Document And Entity Information
Document And Entity Information - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Mar. 10, 2020 | Jun. 30, 2019 | |
Document Information [Line Items] | |||
Entity Registrant Name | CUTERA INC | ||
Entity Central Index Key | 0001162461 | ||
Trading Symbol | cutr | ||
Current Fiscal Year End Date | --12-31 | ||
Entity Filer Category | Accelerated Filer | ||
Entity Current Reporting Status | Yes | ||
Entity Voluntary Filers | No | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Emerging Growth Company | false | ||
Entity Small Business | false | ||
Entity Interactive Data Current | Yes | ||
Entity Common Stock, Shares Outstanding (in shares) | 14,416,483 | ||
Entity Public Float | $ 418 | ||
Entity Shell Company | false | ||
Document Type | 10-K | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Fiscal Year Focus | 2019 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false | ||
Title of 12(b) Security | Common Stock ($0.001 par value) |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 26,316 | $ 26,052 |
Marketable investments | 7,605 | 9,523 |
Accounts receivable, net of allowance for doubtful accounts of $1,355 and $1,257, respectively | 21,556 | 19,637 |
Inventories | 33,921 | 28,014 |
Other current assets and prepaid expenses | 5,648 | 3,972 |
Total current assets | 95,046 | 87,198 |
Property and equipment, net | 2,817 | 2,672 |
Deferred tax assets | 423 | 457 |
Operating lease right-of-use assets | 7,702 | |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 6,411 | 5,971 |
Total assets | 113,738 | 97,637 |
Current liabilities: | ||
Accounts payable | 12,685 | 11,279 |
Accrued liabilities | 30,307 | 23,300 |
Operating lease liabilities | 2,800 | |
Extended warranty liabilities | 1,999 | 3,159 |
Deferred revenue | 10,831 | 9,882 |
Total current liabilities | 58,622 | 47,620 |
Deferred revenue, net of current portion | 3,391 | 2,684 |
Income tax liability | 93 | 394 |
Operating lease liabilities, net of current portion | 5,112 | |
Other long-term liabilities | 578 | 553 |
Total liabilities | 67,796 | 51,251 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value: Authorized: 50,000,000 shares; Issued and outstanding: 14,315,586 and 13,968,852 shares at December 31, 2019 and 2018, respectively | 14 | 14 |
Additional paid-in capital | 82,346 | 70,451 |
Retained earnings (accumulated deficit) | (36,358) | (24,010) |
Accumulated other comprehensive loss | (60) | (69) |
Total stockholders’ equity | 45,942 | 46,386 |
Total liabilities and stockholders’ equity | $ 113,738 | $ 97,637 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accounts receivable, allowance for doubtful accounts | $ 1,355 | $ 1,257 |
Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 14,315,586 | 13,968,852 |
Common stock, outstanding (in shares) | 14,315,586 | 13,968,852 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 181,712 | $ 162,720 | $ 151,493 | |
Cost of revenue: | ||||
Cost of revenue | 83,549 | 82,338 | 65,383 | |
Gross profit | 98,163 | 80,382 | 86,110 | |
Operating expenses: | ||||
Sales and marketing | 71,109 | 58,420 | 52,070 | |
Research and development | 15,085 | 14,359 | 12,874 | |
General and administrative | 24,033 | 20,995 | 14,090 | |
Lease termination income | (4,000) | |||
Total operating expenses | 110,227 | 93,774 | 75,034 | |
Income (loss) from operations | (12,064) | (13,392) | 11,076 | |
Interest and other income(expense), net | (199) | (123) | [1] | 884 |
Income (loss) before income taxes | (12,263) | (13,515) | 11,960 | |
Income tax (benefit) provision | 85 | 17,255 | (18,033) | |
Net income (loss) | $ (12,348) | $ (30,770) | $ 29,993 | |
Net loss per share: | ||||
Basic (in dollars per share) | $ (0.88) | $ (2.23) | $ 2.16 | |
Diluted (in dollars per share) | $ (0.88) | $ (2.23) | $ 2.04 | |
Weighted-average number of shares used in per share calculations: | ||||
Basic (in shares) | 14,096 | 13,771 | 13,873 | |
Diluted (in shares) | 14,096 | 13,771 | 14,728 | |
Product [Member] | ||||
Net revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | $ 158,638 | $ 142,535 | $ 132,660 | |
Cost of revenue: | ||||
Cost of revenue | 64,693 | 66,843 | 56,363 | |
Operating expenses: | ||||
Sales and marketing | 58,420 | |||
Service [Member] | ||||
Net revenue: | ||||
Revenue from Contract with Customer, Including Assessed Tax | 23,074 | 20,185 | 18,833 | |
Cost of revenue: | ||||
Cost of revenue | $ 18,856 | $ 15,495 | $ 9,020 | |
[1] | Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ (12,348) | $ (30,770) | $ 29,993 |
Available-for-sale investments | |||
Net change in unrealized gain (loss) on available-for-sale investments | 9 | 14 | (15) |
Less: Reclassification adjustment for net losses (gains) on investments recognized during the year | 9 | (5) | |
Net change in unrealized gain (loss) on available-for-sale investments | 9 | 23 | (20) |
Other comprehensive income (loss), net of tax | 9 | 23 | (20) |
Comprehensive income (loss) | $ (12,339) | $ (30,747) | $ 29,973 |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2016 | 13,773,389 | ||||
Balance at Dec. 31, 2016 | $ 14 | $ 88,114 | $ (27,046) | $ (72) | $ 61,010 |
Issuance of common stock for employee purchase plan (in shares) | 78,479 | ||||
Issuance of common stock for employee purchase plan | 1,059 | $ 1,059 | |||
Exercise of stock options (in shares) | 488,398 | 488,398 | |||
Exercise of stock options | 4,376 | $ 4,376 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 160,309 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (1,469) | (1,469) | |||
Repurchase of common stock (in shares) | (1,022,602) | ||||
Repurchase of common stock | $ (1) | (35,165) | (35,166) | ||
Stock-based compensation expense | 5,110 | 5,110 | |||
Net income (loss) | 29,993 | 29,993 | |||
Net change in unrealized loss on available-for-sale investments | (20) | (20) | |||
Adjustment to opening balance for ASC 606 adoption at Dec. 31, 2016 | 3,813 | 3,813 | |||
Balance (in shares) at Dec. 31, 2017 | 13,447,973 | ||||
Balance at Dec. 31, 2017 | $ 13 | 62,025 | 2,947 | (92) | 64,893 |
Issuance of common stock for employee purchase plan (in shares) | 64,511 | ||||
Issuance of common stock for employee purchase plan | $ 1 | 1,680 | $ 1,680 | ||
Exercise of stock options (in shares) | 271,902 | 271,902 | |||
Exercise of stock options | 2,718 | $ 2,718 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 154,466 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (3,128) | (3,128) | |||
Stock-based compensation expense | 7,157 | 7,157 | |||
Net income (loss) | (30,770) | (30,770) | |||
Net change in unrealized loss on available-for-sale investments | 23 | $ 23 | |||
Balance (in shares) at Dec. 31, 2018 | 13,968,852 | 13,968,852 | |||
Balance at Dec. 31, 2018 | $ 14 | 70,451 | (24,010) | (69) | $ 46,386 |
Issuance of common stock for employee purchase plan (in shares) | 82,810 | ||||
Issuance of common stock for employee purchase plan | 1,281 | $ 1,281 | |||
Exercise of stock options (in shares) | 160,798 | 160,798 | |||
Exercise of stock options | 1,613 | $ 1,613 | |||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 103,126 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | (831) | (831) | |||
Stock-based compensation expense | 9,832 | 9,832 | |||
Net income (loss) | (12,348) | (12,348) | |||
Net change in unrealized loss on available-for-sale investments | 9 | $ 9 | |||
Balance (in shares) at Dec. 31, 2019 | 14,315,586 | 14,315,586 | |||
Balance at Dec. 31, 2019 | $ 14 | $ 82,346 | $ (36,358) | $ (60) | $ 45,942 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net income (loss) | $ (12,348) | $ (30,770) | $ 29,993 |
Adjustments to reconcile net income (loss) to net cash provided by (used in) operating activities: | |||
Stock-based compensation | 9,832 | 7,157 | 5,110 |
Depreciation and amortization | 1,548 | 1,209 | 1,016 |
Amortization of contract acquisition costs | 2,915 | 1,834 | |
Change in deferred tax assets | 34 | 17,438 | (18,678) |
Provision for doubtful accounts receivable | (590) | (1,257) | 1 |
Other | 127 | 241 | (51) |
Changes in assets and liabilities: | |||
Accounts receivable | (2,509) | (117) | (4,229) |
Inventories | (5,907) | 768 | (13,805) |
Other current assets and prepaid expenses | (1,762) | (1,070) | (591) |
Other long-term assets | (3,355) | (2,754) | 6 |
Accounts payable | 1,406 | 4,277 | 4,404 |
Accrued liabilities | 7,157 | (3,781) | 9,345 |
Extended warranty liabilities | (1,160) | 3,159 | |
Other long-term liabilities | (140) | 140 | |
Deferred revenue | 1,656 | 1,305 | 1,557 |
Income tax liability | (301) | 15 | 211 |
Net cash provided by (used in) operating activities | (2,217) | 308 | 14,287 |
Cash flows from investing activities: | |||
Acquisition of property, equipment and software | (991) | (1,488) | (855) |
Disposal of property and equipment | 45 | 41 | 53 |
Proceeds from sales of marketable investments | 13,044 | 33,640 | |
Proceeds from maturities of marketable investments | 14,700 | 10,050 | 45,812 |
Purchase of marketable investments | (12,687) | (10,874) | (60,956) |
Net cash provided by investing activities | 1,067 | 10,773 | 17,694 |
Cash flows from financing activities: | |||
Repurchase of common stock | (35,167) | ||
Proceeds from exercise of stock options and employee stock purchase plan | 2,894 | 4,399 | 5,435 |
Taxes paid related to net share settlement of equity awards | (831) | (3,129) | (1,469) |
Payments on capital lease obligation | (649) | (483) | (371) |
Net cash provided by (used in) financing activities | 1,414 | 787 | (31,572) |
Net increase in cash and cash equivalents | 264 | 11,868 | 409 |
Cash and cash equivalents at beginning of year | 26,052 | 14,184 | 13,775 |
Cash and cash equivalents at end of year | 26,316 | 26,052 | 14,184 |
Supplemental cash flow information: | |||
Cash paid for interest | 81 | 85 | 70 |
Cash paid for income taxes | 59 | 472 | 220 |
Supplemental non-cash investing and financing activities: | |||
Assets acquired under capital lease | $ 738 | $ 610 | $ 365 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | NOTE 1—SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) provides energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, distributes and markets energy-based product platforms for use by physicians and other qualified practitioners, enabling them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following system platforms: excel, enlighten, Juliet, Secret RF, truSculpt xeo truSculpt iD truSculpt flex Juliet Secret RF third Titan truSculpt 3D truSculpt iD truSculpt flex Headquartered in Brisbane, California, the Company operates wholly-owned subsidiaries in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. The Company’s wholly owned subsidiary in Italy is currently dormant. These active subsidiaries market, sell and service the Company’s products outside of the United States. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated. Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, accounts receivable and allowance for credit losses, valuation of inventories, fair value of goodwill, useful lives of property and equipment, incremental borrowing rates related to the Company’s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, fair value of investments, the standalone selling price of the Company's products and services, the period of benefit used to capitalize and amortize contracts acquisition costs, variable consideration, contingent liabilities, recoverability of deferred tax assets, and effective income tax rates. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Risks and Uncertainties The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to vary materially from expectations include, but are not Comparability The Company adopted the new revenue standard effective January 1, 2018, not December 31, 2019 2018 December 31, 2017 December 31, 2019 2018 not December 31, 2017. The Company adopted the new lease standard effective January 1, 2019, not December 31, 2019 December 31, 2018 2017 December 31, 2019 not December 31, 2018, December 31,2019 not December 31, 2018 December 31, 2017. Recently Adopted Accounting Pronouncements In May 2014, 2014 09, 606, December 15, 2017. 606, January 1, 2018, not January 1, 2018. January 1, 2018 606, not 606. Upon adoption of ASC Topic 606, $3.8 January 1, 2018 first 2018: ● $237,000 ● $151,000 one ● $210,000 ● $4.7 2.5 ● $1.2 606 The following table summarizes the effects of adopting ASC Topic 606 December 31, 2018: As reported under ASC Topic 606 Adjustments Balances under Prior GAAP (In thousands) Other long-term assets $ 5,971 $ (5,217 ) $ 754 Deferred revenue 12,566 (106 ) 12,460 Retained earnings (deficit) (24,010 ) 4,610 (19,400 ) The following table summarizes the effects of adopting ASC Topic 606 December 31, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 142,535 $ 274 $ 142,261 Service revenue 20,185 280 19,905 Sales and marketing 58,420 540 58,960 Interest and other income, net* (123 ) 297 174 * Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. Adoption of the standard had no As part of the Company's adoption of ASC Topic 606, not one one not not In February 2018, No. 2018 02, 220 January 1, 2019 first 2019, no In July 2018, 2018 09, 220 10, 470 50, 480 10, 718 740, 805 740, 815 10, 820 10, 940 405, 962 325, not December 15, 2018, 718 740 820 10 first 2019. no In February 2016, 2016 02, 842 July 2018, 2018 11, 2016 02 2018 2018 11 not July 2018, 2018 10, 842, 2016 02. The Company adopted ASU 2016 02, January 1, 2019, not not The adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of $10.2 $10.1 January 1, 2019, no See below and Note 11 842. Effect of Adoption of the New Lease Standard (ASC Topic 842 The following table summarizes the effects of adopting Topic 842 January 1, 2019 ( As reported under Topic 842 Adjustments Balances under Prior GAAP Operating lease right-of-use assets $ 10,049 $ (10,049 ) $ — Operating lease liabilities (2,430 ) 2,430 — Other long-term liabilities* — 140 140 Operating lease liabilities, net of current portion (7,759 ) 7,759 — *Deferred rent included in other long-term liabilities In June 2016, No. 2016 13, 326 2016 13 December 15, 2019, 2020, The Company adopted ASU 2016 13 January 1, 2020 On January 26, 2017, No. 2017 04,” 350 one not 2 two The amendment is effective for the Company for its fiscal years beginning after December 15, 2019. January 1, 2017. 2017 04—Intangibles—Goodwill 350 October 1, 2018. no See “Goodwill and Other Intangible Assets” in Note 3 In June 2018, No. 2018 07, 718 1 2 3 606. December 15, 2018, no 606. January 1, 2019 no In August 2018, No. 2018 15, 350 No. 2018 15 350 April 1, 2019, no No. 2018 15 350 Recently Issued Accounting Pronouncements Not In August 2018, No. 2018 13, 820 3 1 2 3 2020, not In December 2019, No. 2019 12 740 2021, not Revenue recognition Effective January 1, 2018, 606. 13% 12%, December 31, 2019 2018. The Company has certain system sale arrangements that contain multiple products and services. For these bundled sale arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct. The Company’s products and services are distinct if a customer can benefit from the product or service on its own or with other resources that are readily available to the customer, and if the Company’s promise to transfer the products or service to the customer is separately identifiable from other promises in the sale arrangements. The Company’s system sale arrangements can include all or a combination of the following performance obligations: the system and software license (considered as one For the Company’s system sale arrangements that include an extended service contract, the period of service commences at the expiration of the Company’s standard warranty offered at the time of the system sale. The Company considers the extended service contracts terms in the arrangements that are legally enforceable to be performance obligations. Other than extended service contracts and marketing services, which are satisfied over time, the Company generally satisfies all performance obligations at a point in time. Systems, system accessories (hand pieces), service contracts, training, and time and materials services are also sold on a stand-alone basis, and these performance obligations are satisfied at a point in time. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation on a relative standalone selling price basis. Nature of Products and Services Systems Systems revenue is generated from the sale of systems and from the sale of upgrades to existing systems. A system consists of a console that incorporates a universal graphic user interface, a laser or other energy based module, control system software and high voltage electronics, as well as one Pearl Pearl Fractional The Company offers customers the ability to select the system that best fits their practice at the time of purchase and then to cost-effectively add applications to their system as their practice grows. This provides customers the flexibility to upgrade their systems whenever they choose and provides the Company with a source of additional Systems revenue. The system or upgrade and the right to use the embedded software represent a single performance obligation as the software license is integral to the functionality of the system or upgrade. The Company does not enlighten enlighten enlighten For systems sold directly to end-customers that are credit approved, revenue is recognized when the Company transfers control to the end-customer, which occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. When collectability is not The Company typically receives payment for its system consoles and other accessories within 30 Skincare products The Company sells third third third Consumables (Other accessories) The Company classifies its customers' purchases of replacement cycles for truSculpt iD and truSculpt flex, as well as replacement Titan and truSculpt 3D third Extended contract services The Company offers post-warranty services to its customers through extended service contracts that cover parts and labor for a term of one, two, or three Training Sales of systems to customers include training on the use of the system to be provided within 180 not Customer Marketing Support In North America, the Company offers marketing and consulting phone support to its customers across all system platforms. These customer marketing support services include a practice development model and marketing training, performed remotely with ongoing phone consultations for six six Significant Judgments The determination of whether two one may While the Company’s purchase agreements do not The Company determines standalone selling price ("SSP") for each performance obligation as follows: ● Systems: The SSPs for systems are based on directly observable sales in similar circumstances to similar customers ● Training: SSP is based on observable price when sold on a standalone basis. ● Extended warranty/Service contracts: SSP is based on observable price when sold on a standalone basis (by customer type). ● Customer Marketing Support: SSP is estimated based on cost plus a margin. ● Set-up /Installation: SSP is based on observable price when sold on a standalone basis. The calibration and installation service of the enlighten system are treated as separate performance obligations because the Company regularly sells enlighten systems without the calibration and installation service. Loyalty Program The Company launched a customer loyalty program during the third 2018 fifth December 31, 2019, $0.2 Revenue recognition- Period before January 1, 2018 - 606 The Company recognized revenue under ASC Topic 605 606 January 1 2018. 