Aspen Aerogels (ASPN) 10-Q 6 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	Apr. 30, 2016
Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	ASPN
Entity Registrant Name	ASPEN AEROGELS INC
Entity Central Index Key	1,145,986
Current Fiscal Year End Date	--12-31
Entity Filer Category	Accelerated Filer
Entity Common Stock, Shares Outstanding		23,233,762

Consolidated Balance Sheets

Consolidated Balance Sheets - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 29,357	$ 32,804
Accounts receivable, net of allowances of $126 and $89	23,207	20,624
Inventories	6,139	6,532
Prepaid expenses and other current assets	707	1,687
Total current assets	59,410	61,647
Property, plant and equipment, net	79,539	78,322
Other assets	94	105
Total assets	139,043	140,074
Current liabilities:
Capital leases, current portion	54	67
Accounts payable	12,745	10,684
Accrued expenses	3,441	5,568
Deferred revenue	431	681
Other current liabilities	241	409
Total current liabilities	16,912	17,409
Capital leases, excluding current portion	30	40
Other long-term liabilities	136	151
Total liabilities	$ 17,078	$ 17,600
Commitments and contingencies (Note 6)
Stockholders' equity:
Preferred stock, $0.00001 par value; 5,000,000 shares authorized, no shares issued and outstanding at March 31, 2016 and December 31, 2015;
Common stock, $0.00001 par value; 125,000,000 shares authorized, 23,233,762 shares issued and outstanding at March 31, 2016; 23,184,852 shares issued and outstanding at December 31, 2015	$ 0	$ 0
Additional paid-in capital	529,263	527,975
Accumulated deficit	(407,298)	(405,501)
Total stockholders' equity	121,965	122,474
Total liabilities and stockholders' equity	$ 139,043	$ 140,074

Consolidated Balance Sheets (Pa

Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Statement of Financial Position [Abstract]
Allowance for doubtful accounts	$ 126	$ 89
Preferred stock, par value	$ 0.00001	$ 0.00001
Preferred stock, shares authorized	5,000,000	5,000,000
Preferred stock, shares issued	0	0
Preferred stock, shares outstanding	0	0
Common stock, par value	$ 0.00001	$ 0.00001
Common stock, shares authorized	125,000,000	125,000,000
Common stock, shares issued	23,233,762	23,184,852
Common stock, shares outstanding	23,233,762	23,184,852

Consolidated Statements of Oper

Consolidated Statements of Operations - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Revenue:
Product	$ 32,286	$ 23,211
Research services	535	289
Total revenue	32,821	23,500
Cost of revenue:
Product	25,992	18,845
Research services	302	141
Gross profit	6,527	4,514
Operating expenses:
Research and development	1,310	1,304
Sales and marketing	3,062	2,332
General and administrative	3,913	3,623
Total operating expenses	8,285	7,259
Loss from operations	(1,758)	(2,745)
Interest expense, net	(39)	(45)
Total interest expense, net	(39)	(45)
Net loss	$ (1,797)	$ (2,790)
Net loss per share:
Basic	$ (0.08)	$ (0.12)
Diluted	$ (0.08)	$ (0.12)
Weighted-average common shares outstanding:
Basic and diluted	23,063,471	22,992,273

