Document And Entity Information
Document And Entity Information - shares | 6 Months Ended | |
Jun. 30, 2020 | Jul. 31, 2020 | |
Document Information [Line Items] | ||
Entity Central Index Key | 0001162461 | |
Entity Registrant Name | CUTERA INC | |
Amendment Flag | false | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Period Focus | Q2 | |
Document Fiscal Year Focus | 2020 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2020 | |
Document Transition Report | false | |
Entity File Number | 000-50644 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0492262 | |
Entity Address, Address Line One | 3240 Bayshore Blvd. | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 415 | |
Local Phone Number | 657-5500 | |
Title of 12(b) Security | Common Stock ($0.001 par value) | |
Trading Symbol | CUTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,593,798 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 33,659 | $ 26,316 |
Marketable investments | 12,894 | 7,605 |
Accounts receivable, net of allowance for credit losses of $1,796 and $1,355, respectively | 13,826 | 21,556 |
Inventories | 31,240 | 33,921 |
Other current assets and prepaid expenses | 5,313 | 5,648 |
Total current assets | 96,932 | 95,046 |
Property and equipment, net | 2,417 | 2,817 |
Deferred tax asset | 419 | 423 |
Operating lease right-of-use assets | 7,577 | 7,702 |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 4,733 | 6,411 |
Total assets | 113,417 | 113,738 |
Current liabilities: | ||
Accounts payable | 11,681 | 12,685 |
Accrued liabilities | 20,423 | 30,307 |
Operating lease liabilities | 1,526 | 2,800 |
Extended warranty liability | 1,660 | 1,999 |
Deferred revenue | 9,345 | 10,831 |
Total current liabilities | 44,635 | 58,622 |
Deferred revenue, net of current portion | 2,434 | 3,391 |
Income tax liability | 93 | 93 |
Long-Term Debt | 7,149 | 0 |
Operating lease liabilities, net of current portion | 6,262 | 5,112 |
Other long-term liabilities | 345 | 578 |
Total liabilities | 60,918 | 67,796 |
Commitments and Contingencies (Notes 11 and 12) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized: 50,000,000 shares; issued and outstanding:17,567,688 and 14,315,586 shares at June 30, 2020 and December 31, 2019, respectively | 18 | 14 |
Additional paid-in capital | 112,644 | 82,346 |
Accumulated deficit | (60,166) | (36,358) |
Accumulated other comprehensive income (loss) | 3 | (60) |
Total stockholders’ equity | 52,499 | 45,942 |
Total liabilities and stockholders’ equity | $ 113,417 | $ 113,738 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Trade accounts receivable, allowance | $ 1,796 | $ 1,355 |
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) | 17,567,688 | 14,315,586 |
Common stock, outstanding (in shares) | 17,567,688 | 14,315,586 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net revenue: | ||||
Revenue | $ 26,369 | $ 47,774 | $ 58,608 | $ 83,800 |
Cost of revenue: | ||||
Cost of revenue | 14,745 | 21,943 | 32,648 | 40,660 |
Gross profit | 11,624 | 25,831 | 25,960 | 43,140 |
Operating expenses: | ||||
Sales and marketing | 11,035 | 16,992 | 25,823 | 33,096 |
Research and development | 2,991 | 3,273 | 6,862 | 6,979 |
General and administrative | 8,529 | 5,267 | 16,336 | 10,792 |
Total operating expenses | 22,555 | 25,532 | 49,021 | 50,867 |
Income (loss) from operations | (10,931) | 299 | (23,061) | (7,727) |
Interest and other income (expense), net | 3 | 46 | (204) | (33) |
Income (loss) before income taxes | (10,928) | 345 | (23,265) | (7,760) |
Income tax expense (benefit) | 466 | (243) | 543 | (128) |
Net income (loss) | $ (11,394) | $ 588 | $ (23,808) | $ (7,632) |
Net income (loss) per share: | ||||
Basic (in dollars per share) | $ (0.67) | $ 0.04 | $ (1.51) | $ (0.54) |
Diluted (in dollars per share) | $ (0.67) | $ 0.04 | $ (1.51) | $ (0.54) |
Weighted-average number of shares used in per share calculations | ||||
Basic (in shares) | 17,055 | 14,086 | 15,744 | 14,051 |
Diluted (in shares) | 17,055 | 14,356 | 15,744 | 14,051 |
Product [Member] | ||||
Net revenue: | ||||
Revenue | $ 21,745 | $ 41,968 | $ 48,136 | $ 72,730 |
Cost of revenue: | ||||
Cost of revenue | 12,206 | 18,393 | 26,309 | 33,935 |
Service [Member] | ||||
Net revenue: | ||||
Revenue | 4,624 | 5,806 | 10,472 | 11,070 |
Cost of revenue: | ||||
Cost of revenue | $ 2,539 | $ 3,550 | $ 6,339 | $ 6,725 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ (11,394) | $ 588 | $ (23,808) | $ (7,632) |