605, ● Persuasive evidence of an arrangement exists; ● The price is fixed or determinable; ● Delivery has occurred or services have been rendered; and ● Collectability is reasonably assured. Transfer of title and risk of ownership occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. Revenue is recorded net of customer and distributor discounts. When collectability is not not Multiple-element Arrangements A multiple-element arrangement includes the sale of one one For multiple-element arrangements, judgments are required as to the allocation of the proceeds received from an arrangement to the multiple elements of the arrangement. For multiple element arrangements the Company allocates revenue to all deliverables based on their relative selling prices in accordance with the FASB Accounting Standards Codification (“ASC”) 605 25. third not With respect to the sale of its earlier generation of the truSculpt product, the Company includes unlimited refills as part of the truSculpt standard warranty and the Company does not truSculpt truSculpt Customer Marketing Arrangements The Company has a customer marketing and incentive program called “Cutera Bucks” for its North America customers through which it offers various sales incentives and discounts and pays or reimburses customers for qualifying expenses associated with practice set-up, advertising procedures related to the system purchased, and other expenses. The Company records such incentives as a reduction of revenue at the time when the sale of the system is recorded. Service Revenue The Company also offers customers extended service contracts. Revenue under service contracts is recognized on a straight-line basis over the period of the applicable service contract. Revenue from services performed in the absence of a service contract, including installation and training revenue, is recognized when the related services are performed and collectability is reasonably assured. Service revenue billed on a time and material basis, from customers whose systems are not December 31, 2017 $18.8 Bill and Hold Arrangement Under ASC 605 2017 one third no $938,000 2017. Deferred Sales Commissions Incremental costs of obtaining a contract, which consist primarily of commissions and related payroll taxes, are capitalized and amortized on a straight-line basis over the expected period of benefit, except for costs that are recognized when product is sold. The Company uses the portfolio method to recognize the amortization expense related to these capitalized costs related to initial contracts and such expense is recognized over a period associated with the revenue of the related portfolio, which is generally two three Total capitalized costs for the year ended December 31, 2019 December 31, 2018 $4.6 $5.2 $2.9 $1.8 twelve December 31, 2019 December 31, 2018 Cash Equivalents, and Marketable Investments The Company invests its cash primarily in money market funds, U.S. Treasury bills and in highly liquid debt instruments of U.S. federal and municipal governments and their agencies, commercial paper and corporate debt securities. All highly liquid investments with stated maturities of three three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities are classified and accounted for as available-for-sale securities. Investments with remaining maturities of more than one Fair Value of Financial Instruments Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three may 820, ● Level 1: ● Level 2: 1 not not third ● Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. Impairment of Marketable Investments After determining the fair value of available-for-sales debt instruments, gains or losses on these securities are recorded to other comprehensive income, until either the security is sold or the Company determines that the decline in value is other-than-temporary. The primary differentiating factors that the Company considers in classifying impairments as either temporary or other-than-temporary impairments are the Company’s intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value or the maturity of the investment, the length of the time and the extent to which the market value of the investment has been less than cost and the financial condition and near-term prospects of the issuer. There were no December 31, 2019, 2018, 2017. Allowance for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company's products. In cases where the Company is aware of circumstances that may Concentration of Credit Risk and Other Risks and Uncertainties The Company operates in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities and other factors could negatively impact the Company’s operating results. The Company is also subject to risks related to changes in the value of the Company’s significant balance of financial instruments. Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable investments and accounts receivable. The Company’s cash and cash equivalents are primarily invested in deposits and money market accounts with three may not The Company invests in debt instruments, including bonds of the U.S. Government, its agencies and municipalities. The Company has also invested in other high grade investments such as commercial paper and corporate debt securities. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. By policy, the Company restricts its exposure to any single issuer by imposing concentration limits. To minimize the exposure due to adverse shifts in interest rates, the Company maintains investments at an average maturity of generally less than twelve Accounts receivable are recorded net of an allowance for doubtful accounts, and are typically unsecured and are derived from revenue earned from worldwide customers. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers and maintains reserves for potential credit losses. As of December 31, 2019 2018, no 10% December 31, 2019, 2018, 2017, 58%, 62%, 62%, 42%, 38%, 38%,respectively, No 10% December 31, 2019, 2018, 2017. Supplier concentration The Company relies on third third may one Secret Inventories Inventories are stated at the lower of cost and net realizable value, cost being determined on a standard cost basis which approximates actual cost on a first first The Company includes demonstration units within inventories. Demonstration units are carried at cost and amortized over an estimated economic life of two As of December 31, 2019 2018, $4.1 $2.9 Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation expense recognized is on a straight-line basis over the estimated useful lives of the assets, generally as follows: Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 Upon sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred. Depreciation expense related to property and equipment for 2019, 2018 2017, $1.5 $1.2 $1.0 Capitalized Cloud Computing Set-up Cost The Company capitalizes certain set-up costs for the Company’s cloud computing arrangements. The capitalized implementation costs are then amortized over the term of the cloud computing arrangement inclusive of expected contract renewals, which are generally three five Goodwill and Intangible Assets Goodwill and intangible assets with indefinite useful lives are not fourth may no The Company continues to operate in one December 31, 2019, no December 31, 2019. Warranty Obligations The Company offers post-warranty services to its customers through extended service contracts that cover replacement parts and labor for a term of one, two, or three 14 16 The Company also offers services on a time-and-materials basis for detachable hand piece replacements, parts and labor. Leases Policy from January 1, 2019 Effective January 1, 2019, 842, 12 12 not Policy before January 1, 2019 For periods prior to the Company’s adoption of ASC 842 January 1, 2019, no one Cost of Revenue Cost of revenue consists primarily of material, finished and semi-finished products purchased from third The Company's system sales include a control console, universal graphic user interface, control system software, high voltage electronics and a combination of applications (referred to as “hand pieces”). Hand pieces are programmed to have a limited number of uses to ensure the safety of the device to patients. The Company sells refurbished hand pieces, or "refills," of its Titan and truSculpt 3D Research and Development Expenditures Research and development costs are expensed as incurred and include costs related to research, design, development, testing of products, salaries, benefits and other headcount related costs, facilities, material, third Advertising Costs Advertising costs are included as part of sales and marketing expense and are expensed as incurred. Advertising expenses for 2019, 2018 2017 $2.8 $2.8 $1.8 Stock-based Compensation The Company accounts for share-based employee compensation plans using the fair value recognition and measurement provisions under U.S. GAAP. The Company’s share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight- line basis over the requisite service period. The Company estimates expected forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimated. Expected Term Expected Volatility 50 50 Forfeitures: 718 Risk-Free Interest Rate: The fair value of stock options ("options") on the grant date is estimated using the Black-Scholes option-pricing model using the single-option approach. The Black-Scholes option pricing model requires the use of highly subjective and complex assumptions, including the option's expected term and the price volatility of the underlying stock, to determine the fair value of award. The Company recognizes the expense associated with options using a single award approach over the requisite service period. The Company accounts for all stock options awarded to non-employees at the fair value of the award issued on the day of the grant. The fair value of restricted stock units (“RSUs”) granted are measured on the grant date using the closing price of the Company's common shares on the grant date. The quantity of the RSUs units granted is calculated by dividing a fixed award amount determined by the Board on the grant date by the average closing price of the Company’s common stock over the 50 The fair value of Performance Stock Units (“PSUs”) that have operational measurement goals, are measured on the grant date using the closing price of the Company's common shares on the grant date. The quantity of the PSUs units granted is calculated by dividing a fixed award amount determined by the Board on the grant date by the average closing price of the Company’s common stock over the 50 See Note 6 Income Taxes The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining our provision (benefit) for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company records a provision (benefit) for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, we recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We recognize the deferred income tax effects of a change in tax rates in the period of enactment. We record a valuation allowance to reduce our deferred tax assets to the net amount that we believe is more likely than not The Company recognizes tax benefits from uncertain tax positions if we believe that it is more likely than not no not may The Company’s effective tax rates have differed from the statutory rate primarily due to changes in the valuation allowance, foreign operations, research and development tax credits, state taxes, and certain benefits realized related to stock option activity. The Company’s current effective tax rate does not Undistributed earnings of the Company’s foreign subsidiaries at December 31, 2019 no 2017 not not Computation of Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing net income by the weighted average number of common shares and the dilutive effect of potential future issuances of common stock from outstanding stock options, RSUs, PSUs and employee stock purchase plan contributions for the period outstanding determined by applying the treasury stock method. In accordance with ASC 718, Diluted earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in stockholders’ equity except those resulting from investments or contributions by stockholders. For the periods presented, the accumulated other comprehensive income (loss) consisted solely of the unrealized gains or losses on the Company's available for- sale investments, net of tax. Foreign Currency The financial statements of the Company’s foreign subsidiaries are translated in accordance with ASC 830, three December 31, 2019. three December 31, 2019. Segments The Company operates in one 280, one not December 31, 2019, 2018, 89.3% 89.0% 13 |
Note 2 - Investment Securities
Note 2 - Investment Securities | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | NOTE 2 The following tables summarize cash, cash equivalents and marketable securities (in thousands): December 31, 201 9 201 8 Cash and cash equivalents: Cash $ 20,005 $ 21,969 Cash equivalents: Money market funds 6,311 4,083 Total cash and cash equivalents 26,316 26,052 Marketable securities: U.S. government notes 4,114 1,397 U.S. government agencies — 2,677 Municipal securities — 200 Commercial paper 3,491 2,433 Corporate debt securities — 2,816 Total marketable securities 7,605 9,523 Total cash, cash equivalents and marketable securities $ 33,921 $ 35,575 The following tables summarize the components, and the unrealized gains and losses position, related to the Company’s cash, cash equivalents and marketable investments (in thousands) as of December 31, 2019 December 31, 2018: ( December 31, 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,316 $ - $ - $ 26,316 Marketable investments U.S. government notes 4,114 - - 4,114 U.S. government agencies — - - — Municipal securities — - - — Commercial paper 3,491 - - 3,491 Corporate debt securities — - - — Total marketable securities 7,605 - - 7,605 Total cash, cash equivalents and marketable securities $ 33,921 $ - $ - $ 33,921 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,052 $ - $ - $ 26,052 Marketable investments U.S. government notes 1,397 - - 1,397 U.S. government agencies 2,677 - - 2,677 Municipal securities 200 - - 200 Commercial paper 2,433 - - 2,433 Corporate debt securities 2,825 - (9 ) 2,816 Total marketable securities 9,532 (9 ) 9,523 Total cash, cash equivalents and marketable securities $ 35,584 $ (9 ) $ 35,575 As of December 31 2019 December 31, 2018, nil 9,000 not No 12 not The following table summarizes the contractual maturities of the Company’s available-for-sale securities, classified as marketable investments as of December 31, 2019 ( Amount Due in less than one year $ 7,605 Due in 1 to 3 years — Total marketable securities $ 7,605 Fair Value Measurements As of December 31, 2019, December 31, 201 9 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,311 $ - $ - $ 6,311 Short term marketable investments: Available-for-sale securities 4,114 3,491 - 7,605 Total assets at fair value $ 10,425 $ 3,491 $ - $ 13,916 December 31, 2018 * Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,083 $ - $ - $ 4,083 Short term marketable investments: Available-for-sale securities 4,274 5,249 - 9,523 Total assets at fair value $ 8,357 $ 5,249 $ - $ 13,606 *The 2018 1 $4,274 2. Money market funds and U.S. Treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 Corporate debt, U.S. government-backed securities, and commercial paper are measured at fair value using Level 2 not third 2 2 December 31, 2019 0.2 no December 31, 2019 December 31, 2018. |
Note 3 - Balance Sheet Detail
Note 3 - Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | NOTE 3—BALANCE Inventories Valuation adjustments for excess and obsolete inventory, reflected as a reduction of inventory at December 31, 2019 2018, $2.5 $1.8 December 31, 201 9 201 8 Raw materials $ 17,935 $ 16,991 Work in process 2,016 2,306 Finished goods 13,970 8,717 Total $ 33,921 $ 28,014 Property and Equipment, net Property and equipment, net, consists of the following (in thousands): December 31, 201 9 201 8 Leasehold improvements $ 867 $ 660 Office equipment and furniture 3,110 2,835 Machinery and equipment 7,805 7,304 11,782 10,799 Less: Accumulated depreciation (8,965) (8,127) Property and equipment, net $ 2,817 $ 2,672 Included in machinery and equipment are financed vehicles used by the Company’s sales employees. As of December 31, 2019 2018, $2.0 $1.9 $1.1 $1.1 December 31, 2019, $0.4 Goodwill and Other Intangible Assets Goodwill and other intangible assets comprise a patent sublicense acquired from Palomar in 2006, 2013. December 31, 2019 2018 Gross Carrying Amount Accumulated Amortization & Impairment Amount Net Amount December 31, 201 9 Patent sublicense $ 1,218 $ 1,218 $ - Customer relationship intangible related to acquisition 2,510 2,510 - Other identified intangible assets related to acquisition 780 780 - Other intangible 155 155 - Goodwill 1,339 - 1,339 Total $ 6,002 $ 4,663 $ 1,339 December 31, 2018 Patent sublicense $ 1,218 $ 1,218 $ - Customer relationship intangible related to acquisition 2,510 2,510 - Other identified intangible assets related to acquisition 780 780 - Other intangible 155 155 - Goodwill 1,339 - 1,339 Total $ 6,002 $ 4,663 $ 1,339 The Company did not 2019. 2018 2017 $0 $2,000, no December 31, 2019. Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 201 9 201 8 Accrued payroll and related expenses $ 14,341 $ 9,377 Sales and marketing accruals 2,527 2,379 Accrued sales tax 3,922 2,935 Warranty liability 4,401 4,666 Other accrued liabilities 5,116 3,943 Total $ 30,307 $ 23,300 Product Remediation Liability During the fourth 2018, one one $5.0 $1.1 December 31, 2018. As of December 31, 2019 2018, $0.5 $0.7 $2.0 $3.2 twelve December 31, 2019 $0.2 $1.1 |
Note 4 - Warranty and Extended
Note 4 - Warranty and Extended Services Contract | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | NOTE 4— The Company has a direct field service organization in North America (including Canada). Internationally, the Company provides direct service support in Australia, Belgium, France, Germany, Hong Kong, Japan, and Switzerland, as well as through third not third After the original warranty period, maintenance and support are offered on an extended service contract basis or on a time and materials basis. The Company provides for the estimated cost to repair or replace products under standard warranty at the time of sale. Costs incurred in connection with extended service contracts are recognized at the time when costs are incurred, except the one $3.2 December 31, 2018 one 3 December 31, 2019 2018 December 31, 201 9 201 8 Balance at beginning of year $ 7,827 $ 3,508 Add: Accruals for warranties issued during the period 6,467 12,364 Less: Warranty related costs during the period (7,894 ) (8,045 ) Balance at end of year $ 6,400 $ 7,827 |
Note 5 - Deferred Revenue
Note 5 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Contract with Customer Liability [Text Block] | NOTE 5— The Company records deferred revenue when revenue is to be recognized subsequent to invoicing. For extended service contracts, the Company generally invoices customers at the beginning of the extended service contract term. The Company’s extended service contracts typically have one, two three 76% $14.2 December 31, 2019 12 The following table provides changes in the deferred contract revenue balance for the years ended December 31, 2019 2018 December 31, 201 9 2018* Balance at beginning of year $ 12,566 $ 11,656 Add: Payments received 17,127 14,883 Less: Revenue deferred as of January 1, 2019 (9,451) (8,206) Less: Revenue included in the beginning balance and recognized as revenue in the current year (6.021) (5,767) Balance at end of year $ 14,222 $ 12,566 *The 2018 $11,656 January 1, 2018 $12,566 December 31, 2018 Costs for extended service contracts in 2019, 2018 2017 $9.3million, $7.8 $6.0 $7.8 2018 one $3.2 one 3 |