Consolidated Statements of Cash

Consolidated Statements of Cash Flows - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Cash flows from operating activities:
Net loss	$ (1,797)	$ (2,790)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	2,410	2,184
Stock compensation expense	1,370	1,295
Other	(13)
Changes in operating assets and liabilities:
Accounts receivable	(2,291)	(1,336)
Inventories	393	(1,008)
Prepaid expenses and other assets	966	(339)
Accounts payable	1,508	(471)
Accrued expenses	(2,203)	(2,263)
Deferred revenue	(542)	1,070
Other long-term liabilities	(15)
Net cash used in operating activities	(214)	(3,658)
Cash flows from investing activities:
Capital expenditures	(3,128)	(10,531)
Purchases of marketable securities		(2,501)
Net cash used in investing activities	(3,128)	(13,032)
Cash flows from financing activities:
Repayment of obligations under capital lease	(23)	(19)
Payments made for employee restricted stock tax withholdings	(82)
Net cash used in financing activities	(105)	(19)
Net decrease in cash and cash equivalents	(3,447)	(16,709)
Cash and cash equivalents at beginning of period	32,804	49,719
Cash and cash equivalents at end of period	29,357	33,010
Supplemental disclosures of cash flow information:
Interest paid	52	45
Income taxes paid	0	0
Supplemental disclosures of non-cash activities:
Changes in accrued capital expenditures	484	$ (341)
Advanced billings	$ 292

Description of Business and Bas

Description of Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Description of Business and Basis of Presentation	(1) Description of Business and Basis of Presentation Nature of Business Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH. Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2015 (the Annual Report), filed with the Securities and Exchange Commission on March 4, 2016. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2016 and the results of its operations and cash flows for the three months ended March 31, 2016 and 2015. The Company has evaluated events through the date of this filing. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or any other period. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s consolidated financial statements and notes thereto. Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation. Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.

Significant Accounting Policies

Significant Accounting Policies	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Significant Accounting Policies	(2) Significant Accounting Policies Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk. Deferred Revenue The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied, (ii) payments have been received in advance of products being delivered or (iii) amounts are billed in accordance with contractual terms in advance of products being delivered. Stock-based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte Carlo simulation model based upon the terms of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2016, the Company granted 420,284 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 259,469 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The employee RSUs and NSOs will vest over a three year period. Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Three Months Ended 2016 2015 Cost of product revenue $ 192 191 Research and development expenses 140 172 Sales and marketing expenses 261 230 General and administrative expenses 777 702 Total stock-based compensation $ 1,370 $ 1,295 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 463,697 shares to 6,069,201 shares effective January 1, 2016. As of March 31, 2016, 2,619,142 shares of common stock were reserved for issuance upon the exercise or vesting, as appropriate, of outstanding stock-based awards granted under the 2014 Equity Plan. In addition, 93,233 shares of common stock are reserved for issuance upon the exercise of outstanding stock options granted under the Company’s 2001 Equity Plan. Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2016, there were 3,011,912 shares of common stock available for grant under the 2014 Equity Plan. Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, RSUs and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive. Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended 2016 2015 (In thousands) Revenue: U.S. $ 11,413 $ 10,684 International 21,408 12,816 Total $ 32,821 $ 23,500 Recently Issued Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company is currently assessing the impact of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (FASB ASU 2016-02). FASB ASU 2016-02 changes the accounting for leases and includes a requirement to record all leases on the consolidated balance sheets as assets and liabilities. This update is effective for fiscal years beginning after December 15, 2018. Early application is permitted. The Company has not yet selected a transition method and is evaluating the effect the updated standard will have on its consolidated financial statements and related disclosures. In August 2015, the FASB issued a deferral of ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. As a result of the deferral, public entities are required to apply the revenue recognition standard for annual reporting period beginning on or after December 15, 2017, including interim periods within that annual reporting period. Early application is not permitted. We have not yet selected a transition method and are evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	(3) Inventories Inventories consist of the following: March 31, December 31, (In thousands) Raw materials $ 3,979 $ 4,432 Finished goods 2,160 2,100 Total $ 6,139 $ 6,532

Property, Plant and Equipment,

Property, Plant and Equipment, Net	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Property, Plant and Equipment, Net	(4) Property, Plant and Equipment, Net Property, plant and equipment consist of the following: March 31, December 31, Useful (In thousands) Construction in progress $ 8,152 $ 5,138 — Buildings 23,885 23,884 30 years Machinery and equipment 105,177 104,658 3-10 years Computer equipment and software 6,966 6,888 3 years Total 144,180 140,568 Accumulated depreciation (64,641 ) (62,246 ) Property, plant and equipment, net $ 79,539 $ 78,322 Depreciation expense was $2.4 million and $2.2 million for the three months ended March 31, 2016 and 2015, respectively. Construction in progress totaled $8.2 million and $5.1 million at March 31, 2016 and December 31, 2015, respectively. Construction in progress included engineering designs and other pre-construction costs for the planned manufacturing facility in Statesboro, Georgia of $4.7 million and $2.3 million at March 31, 2016 and December 31, 2015, respectively.