Available-for-sale investments | ||||
Net change in unrealized gain on available-for-sale investments | 0 | 3 | 0 | 9 |
Less: Reclassification adjustment for losses on investments recognized during the period | 2 | 0 | 63 | 0 |
Net change in unrealized gain on available-for-sale investments | 2 | 3 | 63 | 9 |
Other comprehensive gain, net of tax | 2 | 3 | 63 | 9 |
Comprehensive income (loss) | $ (11,392) | $ 591 | $ (23,745) | $ (7,623) |
Consolidated Statements of Chan
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2018 | 13,968,852 | ||||
Balance at Dec. 31, 2018 | $ 14 | $ 70,451 | $ (24,010) | $ (69) | $ 46,386 |
Issuance of common stock for employee purchase plan (in shares) | 53,803 | ||||
Issuance of common stock for employee purchase plan | 832 | 832 | |||
Exercise of stock options (in shares) | 40,454 | ||||
Exercise of stock options | 331 | 331 | |||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. (in shares) | 79,187 | ||||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. | (570) | (570) | |||
Stock-based compensation expense | 3,826 | 3,826 | |||
Net income (loss) | (7,632) | (7,632) | |||
Net change in unrealized gain on available-for-sale investments | 9 | 9 | |||
Balance (in shares) at Jun. 30, 2019 | 14,142,296 | ||||
Balance at Jun. 30, 2019 | $ 14 | 74,870 | (31,642) | (60) | 43,182 |
Balance (in shares) at Mar. 31, 2019 | 14,035,375 | ||||
Balance at Mar. 31, 2019 | $ 14 | 71,399 | (32,230) | (63) | 39,120 |
Issuance of common stock for employee purchase plan (in shares) | 53,803 | ||||
Issuance of common stock for employee purchase plan | 832 | 832 | |||
Exercise of stock options (in shares) | 25,422 | ||||
Exercise of stock options | 200 | 200 | |||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. (in shares) | 27,696 | ||||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. | (80) | (80) | |||
Stock-based compensation expense | 2,519 | 2,519 | |||
Net income (loss) | 588 | 588 | |||
Net change in unrealized gain on available-for-sale investments | 3 | 3 | |||
Balance (in shares) at Jun. 30, 2019 | 14,142,296 | ||||
Balance at Jun. 30, 2019 | $ 14 | 74,870 | (31,642) | (60) | $ 43,182 |
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 |
Issuance of common stock for employee purchase plan (in shares) | 39,248 | ||||
Issuance of common stock for employee purchase plan | $ 0 | 437 | 0 | 0 | $ 437 |
Exercise of stock options (in shares) | 46,128 | 46,128 | |||
Exercise of stock options | $ 0 | 411 | 0 | 0 | $ 411 |
Issuance of common stock in connection with public offering, net of offering costs of $2,303 (in shares) | 2,742,750 | ||||
Issuance of common stock in connection with public offering, net of offering costs of $2,303 | $ 3 | 26,493 | 0 | 0 | 26,496 |
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. (in shares) | 423,976 | ||||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. | $ 1 | (3,118) | 0 | 0 | (3,117) |
Stock-based compensation expense | 0 | 6,075 | 0 | 0 | 6,075 |
Net income (loss) | 0 | 0 | (23,808) | 0 | (23,808) |
Net change in unrealized gain on available-for-sale investments | $ 0 | 0 | 0 | 63 | $ 63 |
Balance (in shares) at Jun. 30, 2020 | 17,567,688 | 17,567,688 | |||
Balance at Jun. 30, 2020 | $ 18 | 112,644 | (60,166) | 3 | $ 52,499 |
Balance (in shares) at Mar. 31, 2020 | 14,578,146 | ||||
Balance at Mar. 31, 2020 | $ 15 | 82,292 | (48,772) | 1 | 33,536 |
Issuance of common stock for employee purchase plan (in shares) | 39,248 | ||||
Issuance of common stock for employee purchase plan | $ 0 | 437 | 0 | 0 | 437 |
Exercise of stock options (in shares) | 23,837 | ||||
Exercise of stock options | $ 0 | 210 | 0 | 0 | 210 |
Issuance of common stock in connection with public offering, net of offering costs of $2,303 (in shares) | 2,742,750 | ||||
Issuance of common stock in connection with public offering, net of offering costs of $2,303 | $ 3 | 26,493 | 0 | 0 | 26,496 |
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. (in shares) | 183,707 | ||||
Issuance of common stock in settlement of restricted and performance stock units, and net of shares withheld for employee taxes. | $ 0 | (883) | 0 | 0 | (883) |
Stock-based compensation expense | 0 | 4,095 | 0 | 0 | 4,095 |
Net income (loss) | 0 | 0 | (11,394) | 0 | (11,394) |
Net change in unrealized gain on available-for-sale investments | $ 0 | 0 | 0 | 2 | $ 2 |