Note 6 - Stockholders' Equity,
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 6—STOCKHOLDERS’ As of December 31, 2019, one $0.001. 55,000,000 two 50,000,000 14,315,586 December 31, 2019, 5,000,000 $0.001 no As of December 31, 2019, 2004 In 1998, 1998 1998 4,650,000 On January 12, 2004, 2004 1,750,000 2004 2004 1998 1998 2012 2004 2.12 2019 At the Company’s Annual Meeting of Stockholders on June 14, 2019, 2019 2004 2004 700,000 9,701,192 2004 2004 2029; 2004 June 14, 2019 2.12 2004 2004 2.12 2004 162 1986, one 2004 On June 11, 2019, July 28, 2017 16a 1 1934, 50% one On June 11, 2019, 402 In accordance with the 2019 2004 2012, $60,000 50 October 31, 2017, $60,000 one December 31, 2019, 2018 2017, 42,236, 13,392, 21,605 In the years ended December 31, 2019, 2018 2017 517,402, 210,532, 270,707 25% first four In the years ended December 31, 2019, 2018 2017 387,172, 47,824, 117,418 12 2019 2019 September 5, 2019, September 4, 2019, 15% $1.0 December 31, 2019. During the three September 30, 2019 67,897 4 2019 2022 2019 15% 10,185 2020 25% 16,974 2021 30% 20,269 2022 30% 20,269 2019 2022. December 31, 2019, 2019 10,185 85% December 31, 2019). 2020 2022 not December 31, 2019, On January 12, 2004, 2004 2004 2004 2004 six 2004 first 600,000 2.0% The Company’s Board of Directors did not January 1, 2020, 2019 2018. 85% six December 31, 2019, 2018 2017, 2004 82,810, 64,511, 78,479 December 31, 2019, 761,705 Option Activity Activity under the 1998 2004 Options Outstanding Shares Available For Grant Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in millions ) (1) Balances as of December 31, 201 6 721,657 1,116,472 $ 9.56 3.70 $ 8.70 Options granted (278,250) 278,250 31.00 - - Options exercised - (488,398) 8.96 - - Options cancelled (expired or forfeited) 66,405 (66,405) 16.54 - - Stock awards granted (873,881) - - - - Stock awards cancelled (expired or forfeited) 258.935 - - - - Additional shares reserved 1,600,000 - - - - Balances as of December 31, 2017 1,494,866 839,919 $ 16.46 3.99 $ 24.4 Options granted (21,010) 21,010 $ 50.65 - - Options exercised - (271,902) 9.99 - - Options cancelled (expired or forfeited) 81,322 (81,322) 21,55 - - Stock awards granted (562,070) - - - - Stock awards cancelled (expired or forfeited) 148,197 - - - - Balances as of December 31, 2018 1,141,305 507,705 $ 20.52 3.52 $ 2.00 Additional shares reserved (2) 700,000 Options exercised - (160,798) $ 10.03 - - Options cancelled (expired or forfeited) 51,208 (51,208) 24.61 - - Stock awards granted (1,538,128) - - - - Stock awards cancelled (expired or forfeited) 407,320 - - - - Balances as of December 31, 2019 761,705 295,699 $ 25.52 3.19 $ 3.04 Exercisable as of December 31, 2019 222,400 $ 22.16 2.83 $ 3.04 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2019 285,462 $ 25.08 3.00 $ 3.06 ( 1 Based on the closing stock price of $ 35.81 of the C o m pan y ’ s stock on December 31, 201 9 , $ 17.02 on December 31 , 201 8 , $ 45.35 on December 31 201 7 and $ 17.35 on December 31, 201 6 . ( 2 Approved by the board of directors and stockholders in 201 9 . The aggregate intrinsic value in the table above represents the total pre-tax intrinsic value (the aggregate difference between the Company’s closing stock price on the last trading day of the fiscal year and the exercise price, multiplied by the number of in-the-money options) that would have been received by the option holders had all option holders exercised their options on December 31, 2019. 2019, 2018 2017 $1.0 $8.3 $8.0 December 31, 2019 Exercise Prices Number Outstanding Contractual Life (in years) Number Exercisable $8.80 48,864 0.48 48,864 $9.65 – $10.79 33,743 1.98 32,806 $10.80 – $14.04 36,146 3.24 33,752 $15.32 – $18.55 10,896 3.74 8,584 $19.55 12,000 4.32 8,292 $25.70 38,625 4.59 23,594 $39.30 72,000 4.42 41,230 $43.40 6,510 0.25 2,849 $47.40 29,915 3.72 19,116 $53.90 7,000 5.20 3,313 $ 8.80 – $ 53.90 295,669 2.83 222,400 Stock Awards (RSU and PSU) Activity Table Information with respect to RSUs and PSUs activity is as follows (in thousands): Number of Weighted-Average Grant- Date Fair Aggregate Fair Value (1) Aggregate Intrinsic Value (2) Shares Value (in thousands) (in thousands) Outstanding at December 31, 2016 445,317 $ 11.15 $ 7,726 Granted 412,208 $ 28.74 Vested (3) (224,799 ) $ 10.91 $ 5,168 (4) Forfeited (122,139 ) $ 13.56 Outstanding at December 31, 2017 510,587 $ 24.88 $ 23,155 Granted 265,124 $ 44.57 Vested (3) (231,515 ) $ 21.10 $ 9,483 (5) Forfeited (69,905 ) $ 20.01 Outstanding at December 31, 2018 474,291 $ 38.44 $ 8,072 Granted 963,814 $ 18.68 Vested (3) (172,281 ) $ 33.66 $ 6,169 (6) Forfeited (161,022 ) $ 37.91 Outstanding at December 31, 2019 1,104,802 $ 22.10 $ 37,442 ( 1 Represents the value of the Company’s stock on the date that the restricted stock units and performance stock units vest. ( 2 Based on the closing stock price of the Company’s stock of $ 35.81 on December 31, 2019 , $ 17.02 on December 31, 2018 , $ 45.35 December 31 , 2017 and $17.35 on December 30 , 2016 . ( 3 The number of restricted stock units vested includes shares that the Company withheld on behalf of the employees to satisfy the statutory tax withholding requirements. ( 4 On the grant date, the fair value for these vested awards was $ 2.5 million. ( 5 On the grant date, the fair value for these vested awards was $4.9 million. ( 6 On the grant date, the fair value for these vested awards was $5.9 million. Stock-Based Compensation Stock-based compensation expense for the years ended December 31, 2019, 2018 2017 Year Ended December 31, 201 9 201 8 201 7 Stock options $ 622 $ 838 $ 815 RSUs 4,786 4,648 1,813 PSUs 3,948 1,105 2,093 ESPP 476 566 389 Total stock-based compensation expense $ 9,832 $ 7,157 $ 5,110 As of December 31, 2019, $12.2 2.64 $0.2 0.33 The Company issues new shares of common stock upon the exercise of stock options, vesting of RSUs and PSUs, and the issuance of ESPP shares. The amount of cash received from these issuances (excluding PSUs), net of taxes withheld and paid, in 2019, 2018and 2017 $3.9 $1.3 $4.0 Total stock-based compensation expense recognized during the year ended December 31, 2019, 2018 2017 Year Ended December 31, 201 9 201 8 201 7 Cost of revenue $ 1,572 $ 743 $ 660 Sales and marketing 4,510 2,105 1,642 Research and development 1,536 824 936 General and administrative 2,214 3,485 1,872 Total stock-based compensation expense $ 9,832 $ 7,157 $ 5,110 Valuation Assumptions and Fair Value of Stock Options and ESPP Grants The Company uses the Black-Scholes option pricing model to estimate the fair value of options granted under its equity incentive plans and rights to acquire stock granted under its employee stock purchase plan. The weighted average estimated fair values of the employee stock options and rights granted under the employee stock purchase plan, and the weighted average assumptions used to calculate the grant date fair values, are as follows: Stock Options And ESPP Stock Purchase Plan 201 9 201 8 201 7 201 9 201 8 201 7 Expected term (in years) (1) 3.65 3.70 3.70 0.50 0.50 0.50 Risk-free interest rate (2) 1.64 % 2.60 % 1.73 % 2.49 % 2.34 % 1.14 % Volatility (3) 54 % 44 % 40 % 70 % 61 % 42 % Dividend yield (4) - % - % - % - % - % - % Weighted average estimated fair value at grant date $ 14.83 $ 18.00 $ 9.98 $ 9.60 $ 9.60 $ 8.21 ( 1 The expected term represents the period during which the Company’s stock-based awards are expected to be outstanding. The estimated term is based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting terminations. The expected term of groups of employees that have similar historical exercise patterns has been considered separately for valuation purposes. ( 2 The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option or ESSP participation right as of the date of grant. ( 3 Estimated volatility is based on historical volatility. The Company estimates volatility based on a 50 50 ( 4 The Company has not The Company periodically estimates forfeiture rates based on its historical experience for separate groups of employees and adjusts the stock-based compensation expense accordingly. The forfeiture rates used in 2019 0% 17.7%. Non-Employee Stock-Based Compensation Stock-based compensation expense related to stock options granted to non-employees is recognized based on the fair value of the stock options, determined using the fair value of the award issued on the day of the grant. The Company granted 9,303 December 31, 2019, 3,384 December 31, 2018, 7,745 2,478 2017. 7,745 2017 4 25% first 1/48th The 9,303 2019 4 25% Stock Awards Withholdings For Stock Awards granted to employees, the number of shares issued on the date the Stock Awards vest is net of the tax withholding requirements paid on behalf of the employees. In 2019, 2018, 2017, 42,695, 77,049, 64,490 $0.8 $3.1 $1.5 not |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | NOTE 7—INCOME The Company files income tax returns in the U.S. federal and various state and local jurisdictions and foreign jurisdictions. The Company’s income (loss) before provision for income taxes consisted of the following (in thousands): Year Ended December 31, 201 9 201 8 201 7 U.S. $ (13,037) $ (14,177) $ 11,203 Foreign 774 662 757 Income (loss) before income taxes $ (12,263 ) $ (13,515 ) $ 11,960 The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, 201 9 201 8 201 7 Current: Federal $ - $ (15) $ 148 State 101 123 71 Foreign (76) 303 511 Total Current 25 411 730 Deferred: Federal 2 15,674 (17,393) State 1 1,230 (1,348) Foreign 57 (60) (22) Total Deferred 60 16,844 (18,763) Tax provision $ 85 $ 17,255 $ (18,033) The Company’s net deferred tax assets consists of the following (in thousands): December 31, 2019 2018 Net operating loss carryforwards $ 14,507 $ 11,227 Stock-based compensation 1,111 1,040 Other accruals and reserves 2,202 1,924 Credits 11,888 10,857 Foreign - 457 Accrued warranty 924 1,863 Depreciation and amortization 2,354 2,024 Other 897 282 Operating Lease Asset 3,949 - Deferred tax asset before valuation allowance 37,831 29,674 Valuation allowance (32,350) (27,865) Deferred tax asset after valuation allowance 5,482 1,809 Deferred tax liability on Accrued commissions 606 cost (1,076) (1,269) Deferred tax liability on goodwill (97) (83) Operating Lease Liability (3,885) - Net deferred tax asset $ 424 $ 457 The differences between the U.S. federal statutory income tax rates to the Company’s effective tax rate are as follows: Year Ended December 31, 2019 2018 2017* U.S. federal statutory income tax rate 21.00% 21.00% 34.00% State tax rate 2.82 (4.95) (5.59) Meals and entertainment (2.83) (2.66) 2.15 Permanent differences (2.58) - - Stock-based compensation 3.78 13.66 (21.55) SAB 118 Change in Estimate - (2.43) - Foreign rate differential (0.34) 0.11 (0.50) Other (0.33) (1.21) 0.65 General business credit 8.14 4.31 (2.72) Change in Federal Tax Rate - - 60.98 Valuation allowance (38.60) (155.49) (218.17) Change in prior year reserves 2.53 - - Deferred true-up 5.71 - - Effective tax rate (0.70)% (127.66)% (150.75)% * Other balance in 2017 was reclassified for consistency with 2018 2019 . As of December 31, 2019, $32.4 not $4.5 $20.6 December 31, 2019, 2018, $0.4 not At December 31, 2019, $60.1 $31.3 not 2029 2038. $18.4 December 31, 2017 no December 31, 2019, $6.6 $8.1 $0.3 2024, no 2021. Federal and state laws can impose substantial restrictions on the utilization of net operating loss and tax credit carry-forwards in the event of an “ownership change,” as defined in Section 382 no No Uncertain Tax Positions The Company establishes reserves for uncertain tax positions based on the largest amount that is more-likely-than- not not 50% two first not second 50% Although the Company believes it has adequately reserved for its uncertain tax positions, no not The Company files U.S., state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The 2005 2019 2011 2018 The following table summarizes the activity related to the Company’s gross unrecognized tax benefits in December 31, 2017 December 31, 2019 ( Year Ended December 31, 201 9 201 8 201 7 Balance at beginning of year $ 1,563 $ 1,519 $ 707 Decreases related to prior year tax positions (291) (70 ) 643 Increases related to prior year tax positions 25 - - Increases related to current year tax positions 129 114 169 Balance at end of year $ 1,426 $ 1,563 $ 1,519 It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense. As of December 31, 2019, $58,000 |
Note 8 - Net Loss Per Share
Note 8 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8—NET Basic net loss per share is computed using the weighted-average number of shares outstanding during the period. In periods of net income, diluted shares outstanding include the dilutive effect of in-the-money equity awards (stock options, RSUs, PSUs and employee stock purchase plan contributions), which is calculated based on the average share price for each fiscal period using the treasury stock method. In accordance with ASC 260 Diluted earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. The following table sets forth the computation of basic and diluted net income (loss) and the weighted average number of shares used in computing basic and diluted net income (loss) per share (in thousands, except per share data): Year Ended December 31, 201 9 201 8 201 7 Numerator: Net income (loss) (in thousands) $ (12,348) $ (30,770) $ 29,993 Denominator: Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 14,096 13,771 13,873 Dilutive effect of incremental shares and share equivalents - - 855 Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 14,096 13,771 14,728 Net loss per share Net income (loss) per share, basic $ (0.88) $ (2.23) $ 2.16 Net income (loss) per share, diluted $ (0.88) $ (2.23) $ 2.04 The following numbers of shares outstanding, prior to the application of the treasury stock method, were excluded from the computation of diluted net loss per common share for the period presented because including them would have had an anti-dilutive effect (in thousands): Year Ended December 31, 201 9 201 8 201 7 Options to purchase common stock 417 664 42 Restricted stock units 559 432 9 Employee stock purchase plan shares 111 133 - Performance stock units 178 43 - Total 1,265 1,272 51 |
Note 9 - Defined Contribution P
Note 9 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Pension and Other Postretirement Benefits Disclosure [Text Block] | NOTE 9—DEFINED CONTRIBUTION PLAN In the U.S., the Company has an employee savings plan ( “401 401 may 401 100% 2019, 2018 2017, 401 $0.4 $0.4 $0.3 For the Company’s Japanese subsidiary, a discretionary employee retirement plan has been established. In addition, for some of the Company’s other foreign subsidiaries, the Company deposits funds with insurance companies, third December 31, 2019, three not |
Note 10 - Segment Information a
Note 10 - Segment Information and Revenue by Geography and Products | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | NOTE 10—SEGMENT Segment reporting is based on the “management approach,” following the method that management organizes the company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision maker ("CODM") is its Chief Executive Officer ("CEO"), who makes decisions on allocating resources and in assessing performance. The CEO reviews the Company's consolidated results as one one one The following table presents a summary of revenue by geography for the year ended December 31, 2019, 2018 2017 Year Ended December 31, 201 9 201 8 201 7 Revenue mix by geography: United States $ 106,243 $ 101,862 $ 94,581 Japan 24,142 17,819 17,264 Asia, excluding Japan 16,110 15,467 13,719 Europe 10,596 8,875 8,317 Rest of the world 24,620 18,696 17,612 Total Consolidated revenue $ 181,712 $ 162,720 $ 151,493 Revenue mix by product category: Systems $ 140,478 $ 132,594 $ 125,883 Consumables 9,648 4,162 2,435 Skincare 8,512 5,778 4,342 Total product revenue 158,638 142,535 132,660 Service 23,074 20,185 18,833 Total Consolidated revenue $ 181,712 $ 162,720 $ 151,493 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | NOTE 11– LEASES The Company is a party to certain operating and finance leases for vehicles, office space and storages facilities. The Company’s material operating leases consist of office space, as well as storage facilities and finance leases are made up automobiles. The Company’s leases generally have remaining terms of 1 10 5 The Company determines if a contract contains a lease at inception. Operating lease assets and liabilities are recognized at the lease commencement date. Operating lease liabilities represent the present value of lease payments not not The Company recognizes expense for these leases on a straight-line basis over the lease term. Additionally, tenant incentives used to fund leasehold improvements are recognized when earned and reduce the Company’s right-of-use asset related to the lease. These are amortized through the right-of-use asset as reductions of expense over the lease term. Below is supplemental balance sheet information related to leases (in thousands): Assets Classification Dece mber 3 1 , 2019 Right-of-use assets Operating lease right-of-use assets $ 7,702 Finance lease Property and equipment, net * 1,008 Total leased assets $ 8,710 *Finance lease assets included in Property and equipment, net. Liabilities Classification December 3 1 , 2019 Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,800 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 5,112 Total operating lease liabilities $ 7,912 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 541 Finance lease liabilities, non-current Other long-term liabilities 578 Total finance lease liabilities $ 1,119 Lease costs during the twelve months ended December 3 1 , 2019: Finance lease cost Amortization expense $ 704 Finance lease cost Interest for finance lease 88 Operating lease cost Operating lease expense 2,892 Cash paid for amounts included in the measurement of lease liabilities during the twelve months ended December 31 , 2019 Operating cash flow Finance lease $ 88 Financing cash flow Finance lease 649 Operating cash flow Operating lease 2,820 Maturities of lease liabilities Maturities of lease liabilities were as follows as of December 31, 2019 Operating leases 2020 $ 2,868 2021 2,613 2022 2,821 2023 326 2024 26 Total lease payments 8,654 Less: imputed interest 742 Present value of lease liabilities $ 7,912 Vehicle Leases As of December 31, 2019, Operating leases 2020 $ 543 2021 412 2022 253 2023 4 Total lease payments 1,212 Less: imputed interest 93 Present value of lease liabilities $ 1,119 As previously disclosed in the Company’s 2018 10 December 31, 2018: Facility Leases As of December 31, 2018, Operating leases 2019 $ 3,011 2020 2,939 2021 2,564 2022 2,495 2023 and thereafter 214 Future minimum rental payments $ 11,223 Vehicle Leases – U.S. As of December 31, 2018, Operating leases 2019 $ 576 2020 287 2021 152 Future minimum lease payments $ 1,015 Weighted-average remaining lease term and discount rate, as of December 31, 2019, Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 3.0 Finance leases 2.5 Weighted-average discount rate Operating leases 4.4 % Finance leases 5.6 % Purchase Commitments The Company maintains certain open inventory purchase commitments with its suppliers to ensure a smooth and continuous supply for key components. The Company’s liability in these purchase commitments is generally restricted to an agreed-upon period. These periods can vary among different suppliers. Although open purchase orders are considered enforceable and legally binding, the terms generally allow the Company the option to cancel, reschedule, and adjust their requirements based on the Company's business needs prior to the delivery of goods or performance of services. Indemnifications In the normal course of the Company’s business, the Company enters into agreements that contain a variety of representations, warranties, and indemnification obligations. For example, the Company has entered into indemnification agreements with each of its directors and executive officers and certain key employees. The Company’s exposure under its various indemnification obligations is unknown and not may not Contingencies The Company is named from time to time as a party to other legal proceedings, product liability, commercial disputes, employee disputes, and contractual lawsuits in the ordinary course of the Company’s business. These matters are subject to many uncertainties and outcomes that are not may not no not In November 2019, November 7, 2019, not not As of December 31, 2019 December 31, 2018, Nil $171,000, not |