Accrued Expenses

Accrued Expenses	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Accrued Expenses	(5) Accrued Expenses Accrued expenses consist of the following: March 31, December 31, (In thousands) Employee compensation $ 2,272 $ 4,184 Other accrued expenses 1,169 1,384 Total $ 3,441 $ 5,568

Commitments and Contingencies

Commitments and Contingencies	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Commitments and Contingencies	(6) Commitments and Contingencies Asset Retirement Obligation The Company has asset retirement obligations (ARO) arising from requirements to perform certain asset retirement activities upon the termination of its Northborough, Massachusetts facility lease and upon disposal of certain machinery and equipment. The liability was initially measured at fair value and subsequently adjusted for accretion expense and changes in the amount or timing of the estimated cash flows. The corresponding asset retirement costs are capitalized as part of the carrying amount of the related long-lived asset and depreciated over the asset’s remaining useful life. A summary of ARO activity consists of the following: Three Months March 31, 2016 (In thousands) Balance at beginning of period $ 397 Settlement costs (156 ) Balance at end of period $ 241 During the three months ended March 31, 2016, the Company incurred approximately $0.2 million in settlement costs in support of completing the restoration of 31,577 square feet of space formerly utilized for manufacturing operations in the Northborough, Massachusetts facility. This manufacturing space will be vacated and returned to the landlord on or before June 30, 2016. The remaining ARO reserve totaling $0.2 million is the maximum obligation to restore the remaining space in the Northborough facility currently utilized by the Company as its corporate headquarters. Revolving Line of Credit The Company maintains a revolving credit facility with Silicon Valley Bank which expires on August 31, 2016. The Company may borrow up to $20 million under the facility subject to compliance with certain covenants and borrowing base limitations. At the Company’s election, the interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum. In addition, the Company is required to pay a monthly unused revolving line facility fee of 0.5% per annum of the average unused portion of the revolving credit facility. The revolving credit facility is secured by a first priority security interest in all assets of the Company, including those at the East Providence facility, except for certain exclusions. At both March 31, 2016 and December 31, 2015, the Company had no amounts drawn on the revolving credit facility. The Company had outstanding letters of credit backed by the revolving credit facility of $2.7 million at March 31, 2016 and December 31, 2015, which reduce the funds otherwise available to the Company under the facility. Based on the available borrowing base, the effective amount available to the Company under the revolving credit facility at March 31, 2016 was $13.0 million after consideration of the $2.7 million of outstanding letters of credit. Under the revolving credit facility, the Company is required to comply with financial covenants relating to, among other items, minimum Adjusted EBITDA, maximum unfinanced capital expenditures and other non-financial covenants. At March 31, 2016, the Company was in compliance with all such financial covenants. Letters of Credit Pursuant to the terms of its Northborough, Massachusetts facility lease, the Company has been required to provide the landlord with letters of credit securing certain obligations. In addition, the Company has been required to provide certain customers with letters of credit securing obligations under commercial contracts. The Company had letters of credit outstanding for $2.7 million at March 31, 2016 and December 31, 2015. These letters of credit are secured by the Company’s revolving credit facility. Litigation The Company is, from time to time, a party to litigation that arises in the normal course of its business operations. See Part II, Item 1 (“Legal Proceedings”) of this Quarterly Report on Form 10-Q for a description of certain of the Company’s current legal proceedings. The Company is not presently a party to any litigation for which it believes a loss is probable requiring an amount to be accrued or a possible loss contingency requiring disclosure.

