | $1.44 | $1.44 |
Selected_Quarterly_Financial_D2
Selected Quarterly Financial Data - Schedule of Quarterly Financial Information (Detail) (USD $) | 3 Months Ended | 12 Months Ended | |||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Dec. 31, 2013 | Sep. 30, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Sep. 30, 2012 | Jun. 30, 2012 | Mar. 31, 2012 | Dec. 31, 2011 | Sep. 30, 2011 | Jun. 30, 2011 | Mar. 31, 2011 | Dec. 31, 2013 | Dec. 31, 2012 | Dec. 31, 2011 |
Quarterly Financial Information Disclosure [Abstract] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Net Revenues | $18,323 | $16,884 | $15,603 | $15,657 | $14,894 | $14,202 | $15,611 | $15,160 | $12,893 | $11,320 | $10,466 | $8,805 | $66,467 | $59,867 | $43,484 |
Gross Profit | 9,163 | 8,171 | 7,157 | 7,246 | 6,433 | 5,892 | 7,367 | 7,144 | 5,833 | 5,074 | 4,656 | 3,865 | 31,737 | 26,836 | 19,428 |
Net income (loss) | $857 | $900 | $273 | $3 | ($114) | ($975) | $551 | $603 | $152 | ($143) | ($293) | ($893) | $2,033 | $65 | ($1,177) |
Net Income (Loss) Per Common Share: | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basic | $0.02 | $0.02 | $0.01 | $0 | $0 | ($0.02) | $0.01 | $0.01 | $0 | $0 | ($0.01) | ($0.02) | $0.04 | $0 | ($0.03) |
Diluted | $0.02 | $0.02 | $0.01 | $0 | $0 | ($0.02) | $0.01 | $0.01 | $0 | $0 | ($0.01) | ($0.02) | $0.04 | $0 | ($0.03) |
Weighted Average Common Shares Outstanding - Basic | 49,021 | 48,933 | 48,793 | 46,624 | 45,273 | 45,175 | 44,954 | 44,697 | 43,104 | 43,104 | 42,857 | 41,734 | 48,263 | 45,027 | 42,758 |
Weighted Average Common Shares Outstanding - Diluted | 53,638 | 53,173 | 53,744 | 50,923 | 45,273 | 45,175 | 47,650 | 47,424 | 45,270 | 43,104 | 42,857 | 41,734 | 52,775 | 48,715 | 42,758 |
Subsequent_Event_Additional_In
Subsequent Event - Additional Information (Detail) (Third Amended and Restated Credit Agreement [Member], Subsequent Event [Member], Revolving Credit Facility [Member]) | 0 Months Ended |
Jan. 24, 2014 | |
Subsequent Event [Line Items] | ' |
Cash velocity percentage other | 87.50% |
Effective from December 31, 2012 to March 31, 2013 [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash Velocity Percentage | 80.00% |
Effective from December 1, 2013 to March 31, 2014 [Member] | ' |
Subsequent Event [Line Items] | ' |
Cash Velocity Percentage | 75.00% |