Balance (in shares) at Jun. 30, 2020 | 17,567,688 | 17,567,688 | |||
Balance at Jun. 30, 2020 | $ 18 | $ 112,644 | $ (60,166) | $ 3 | $ 52,499 |
Consolidated Statements of Ch_2
Consolidated Statements of Changes in Stockholders' Equity (Unaudited) (Parentheticals) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Offering costs | $ 2,303 | $ 2,303 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 6 Months Ended | |
Jun. 30, 2020 | Jun. 30, 2019 | |
Cash flows from operating activities: | ||
Net loss | $ (23,808) | $ (7,632) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Stock-based compensation | 6,075 | 3,826 |
Depreciation of tangible assets | 715 | 815 |
Amortization of contract acquisition costs | 1,392 | 1,412 |
Impairment of capitalized cloud computing costs | 805 | 0 |
Change in deferred tax asset | 4 | (1) |
Provision for credit losses | 1,696 | (19) |
Other | 198 | 151 |
Changes in assets and liabilities: | ||
Accounts receivable | 6,034 | (5,263) |
Inventories | 2,681 | 1,125 |
Other current assets and prepaid expenses | 316 | (614) |
Other long-term assets | (519) | (1,752) |
Accounts payable | (1,004) | 162 |
Accrued liabilities | (9,754) | 3,779 |
Extended warranty liabilities | (339) | (760) |
Other long-term liabilities | 0 | (140) |
Deferred revenue | (2,443) | 1,293 |
Income tax liabilities | 0 | (301) |
Net cash used in operating activities | (17,951) | (3,919) |
Cash flows from investing activities: | ||
Acquisition of property, equipment and software | (435) | (316) |
Disposal of property and equipment | 0 | 20 |
Proceeds from maturities of marketable investments | 10,900 | 9,600 |
Purchase of marketable investments | (16,167) | (4,020) |
Net cash provided by (used in) investing activities | (5,702) | 5,284 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 848 | 1,163 |
Proceeds from long-term debt | 7,149 | 0 |
Gross proceeds from equity offering | 28,799 | 0 |
Offering costs on the equity offering | (2,303) | |
Taxes paid related to net share settlement of equity awards | (3,117) | (570) |
Payments on finance lease obligations | (380) | (342) |
Net cash provided by financing activities | 30,996 | 251 |
Net increase in cash and cash equivalents | 7,343 | 1,616 |
Cash and cash equivalents at beginning of period | 26,316 | 26,052 |
Cash and cash equivalents at end of period | 33,659 | 27,668 |
Supplemental disclosure of non-cash items: | ||
Assets acquired under finance lease | $ 27 | $ 903 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) provides 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 flex The Company’s corporate headquarters and U.S. operations are located in Brisbane, California, where the Company conducts manufacturing, warehousing, research and development, regulatory, sales and marketing, service, and administrative activities. The Company markets, sells and services the Company’s products through direct sales and service employees in North America (including Canada), Australia, Austria, Belgium, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. Sales and Services outside of these direct markets are made through a worldwide distributor network in over 40 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 On January 30, 2020, 19 In March 2020, 19 19 19 19 six June 30, 2020. 19 third may 120 180 Beginning in the second first 2020, 19, not In response to the COVID- 19 2019 8 As a result of the events and impact surrounding the COVID- 19 no June 30, 2020. COVID–19 Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its consolidated statements of financial position as of June 30, 2020 2019, three six June 30, 2020, 2019. December 31, 2019 not not 10 December 31, 2019 March 16, 2020. Accounting Policies These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not 10 December 31, 2019 March 16, 2020. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to condensed consolidated financial statements refer to the Company’s continuing operations. Note 1 Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, allowance for credit losses, and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, impairment testing for long-lived-assets, 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 contract 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. Recently Adopted Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13 December 15, 2019, 2020, 2016 13 January 1, 2020 not The Company identified trade receivables and available-for-sale debt securities as impacted by the new guidance. However, the Company determined that the historical losses related to these available-for-sale debt securities are not The Company establishes an allowance for credit losses on trade receivables based on the credit quality of clients, current economic conditions, the age of the accounts receivable balances, historical loss information, and current conditions and forecasted information, and write-off amounts against the allowance when they are deemed uncollectible. The Company’s allowance for credit losses was $1.8 million and $1.4 million as of June 30, 2020 December 31, 2019. three six June 30, 2020, In August 2018, No. 2018 13, 820 3 1 2 3 2020, not Recently Issued Accounting Pronouncements Not In December 2019, No. 2019 12 740 2021, not In March 2020, No. 2020 04, 848 No. 2020 04 No. 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 The Company reviewed all other recently issued, but not not |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents and Marketable Investments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2. The Company invests its cash primarily in money market funds 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 marketable investments at the time of purchase and re-evaluates such designation at each balance sheet date. The Company’s marketable investments have been classified and accounted for as available-for-sale securities. Investments with remaining maturities of more than one not 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): June 30 , 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 33,659 $ - $ - $ 33,659 Marketable investments: U.S. government notes 3,198 - - 3,198 Commercial paper 9,693 3 - 9,696 Total marketable investments 12,891 3 - 12,894 Total cash, cash equivalents and marketable investments $ 46,550 $ 3 $ - $ 46,553 December 31, 2019 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 Commercial paper 3,491 - - 3,491 Total marketable investments 7,605 - - 7,605 Total cash, cash equivalents and marketable investments $ 33,921 $ - $ - $ 33,921 As of June 30, 2020 December 31, 2019, none, not 12 The following table summarizes the contractual maturities of the Company’s available-for-sale securities, classified as marketable investments as of June 30, 2020 ( Amount Due in less than one year $ 12,894 Due in 1 to 3 years - Total marketable investments $ 12,894 |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. 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 ● Level 1: ● Level 2: 1 not not third ● Level 3: no 3 In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of June 30, 2020, June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 14,097 $ - $ - $ 14,097 Marketable investments: Available-for-sale-securities 3,198 9,696 - 12,894 Total assets at fair value $ 17,295 $ 9,696 $ - $ 26,991 As of December 31, 2019, December 31, 2019 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 Money market funds and U.S. Treasury bills are highly liquid investments and are actively traded. The pricing information on these investment instruments are readily available and can be independently validated as of the measurement date. This approach results in the classification of these securities as Level 1 Corporate debt, U.S. government-backed securities, and commercial paper are measured at fair value using Level 2 not third 2 2 June 30, 2020 no June 30, 2020 December 31, 2019, |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4. Inventories As of June 30, 2020 December 31, 2019, June 30 , 2020 December 31, 2019 Raw materials $ 17,678 $ 17,935 Work in process 2,175 2,016 Finished goods 11,387 13,970 Total $ 31,240 $ 33,921 Other Long-term Assets During the quarter ended June 30, 2020, Accrued Liabilities As of June 30, 2020 December 31, 2019, June 30 , 2020 December 31, 2019 Accrued payroll and related expenses $ 7,880 $ 14,341 Sales and marketing accruals 1,289 2,527 Warranty liability (see Note 5) 3,155 4,401 Sales tax 2,619 3,922 Other 5,480 5,116 Total $ 20,423 $ 30,307 Product Remediation Liability During the fourth 2018, one one 2018. As of June 30, 2020 December 31 2019, In the six June 30, 2020, six June 30, 2020. June 30, 2020, |
Note 5 - Warranty and Extended