Net Loss Per Share

Net Loss Per Share	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Net Loss Per Share	(7) Net Loss Per Share The computation of basic and diluted net loss per share consists of the following: Three Months Ended 2016 2015 (In thousands, except share and per share data) Numerator: Net loss $ (1,797 ) $ (2,790 ) Denominator: Weighted average shares outstanding, basic and diluted 23,063,471 22,992,273 Net loss per share, basic and diluted $ (0.08 ) $ (0.12 ) Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended 2016 2015 Common stock options 1,952,879 1,231,542 Restricted common stock units 759,510 524,847 Common stock warrants 131 131 Restricted common stock awards 132,130 54,089 Total 2,844,650 1,810,609 In the table above, anti-dilutive shares consist of those common stock equivalents that have (i) an exercise price above the average stock price for the period or (ii) related average unrecognized stock compensation expense sufficient to buy-back the entire amount of shares. The Company excludes the shares issued in connection with restricted stock awards from the calculation of basic weighted average common shares outstanding until the restrictions lapse.

Income Taxes

Income Taxes	3 Months Ended
	Mar. 31, 2016
Income Tax Disclosure [Abstract]
Income Taxes	(8) Income Taxes The Company incurred net operating losses and recorded a full valuation allowance against net deferred tax assets for all periods presented. Accordingly, the Company has not recorded a provision for federal or state income taxes.