Note 12 - Debt
Note 12 - Debt | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12—DEBT Loan and Security Agreement On May 30, 2018, $25 May 30, 2021. Covenants The Original Revolving Line of Credit contained financial and other covenants as well as the maintenance of a leverage ratio not 2.5 1.0 not $10 During the third 2018, On or about November 2, 2018, $15 $10 On or about March 11, 2019, $15 no may not $10 not 2.5 1.0. A violation of any of the covenants could result in a default under the Second Amended Revolving Line of Credit that would permit the lenders to restrict the Company’s ability to further access the revolving line of credit for loans and letters of credit and require the immediate repayment of any outstanding loans under the Second Amended Revolving Line of Credit. As of December 31, 2019, not |
Note 13 - Related Parties
Note 13 - Related Parties | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Related Party Transactions Disclosure [Text Block] | NOTE 13—RELATED In 2018 2017, $63,000 $196,000, December 31, 2016, 6,500 $87,100, three 33.33% three October 28, 2016, December 31, 2018 $200 40 The Company signed an agreement with a real estate firm, T3 September 2017, T3 2018 2017, $192,000 $38,000 T3 |
Note 14 - Subsequent Events
Note 14 - Subsequent Events | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 14—SUBSEQUENT The Company evaluates events or transactions that occur after the balance sheet date through to the date which the financial statements are issued, for potential recognition or disclosure in its consolidated financial statements in accordance with Subsequent Events. On January 31, 2020, January 28, 2020, In both of these actions, the Company seeks compensatory damages, equitable relief and punitive damages, as well as fees and costs related to the legal action. At this time, the Company is unable to predict the associated costs, expenses and timeline associated therewith due to the early state of this matter. |
Supplementary Financial Data (U
Supplementary Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) Quarter ended: Dec. 31, 201 9 Sept. 30, 201 9 June 30, 201 9 March 31, 201 9 Dec. 31, 201 8 Sept. 30, 201 8 June 30, 201 8 March 31, 201 8 Net revenue $ 51,795 $ 46,117 $ 47,774 $ 36,026 $ 45,469 $ 40,573 $ 42,553 $ 34,125 Cost of revenue 23,005 19,884 21,943 18,717 26,683 18,688 20,176 16,791 Gross profit 28,790 26,233 25,831 17,309 18,786 21,885 22,377 17,334 Operating expenses: Sales and marketing 20,323 17,691 16,992 16,104 15,318 14,479 15,535 13,088 Research and development 4,463 3,643 3,273 3,706 3,464 3,244 4,095 3,556 General and administrative 5,933 7,308 5,267 5,525 5,494 5,160 4,902 5,439 Total operating expenses 30,719 28,642 25,532 25,335 24,276 22,883 24,532 22,083 Income (loss) from operations (1,929 ) (2,409 ) 299 (8,026 ) (5,490 ) (998 ) (2,155 ) (4,749 ) Interest and other income, net (20 ) (146 ) 46 (79 ) (44 ) (49 ) (129 ) 98 Income (loss) before income taxes (1,949 ) (2,555 ) 345 (8,105 ) (5,534 ) (1,047 ) (2,284 ) (4,651 ) Income tax provision (benefit) 139 73 (243 ) 115 20,760 (174 ) (712 ) (2,619 ) Net income (loss) $ (2,088 ) $ (2,628 ) $ 588 $ (8,220 ) $ (26,293 ) $ (873 ) $ (1,572 ) $ (2,032 ) Net income (loss) per share-basic $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) $ (1.89 ) $ (0.06 ) $ (0.11 ) $ (0.15 ) Net income (loss) per share-diluted $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) $ (1.89 ) $ (0.06 ) $ (0.11 ) $ (0.15 ) Weighted average number of shares used in per share calculations: Basic 14,261 14,182 14,086 14,017 13,932 13,851 13,709 13,587 Diluted 14,261 14,182 14,356 14,017 13,932 13,851 13,709 13,587 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2019 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | SCHEDULE CUTERA, INC. VALUATION AND QUALIFYING ACCOUNTS (in thousands) For the Years Ended December 31, 201 9 , 201 8 and 201 7 Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2019 $ 27,865 $ 7,396 $ 2,911 $ 32,350 Year ended December 31, 2018 $ 7,242 $ 22,770 $ 2,147 $ 27,865 Year ended December 31, 2017 $ 31,751 $ 617 $ 25,126 $ 7,242 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for doubtful accounts receivable Year ended December 31, 2019 $ 1,257 1,361 1,264 1,354 Year ended December 31, 2018 $ 9 $ 1,880 $ 632 $ 1,257 Year ended December 31, 2017 $ 21 $ 14 $ 26 $ 9 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) provides energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, distributes and markets energy-based product platforms for use by physicians and other qualified practitioners, enabling them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following system platforms: excel, enlighten, Juliet, Secret RF, truSculpt xeo truSculpt iD truSculpt flex Juliet Secret RF third Titan truSculpt 3D truSculpt iD truSculpt flex Headquartered in Brisbane, California, the Company operates wholly-owned subsidiaries in Australia, Belgium, Canada, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. The Company’s wholly owned subsidiary in Italy is currently dormant. These active subsidiaries market, sell and service the Company’s products outside of the United States. The Consolidated Financial Statements include the accounts of the Company and its subsidiaries. All inter-company transactions and balances have been eliminated. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Consolidated Financial Statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, accounts receivable and allowance for credit losses, valuation of inventories, fair value of goodwill, useful lives of property and equipment, incremental borrowing rates related to the Company’s leases, assumptions regarding variables used in calculating the fair value of the Company's equity awards, expected achievement of performance based vesting criteria, management performance bonuses, fair value of investments, the standalone selling price of the Company's products and services, the period of benefit used to capitalize and amortize contracts acquisition costs, variable consideration, contingent liabilities, recoverability of deferred tax assets, and effective income tax rates. Management bases estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
Risks and Uncertainties, Policy [Policy Text Block] | Risks and Uncertainties The Company's future results of operations involve a number of risks and uncertainties. Factors that could affect the Company's future operating results and cause actual results to vary materially from expectations include, but are not |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Comparability The Company adopted the new revenue standard effective January 1, 2018, not December 31, 2019 2018 December 31, 2017 December 31, 2019 2018 not December 31, 2017. The Company adopted the new lease standard effective January 1, 2019, not December 31, 2019 December 31, 2018 2017 December 31, 2019 not December 31, 2018, December 31,2019 not December 31, 2018 December 31, 2017. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In May 2014, 2014 09, 606, December 15, 2017. 606, January 1, 2018, not January 1, 2018. January 1, 2018 606, not 606. Upon adoption of ASC Topic 606, $3.8 January 1, 2018 first 2018: ● $237,000 ● $151,000 one ● $210,000 ● $4.7 2.5 ● $1.2 606 The following table summarizes the effects of adopting ASC Topic 606 December 31, 2018: As reported under ASC Topic 606 Adjustments Balances under Prior GAAP (In thousands) Other long-term assets $ 5,971 $ (5,217 ) $ 754 Deferred revenue 12,566 (106 ) 12,460 Retained earnings (deficit) (24,010 ) 4,610 (19,400 ) The following table summarizes the effects of adopting ASC Topic 606 December 31, 2018: As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 142,535 $ 274 $ 142,261 Service revenue 20,185 280 19,905 Sales and marketing 58,420 540 58,960 Interest and other income, net* (123 ) 297 174 * Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. Adoption of the standard had no As part of the Company's adoption of ASC Topic 606, not one one not not In February 2018, No. 2018 02, 220 January 1, 2019 first 2019, no In July 2018, 2018 09, 220 10, 470 50, 480 10, 718 740, 805 740, 815 10, 820 10, 940 405, 962 325, not December 15, 2018, 718 740 820 10 first 2019. no In February 2016, 2016 02, 842 July 2018, 2018 11, 2016 02 2018 2018 11 not July 2018, 2018 10, 842, 2016 02. The Company adopted ASU 2016 02, January 1, 2019, not not The adoption of the new standard resulted in the recording of additional lease assets and lease liabilities of $10.2 $10.1 January 1, 2019, no See below and Note 11 842. Effect of Adoption of the New Lease Standard (ASC Topic 842 The following table summarizes the effects of adopting Topic 842 January 1, 2019 ( As reported under Topic 842 Adjustments Balances under Prior GAAP Operating lease right-of-use assets $ 10,049 $ (10,049 ) $ — Operating lease liabilities (2,430 ) 2,430 — Other long-term liabilities* — 140 140 Operating lease liabilities, net of current portion (7,759 ) 7,759 — *Deferred rent included in other long-term liabilities In June 2016, No. 2016 13, 326 2016 13 December 15, 2019, 2020, The Company adopted ASU 2016 13 January 1, 2020 $0.7 $1.0 On January 26, 2017, No. 2017 04,” 350 one not 2 two The amendment is effective for the Company for its fiscal years beginning after December 15, 2019. January 1, 2017. 2017 04—Intangibles—Goodwill 350 October 1, 2018. no See “Goodwill and Other Intangible Assets” in Note 3 In June 2018, No. 2018 07, 718 1 2 3 606. December 15, 2018, no 606. January 1, 2019 no In August 2018, No. 2018 15, 350 No. 2018 15 350 April 1, 2019, No. 2018 15 350 Recently Issued Accounting Pronouncements Not In August 2018, No. 2018 13, 820 3 1 2 3 2020, not In December 2019, No. 2019 12 740 2021, not |
Revenue from Contract with Customer [Policy Text Block] | Recently Issued Accounting Pronouncements Not In August 2018, No. 2018 13, 820 3 1 2 3 2020, not In December 2019, No. 2019 12 740 2021, not Revenue recognition Effective January 1, 2018, 606. 12% 12%, December 31, 2019 2018. The Company has certain system sale arrangements that contain multiple products and services. For these bundled sale arrangements, the Company accounts for individual products and services as separate performance obligations if they are distinct. The Company’s products and services are distinct if a customer can benefit from the product or service on its own or with other resources that are readily available to the customer, and if the Company’s promise to transfer the products or service to the customer is separately identifiable from other promises in the sale arrangements. The Company’s system sale arrangements can include all or a combination of the following performance obligations: the system and software license (considered as one For the Company’s system sale arrangements that include an extended service contract, the period of service commences at the expiration of the Company’s standard warranty offered at the time of the system sale. The Company considers the extended service contracts terms in the arrangements that are legally enforceable to be performance obligations. Other than extended service contracts and marketing services, which are satisfied over time, the Company generally satisfies all performance obligations at a point in time. Systems, system accessories (hand pieces), service contracts, training, and time and materials services are also sold on a stand-alone basis, and these performance obligations are satisfied at a point in time. For contracts with multiple performance obligations, the Company allocates the transaction price of the contract to each performance obligation on a relative standalone selling price basis. Nature of Products and Services Systems Systems revenue is generated from the sale of systems and from the sale of upgrades to existing systems. A system consists of a console that incorporates a universal graphic user interface, a laser or other energy based module, control system software and high voltage electronics, as well as one Pearl Pearl Fractional The Company offers customers the ability to select the system that best fits their practice at the time of purchase and then to cost-effectively add applications to their system as their practice grows. This provides customers the flexibility to upgrade their systems whenever they choose and provides the Company with a source of additional Systems revenue. The system or upgrade and the right to use the embedded software represent a single performance obligation as the software license is integral to the functionality of the system or upgrade. The Company does not enlighten enlighten enlighten For systems sold directly to end-customers that are credit approved, revenue is recognized when the Company transfers control to the end-customer, which occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. When collectability is not The Company typically receives payment for its system consoles and other accessories within 30 Skincare products The Company sells third third third Consumables (Other accessories) The Company classifies its customers' purchases of replacement cycles for truSculpt iD and truSculpt flex, as well as replacement Titan and truSculpt 3D third Extended contract services The Company offers post-warranty services to its customers through extended service contracts that cover parts and labor for a term of one, two, or three Training Sales of systems to customers include training on the use of the system to be provided within 180 not Customer Marketing Support In North America, the Company offers marketing and consulting phone support to its customers across all system platforms. These customer marketing support services include a practice development model and marketing training, performed remotely with ongoing phone consultations for six six Significant Judgments The determination of whether two one may While the Company’s purchase agreements do not The Company determines standalone selling price ("SSP") for each performance obligation as follows: ● Systems: The SSPs for systems are based on directly observable sales in similar circumstances to similar customers ● Training: SSP is based on observable price when sold on a standalone basis. ● Extended warranty/Service contracts: SSP is based on observable price when sold on a standalone basis (by customer type). ● Customer Marketing Support: SSP is estimated based on cost plus a margin. ● Set-up /Installation: SSP is based on observable price when sold on a standalone basis. The calibration and installation service of the enlighten system are treated as separate performance obligations because the Company regularly sells enlighten systems without the calibration and installation service. Loyalty Program The Company launched a customer loyalty program during the third 2018 fifth December 31, 2019, $0.2 Revenue recognition- Period before January 1, 2018 - 606 The Company recognized revenue under ASC Topic 605 606 January 1 2018. 605, ● Persuasive evidence of an arrangement exists; ● The price is fixed or determinable; ● Delivery has occurred or services have been rendered; and ● Collectability is reasonably assured. Transfer of title and risk of ownership occurs when the product is shipped to the customer or when the customer receives the product, depending on the nature of the arrangement. Revenue is recorded net of customer and distributor discounts. When collectability is not not Multiple-element Arrangements A multiple-element arrangement includes the sale of one one For multiple-element arrangements, judgments are required as to the allocation of the proceeds received from an arrangement to the multiple elements of the arrangement. For multiple element arrangements the Company allocates revenue to all deliverables based on their relative selling prices in accordance with the FASB Accounting Standards Codification (“ASC”) 605 25. third not With respect to the sale of its earlier generation of the truSculpt product, the Company includes unlimited refills as part of the truSculpt standard warranty and the Company does not truSculpt truSculpt Customer Marketing Arrangements The Company has a customer marketing and incentive program called “Cutera Bucks” for its North America customers through which it offers various sales incentives and discounts and pays or reimburses customers for qualifying expenses associated with practice set-up, advertising procedures related to the system purchased, and other expenses. The Company records such incentives as a reduction of revenue at the time when the sale of the system is recorded. Service Revenue The Company also offers customers extended service contracts. Revenue under service contracts is recognized on a straight-line basis over the period of the applicable service contract. Revenue from services performed in the absence of a service contract, including installation and training revenue, is recognized when the related services are performed and collectability is reasonably assured. Service revenue billed on a time and material basis, from customers whose systems are not December 31, 2017 $18.8 Bill and Hold Arrangement Under ASC 605 2017 one third no $938,000 2017. Deferred Sales Commissions Incremental costs of obtaining a contract, which consist primarily of commissions and related payroll taxes, are capitalized and amortized on a straight-line basis over the expected period of benefit, except for costs that are recognized when product is sold. The Company uses the portfolio method to recognize the amortization expense related to these capitalized costs related to initial contracts and such expense is recognized over a period associated with the revenue of the related portfolio, which is generally two three Total capitalized costs for the year ended December 31, 2019 December 31, 2018 $4.6 $5.2 $2.9 $1.8 twelve December 31, 2019 December 31, 2018 |
Cash and Cash Equivalents Marketable Investments and Long-term Investments [Policy Text Block] | Cash Equivalents, and Marketable Investments The Company invests its cash primarily in money market funds, U.S. Treasury bills and in highly liquid debt instruments of U.S. federal and municipal governments and their agencies, commercial paper and corporate debt securities. All highly liquid investments with stated maturities of three three The Company determines the appropriate classification of its investments in marketable securities at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable securities are classified and accounted for as available-for-sale securities. Investments with remaining maturities of more than one |