Note 5 - Warranty and Extended Service Contract | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | Note 5. 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. The following table provides the changes in the product standard warranty accrual for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 20 20 201 9 20 20 201 9 Beginning Balance $ 3,398 $ 4,064 $ 4,401 $ 4,668 Add: Accruals for warranties issued during the period 1,100 2,708 1,960 4,152 Less: Settlements made during the period (1,343 ) (1,940 ) (3,206 ) (3,988 ) Ending Balance $ 3,155 $ 4,832 $ 3,155 $ 4,832 The settlements presented in the table exclude costs related to extended service contract cost, which was and $0.1 million and $0.3 million in the three six June 30, 2020, one |
Note 6 - Deferred Revenue
Note 6 - Deferred Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Contract with Customer Liability [Text Block] | Note 6. The Company records deferred revenue when revenue is to be recognized subsequent to invoicing. For extended service contracts, the Company generally invoices customers at the beginning of the extended service contract term. The Company’s extended service contracts typically have one, two three June 30, 2020 12 The following table provides changes in the deferred revenue balance for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning Balance $ 12,969 $ 12,475 $ 14,222 $ 11,855 Add: Payments Received 2,356 5,309 5,582 9,451 Less: Revenue (3,546 ) (3,925 ) (8,025 ) (7,447 ) Ending Balance $ 11,779 $ 13,859 $ 11,779 $ 13,859 Costs for extended service contracts were $2.3 million and $3.5 million, respectively, for the three six June 30, 2020, three six June 30, 2019. |
Note 7 - Revenue
Note 7 - Revenue | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 7. Effective January 1, 2018, 606. six June 30, 2020 2019. 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 and 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. ● Extended warranty/Service contracts: SSP is based on observable price when sold on a standalone to similar customers. Loyalty Program The Company launched a customer loyalty program during the third 2018 fifth June 30, 2020 December 31, 2019, 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 as of June 30, 2020 December 31, 2019, three six June 30, 2020 three six June 30, 2019. |
Note 8 - Stockholders' Equity a
Note 8 - Stockholders' Equity and Stock-based Compensation Expense | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8. Issuances of Common Stock On April 21, 2020, Stock-Based Compensation The Company’s equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. In June 2020, 2019 2019 The Company’s Board of Directors granted its executive officers, senior management and certain employees nil three six June 30, 2020, June 30, 2020 2020 On April 1, 2020, 2019 19, The Company’s Board of Directors also granted its executive officers, senior management and certain employees 53,819 and 421,417 RSUs, respectively, during the three six June 30, 2020. four Under the Restated Plan, as amended, the Company issued 207,544 and 470,104 shares of common stock during the three six June 30, 2020, As of June 30, 2020, may Activity under the Restated Plan is summarized as follows: Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2019 761,705 295,699 $ 25.52 Additional shares reserved 600,000 - - Stock awards granted (707,555 ) - - Options exercised - (46,128 ) 4.85 Options canceled 44,177 (44,177 ) 39.07 Stock awards canceled 364,555 - - Balance, June 3 0 , 2020 1,062,882 205,394 $ 26.33 Stock-based Compensation Expense Stock-based compensation expense by department recognized during the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 743 $ 404 $ 1,033 $ 673 Sales and marketing 1,251 997 1,970 1,715 Research and development 769 370 1,090 633 General and administrative 1,332 748 1,982 805 Total stock-based compensation expense $ 4,095 $ 2,519 $ 6,075 $ 3,826 |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9. 