Description of Business and B14

Description of Business and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Nature of Business	Nature of Business Aspen Aerogels, Inc. (the Company) is an energy technology company that designs, develops and manufactures innovative, high-performance aerogel insulation. The Company also conducts research and development related to aerogel technology supported by funding from several agencies of the U.S. government and other institutions in the form of research and development contracts. The Company maintains its corporate offices in Northborough, Massachusetts. The Company has two wholly owned subsidiaries: Aspen Aerogels Rhode Island, LLC and Aspen Aerogels Germany, GmbH.
Unaudited Interim Financial Information	Unaudited Interim Financial Information The accompanying unaudited interim consolidated financial statements include the accounts of the Company and have been prepared in accordance with accounting principles generally accepted in the United States of America (U.S. GAAP) and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Certain information and disclosures normally included in the consolidated financial statements prepared in accordance with U.S. GAAP have been condensed or omitted pursuant to such rules and regulations. As such, the information included in this quarterly report on Form 10-Q should be read in conjunction with the audited consolidated financial statements and accompanying notes in our Annual Report on Form 10-K for the year ended December 31, 2015 (the Annual Report), filed with the Securities and Exchange Commission on March 4, 2016. In the opinion of the Company’s management, the unaudited interim consolidated financial statements have been prepared on the same basis as the audited consolidated financial statements and include all adjustments that are of a normal recurring nature and necessary for the fair statement of the Company’s financial position as of March 31, 2016 and the results of its operations and cash flows for the three months ended March 31, 2016 and 2015. The Company has evaluated events through the date of this filing. The results of operations for the three months ended March 31, 2016 are not necessarily indicative of the results to be expected for the year ending December 31, 2016 or any other period. There have been no changes to the Company’s significant accounting policies described in the Annual Report that have had a material impact on the Company’s consolidated financial statements and notes thereto.
Principles of Consolidation	Principles of Consolidation The accompanying consolidated financial statements, which have been prepared in accordance with U.S. GAAP, include the accounts of the Company and its wholly owned subsidiaries. All intercompany balances and transactions have been eliminated in consolidation.
Use of Estimates	Use of Estimates The preparation of the consolidated financial statements requires the Company to make a number of estimates and assumptions that affect the reported amounts of assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. Significant items subject to such estimates and assumptions include allowances for doubtful accounts, sales returns and allowances, inventory valuation, the carrying amount of property and equipment, stock-based compensation and deferred income taxes. The Company evaluates its estimates and assumptions on an on-going basis using historical experience and other factors, including the current economic environment, which are believed to be reasonable under the circumstances. Management adjusts such estimates and assumptions when facts and circumstances dictate. Illiquid credit markets, volatile equity markets and declines in business investment increase the uncertainty inherent in such estimates and assumptions. As future events and their effects cannot be determined with precision, actual results could differ significantly from these estimates. Changes in these estimates resulting from continuing changes in the economic environment will be reflected in the financial statements in future periods.
Cash and Cash Equivalents	Cash and Cash Equivalents Cash equivalents include short-term, highly liquid instruments, which consist of money market accounts. All cash and cash equivalents are maintained with major financial institutions in North America. Deposits with these financial institutions may exceed the amount of insurance provided on such deposits; however, these deposits typically may be redeemed upon demand and, therefore, bear minimal risk.
Deferred Revenue	Deferred Revenue The Company records deferred revenue for product sales when (i) the Company has delivered products but other revenue recognition criteria have not been satisfied, (ii) payments have been received in advance of products being delivered or (iii) amounts are billed in accordance with contractual terms in advance of products being delivered.
Stock-based Compensation	Stock-based Compensation Stock-based compensation expense is measured at the grant date based on the fair value of the award. Expense is recognized on a straight-line basis over the requisite service period for all awards with service conditions. For performance-based awards, the grant date fair value is recognized as expense when the condition is probable of being achieved, and then on a graded basis over the requisite service period. The Company uses the Black-Scholes option-pricing model to determine the fair value of service-based option awards, which requires a number of complex and subjective assumptions including fair value of the underlying security, the expected volatility of the underlying security, a risk-free interest rate and the expected term of the option. The fair value of restricted stock and restricted stock unit grants is determined using the closing trading price of the Company’s common stock on the date of grant. The fair value of awards containing market conditions is determined using a Monte Carlo simulation model based upon the terms of the conditions, the expected volatility of the underlying security, and other relevant factors. During the three months ended March 31, 2016, the Company granted 420,284 restricted common stock units (RSUs) and non-qualified stock options (NSOs) to purchase 259,469 shares of common stock to employees under the 2014 Employee, Director and Consultant Equity Incentive Plan (the 2014 Equity Plan). The employee RSUs and NSOs will vest over a three year period. Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Three Months Ended 2016 2015 Cost of product revenue $ 192 191 Research and development expenses 140 172 Sales and marketing expenses 261 230 General and administrative expenses 777 702 Total stock-based compensation $ 1,370 $ 1,295 Pursuant to the “evergreen” provisions of the 2014 Equity Plan, the number of shares of common stock authorized for issuance under the plan automatically increased by 463,697 shares to 6,069,201 shares effective January 1, 2016. As of March 31, 2016, 2,619,142 shares of common stock were reserved for issuance upon the exercise or vesting, as appropriate, of outstanding stock-based awards granted under the 2014 Equity Plan. In addition, 93,233 shares of common stock are reserved for issuance upon the exercise of outstanding stock options granted under the Company’s 2001 Equity Plan. Any cancellations or forfeitures of the options outstanding under the 2001 Equity Plan will result in the shares reserved for issuance upon exercise of such options becoming available for grant under the 2014 Equity Plan. As of March 31, 2016, there were 3,011,912 shares of common stock available for grant under the 2014 Equity Plan.
Earnings per Share	Earnings per Share The Company calculates net loss per common share based on the weighted-average number of common shares outstanding during each period. Potential common stock equivalents are determined using the treasury stock method. The weighted-average number of common shares included in the computation of diluted net loss gives effect to all potentially dilutive common equivalent shares, including outstanding stock options, RSUs and warrants. Common equivalent shares are excluded from the computation of diluted net loss per share if their effect is antidilutive.
Segments	Segments Operating segments are identified as components of an enterprise about which separate, discrete financial information is available for evaluation by the chief operating decision maker in making decisions on how to allocate resources and assess performance. The Company’s chief operating decision maker is the Chief Executive Officer. The Company’s chief operating decision maker reviews consolidated operating results to make decisions about allocating resources and assessing performance for the entire Company. The Company views its operations and manages its business as one operating segment. Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended 2016 2015 (In thousands) Revenue: U.S. $ 11,413 $ 10,684 International 21,408 12,816 Total $ 32,821 $ 23,500
Recently Issued Accounting Standards	Recently Issued Accounting Standards In March 2016, the Financial Accounting Standards Board (FASB) issued Accounting Standards Update (“ASU”) No. 2016-09, “Compensation – Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting” (“ASU 2016-09”). The amendment is to simplify several aspects of the accounting for share-based payment transactions including the income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. For public entities, the amendments in ASU 2016-09 are effective for interim and annual reporting periods beginning after December 15, 2016. The Company is currently assessing the impact of ASU 2016-09 on its consolidated financial statements. In February 2016, the FASB issued ASU 2016-02, Leases (Topic 842) (FASB ASU 2016-02). FASB ASU 2016-02 changes the accounting for leases and includes a requirement to record all leases on the consolidated balance sheets as assets and liabilities. This update is effective for fiscal years beginning after December 15, 2018. Early application is permitted. The Company has not yet selected a transition method and is evaluating the effect the updated standard will have on its consolidated financial statements and related disclosures. In August 2015, the FASB issued a deferral of ASU 2014-09, Revenue from Contracts with Customers. The standard will eliminate the transaction- and industry-specific revenue recognition guidance under current U.S. GAAP and replace it with a principle based approach for determining revenue recognition. As a result of the deferral, public entities are required to apply the revenue recognition standard for annual reporting period beginning on or after December 15, 2017, including interim periods within that annual reporting period. Early application is not permitted. We have not yet selected a transition method and are evaluating the effect that the updated standard will have on our consolidated financial statements and related disclosures. From time to time, new accounting pronouncements are issued by the FASB or other standard setting bodies and adopted by the Company as of the specified effective date. Unless otherwise discussed, the Company believes that the impact of recently issued standards that are not yet effective will not have a material impact on its financial position or results of operations upon adoption.