Fair Value Measurement, Policy [Policy Text Block] | Fair Value of Financial Instruments Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three may 820, ● Level 1: ● Level 2: 1 not not third ● Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. |
Marketable Securities, Policy [Policy Text Block] | Impairment of Marketable Investments After determining the fair value of available-for-sales debt instruments, gains or losses on these securities are recorded to other comprehensive income, until either the security is sold or the Company determines that the decline in value is other-than-temporary. The primary differentiating factors that the Company considers in classifying impairments as either temporary or other-than-temporary impairments are the Company’s intent and ability to retain the investment in the issuer for a period of time sufficient to allow for any anticipated recovery in market value or the maturity of the investment, the length of the time and the extent to which the market value of the investment has been less than cost and the financial condition and near-term prospects of the issuer. There were no December 31, 2019, 2018, 2017. |
Allowances for Sales Returns and Doubtful Accounts [Policy Text Block] | Allowance for Sales Returns and Doubtful Accounts The allowance for sales returns is based on the Company’s estimates of potential future product returns and other allowances related to current period product revenue. The Company analyzes historical returns, current economic trends and changes in customer demand and acceptance of the Company's products. In cases where the Company is aware of circumstances that may |
Concentration Risk, Credit Risk, Policy [Policy Text Block] | Concentration of Credit Risk and Other Risks and Uncertainties The Company operates in markets that are highly competitive and rapidly changing. Significant technological changes, shifting customer needs, the emergence of competitive products or services with new capabilities and other factors could negatively impact the Company’s operating results. The Company is also subject to risks related to changes in the value of the Company’s significant balance of financial instruments. Financial instruments that potentially subject the Company to concentrations of risk consist principally of cash, cash equivalents, marketable investments and accounts receivable. The Company’s cash and cash equivalents are primarily invested in deposits and money market accounts with three may not The Company invests in debt instruments, including bonds of the U.S. Government, its agencies and municipalities. The Company has also invested in other high grade investments such as commercial paper and corporate debt securities. The Company has established guidelines relative to credit ratings, diversification and maturities that seek to maintain safety and liquidity. By policy, the Company restricts its exposure to any single issuer by imposing concentration limits. To minimize the exposure due to adverse shifts in interest rates, the Company maintains investments at an average maturity of generally less than twelve Accounts receivable are recorded net of an allowance for doubtful accounts, and are typically unsecured and are derived from revenue earned from worldwide customers. The Company controls credit risk through credit approvals, credit limits, and monitoring procedures. The Company performs credit evaluations of its customers and maintains reserves for potential credit losses. As of December 31, 2019 2018, no 10% December 31, 2019, 2018, 2017, 58%, 62%, 62%, 42%, 38%, 38%,respectively, No 10% December 31, 2019, 2018, 2017. Supplier concentration The Company relies on third third may one Secret |
Inventory, Policy [Policy Text Block] | Inventories Inventories are stated at the lower of cost and net realizable value, cost being determined on a standard cost basis which approximates actual cost on a first first The Company includes demonstration units within inventories. Demonstration units are carried at cost and amortized over an estimated economic life of two As of December 31, 2019 2018, $4.1 $2.9 |
Property, Plant and Equipment, Policy [Policy Text Block] | Property and Equipment Property and equipment are stated at cost, net of accumulated depreciation. Depreciation expense recognized is on a straight-line basis over the estimated useful lives of the assets, generally as follows: Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 Upon sale or retirement of property and equipment, the costs and related accumulated depreciation and amortization are removed from the balance sheet and the resulting gain or loss is reflected in operating expenses. Maintenance and repairs are charged to operations as incurred. Depreciation expense related to property and equipment for 2019, 2018 2017, $1.5 $1.2 $1.0 |
Goodwill and Intangible Assets, Intangible Assets, Policy [Policy Text Block] | Capitalized Cloud Computing Set-up Cost The Company capitalizes certain set-up costs for the Company’s cloud computing arrangements. The capitalized implementation costs are then amortized over the term of the cloud computing arrangement inclusive of expected contract renewals, which are generally three five second 2019 $0.9 December 31, 2019. December 31, 2019. Goodwill and Intangible Assets Goodwill and intangible assets with indefinite useful lives are not fourth may no The Company continues to operate in one December 31, 2019, no December 31, 2019. |
Standard Product Warranty, Policy [Policy Text Block] | Warranty Obligations The Company offers post-warranty services to its customers through extended service contracts that cover replacement parts and labor for a term of one, two, or three 14 16 The Company also offers services on a time-and-materials basis for detachable hand piece replacements, parts and labor. |
Lessee, Leases [Policy Text Block] | Leases Policy from January 1, 2019 Effective January 1, 2019, 842, 12 12 not Policy before January 1, 2019 For periods prior to the Company’s adoption of ASC 842 January 1, 2019, no one |
Cost of Goods and Service [Policy Text Block] | Cost of Revenue Cost of revenue consists primarily of material, finished and semi-finished products purchased from third The Company's system sales include a control console, universal graphic user interface, control system software, high voltage electronics and a combination of applications (referred to as “hand pieces”). Hand pieces are programmed to have a limited number of uses to ensure the safety of the device to patients. The Company sells refurbished hand pieces, or "refills," of its Titan and truSculpt 3D |
Research and Development Expense, Policy [Policy Text Block] | Research and Development Expenditures Research and development costs are expensed as incurred and include costs related to research, design, development, testing of products, salaries, benefits and other headcount related costs, facilities, material, third |
Advertising Cost [Policy Text Block] | Advertising Costs Advertising costs are included as part of sales and marketing expense and are expensed as incurred. Advertising expenses for 2019, 2018 2017 $2.8 $2.8 $1.8 |
Share-based Payment Arrangement [Policy Text Block] | Stock-based Compensation The Company accounts for share-based employee compensation plans using the fair value recognition and measurement provisions under U.S. GAAP. The Company’s share-based compensation cost is measured at the grant date, based on the fair value of the award, and is recognized as expense on a straight- line basis over the requisite service period. The Company estimates expected forfeitures at the time of grant and revises, if necessary, in subsequent periods if actual forfeitures differ from those estimated. Expected Term Expected Volatility 50 50 Forfeitures: 718 Risk-Free Interest Rate: The fair value of stock options ("options") on the grant date is estimated using the Black-Scholes option-pricing model using the single-option approach. The Black-Scholes option pricing model requires the use of highly subjective and complex assumptions, including the option's expected term and the price volatility of the underlying stock, to determine the fair value of award. The Company recognizes the expense associated with options using a single award approach over the requisite service period. The Company accounts for all stock options awarded to non-employees at the fair value of the award issued on the day of the grant. The fair value of restricted stock units (“RSUs”) granted are measured on the grant date using the closing price of the Company's common shares on the grant date. The quantity of the RSUs units granted is calculated by dividing a fixed award amount determined by the Board on the grant date by the average closing price of the Company’s common stock over the 50 The fair value of Performance Stock Units (“PSUs”) that have operational measurement goals, are measured on the grant date using the closing price of the Company's common shares on the grant date. The quantity of the PSUs units granted is calculated by dividing a fixed award amount determined by the Board on the grant date by the average closing price of the Company’s common stock over the 50 See Note 6 |
Income Tax, Policy [Policy Text Block] | Income Taxes The Company is subject to income taxes in the United States and several foreign jurisdictions. Significant judgment is required in determining our provision (benefit) for income taxes and income tax assets and liabilities, including evaluating uncertainties in the application of accounting principles and complex tax laws. The Company records a provision (benefit) for income taxes for the anticipated tax consequences of the reported results of operations using the asset and liability method. Under this method, we recognize deferred income tax assets and liabilities for the expected future tax consequences of temporary differences between the financial reporting and tax bases of assets and liabilities, as well as for loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using the tax rates that are expected to apply to taxable income for the years in which those tax assets and liabilities are expected to be realized or settled. We recognize the deferred income tax effects of a change in tax rates in the period of enactment. We record a valuation allowance to reduce our deferred tax assets to the net amount that we believe is more likely than not The Company recognizes tax benefits from uncertain tax positions if we believe that it is more likely than not no not may The Company’s effective tax rates have differed from the statutory rate primarily due to changes in the valuation allowance, foreign operations, research and development tax credits, state taxes, and certain benefits realized related to stock option activity. The Company’s current effective tax rate does not Undistributed earnings of the Company’s foreign subsidiaries at December 31, 2019 no 2017 not not |
Earnings Per Share, Policy [Policy Text Block] | Computation of Net Income (Loss) per Share Basic net income (loss) per share is computed by dividing net income (loss) by the weighted average number of common shares outstanding. Diluted net income per share is computed by dividing net income by the weighted average number of common shares and the dilutive effect of potential future issuances of common stock from outstanding stock options, RSUs, PSUs and employee stock purchase plan contributions for the period outstanding determined by applying the treasury stock method. In accordance with ASC 718, Diluted earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. |
Comprehensive Income, Policy [Policy Text Block] | Comprehensive Income (Loss) Comprehensive income (loss) includes all changes in stockholders’ equity except those resulting from investments or contributions by stockholders. For the periods presented, the accumulated other comprehensive income (loss) consisted solely of the unrealized gains or losses on the Company's available for- sale investments, net of tax. |
Foreign Currency Transactions and Translations Policy [Policy Text Block] | Foreign Currency The financial statements of the Company’s foreign subsidiaries are translated in accordance with ASC 830, three December 31, 2019. three December 31, 2019. |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one 280, one not December 31, 2019, 2018, 89.3% 89.0% 13 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of New Accounting Pronouncements and Changes in Accounting Principles [Table Text Block] | As reported under ASC Topic 606 Adjustments Balances under Prior GAAP (In thousands) Other long-term assets $ 5,971 $ (5,217 ) $ 754 Deferred revenue 12,566 (106 ) 12,460 Retained earnings (deficit) (24,010 ) 4,610 (19,400 ) As reported under Topic 606 Adjustments Balances under Prior GAAP (In thousands) Products revenue $ 142,535 $ 274 $ 142,261 Service revenue 20,185 280 19,905 Sales and marketing 58,420 540 58,960 Interest and other income, net* (123 ) 297 174 As reported under Topic 842 Adjustments Balances under Prior GAAP Operating lease right-of-use assets $ 10,049 $ (10,049 ) $ — Operating lease liabilities (2,430 ) 2,430 — Other long-term liabilities* — 140 140 Operating lease liabilities, net of current portion (7,759 ) 7,759 — |
Property, Plant, and Equipment Useful Lives [Table Text Block] | Useful Lives Leasehold improvements Lesser of useful life or term of lease Office equipment and furniture (in years) 3 Machinery and equipment (in years) 3 |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31, 201 9 201 8 Cash and cash equivalents: Cash $ 20,005 $ 21,969 Cash equivalents: Money market funds 6,311 4,083 Total cash and cash equivalents 26,316 26,052 Marketable securities: U.S. government notes 4,114 1,397 U.S. government agencies — 2,677 Municipal securities — 200 Commercial paper 3,491 2,433 Corporate debt securities — 2,816 Total marketable securities 7,605 9,523 Total cash, cash equivalents and marketable securities $ 33,921 $ 35,575 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 201 9 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,316 $ - $ - $ 26,316 Marketable investments U.S. government notes 4,114 - - 4,114 U.S. government agencies — - - — Municipal securities — - - — Commercial paper 3,491 - - 3,491 Corporate debt securities — - - — Total marketable securities 7,605 - - 7,605 Total cash, cash equivalents and marketable securities $ 33,921 $ - $ - $ 33,921 December 31, 2018 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 26,052 $ - $ - $ 26,052 Marketable investments U.S. government notes 1,397 - - 1,397 U.S. government agencies 2,677 - - 2,677 Municipal securities 200 - - 200 Commercial paper 2,433 - - 2,433 Corporate debt securities 2,825 - (9 ) 2,816 Total marketable securities 9,532 (9 ) 9,523 Total cash, cash equivalents and marketable securities $ 35,584 $ (9 ) $ 35,575 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amount Due in less than one year $ 7,605 Due in 1 to 3 years — Total marketable securities $ 7,605 |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | December 31, 201 9 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 6,311 $ - $ - $ 6,311 Short term marketable investments: Available-for-sale securities 4,114 3,491 - 7,605 Total assets at fair value $ 10,425 $ 3,491 $ - $ 13,916 December 31, 2018 * Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 4,083 $ - $ - $ 4,083 Short term marketable investments: Available-for-sale securities 4,274 5,249 - 9,523 Total assets at fair value $ 8,357 $ 5,249 $ - $ 13,606 |
Note 3 - Balance Sheet Detail (
Note 3 - Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 201 9 201 8 Raw materials $ 17,935 $ 16,991 Work in process 2,016 2,306 Finished goods 13,970 8,717 Total $ 33,921 $ 28,014 |
Property, Plant and Equipment [Table Text Block] | December 31, 201 9 201 8 Leasehold improvements $ 867 $ 660 Office equipment and furniture 3,110 2,835 Machinery and equipment 7,805 7,304 11,782 10,799 Less: Accumulated depreciation (8,965) (8,127) Property and equipment, net $ 2,817 $ 2,672 |
Schedule of Intangible Assets and Goodwill [Table Text Block] | Gross Carrying Amount Accumulated Amortization & Impairment Amount Net Amount December 31, 201 9 Patent sublicense $ 1,218 $ 1,218 $ - Customer relationship intangible related to acquisition 2,510 2,510 - Other identified intangible assets related to acquisition 780 780 - Other intangible 155 155 - Goodwill 1,339 - 1,339 Total $ 6,002 $ 4,663 $ 1,339 December 31, 2018 Patent sublicense $ 1,218 $ 1,218 $ - Customer relationship intangible related to acquisition 2,510 2,510 - Other identified intangible assets related to acquisition 780 780 - Other intangible 155 155 - Goodwill 1,339 - 1,339 Total $ 6,002 $ 4,663 $ 1,339 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 201 9 201 8 Accrued payroll and related expenses $ 14,341 $ 9,377 Sales and marketing accruals 2,527 2,379 Accrued sales tax 3,922 2,935 Warranty liability 4,401 4,666 Other accrued liabilities 5,116 3,943 Total $ 30,307 $ 23,300 |
Note 4 - Warranty and Extende_2
Note 4 - Warranty and Extended Services Contract (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 201 9 201 8 Balance at beginning of year $ 7,827 $ 3,508 Add: Accruals for warranties issued during the period 6,467 12,364 Less: Warranty related costs during the period (7,894 ) (8,045 ) Balance at end of year $ 6,400 $ 7,827 |
Note 5 - Deferred Revenue (Tabl
Note 5 - Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Contract with Customer, Asset and Liability [Table Text Block] | December 31, 201 9 2018* Balance at beginning of year $ 12,566 $ 11,656 Add: Payments received 17,127 14,883 Less: Revenue deferred as of January 1, 2019 (9,451) (8,206) Less: Revenue included in the beginning balance and recognized as revenue in the current year (6.021) (5,767) Balance at end of year $ 14,222 $ 12,566 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Shares Available For Grant Number of Shares Weighted- Average Exercise Price Weighted-Average Remaining Contractual Life (in years) Aggregate Intrinsic Value (in millions ) (1) Balances as of December 31, 201 6 721,657 1,116,472 $ 9.56 3.70 $ 8.70 Options granted (278,250) 278,250 31.00 - - Options exercised - (488,398) 8.96 - - Options cancelled (expired or forfeited) 66,405 (66,405) 16.54 - - Stock awards granted (873,881) - - - - Stock awards cancelled (expired or forfeited) 258.935 - - - - Additional shares reserved 1,600,000 - - - - Balances as of December 31, 2017 1,494,866 839,919 $ 16.46 3.99 $ 24.4 Options granted (21,010) 21,010 $ 50.65 - - Options exercised - (271,902) 9.99 - - Options cancelled (expired or forfeited) 81,322 (81,322) 21,55 - - Stock awards granted (562,070) - - - - Stock awards cancelled (expired or forfeited) 148,197 - - - - Balances as of December 31, 2018 1,141,305 507,705 $ 20.52 3.52 $ 2.00 Additional shares reserved (2) 700,000 Options exercised - (160,798) $ 10.03 - - Options cancelled (expired or forfeited) 51,208 (51,208) 24.61 - - Stock awards granted (1,538,128) - - - - Stock awards cancelled (expired or forfeited) 407,320 - - - - Balances as of December 31, 2019 761,705 295,699 $ 25.52 3.19 $ 3.04 Exercisable as of December 31, 2019 222,400 $ 22.16 2.83 $ 3.04 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2019 285,462 $ 25.08 3.00 $ 3.06 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise Prices Number Outstanding Contractual Life (in years) Number Exercisable $8.80 48,864 0.48 48,864 $9.65 – $10.79 33,743 1.98 32,806 $10.80 – $14.04 36,146 3.24 33,752 $15.32 – $18.55 10,896 3.74 8,584 $19.55 12,000 4.32 8,292 $25.70 38,625 4.59 23,594 $39.30 72,000 4.42 41,230 $43.40 6,510 0.25 2,849 $47.40 29,915 3.72 19,116 $53.90 7,000 5.20 3,313 $ 8.80 – $ 53.90 295,669 2.83 222,400 |