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, restricted stock units, performance stock units and employee stock purchase plan contributions), which is calculated based on the average share price for each fiscal period using the treasury stock method. Diluted earnings per share is the same as basic earnings per share for the periods in which the Company had a net loss because the inclusion of outstanding common stock equivalents would be anti-dilutive. The following table sets forth the computation of basic and diluted net loss and the weighted average number of shares used in computing basic and diluted net loss per share (in thousands, except per share data): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ (11,394 ) $ 588 $ (23,808 ) $ (7,632 ) Denominator: Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 17,055 14,086 15,744 14,051 Dilutive effect of incremental shares and share equivalents - 270 - - Weighted average shares of common stock outstanding used in computing net loss per share, diluted 17,055 14,356 15,744 14,051 Net loss per share: Net income (loss) per share, basic and diluted $ (0.67 ) $ 0.04 $ (1.51 ) $ (0.54 ) 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 periods presented because including them would have had an anti-dilutive effect (in thousands): Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Options to purchase common stock 231 192 253 466 Restricted stock units 803 178 736 460 Performance stock units 71 - 145 162 Employee stock purchase plan shares 58 - 58 94 Total 1,163 370 1,192 1,182 |
Note 10 - Income Taxes
Note 10 - Income Taxes | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. The Company calculates the provision for income taxes during interim reporting periods by applying an estimate of the annual effective tax rate for the full fiscal year to ordinary income or loss for the interim reporting period. When applicable, the year-to-date tax provision reflects adjustments from discrete tax items. For the three six June 30, 2020, three six June 30, 2019, The Company's income tax expense for the three June 30, 2020 2020, three June 30, 2020, not not On March 27, 2020, not not |
Note 11 - Leases
Note 11 - Leases | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 11. 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 consist of automobiles. The Company’s facility leases generally have remaining terms of 1 to 10 years, some of which include options to renew the leases for up to 5 years. The Company leases space for operations in the United States, Japan, Belgium, France and Spain. In addition to the above facility leases, the Company also routinely leases automobiles for certain sales and field service employees under finance leases. 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. In June 2020, three 2024. Supplemental balance sheet information related to leases is as follows (in thousands): Leases Classification June 30, 2020 Assets Right-of-use assets Operating lease assets $ 7,577 Finance lease Property and equipment, net * 707 Total leased assets $ 8,284 * Finance lease assets included in Property and equipment, net. Liabilities Classification Operating lease liabilities Operating lease liabilities, current Operating lease liabilities 1,526 Operating lease liabilities, non-current Operating lease liabilities, net of current portion 6,262 Total Operating lease liabilities $ 7,788 Finance lease liabilities Finance lease liabilities, current Accrued liabilities * 501 Finance lease liabilities, non-current Other long-term liabilities 345 Total Finance lease liabilities $ 846 * Finance lease liabilities included in Accrued liabilities Lease costs during the three months ended June 30, 2020: Finance lease cost Amortization expense $ 277 Finance lease cost Interest for finance lease 16 Operating lease cost Operating lease expense 728 Lease costs during the six months ended June 30, 2020: Finance lease cost Amortization expense $ 425 Finance lease cost Interest for finance lease 35 Operating lease cost Operating lease expense 1,456 Cash paid for amounts included in the measurement of lease liabilities during the six months ended June 30, 2020 were as follows: Operating cash flow Finance lease $ 35 Financing cash flow Finance lease 380 Operating cash flow Operating lease 1,454 Facility leases Maturities of facility leases liabilities were as follows as of June 30, 2020 ( Year Ending June 3 0 , Amount Remainder of 2020 $ 1,439 2021 2,959 2022 2,988 2023 706 2024 and thereafter 106 Total lease payments 8,198 Less: imputed interest (410 ) Present value of lease liabilities $ 7,788 Vehicle Leases As of June 30, 2020, Year Ending June 3 0 , Amount Remainder of 2020 $ 249 2021 395 2022 253 2023 11 Total lease payments 908 Less: imputed interest (62 ) Present value of lease liabilities $ 846 Weighted-average remaining lease term and discount rate, as of June 30, 2020, Lease Term and Discount Rate June 3 0 , 2020 Weighted-average remaining lease term (years) Operating leases 2.7 Finance leases 2.5 Weighted-average discount rate Operating leases 2.2 % Finance leases 5.6 % |