Significant Accounting Polici15

Significant Accounting Policies (Tables)	3 Months Ended
	Mar. 31, 2016
Accounting Policies [Abstract]
Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses	Stock-based compensation is included in cost of sales or operating expenses, as applicable, and consists of the following: Three Months Ended 2016 2015 Cost of product revenue $ 192 191 Research and development expenses 140 172 Sales and marketing expenses 261 230 General and administrative expenses 777 702 Total stock-based compensation $ 1,370 $ 1,295
Schedule of Revenues, Based on Shipment Destination or Research Services Location	Information about the Company’s revenues, based on shipment destination or services location, is presented in the following table: Three Months Ended 2016 2015 (In thousands) Revenue: U.S. $ 11,413 $ 10,684 International 21,408 12,816 Total $ 32,821 $ 23,500

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories consist of the following: March 31, December 31, (In thousands) Raw materials $ 3,979 $ 4,432 Finished goods 2,160 2,100 Total $ 6,139 $ 6,532

Property, Plant and Equipment17

Property, Plant and Equipment, Net (Tables)	3 Months Ended
	Mar. 31, 2016
Property, Plant and Equipment [Abstract]
Summary of Property, Plant and Equipment	Property, plant and equipment consist of the following: March 31, December 31, Useful (In thousands) Construction in progress $ 8,152 $ 5,138 — Buildings 23,885 23,884 30 years Machinery and equipment 105,177 104,658 3-10 years Computer equipment and software 6,966 6,888 3 years Total 144,180 140,568 Accumulated depreciation (64,641 ) (62,246 ) Property, plant and equipment, net $ 79,539 $ 78,322

Accrued Expenses (Tables)