Share-based Payment Arrangement, Restricted Stock and Restricted Stock Unit, Activity [Table Text Block] | Number of Weighted-Average Grant- Date Fair Aggregate Fair Value (1) Aggregate Intrinsic Value (2) Shares Value (in thousands) (in thousands) Outstanding at December 31, 2016 445,317 $ 11.15 $ 7,726 Granted 412,208 $ 28.74 Vested (3) (224,799 ) $ 10.91 $ 5,168 (4) Forfeited (122,139 ) $ 13.56 Outstanding at December 31, 2017 510,587 $ 24.88 $ 23,155 Granted 265,124 $ 44.57 Vested (3) (231,515 ) $ 21.10 $ 9,483 (5) Forfeited (69,905 ) $ 20.01 Outstanding at December 31, 2018 474,291 $ 38.44 $ 8,072 Granted 963,814 $ 18.68 Vested (3) (172,281 ) $ 33.66 $ 6,169 (6) Forfeited (161,022 ) $ 37.91 Outstanding at December 31, 2019 1,104,802 $ 22.10 $ 37,442 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Stock options $ 622 $ 838 $ 815 RSUs 4,786 4,648 1,813 PSUs 3,948 1,105 2,093 ESPP 476 566 389 Total stock-based compensation expense $ 9,832 $ 7,157 $ 5,110 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Cost of revenue $ 1,572 $ 743 $ 660 Sales and marketing 4,510 2,105 1,642 Research and development 1,536 824 936 General and administrative 2,214 3,485 1,872 Total stock-based compensation expense $ 9,832 $ 7,157 $ 5,110 |
Valuation Assumptions and Fair Value of Stock Options and ESPP Grants [Table Text Block] | Stock Options And ESPP Stock Purchase Plan 201 9 201 8 201 7 201 9 201 8 201 7 Expected term (in years) (1) 3.65 3.70 3.70 0.50 0.50 0.50 Risk-free interest rate (2) 1.64 % 2.60 % 1.73 % 2.49 % 2.34 % 1.14 % Volatility (3) 54 % 44 % 40 % 70 % 61 % 42 % Dividend yield (4) - % - % - % - % - % - % Weighted average estimated fair value at grant date $ 14.83 $ 18.00 $ 9.98 $ 9.60 $ 9.60 $ 8.21 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 U.S. $ (13,037) $ (14,177) $ 11,203 Foreign 774 662 757 Income (loss) before income taxes $ (12,263 ) $ (13,515 ) $ 11,960 |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Current: Federal $ - $ (15) $ 148 State 101 123 71 Foreign (76) 303 511 Total Current 25 411 730 Deferred: Federal 2 15,674 (17,393) State 1 1,230 (1,348) Foreign 57 (60) (22) Total Deferred 60 16,844 (18,763) Tax provision $ 85 $ 17,255 $ (18,033) |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 2019 2018 Net operating loss carryforwards $ 14,507 $ 11,227 Stock-based compensation 1,111 1,040 Other accruals and reserves 2,202 1,924 Credits 11,888 10,857 Foreign - 457 Accrued warranty 924 1,863 Depreciation and amortization 2,354 2,024 Other 897 282 Operating Lease Asset 3,949 - Deferred tax asset before valuation allowance 37,831 29,674 Valuation allowance (32,350) (27,865) Deferred tax asset after valuation allowance 5,482 1,809 Deferred tax liability on Accrued commissions 606 cost (1,076) (1,269) Deferred tax liability on goodwill (97) (83) Operating Lease Liability (3,885) - Net deferred tax asset $ 424 $ 457 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2019 2018 2017* U.S. federal statutory income tax rate 21.00% 21.00% 34.00% State tax rate 2.82 (4.95) (5.59) Meals and entertainment (2.83) (2.66) 2.15 Permanent differences (2.58) - - Stock-based compensation 3.78 13.66 (21.55) SAB 118 Change in Estimate - (2.43) - Foreign rate differential (0.34) 0.11 (0.50) Other (0.33) (1.21) 0.65 General business credit 8.14 4.31 (2.72) Change in Federal Tax Rate - - 60.98 Valuation allowance (38.60) (155.49) (218.17) Change in prior year reserves 2.53 - - Deferred true-up 5.71 - - Effective tax rate (0.70)% (127.66)% (150.75)% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Balance at beginning of year $ 1,563 $ 1,519 $ 707 Decreases related to prior year tax positions (291) (70 ) 643 Increases related to prior year tax positions 25 - - Increases related to current year tax positions 129 114 169 Balance at end of year $ 1,426 $ 1,563 $ 1,519 |
Note 8 - Net Loss Per Share (Ta
Note 8 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Numerator: Net income (loss) (in thousands) $ (12,348) $ (30,770) $ 29,993 Denominator: Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 14,096 13,771 13,873 Dilutive effect of incremental shares and share equivalents - - 855 Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted 14,096 13,771 14,728 Net loss per share Net income (loss) per share, basic $ (0.88) $ (2.23) $ 2.16 Net income (loss) per share, diluted $ (0.88) $ (2.23) $ 2.04 |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Options to purchase common stock 417 664 42 Restricted stock units 559 432 9 Employee stock purchase plan shares 111 133 - Performance stock units 178 43 - Total 1,265 1,272 51 |
Note 10 - Segment Information_2
Note 10 - Segment Information and Revenue by Geography and Products (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended December 31, 201 9 201 8 201 7 Revenue mix by geography: United States $ 106,243 $ 101,862 $ 94,581 Japan 24,142 17,819 17,264 Asia, excluding Japan 16,110 15,467 13,719 Europe 10,596 8,875 8,317 Rest of the world 24,620 18,696 17,612 Total Consolidated revenue $ 181,712 $ 162,720 $ 151,493 Revenue mix by product category: Systems $ 140,478 $ 132,594 $ 125,883 Consumables 9,648 4,162 2,435 Skincare 8,512 5,778 4,342 Total product revenue 158,638 142,535 132,660 Service 23,074 20,185 18,833 Total Consolidated revenue $ 181,712 $ 162,720 $ 151,493 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Leases, Financial Statement Information [Table Text Block] | Assets Classification Dece mber 3 1 , 2019 Right-of-use assets Operating lease right-of-use assets $ 7,702 Finance lease Property and equipment, net * 1,008 Total leased assets $ 8,710 Liabilities Classification December 3 1 , 2019 Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,800 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 5,112 Total operating lease liabilities $ 7,912 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 541 Finance lease liabilities, non-current Other long-term liabilities 578 Total finance lease liabilities $ 1,119 Finance lease cost Amortization expense $ 704 Finance lease cost Interest for finance lease 88 Operating lease cost Operating lease expense 2,892 Operating cash flow Finance lease $ 88 Financing cash flow Finance lease 649 Operating cash flow Operating lease 2,820 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Operating leases 2020 $ 2,868 2021 2,613 2022 2,821 2023 326 2024 26 Total lease payments 8,654 Less: imputed interest 742 Present value of lease liabilities $ 7,912 |
Finance Lease, Liability, Maturity [Table Text Block] | Operating leases 2020 $ 543 2021 412 2022 253 2023 4 Total lease payments 1,212 Less: imputed interest 93 Present value of lease liabilities $ 1,119 |
Schedule of Future Minimum Rental Payments for Operating Leases [Table Text Block] | Operating leases 2019 $ 3,011 2020 2,939 2021 2,564 2022 2,495 2023 and thereafter 214 Future minimum rental payments $ 11,223 |
Schedule of Future Minimum Lease Payments for Capital Leases [Table Text Block] | Operating leases 2019 $ 576 2020 287 2021 152 Future minimum lease payments $ 1,015 |
Lease, Cost [Table Text Block] | Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 3.0 Finance leases 2.5 Weighted-average discount rate Operating leases 4.4 % Finance leases 5.6 % |
Supplementary Financial Data _2
Supplementary Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended: Dec. 31, 201 9 Sept. 30, 201 9 June 30, 201 9 March 31, 201 9 Dec. 31, 201 8 Sept. 30, 201 8 June 30, 201 8 March 31, 201 8 Net revenue $ 51,795 $ 46,117 $ 47,774 $ 36,026 $ 45,469 $ 40,573 $ 42,553 $ 34,125 Cost of revenue 23,005 19,884 21,943 18,717 26,683 18,688 20,176 16,791 Gross profit 28,790 26,233 25,831 17,309 18,786 21,885 22,377 17,334 Operating expenses: Sales and marketing 20,323 17,691 16,992 16,104 15,318 14,479 15,535 13,088 Research and development 4,463 3,643 3,273 3,706 3,464 3,244 4,095 3,556 General and administrative 5,933 7,308 5,267 5,525 5,494 5,160 4,902 5,439 Total operating expenses 30,719 28,642 25,532 25,335 24,276 22,883 24,532 22,083 Income (loss) from operations (1,929 ) (2,409 ) 299 (8,026 ) (5,490 ) (998 ) (2,155 ) (4,749 ) Interest and other income, net (20 ) (146 ) 46 (79 ) (44 ) (49 ) (129 ) 98 Income (loss) before income taxes (1,949 ) (2,555 ) 345 (8,105 ) (5,534 ) (1,047 ) (2,284 ) (4,651 ) Income tax provision (benefit) 139 73 (243 ) 115 20,760 (174 ) (712 ) (2,619 ) Net income (loss) $ (2,088 ) $ (2,628 ) $ 588 $ (8,220 ) $ (26,293 ) $ (873 ) $ (1,572 ) $ (2,032 ) Net income (loss) per share-basic $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) $ (1.89 ) $ (0.06 ) $ (0.11 ) $ (0.15 ) Net income (loss) per share-diluted $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) $ (1.89 ) $ (0.06 ) $ (0.11 ) $ (0.15 ) Weighted average number of shares used in per share calculations: Basic 14,261 14,182 14,086 14,017 13,932 13,851 13,709 13,587 Diluted 14,261 14,182 14,356 14,017 13,932 13,851 13,709 13,587 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Notes Tables | |
Summary of Valuation Allowance [Table Text Block] | Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2019 $ 27,865 $ 7,396 $ 2,911 $ 32,350 Year ended December 31, 2018 $ 7,242 $ 22,770 $ 2,147 $ 27,865 Year ended December 31, 2017 $ 31,751 $ 617 $ 25,126 $ 7,242 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for doubtful accounts receivable Year ended December 31, 2019 $ 1,257 1,361 1,264 1,354 Year ended December 31, 2018 $ 9 $ 1,880 $ 632 $ 1,257 Year ended December 31, 2017 $ 21 $ 14 $ 26 $ 9 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) | 12 Months Ended | |||||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | Dec. 31, 2016 | |||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,813,000 | |||||||
Deferred Revenue, Total | $ 12,566,000 | |||||||
Capitalized Contract Cost, Net, Total | $ 4,600,000 | 5,200,000 | ||||||
Operating Lease, Right-of-Use Asset | 7,702,000 | $ 10,049,000 | ||||||
Operating Lease, Liability, Total | 7,912,000 | |||||||
Contract with Customer, Liability, Total | 14,222,000 | 12,566,000 | [1] | $ 11,656,000 | [1] | $ 11,656,000 | ||
Revenue from Contract with Customer, Including Assessed Tax | 181,712,000 | 162,720,000 | 151,493,000 | |||||
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | 0 | 0 | 0 | |||||
Inventory, Finished Goods, Gross, Total | 4,100,000 | 2,900,000 | ||||||
Depreciation, Total | $ 1,500,000 | 1,200,000 | 1,000,000 | |||||
Number of Operating Segments | 1 | |||||||
Goodwill, Impairment Loss | $ 0 | |||||||
Advertising Expense | $ 2,800,000 | 2,800,000 | 1,800,000 | |||||
Minimum [Member] | Distributors [Member] | ||||||||
Standard Warranty Period | 1 year 60 days | |||||||
Maximum [Member] | Distributors [Member] | ||||||||
Standard Warranty Period | 1 year 120 days | |||||||
Capitalized Cloud Computing Set-up Cost [Member] | Minimum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 3 years | |||||||
Capitalized Cloud Computing Set-up Cost [Member] | Maximum [Member] | ||||||||
Finite-Lived Intangible Asset, Useful Life | 5 years | |||||||
UNITED STATES | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 106,243,000 | $ 101,862,000 | $ 94,581,000 | |||||
Percentage of Assets | 89.30% | 89.00% | ||||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | ||||||||
Concentration Risk, Percentage | 58.00% | 62.00% | 62.00% | |||||
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | ||||||||
Concentration Risk, Percentage | 42.00% | 38.00% | 38.00% | |||||
Selling and Marketing Expense [Member] | ||||||||
Capitalized Contract Cost, Amortization | $ 2,900,000 | $ 1,800,000 | ||||||
Loyalty [Member] | ||||||||
Contract with Customer, Liability, Total | 200,000 | |||||||
Service [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 23,074,000 | $ 20,185,000 | $ 18,833,000 | |||||
Bill and Hold Arrangement [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax | $ 938,000 | |||||||
Transferred over Time [Member] | ||||||||
Revenue from Contract with Customer, Including Assessed Tax, Percent of Total Revenues | 13.00% | 12.00% | ||||||
Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,813,000 | |||||||
Accounting Standards Update 2014-09 [Member] | ||||||||
Deferred Revenue, Total | (237,000) | |||||||
Extended Product Warranty Accrual, Ending Balance | 151,000 | |||||||
Variable Consideration | 210,000 | |||||||
Capitalized Contract Cost, Net, Total | 4,700,000 | |||||||
Deferred Income Tax Liabilities, Net, Total | 1,200,000 | |||||||
Accounting Standards Update 2014-09 [Member] | Retained Earnings [Member] | ||||||||
Cumulative Effect of New Accounting Principle in Period of Adoption | $ 3,800,000 | |||||||
Accounting Standards Update 2016-02 [Member] | ||||||||
Operating Lease, Right-of-Use Asset | 10,200,000 | |||||||
Operating Lease, Liability, Total | $ 10,100,000 | |||||||
[1] | The 2018 presentation in the table above has been revised to include deferred revenue of $11,656 at January 1, 2018 and $12,566 at December 31, 2018 and related changes therein that were previously excluded. |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Effect of Adoption of the New Standard (Details) - USD ($) | 3 Months Ended | 12 Months Ended | ||||||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2019 | Jan. 01, 2018 | ||||
Other long-term assets | $ 6,411,000 | $ 5,971,000 | $ 6,411,000 | $ 5,971,000 | ||||||||||||
Deferred revenue | 12,566,000 | 12,566,000 | ||||||||||||||
Retained earnings (deficit) | (36,358,000) | (24,010,000) | (36,358,000) | (24,010,000) | ||||||||||||
Products revenue | 181,712,000 | 162,720,000 | $ 151,493,000 | |||||||||||||
Sales and marketing | 20,323,000 | $ 17,691,000 | $ 16,992,000 | $ 16,104,000 | 15,318,000 | $ 14,479,000 | $ 15,535,000 | $ 13,088,000 | 71,109,000 | 58,420,000 | 52,070,000 | |||||
Interest and other income, net* | (20,000) | $ (146,000) | $ 46,000 | $ (79,000) | (44,000) | $ (49,000) | $ (129,000) | $ 98,000 | (199,000) | (123,000) | [1] | 884,000 | ||||
Operating Lease, Right-of-Use Asset | 7,702,000 | 7,702,000 | $ 10,049,000 | |||||||||||||
Operating lease liabilities | (2,800,000) | (2,800,000) | (2,430,000) | |||||||||||||
Other long-term liabilities* | 578,000 | 553,000 | 578,000 | 553,000 | [1] | |||||||||||
Operating lease liabilities, net of current portion | $ (5,112,000) | (5,112,000) | (7,759,000) | |||||||||||||
Accounting Standards Update 2016-02 [Member] | ||||||||||||||||
Operating Lease, Right-of-Use Asset | (10,049,000) | |||||||||||||||
Operating lease liabilities | 2,430,000 | |||||||||||||||
Other long-term liabilities* | [1] | 140,000 | ||||||||||||||
Operating lease liabilities, net of current portion | $ 7,759,000 | |||||||||||||||
Previous Accounting Guidance [Member] | ||||||||||||||||
Operating Lease, Right-of-Use Asset | ||||||||||||||||
Operating lease liabilities | ||||||||||||||||
Other long-term liabilities* | [1] | 140,000 | 140,000 | |||||||||||||
Operating lease liabilities, net of current portion | ||||||||||||||||
Accounting Standards Update 2014-09 [Member] | ||||||||||||||||
Deferred revenue | $ (237,000) | |||||||||||||||
Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||||||
Other long-term assets | (5,217,000) | (5,217,000) | ||||||||||||||
Deferred revenue | (106,000) | (106,000) | ||||||||||||||
Retained earnings (deficit) | 4,610,000 | 4,610,000 | ||||||||||||||
Interest and other income, net* | [1] | 297,000 | ||||||||||||||
Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||||||
Other long-term assets | 754,000 | 754,000 | ||||||||||||||
Deferred revenue | 12,460,000 | 12,460,000 | ||||||||||||||
Retained earnings (deficit) | $ (19,400,000) | (19,400,000) | ||||||||||||||
Interest and other income, net* | [1] | 174,000 | ||||||||||||||
Product [Member] | ||||||||||||||||
Products revenue | 158,638,000 | 142,535,000 | 132,660,000 | |||||||||||||
Sales and marketing | 58,420,000 | |||||||||||||||
Product [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||||||
Products revenue | 274,000 | |||||||||||||||
Sales and marketing | 540,000 | |||||||||||||||
Product [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||||||
Products revenue | 142,261,000 | |||||||||||||||
Sales and marketing | 58,960,000 | |||||||||||||||
Service [Member] | ||||||||||||||||
Products revenue | $ 23,074,000 | 20,185,000 | $ 18,833,000 | |||||||||||||
Service [Member] | Difference between Revenue Guidance in Effect before and after Topic 606 [Member] | Accounting Standards Update 2014-09 [Member] | ||||||||||||||||
Products revenue | 280,000 | |||||||||||||||
Service [Member] | Calculated under Revenue Guidance in Effect before Topic 606 [Member] | ||||||||||||||||
Products revenue | $ 19,905,000 | |||||||||||||||
[1] | Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. |
Note 1 - Summary of Significa_5
Note 1 - Summary of Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2019 | |
Equipment and Furniture [Member] | |
Property, plant, and equipment, useful lives (Year) | 3 years |
Machinery and Equipment [Member] | |
Property, plant, and equipment, useful lives (Year) | 3 years |
Note 2 - Investment Securitie_2
Note 2 - Investment Securities (Details Textual) xbrli-pure in Thousands | 12 Months Ended | |
Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | |
Debt Securities, Available-for-sale, Unrealized Gain (Loss), Total | $ (9,000) | |
Debt Securities, Available-for-sale, Continuous Unrealized Loss Position, 12 Months or Longer, Number of Positions | 0 | |
Fair Value, Inputs, Level 2 [Member] | ||
Average Remaining Maturity of Investment | 73 days | |
US Treasury and Government [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Debt Securities, Available-for-sale, Total | $ 4,274 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash | $ 20,005 | $ 21,969 |
Cash equivalents | 26,316 | 26,052 |
Marketable securities | 7,605 | 9,523 |
Total cash, cash equivalents and marketable securities | 33,921 | 35,575 |
US Treasury and Government [Member] | ||
Marketable securities | 4,114 | 1,397 |
US Government Agencies Debt Securities [Member] | ||
Marketable securities | 2,677 | |
US States and Political Subdivisions Debt Securities [Member] | ||
Marketable securities | 200 | |
Corporate Debt Securities [Member] | ||
Marketable securities | 2,816 | |
Money Market Funds [Member] | ||
Cash equivalents | 6,311 | 4,083 |
Commercial Paper [Member] | ||
Cash equivalents | $ 3,491 | $ 2,433 |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Cash and cash equivalents, Amortized Cost | $ 26,316 | $ 26,052 | $ 14,184 | $ 13,775 |
Cash and cash equivalents, Fair Market Value | 26,316 | 26,052 | ||
Marketable investments, Amortized Cost | 7,605 | 9,532 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | (9) | |||
Marketable investments, Fair Market Value | 7,605 | 9,523 | ||
Marketable investments, Gross Unrealized Losses | 9 | |||
Total cash, cash equivalents and marketable securities, Amortized Cost | 33,921 | 35,584 | ||
Total cash, cash equivalents and marketable securities, Fair Market Value | 33,921 | 35,575 | ||
US Treasury and Government [Member] | ||||
Marketable investments, Amortized Cost | 4,114 | 1,397 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 4,114 | 1,397 | ||
Marketable investments, Gross Unrealized Losses | ||||
US Government Agencies Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 2,677 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 2,677 | |||
Marketable investments, Gross Unrealized Losses | ||||
US States and Political Subdivisions Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 200 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 200 | |||