Note 12 - Contingencies
Note 12 - Contingencies | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. 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 normal course of business. A liability and related charge are recorded to earnings in the Company’s consolidated financial statements for legal contingencies when the loss is considered probable and the amount can be reasonably estimated. The assessment is re-evaluated each accounting period and is based on all available information, including discussion with outside legal counsel. If a reasonable estimate of a known or probable loss cannot be made, but a range of probable losses can be estimated, the low-end of the range of losses is recognized if no not In November 2019, November 7, 2019, second 2020 As of June 30, 2020 December 31, 2019, not |
Note 13 - Debt
Note 13 - Debt | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 13. Loan and Security Agreement On May 30, 2018, On or about November 2, 2018, On or about March 11, 2019, no may twelve not not 1.0. On or about March 19, 2020, second no Due to the receipt of the PPP loan, the Loan and Security Agreement with Wells Fargo was amended in June 2020 As of June 30, 2020, not The Paycheck Protection Program (PPP) Loan On April 22, 2020, April 21, 2020, April 21, 2022 1.00% October 2020. no may No not The application for these funds required the Company to, in good faith, certify that the current economic uncertainty made the loan request necessary to support the ongoing operations of the Company. Subsequently released guidance instructs all applicants and recipients to take into account their current business activity and the Company's ability to access other sources of liquidity sufficient to support ongoing operations in a manner that is not April 28, 2020, $2.0 may |
Note 14 - Segment Reporting
Note 14 - Segment Reporting | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14. 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 operating segment. In making operating decisions, the CEO primarily considers consolidated financial information, accompanied by disaggregated information about revenues by geography and product. All of the Company’s principal operations and decision-making functions are located in the U.S. The Company’s CEO views its operations, manages its business, and uses one one The following table presents a summary of revenue by geography for the three six June 30, 2020 2019 Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue mix by geography: United States $ 10,915 28,147 24,699 48,547 Japan 8,517 5,337 15,679 10,631 Asia, excluding Japan 1,846 4,547 5,075 7,642 Europe 1,325 2,504 4,141 5,240 Rest of the world 3,766 7,239 9,014 11,740 Total consolidated revenue $ 26,369 47,774 58,608 83,800 Revenue mix by product category: Products 15,541 37,539 36,500 64,748 Consumables 1,426 2,654 3,959 4,599 Skincare 4,778 1,775 7,677 3,383 Total product revenue $ 21,745 41,968 48,136 72,730 Service 4,624 5,806 10,472 11,070 Total consolidated revenue $ 26,369 47,774 58,608 83,800 |
Note 15 - Subsequent Events
Note 15 - Subsequent Events | 6 Months Ended |
Jun. 30, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | Note 15. The Company has determined that there are no Loan and Security Agreement On July 9, 2020, four twelve may 13 Headquarters Office Lease Amendment On July 9, 2020, 3420 ● the extension of the lease term, with the extended term to begin on February 1, 2023 January 31, 2028; ● the abatement of the monthly base rent for the four September 1, 2020 December 31, 2020; ● the amendment of monthly base rent for the current term and the extension term to approximately $0.2 million for January 2021 ● the waiver by the Company of its early termination right in the lease. |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 6 Months Ended |
Jun. 30, 2020 | |
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 flex The Company’s corporate headquarters and U.S. operations are located in Brisbane, California, where the Company conducts manufacturing, warehousing, research and development, regulatory, sales and marketing, service, and administrative activities. The Company markets, sells and services the Company’s products through direct sales and service employees in North America (including Canada), Australia, Austria, Belgium, France, Germany, Hong Kong, Japan, Spain, Switzerland and the United Kingdom. Sales and Services outside of these direct markets are made through a worldwide distributor network in over 40 |