Accrued Expenses (Tables)	3 Months Ended
	Mar. 31, 2016
Payables and Accruals [Abstract]
Schedule of Accrued Expenses	Accrued expenses consist of the following: March 31, December 31, (In thousands) Employee compensation $ 2,272 $ 4,184 Other accrued expenses 1,169 1,384 Total $ 3,441 $ 5,568

Commitments and Contingencies (

Commitments and Contingencies (Tables)	3 Months Ended
	Mar. 31, 2016
Commitments and Contingencies Disclosure [Abstract]
Summary of ARO Activity	A summary of ARO activity consists of the following: Three Months March 31, 2016 (In thousands) Balance at beginning of period $ 397 Settlement costs (156 ) Balance at end of period $ 241

Net Loss Per Share (Tables)

Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2016
Earnings Per Share [Abstract]
Computation of Basic and Diluted Net Loss Per Share	The computation of basic and diluted net loss per share consists of the following: Three Months Ended 2016 2015 (In thousands, except share and per share data) Numerator: Net loss $ (1,797 ) $ (2,790 ) Denominator: Weighted average shares outstanding, basic and diluted 23,063,471 22,992,273 Net loss per share, basic and diluted $ (0.08 ) $ (0.12 )
Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share	Potentially dilutive common shares that were excluded from the computation of diluted net loss per share because they were anti-dilutive consist of the following: Three Months Ended 2016 2015 Common stock options 1,952,879 1,231,542 Restricted common stock units 759,510 524,847 Common stock warrants 131 131 Restricted common stock awards 132,130 54,089 Total 2,844,650 1,810,609

Description of Business and B21

Description of Business and Basis of Presentation - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016Subsidiary
Regulatory Assets [Abstract]
Number of Subsidiaries	2

Significant Accounting Polici22

Significant Accounting Policies - Additional Information (Detail)	Jan. 01, 2016shares	Mar. 31, 2016Segmentshares
Summary Of Significant Accounting Policies [Line Items]
Number of segment | Segment		1
2014 Equity Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Authorized number of shares increased by	463,697
Increased number of shares available for grant	6,069,201	3,011,912
Shares reserved for issuance		2,619,142
2014 Equity Plan [Member] | Restricted Stock Units [Member]
Summary Of Significant Accounting Policies [Line Items]
Stock-based awards granted		420,284
Stock-based award vesting period		3 years
2014 Equity Plan [Member] | Non-Qualified Stock Options [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares issued for 2014 Equity Plan		259,469
Stock-based award vesting period		3 years
2001 Equity Plan [Member]
Summary Of Significant Accounting Policies [Line Items]
Shares reserved for issuance		93,233

Significant Accounting Polici23

Significant Accounting Policies - Summary of Stock Based Compensation Included in Cost of Sales or Operating Expenses (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 1,370	$ 1,295
Cost of Product Revenue [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	192	191
Research and Development Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	140	172
Sales and Marketing Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	261	230
General and Administrative Expenses [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items]
Total stock-based compensation	$ 777	$ 702

Significant Accounting Polici24

Significant Accounting Policies - Schedule of Revenues, Based on Shipment Destination or Research Services Location (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Segment Reporting Information [Line Items]
Revenue	$ 32,821	$ 23,500
U.S. [Member]
Segment Reporting Information [Line Items]
Revenue	11,413	10,684
International [Member]
Segment Reporting Information [Line Items]
Revenue	$ 21,408	$ 12,816

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 3,979	$ 4,432
Finished goods	2,160	2,100
Total	$ 6,139	$ 6,532

Property, Plant and Equipment26

Property, Plant and Equipment, Net - Summary of Property, Plant and Equipment (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 144,180	$ 140,568
Accumulated depreciation	(64,641)	(62,246)
Property, plant and equipment, net	79,539	78,322
Buildings [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 23,885	23,884
Property, plant and equipment, Useful life	30 years
Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 105,177	104,658
Computer Equipment and Software [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 6,966	6,888
Property, plant and equipment, Useful life	3 years
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 8,152	$ 5,138
Minimum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Useful life	3 years
Maximum [Member] | Machinery and Equipment [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, Useful life	10 years