Marketable investments, Gross Unrealized Losses | ||||
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||||
Marketable investments, Amortized Cost | 3,491 | 2,433 | ||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | ||||
Marketable investments, Fair Market Value | 3,491 | 2,433 | ||
Marketable investments, Gross Unrealized Losses | ||||
Corporate Debt Securities [Member] | ||||
Marketable investments, Amortized Cost | 2,825 | |||
Marketable investments, Gross Unrealized Gains | ||||
Marketable investments, Gross Unrealized Losses | (9) | |||
Marketable investments, Fair Market Value | 2,816 | |||
Marketable investments, Gross Unrealized Losses | $ 9 |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Maturities of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Due in less than one year | $ 7,605 | |
Due in 1 to 3 years | ||
Total marketable securities | $ 7,605 | $ 9,523 |
Note 2 - Investment Securitie_6
Note 2 - Investment Securities - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Cash equivalents | $ 26,316 | $ 26,052 |
Available-for-sale securities | 7,605 | 9,523 |
Fair Value, Recurring [Member] | ||
Available-for-sale securities | 7,605 | 9,523 |
Total assets at fair value | 13,916 | 13,606 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 4,114 | 4,274 |
Total assets at fair value | 10,425 | 8,357 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 3,491 | 5,249 |
Total assets at fair value | 3,491 | 5,249 |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | ||
Total assets at fair value | ||
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents | 6,311 | 4,083 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 6,311 | 4,083 |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | ||
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents |
Note 3 - Balance Sheet Detail_2
Note 3 - Balance Sheet Detail (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Inventory Valuation Reserves, Ending Balance | $ 2,500,000 | $ 1,800,000 | |
Property, Plant and Equipment, Net, Ending Balance | 2,817,000 | 2,672,000 | |
Amortization of Intangible Assets, Total | 0 | 0 | $ 2,000 |
Standard Product Warranty Accrual, Ending Balance | 6,400,000 | 7,827,000 | $ 3,508,000 |
Standard Product Warranty Accrual, Decrease for Payments | 7,894,000 | 8,045,000 | |
Product Remediation Liability [Member] | |||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued, Total | 5,000,000 | ||
Standard and Extended Product Warranty Accrual, Decrease for Payments, Total | 1,100,000 | ||
Standard Product Warranty Accrual, Ending Balance | 500,000 | 700,000 | |
Extended Product Warranty Accrual, Ending Balance | 2,000,000 | 3,200,000 | |
Standard Product Warranty Accrual, Decrease for Payments | 200,000 | ||
Extended Product Warranty Accrual, Decrease for Payments | 1,100,000 | ||
Vehicles [Member] | |||
Finance Lease, Right-of-Use Asset | 2,000,000 | 1,900,000 | |
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 1,100,000 | $ 1,100,000 | |
Construction in Progress [Member] | |||
Property, Plant and Equipment, Net, Ending Balance | $ 400,000 |
Note 3 - Balance Sheet Detail -
Note 3 - Balance Sheet Detail - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Raw materials | $ 17,935 | $ 16,991 |
Work in process | 2,016 | 2,306 |
Finished goods | 13,970 | 8,717 |
Total | $ 33,921 | $ 28,014 |
Note 3 - Balance Sheet Detail_3
Note 3 - Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Property, plant and equipment, gross | $ 11,782 | $ 10,799 |
Less: Accumulated depreciation | (8,965) | (8,127) |
Property and equipment, net | 2,817 | 2,672 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 867 | 660 |
Equipment and Furniture [Member] | ||
Property, plant and equipment, gross | 3,110 | 2,835 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 7,805 | $ 7,304 |
Note 3 - Balance Sheet Detail_4
Note 3 - Balance Sheet Detail - Goodwill and Other Intangible Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accumulated amortization and impairment amount | $ 4,663 | $ 4,663 |
Goodwill, gross carrying amount | 1,339 | 1,339 |
Goodwill | 1,339 | 1,339 |
Total, gross carrying amount | 6,002 | 6,002 |
Total | 1,339 | 1,339 |
Patents [Member] | ||
Gross carrying amount | 1,218 | 1,218 |
Accumulated amortization and impairment amount | 1,218 | 1,218 |
Net amount | ||
Customer Relationships [Member] | ||
Gross carrying amount | 2,510 | 2,510 |
Accumulated amortization and impairment amount | 2,510 | 2,510 |
Net amount | ||
Other Intangible Assets [Member] | ||
Gross carrying amount | 780 | 780 |
Accumulated amortization and impairment amount | 780 | 780 |
Net amount | ||
Other Intangible [Member] | ||
Gross carrying amount | 155 | 155 |
Accumulated amortization and impairment amount | 155 | 155 |
Net amount |
Note 3 - Balance Sheet Detail_5
Note 3 - Balance Sheet Detail - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Accrued payroll and related expenses | $ 14,341 | $ 9,377 |
Sales and marketing accruals | 2,527 | 2,379 |
Accrued sales tax | 3,922 | 2,935 |
Warranty liability | 4,401 | 4,666 |
Other accrued liabilities | 5,116 | 3,943 |
Total | $ 30,307 | $ 23,300 |
Note 4 - Warranty and Extende_3
Note 4 - Warranty and Extended Services Contract (Details Textual) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Extended Product Warranty Accrual, Current | $ 1,999 | $ 3,159 |
Note 4 - Warranty and Extende_4
Note 4 - Warranty and Extended Services Contract - Summary of Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Balance at beginning of year | $ 7,827 | $ 3,508 |
Add: Accruals for warranties issued during the period | 6,467 | 12,364 |
Less: Warranty related costs during the period | (7,894) | (8,045) |
Balance at end of year | $ 6,400 | $ 7,827 |
Note 5 - Deferred Revenue (Deta
Note 5 - Deferred Revenue (Details Textual) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jan. 01, 2018 | |||
Revenue, Remaining Performance Obligation, Percentage | 76.00% | |||||
Revenue, Remaining Performance Obligation, Amount | $ 14,200,000 | |||||
Contract with Customer, Liability, Total | 14,222,000 | $ 12,566,000 | [1] | $ 11,656,000 | [1] | $ 11,656,000 |
Deferred Revenue Costs Incurred | 9,300,000 | 7,800,000 | $ 6,000,000 | |||
Extended Product Warranty Accrual, Current | $ 1,999,000 | $ 3,159,000 | ||||
[1] | The 2018 presentation in the table above has been revised to include deferred revenue of $11,656 at January 1, 2018 and $12,566 at December 31, 2018 and related changes therein that were previously excluded. |
Note 5 - Deferred Revenue - Sum
Note 5 - Deferred Revenue - Summary of Deferred Service Contract Revenue (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | |||
Balance at beginning of year | [1] | $ 12,566,000 | $ 11,656,000 | |
Add: Payments received | 17,127,000 | 14,883,000 | [1] | |
Less: Revenue deferred as of January 1, 2019 | (9,451,000) | (8,206,000) | [1] | |
Less: Revenue included in the beginning balance and recognized as revenue in the current year | (6,021) | (5,767,000) | [1] | |
Balance at end of year | $ 14,222,000 | $ 12,566,000 | [1] | |
[1] | The 2018 presentation in the table above has been revised to include deferred revenue of $11,656 at January 1, 2018 and $12,566 at December 31, 2018 and related changes therein that were previously excluded. |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Details Textual) - USD ($) | Jun. 14, 2019 | Sep. 30, 2019 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Oct. 31, 2017 | Dec. 31, 2012 |
Common Stock, Par or Stated Value Per Share | $ 0.001 | $ 0.001 | ||||||
Capital Stock, Shares Authorized | 55,000,000 | |||||||
Common Stock, Shares Authorized | 50,000,000 | 50,000,000 | ||||||
Common Stock, Shares, Issued, Total | 14,315,586 | 13,968,852 | ||||||
Common Stock, Shares, Outstanding, Ending Balance | 14,315,586 | 13,968,852 | ||||||
Preferred Stock, Shares Authorized | 5,000,000 | |||||||
Preferred Stock, No Par Value | $ 0.001 | |||||||
Preferred Stock, Shares Issued, Total | 0 | |||||||
Preferred Stock, Shares Outstanding, Ending Balance | 0 | |||||||
Share-based Payment Arrangement, Expense | $ 9,832,000 | $ 7,157,000 | $ 5,110,000 | |||||
Share Price | $ 35.81 | $ 17.02 | $ 45.35 | $ 17.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 1,000,000 | $ 8,300,000 | $ 8,000,000 | |||||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options, Net | $ 3,900,000 | $ 1,300,000 | $ 4,000,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 21,010 | 278,250 | ||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation | 42,695 | 77,049 | 64,490 | |||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 800,000 | $ 3,100,000 | $ 1,500,000 | |||||
Minimum [Member] | ||||||||
Share Based Compensation, Forfeiture Rate | 0.00% | |||||||
Maximum [Member] | ||||||||
Share Based Compensation, Forfeiture Rate | 17.70% | |||||||
Non-employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross | 3,384 | 7,745 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 4,786,000 | $ 4,648,000 | $ 1,813,000 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 963,814 | 265,124 | 412,208 | |||||
Share Price | $ 35.81 | $ 17.02 | $ 45.35 | $ 17.35 | ||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 5,900,000 | $ 4,900,000 | $ 2,500,000 | |||||
Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 9,303 | 2,478 | ||||||
Performance Shares [Member] | ||||||||
Share-based Payment Arrangement, Expense | $ 3,948,000 | 1,105,000 | $ 2,093,000 | |||||
Share-based Payment Arrangement, Option [Member] | ||||||||
Share-based Payment Arrangement, Expense | 622,000 | $ 838,000 | $ 815,000 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 12,200,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 2 years 233 days | |||||||
Stock Purchase Plan [Member] | ||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 200,000 | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition | 120 days | |||||||
1998 Stock Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 4,650,000 | |||||||
Two Thousand Four Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 1,750,000 | |||||||
Number of Stock Awards Counted for Every Share Granted or Canceled | 2.12 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized | 9,701,192 | |||||||
Number of Stock Awards Counted for Every Share Granted or Canceled | 2.12 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 700,000 | |||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 60,000 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | ||||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 60,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 517,402 | 210,532 | 270,707 | |||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Vest Over Each Anniversary of the Grant Date [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employee Directors [Member] | ||||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 42,236 | $ 13,392 | $ 21,605 | |||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | 4 years | ||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | Vest Over Each Anniversary of the Grant Date [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Restricted Stock Units (RSUs) [Member] | Non-employees [Member] | Vesting Each Anniversary of Grant Date [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Non-Option Equity Instruments, Granted | 387,172 | 47,824 | 117,418 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 1 year | |||||||
Share-based Payment Arrangement, Expense | $ 1,000,000 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 67,897 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Vesting Over 2019 Through 2022 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 4 years | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Tranche 2019 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 10,185 | |||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested in Period, Percentage | 85.00% | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Tranche 2020 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 16,974 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Tranche 2021 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,269 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Chief Executive Officer [Member] | Tranche 2022 [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 20,269 | |||||||
2004 Employee Stock Purchase Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized | 600,000 | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Purchase Price of Common Stock, Percent | 85.00% | |||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan | 82,810 | 64,511 | 78,479 | |||||
Common Stock, Capital Shares Reserved for Future Issuance | 761,705 |
Note 6 - Stockholders' Equity_4
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Activity Under the 2004 Equity Incentive Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |||
Balances, shares available for grant (in shares) | 1,141,305 | 1,494,866 | 721,657 | |||
Balances, stock options outstanding (in shares) | 507,705 | 839,919 | 1,116,472 | |||
Balances, weighted-average exercise price (in dollars per share) | $ 20.52 | $ 16.46 | $ 9.56 | |||
Balances, options outstanding weighted-average remaining contractual life (Year) | 3 years 69 days | 3 years 189 days | 3 years 361 days | 3 years 255 days | ||
Balances, aggregate intrinsic value | [1] | $ 3,040 | $ 2,000 | $ 24,400 | $ 8,700 | |
Options granted, shares available for grant (in shares) | (21,010) | (278,250) | ||||
Options granted, stock options outstanding (in shares) | 21,010 | 278,250 | ||||
Options granted, weighted-average exercise price (in dollars per share) | $ 50.65 | $ 31 | ||||
Options exercised, stock options outstanding (in shares) | (160,798) | (271,902) | (488,398) | |||
Options exercised, weighted-average exercise price (in dollars per share) | $ 10.03 | $ 9.99 | $ 8.96 | |||
Options cancelled (expired or forfeited), shares available for grant (in shares) | 51,208 | 81,322 | 66,405 | |||
Options cancelled (expired or forfeited), stock options outstanding (in shares) | (51,208) | (81,322) | (66,405) | |||
Options cancelled (expired or forfeited), weighted-average exercise price (in dollars per share) | $ 24.61 | $ 2,155 | $ 16.54 | |||
Stock awards granted, shares available for grant (in shares) | (1,538,128) | (562,070) | (873,881) | |||
Stock awards cancelled (expired or forfeited), shares available for grant (in shares) | 407,320 | 148,197 | 258.935 | |||
Additional shares reserved, shares available for grant (in shares) | 700,000 | [2] | 1,600,000 | |||
Balances, shares available for grant (in shares) | 761,705 | 1,141,305 | 1,494,866 | 721,657 | ||
Balances, stock options outstanding (in shares) | 295,699 | 507,705 | 839,919 | 1,116,472 | ||
Balances, weighted-average exercise price (in dollars per share) | $ 25.52 | $ 20.52 | $ 16.46 | $ 9.56 | ||
Exercisable, stock options outstanding (in shares) | 222,400 | |||||
Exercisable, weighted-average exercise price (in dollars per share) | $ 22.16 | |||||
Exercisable, options outstanding weighted-average remaining contractual life (Year) | 2 years 302 days | |||||
Exercisable, aggregate intrinsic value | [1] | $ 3,040 | ||||
Vested and expected to vest (in shares) | 285,462 | |||||
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ 25.08 | |||||
Vested and expected to vest, weighted-average remaining contractual life (Year) | 3 years | |||||
Vested and expected to vest, aggregate intrinsic value | [1] | $ 3,060 | ||||
[1] | Based on the closing stock price of $35.81 of the Company's stock on December 31, 2019, $17.02 on December 31, 2018, $45.35 on December 31 2017 and $17.35 on December 31, 2016. | |||||
[2] | Approved by the board of directors and stockholders in 2019. |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Options Outstanding and Exercisable Price Ranges (Details) | 12 Months Ended |
Dec. 31, 2019$ / sharesshares | |
Exercise Price Range 1 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 8.80 |
Options outstanding, number outstanding (in shares) | 48,864 |
Options outstanding, weighted-average remaining contractual life (Year) | 175 days |
Options exercisable, number outstanding (in shares) | 48,864 |
Exercise Price Range 2 [Member] | |
Options outstanding, number outstanding (in shares) | 33,743 |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 357 days |
Options exercisable, number outstanding (in shares) | 32,806 |
Range of exercise prices (in dollars per share) | $ / shares | $ 10.79 |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 9.65 |
Exercise Price Range 3 [Member] | |
Options outstanding, number outstanding (in shares) | 36,146 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 87 days |
Options exercisable, number outstanding (in shares) | 33,752 |
Range of exercise prices (in dollars per share) | $ / shares | $ 14.04 |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 10.80 |
Exercise Price Range 4 [Member] | |
Options outstanding, number outstanding (in shares) | 10,896 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 270 days |
Options exercisable, number outstanding (in shares) | 8,584 |
Range of exercise prices (in dollars per share) | $ / shares | $ 18.55 |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | 15.32 |
Exercise Price Range 5 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 19.55 |
Options outstanding, number outstanding (in shares) | 12,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 116 days |
Options exercisable, number outstanding (in shares) | 8,292 |
Exercise Price Range 6 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 27.50 |
Options outstanding, number outstanding (in shares) | 38,625 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 215 days |
Options exercisable, number outstanding (in shares) | 23,594 |
Exercise Price Range 7 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 39.30 |
Options outstanding, number outstanding (in shares) | 72,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 153 days |
Options exercisable, number outstanding (in shares) | 41,230 |
Exercise Price Range 8 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 43.40 |
Options outstanding, number outstanding (in shares) | 6,510 |
Options outstanding, weighted-average remaining contractual life (Year) | 91 days |
Options exercisable, number outstanding (in shares) | 2,849 |
Exercise Price Range 9 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 47.40 |
Options outstanding, number outstanding (in shares) | 29,915 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 262 days |
Options exercisable, number outstanding (in shares) | 19,116 |
Exercise Price Range 10 [Member] | |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 53.90 |
Options outstanding, number outstanding (in shares) | 7,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 5 years 73 days |
Options exercisable, number outstanding (in shares) | 3,313 |
Exercise Price Range 11 [Member] | |
Options outstanding, number outstanding (in shares) | 295,669 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 302 days |
Options exercisable, number outstanding (in shares) | 222,400 |
Range of exercise prices (in dollars per share) | $ / shares | $ 53.90 |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 8.80 |
Note 6 - Stockholders' Equity_6
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Restricted Stock Units Activity (Details) - Restricted Stock Units (RSUs) [Member] - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | |||||||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | Dec. 31, 2015 | |||||
Outstanding, number of shares (in shares) | 474,291 | 510,587 | 445,317 | |||||