Property, Plant and Equipment27

Property, Plant and Equipment, Net - Additional Information (Detail) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Property, Plant and Equipment [Line Items]
Depreciation expense	$ 2,400	$ 2,200
Property, plant and equipment, gross	144,180		$ 140,568
Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	8,152		5,138
Statesboro, Georgia [Member] | Construction in Progress [Member]
Property, Plant and Equipment [Line Items]
Property, plant and equipment, gross	$ 4,700		$ 2,300

Accrued Expenses - Schedule of

Accrued Expenses - Schedule of Accrued Expenses (Detail) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Accrued Liabilities, Current [Abstract]
Employee compensation	$ 2,272	$ 4,184
Other accrued expenses	1,169	1,384
Total	$ 3,441	$ 5,568

Commitments and Contingencies -

Commitments and Contingencies - Summary of ARO Activity (Detail) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Commitments and Contingencies Disclosure [Abstract]
Balance at beginning of period	$ 397
Settlement costs	(156)
Balance at end of period	$ 241

Commitments and Contingencies30

Commitments and Contingencies - Additional Information (Detail)	3 Months Ended
	Mar. 31, 2016USD ($)ft²	Dec. 31, 2015USD ($)
Commitments And Contingencies [Line Items]
Number of square feet for lease | ft²	31,577
Settlement costs	$ 156,000
ARO reserve	$ 200,000
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member]
Commitments And Contingencies [Line Items]
Line of credit agreement, extended maturity date	Aug. 31, 2016
Maximum increased borrowing amount	$ 20,000,000
Percentage of unused revolving line facility fee	0.50%
Interest rate description	The interest rate applicable to borrowings under the revolving credit facility may be based on the prime rate or LIBOR. Prime rate-based rates vary from prime rate plus 0.75% per annum to prime rate plus 1.75% per annum, while LIBOR-based rates vary from LIBOR plus 3.75% per annum to LIBOR plus 4.25% per annum.
Line of credit facility amount withdrawn	$ 0	$ 0
Letters of credit outstanding	2,700,000	$ 2,700,000
Line of credit facility borrowing capacity	$ 13,000,000
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | Prime Rate [Member]
Commitments And Contingencies [Line Items]
Additional interest rate per annum	0.75%
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Minimum [Member] | LIBOR Rate [Member]
Commitments And Contingencies [Line Items]
Additional interest rate per annum	3.75%
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | Prime Rate [Member]
Commitments And Contingencies [Line Items]
Additional interest rate per annum	1.75%
Silicon Valley Bank Credit Facility [Member] | Revolving Credit Facility [Member] | Maximum [Member] | LIBOR Rate [Member]
Commitments And Contingencies [Line Items]
Additional interest rate per annum	4.25%

Net Loss Per Share - Computatio

Net Loss Per Share - Computation of Basic and Diluted Net Loss Per Share (Detail) - USD ($) $ / shares in Units, $ in Thousands	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Numerator:
Net loss	$ (1,797)	$ (2,790)
Denominator:
Weighted average shares outstanding, basic and diluted	23,063,471	22,992,273
Net loss per share, basic and diluted	$ (0.08)	$ (0.12)

Net Loss Per Share - Summary of

Net Loss Per Share - Summary of Potentially Dilutive Common Shares Excluded from Computation of Diluted Net Loss Per Share (Detail) - shares	3 Months Ended
	Mar. 31, 2016	Mar. 31, 2015
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	2,844,650	1,810,609
Common Stock Options [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	1,952,879	1,231,542
Restricted Common Stock Units [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	759,510	524,847
Common Stock Warrants [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	131	131
Restricted Common Stock Awards [Member]
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items]
Anti-dilutive Securities	132,130	54,089