Outstanding, weighted-average grant date fair value (in dollars per share) | $ 38.44 | $ 24.88 | $ 11.15 | |||||
Outstanding, aggregate intrinsic value | [1] | $ 37,442 | $ 8,072 | $ 23,155 | $ 7,726 | |||
Granted, number of shares (in shares) | 963,814 | 265,124 | 412,208 | |||||
Granted, weighted-average grant date fair value (in dollars per share) | $ 18.68 | $ 44.57 | $ 28.74 | |||||
Vested, number of shares (in shares) | [2] | (172,281) | (231,515) | (224,799) | ||||
Vested, weighted-average grant date fair value (in dollars per share) | [2] | $ 33.66 | $ 21.10 | $ 10.91 | ||||
Vested, aggregate fair value | [2],[4] | $ 6,169 | [3] | $ 9,483 | [5] | $ 5,168 | [6] | |
Forfeited, number of shares (in shares) | (161,022) | (69,905) | (122,139) | |||||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 37.91 | $ 20.01 | $ 13.56 | |||||
Outstanding, number of shares (in shares) | 1,104,802 | 474,291 | 510,587 | |||||
Outstanding, weighted-average grant date fair value (in dollars per share) | $ 22.10 | $ 38.44 | $ 24.88 | |||||
[1] | Based on the closing stock price of the Company's stock of $35.81 on December 31, 2019, $17.02 on December 31, 2018, $45.35 on December 31, 2017 and $17.35 on December 30, 2016. | |||||||
[2] | The number of restricted stock units vested includes shares that the Company withheld on behalf of the employees to satisfy the statutory tax withholding requirements. | |||||||
[3] | On the grant date, the fair value for these vested awards was $5.9 million. | |||||||
[4] | Represents the value of the Company's stock on the date that the restricted stock units and performance stock units vest. | |||||||
[5] | On the grant date, the fair value for these vested awards was $4.9 million. | |||||||
[6] | On the grant date, the fair value for these vested awards was $2.5 million. |
Note 6 - Stockholders' Equity_7
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allocated share-based compensation expense | $ 9,832 | $ 7,157 | $ 5,110 |
Share-based Payment Arrangement, Option [Member] | |||
Allocated share-based compensation expense | 622 | 838 | 815 |
Restricted Stock Units (RSUs) [Member] | |||
Allocated share-based compensation expense | 4,786 | 4,648 | 1,813 |
Performance Shares [Member] | |||
Allocated share-based compensation expense | 3,948 | 1,105 | 2,093 |
ESPP [Member] | |||
Allocated share-based compensation expense | $ 476 | $ 566 | $ 389 |
Note 6 - Stockholders' Equity_8
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Stock-based Compensation Expense by Department (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Allocated share-based compensation expense | $ 9,832 | $ 7,157 | $ 5,110 |
Cost of Sales [Member] | |||
Allocated share-based compensation expense | 1,572 | 743 | 660 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 4,510 | 2,105 | 1,642 |
Research and Development Expense [Member] | |||
Allocated share-based compensation expense | 1,536 | 824 | 936 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 2,214 | $ 3,485 | $ 1,872 |
Note 6 - Stockholders' Equity_9
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Valuation Assumptions and Fair Value of Stock Option and ESPP Grants (Details) - $ / shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Expected term (in years) (Year) | [1] | 3 years 237 days | 3 years 255 days | 3 years 255 days |
Risk-free interest rate | [2] | 1.64% | 2.60% | 1.73% |
Volatility | [3] | 54.00% | 44.00% | 40.00% |
Dividend yield | [4] | |||
Weighted average estimated fair value at grant date (in dollars per share) | $ 14.83 | $ 18 | $ 9.98 | |
Stock Purchase Plan [Member] | ||||
Expected term (in years) (Year) | [1] | 182 days | 182 days | 182 days |
Risk-free interest rate | [2] | 2.49% | 2.34% | 1.14% |
Volatility | [3] | 70.00% | 61.00% | 42.00% |
Dividend yield | [4] | |||
Weighted average estimated fair value at grant date (in dollars per share) | $ 9.60 | $ 9.60 | $ 8.21 | |
[1] | The expected term represents the period during which the Company's stock-based awards are expected to be outstanding. The estimated term is based on historical experience of similar awards, giving consideration to the contractual terms of the awards, vesting requirements, and expectation of future employee behavior, including post-vesting terminations. The expected term of groups of employees that have similar historical exercise patterns has been considered separately for valuation purposes. | |||
[2] | The risk-free interest rate is based on U.S. Treasury debt securities with maturities close to the expected term of the option or ESSP participation right as of the date of grant. | |||
[3] | Estimated volatility is based on historical volatility. The Company estimates volatility based on a 50-50 blend of the Company's historical volatility and the implied volatility of freely traded options of the Company's stock in the open market. | |||
[4] | The Company has not paid dividends since its inception. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 32,350,000 | $ 27,865,000 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 4,500,000 | 20,600,000 |
Deferred Tax Assets, Net, Total | $ 424,000 | $ 457,000 |
Open Tax Year | 2011 2012 2013 2014 2015 2016 2017 2018 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 58,000 | |
Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Net, Total | 400,000 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 60,100,000 | |
Operating Loss Carryforwards Without Expiration | 18,400,000 | |
Domestic Tax Authority [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 6,600,000 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 31,300,000 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | California Franchise Tax Board [Member] | ||
Tax Credit Carryforward, Amount | 8,100,000 | |
State and Local Jurisdiction [Member] | Research Tax Credit Carryforward [Member] | Massachusetts Department of Revenue [Member] | ||
Tax Credit Carryforward, Amount | $ 300,000 |
Note 7 - Income Taxes - Income
Note 7 - Income Taxes - Income (Loss) Before Provision for Income Taxes (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
U.S. | $ (13,037) | $ (14,177) | $ 11,203 | ||||||||
Foreign | 774 | 662 | 757 | ||||||||
Income (loss) before income taxes | $ (1,949) | $ (2,555) | $ 345 | $ (8,105) | $ (5,534) | $ (1,047) | $ (2,284) | $ (4,651) | $ (12,263) | $ (13,515) | $ 11,960 |
Note 7 - Income Taxes - Incom_2
Note 7 - Income Taxes - Income Tax Provision (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Federal | $ (15) | $ 148 | |||||||||
State | 101 | 123 | 71 | ||||||||
Foreign | (76) | 303 | 511 | ||||||||
Total Current | 25 | 411 | 730 | ||||||||
Federal | 2 | 15,674 | (17,393) | ||||||||
State | 1 | 1,230 | (1,348) | ||||||||
Foreign | 57 | (60) | (22) | ||||||||
Total Deferred | 60 | 16,844 | (18,763) | ||||||||
Tax provision | $ 139 | $ 73 | $ (243) | $ 115 | $ 20,760 | $ (174) | $ (712) | $ (2,619) | $ 85 | $ 17,255 | $ (18,033) |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Net operating loss carryforwards | $ 14,507 | $ 11,227 |
Stock-based compensation | 1,111 | 1,040 |
Other accruals and reserves | 2,202 | 1,924 |
Credits | 11,888 | 10,857 |
Foreign | 457 | |
Accrued warranty | 924 | 1,863 |
Depreciation and amortization | 2,354 | 2,024 |
Other | 897 | 282 |
Operating Lease Asset | 3,949 | |
Deferred tax asset before valuation allowance | 37,831 | 29,674 |
Valuation allowance | (32,350) | (27,865) |
Deferred tax asset after valuation allowance | 5,482 | 1,809 |
Deferred tax liability on Accrued commissions 606 cost | (1,076) | (1,269) |
Deferred tax liability on goodwill | (97) | (83) |
Operating Lease Liability | (3,885) | |
Net deferred tax asset | $ 424 | $ 457 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||
U.S. federal statutory income tax rate | 21.00% | 21.00% | 34.00% | ||
State tax rate | 2.82% | (4.95%) | (5.59%) | [1] | |
Meals and entertainment | [1] | (2.83%) | (2.66%) | 2.15% | |
Permanent differences | (2.58%) | [1] | |||
Stock-based compensation | 3.78% | 13.66% | (21.55%) | [1] | |
SAB 118 Change in Estimate | (2.43%) | [1] | |||
Foreign rate differential | (0.34%) | 0.11% | (0.50%) | [1] | |
Other | [1] | (0.33%) | (1.21%) | 0.65% | |
General business credit | 8.14% | 4.31% | (2.72%) | [1] | |
Change in Federal Tax Rate | 60.98% | [1] | |||
Valuation allowance | (38.60%) | (155.49%) | (218.17%) | [1] | |
Change in prior year reserves | 2.53% | [1] | |||
Deferred true-up | 5.71% | [1] | |||
Effective tax rate | (0.70%) | (127.66%) | (150.75%) | [1] | |
[1] | Other balance in 2017 was reclassified for consistency with 2018 and 2019. |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Unrecognized tax benefits | $ 1,563 | $ 1,519 | $ 707 |
Decreases related to prior year tax positions | (291) | (70) | |
Increases related to prior year tax positions | 25 | 643 | |
Increases related to current year tax positions | 129 | 114 | 169 |
Unrecognized tax benefits | $ 1,426 | $ 1,563 | $ 1,519 |
Note 8 - Net Loss Per Share - N
Note 8 - Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Net income (loss) | $ (2,088) | $ (2,628) | $ 588 | $ (8,220) | $ (26,293) | $ (873) | $ (1,572) | $ (2,032) | $ (12,348) | $ (30,770) | $ 29,993 |
Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic (in shares) | 14,261 | 14,182 | 14,086 | 14,017 | 13,932 | 13,851 | 13,709 | 13,587 | 14,096 | 13,771 | 13,873 |
Dilutive effect of incremental shares and share equivalents (in shares) | 855 | ||||||||||
Weighted average shares of common stock outstanding used in computing net income (loss) per share, diluted (in shares) | 14,261 | 14,182 | 14,356 | 14,017 | 13,932 | 13,851 | 13,709 | 13,587 | 14,096 | 13,771 | 14,728 |
Net income (loss) per share-basic (in dollars per share) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | $ (1.89) | $ (0.06) | $ (0.11) | $ (0.15) | $ (0.88) | $ (2.23) | $ 2.16 |
Net income (loss) per share-diluted (in dollars per share) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | $ (1.89) | $ (0.06) | $ (0.11) | $ (0.15) | $ (0.88) | $ (2.23) | $ 2.04 |
Note 8 - Net Loss Per Share - A
Note 8 - Net Loss Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Antidilutive Securities (in shares) | 1,265 | 1,272 | 51 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 417 | 664 | 42 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 559 | 432 | 9 |
ESPP [Member] | |||
Antidilutive Securities (in shares) | 111 | 133 | |
Performance Shares [Member] | |||
Antidilutive Securities (in shares) | 178 | 43 |
Note 9 - Defined Contribution_2
Note 9 - Defined Contribution Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.4 | $ 0.4 | $ 0.3 |
Maximum [Member] | |||
Defined Contribution Plan Maximum Percentage of Employee Voluntary Contribution | 100.00% |
Note 10 - Segment Information_3
Note 10 - Segment Information and Revenue by Geography and Products (Details Textual) | 12 Months Ended |
Dec. 31, 2019 | |
Number of Operating Segments | 1 |
Note 10 - Segment Information_4
Note 10 - Segment Information and Revenue by Geography and Products - Revenue by Geographic Region (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Revenue from Contract with Customer, Including Assessed Tax | $ 181,712 | $ 162,720 | $ 151,493 |
Systems [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 140,478 | 132,594 | 125,883 |
Hand Piece Refills [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 9,648 | 4,162 | 2,435 |
Skincare [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 8,512 | 5,778 | 4,342 |
Product [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 158,638 | 142,535 | 132,660 |
Service [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 23,074 | 20,185 | 18,833 |
UNITED STATES | |||
Revenue from Contract with Customer, Including Assessed Tax | 106,243 | 101,862 | 94,581 |
JAPAN | |||
Revenue from Contract with Customer, Including Assessed Tax | 24,142 | 17,819 | 17,264 |
Asia, Excluding Japan [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 16,110 | 15,467 | 13,719 |
Europe [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | 10,596 | 8,875 | 8,317 |
Rest of World [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax | $ 24,620 | $ 18,696 | $ 17,612 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Estimated Litigation Liability | $ 171,000 | |
Minimum [Member] | ||
Lessee, Leases, Remaining Term | 1 year | |
Maximum [Member] | ||
Lessee, Leases, Remaining Term | 10 years | |
Lessee, Lease, Renewal Term | 5 years |
Note 11 - Leases - Financial St
Note 11 - Leases - Financial Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 7,702 | $ 10,049 | ||
Total leased assets | 8,710 | |||
Operating lease liabilities, current | 2,800 | 2,430 | ||
Operating lease liabilities , non-current | 5,112 | $ 7,759 | ||
Operating Lease, Liability, Total | 7,912 | |||
Total finance lease liabilities | 1,119 | |||
Finance lease cost | 704 | |||
Finance lease cost | 88 | |||
Operating lease cost | 2,892 | |||
Operating cash flow | 88 | |||
Financing cash flow | 649 | |||
Operating cash flow | 2,820 | |||
Operating Lease Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | 7,702 | |||
Operating Lease Liabilities [Member] | ||||
Operating lease liabilities, current | 2,800 | |||
Accrued Liabilities, Current [Member] | ||||
Finance lease liabilities, current | 541 | |||
Property and Equipment, Net [Member] | ||||
Finance Lease, Right-of-Use Asset | [1] | 1,008 | ||
Operating Lease Liabilities, Net of Current Portion [Member] | ||||
Operating lease liabilities , non-current | 5,112 | |||
Other Current Liabilities [Member] | ||||
Finance lease liabilities, non-current | $ 578 | |||
[1] | Finance leases assets included in Property and equipment, net. |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 2,868 |
2021 | 2,613 |
2022 | 2,821 |
2023 | 326 |
2024 | 26 |
Total lease payments | 8,654 |
Less: imputed interest | 742 |
Present value of lease liabilities | $ 7,912 |
Note 11 - Leases - Maturities_2
Note 11 - Leases - Maturities of Finance Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
2020 | $ 543 |
2021 | 412 |
2022 | 253 |
2023 | 4 |
Total lease payments | 1,212 |
Less: imputed interest | 93 |
Present value of lease liabilities | $ 1,119 |
Note 11 - Leases - Minimum Leas
Note 11 - Leases - Minimum Lease and Other Leased Assets Under Long-term Non-cancellable Operating Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 3,011 |
2020 | 2,939 |
2021 | 2,564 |
2022 | 2,495 |
2023 and thereafter | 214 |
Future minimum rental payments | $ 11,223 |
Note 11 - Leases - Minimum Le_2
Note 11 - Leases - Minimum Lease Payments for Leased Vehicles Under Long-term Non-cancellable Capital Leases (Details) $ in Thousands | Dec. 31, 2018USD ($) |
2019 | $ 576 |
2020 | 287 |
2021 | 152 |
Future minimum lease payments | $ 1,015 |
Note 11 - Leases - Lease Inform
Note 11 - Leases - Lease Information (Details) | Dec. 31, 2019 |
Operating leases (Year) | 3 years |
Finance leases (Year) | 2 years 182 days |
Operating leases | 4.40% |
Finance leases | 5.60% |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) $ in Thousands | Mar. 11, 2019USD ($) | Dec. 31, 2019USD ($) | Nov. 02, 2018USD ($) | May 30, 2018USD ($) |
Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||
Revolving Credit Facility [Member] | ||||
Leverage Ratio, Maximum | 2.5 | 2.5 | ||
Debt Instrument, Minimum Adjusted EBITDA | $ 10,000 | $ 10,000 | ||
Long-term Line of Credit, Total | $ 0 | |||
Revised Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||
Line of Credit Facility, Additional Requestable Maximum Borrowing Capacity | $ 10,000 | |||
Debt Instrument, Debt Covenant, Minimum Unrestricted Cash Balance | $ 15,000 |
Note 13 - Related Parties (Deta
Note 13 - Related Parties (Details Textual) - USD ($) | 12 Months Ended | ||
Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 963,814 | 265,124 | 412,208 |
Director [Member] | Restricted Stock Units (RSUs) [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period | 6,500 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Fair Value | $ 87,100 | ||
Director [Member] | Restricted Stock Units (RSUs) [Member] | Vesting Commencing on August 15, 2016 [Member] | |||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period | 3 years | ||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 33.33% | ||
Director [Member] | Product Development, Clinical Sales and Marketing Support Services [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 63,000 | $ 196,000 | |
T3 Advisors [Member] | Real Estate Brokerage Services [Member] | |||
Related Party Transaction, Amounts of Transaction | $ 192,000 | $ 38,000 |
Supplementary Financial Data _3
Supplementary Financial Data (Unaudited) - Supplementary Financial Data (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | ||||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Net revenue | $ 51,795 | $ 46,117 | $ 47,774 | $ 36,026 | $ 45,469 | $ 40,573 | $ 42,553 | $ 34,125 | ||||
Cost of revenue | 23,005 | 19,884 | 21,943 | 18,717 | 26,683 | 18,688 | 20,176 | 16,791 | ||||
Gross profit | 28,790 | 26,233 | 25,831 | 17,309 | 18,786 | 21,885 | 22,377 | 17,334 | $ 98,163 | $ 80,382 | $ 86,110 | |
Sales and marketing | 20,323 | 17,691 | 16,992 | 16,104 | 15,318 | 14,479 | 15,535 | 13,088 | 71,109 | 58,420 | 52,070 | |
Research and development | 4,463 | 3,643 | 3,273 | 3,706 | 3,464 | 3,244 | 4,095 | 3,556 | 15,085 | 14,359 | 12,874 | |
General and administrative | 5,933 | 7,308 | 5,267 | 5,525 | 5,494 | 5,160 | 4,902 | 5,439 | 24,033 | 20,995 | 14,090 | |
Total operating expenses | 30,719 | 28,642 | 25,532 | 25,335 | 24,276 | 22,883 | 24,532 | 22,083 | 110,227 | 93,774 | 75,034 | |
Income (loss) from operations | (1,929) | (2,409) | 299 | (8,026) | (5,490) | (998) | (2,155) | (4,749) | (12,064) | (13,392) | 11,076 | |
Interest and other income, net | (20) | (146) | 46 | (79) | (44) | (49) | (129) | 98 | (199) | (123) | [1] | 884 |
Income (loss) before income taxes | (1,949) | (2,555) | 345 | (8,105) | (5,534) | (1,047) | (2,284) | (4,651) | (12,263) | (13,515) | 11,960 | |
Income tax provision (benefit) | 139 | 73 | (243) | 115 | 20,760 | (174) | (712) | (2,619) | 85 | 17,255 | (18,033) | |
Net income (loss) | $ (2,088) | $ (2,628) | $ 588 | $ (8,220) | $ (26,293) | $ (873) | $ (1,572) | $ (2,032) | $ (12,348) | $ (30,770) | $ 29,993 | |
Net income (loss) per share-basic (in dollars per share) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | $ (1.89) | $ (0.06) | $ (0.11) | $ (0.15) | $ (0.88) | $ (2.23) | $ 2.16 | |
Net income (loss) per share-diluted (in dollars per share) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | $ (1.89) | $ (0.06) | $ (0.11) | $ (0.15) | $ (0.88) | $ (2.23) | $ 2.04 | |
Basic (in shares) | 14,261 | 14,182 | 14,086 | 14,017 | 13,932 | 13,851 | 13,709 | 13,587 | 14,096 | 13,771 | 13,873 | |
Diluted (in shares) | 14,261 | 14,182 | 14,356 | 14,017 | 13,932 | 13,851 | 13,709 | 13,587 | 14,096 | 13,771 | 14,728 | |
[1] | Included in interest and other income, net, is the estimated interest expense for advance payment related to service contracts under the new revenue standard. |
Schedule II - Valuation and Q_3
Schedule II - Valuation and Qualifying Accounts - Summary of the Deferred Tax Assets Valuation Allowance and Allowance for Doubtful Accounts Receivable (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of year | $ 27,865 | $ 7,242 | $ 31,751 |
Additions | 7,396 | 22,770 | 617 |
Deductions | 2,911 | 2,147 | 25,126 |
Balance at end of year | 32,350 | 27,865 | 7,242 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | |||
Balance at beginning of year | 1,257 | 9 | 21 |
Additions | 1,361 | 1,880 | 14 |
Deductions | 1,264 | 632 | 26 |
Balance at end of year | $ 1,354 | $ 1,257 | $ 9 |