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 On January 30, 2020, 19 In March 2020, 19 19 19 19 six June 30, 2020. 19 third may 120 180 Beginning in the second first 2020, 19, not In response to the COVID- 19 2019 8 As a result of the events and impact surrounding the COVID- 19 no June 30, 2020. COVID–19 |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its consolidated statements of financial position as of June 30, 2020 2019, three six June 30, 2020, 2019. December 31, 2019 not not 10 December 31, 2019 March 16, 2020. |
Basis of Accounting, Policy [Policy Text Block] | Accounting Policies These unaudited condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not 10 December 31, 2019 March 16, 2020. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the Notes to condensed consolidated financial statements refer to the Company’s continuing operations. Note 1 |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, allowance for credit losses, and sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, impairment testing for long-lived-assets, 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 contract 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In June 2016, No. 2016 13, 326 2016 13 December 15, 2019, 2020, 2016 13 January 1, 2020 not The Company identified trade receivables and available-for-sale debt securities as impacted by the new guidance. However, the Company determined that the historical losses related to these available-for-sale debt securities are not The Company establishes an allowance for credit losses on trade receivables based on the credit quality of clients, current economic conditions, the age of the accounts receivable balances, historical loss information, and current conditions and forecasted information, and write-off amounts against the allowance when they are deemed uncollectible. The Company’s allowance for credit losses was $1.8 million and $1.4 million as of June 30, 2020 December 31, 2019. three six June 30, 2020, In August 2018, No. 2018 13, 820 3 1 2 3 2020, not Recently Issued Accounting Pronouncements Not In December 2019, No. 2019 12 740 2021, not In March 2020, No. 2020 04, 848 No. 2020 04 No. 2020 04 March 12, 2020 December 31, 2022. No. 2020 04 The Company reviewed all other recently issued, but not not |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents and Marketable Investments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Unrealized Gain (Loss) on Investments [Table Text Block] | June 30 , 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 33,659 $ - $ - $ 33,659 Marketable investments: U.S. government notes 3,198 - - 3,198 Commercial paper 9,693 3 - 9,696 Total marketable investments 12,891 3 - 12,894 Total cash, cash equivalents and marketable investments $ 46,550 $ 3 $ - $ 46,553 December 31, 2019 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 Commercial paper 3,491 - - 3,491 Total marketable investments 7,605 - - 7,605 Total cash, cash equivalents and marketable investments $ 33,921 $ - $ - $ 33,921 |
Investments Classified by Contractual Maturity Date [Table Text Block] | Amount Due in less than one year $ 12,894 Due in 1 to 3 years - Total marketable investments $ 12,894 |
Note 3 - Fair Value of Financ_2
Note 3 - Fair Value of Financial Instruments (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] | June 30, 2020 Level 1 Level 2 Level 3 Total Cash equivalents: Money market funds $ 14,097 $ - $ - $ 14,097 Marketable investments: Available-for-sale-securities 3,198 9,696 - 12,894 Total assets at fair value $ 17,295 $ 9,696 $ - $ 26,991 December 31, 2019 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 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | June 30 , 2020 December 31, 2019 Raw materials $ 17,678 $ 17,935 Work in process 2,175 2,016 Finished goods 11,387 13,970 Total $ 31,240 $ 33,921 |
Schedule of Accrued Liabilities [Table Text Block] | June 30 , 2020 December 31, 2019 Accrued payroll and related expenses $ 7,880 $ 14,341 Sales and marketing accruals 1,289 2,527 Warranty liability (see Note 5) 3,155 4,401 Sales tax 2,619 3,922 Other 5,480 5,116 Total $ 20,423 $ 30,307 |
Note 5 - Warranty and Extende_2
Note 5 - Warranty and Extended Service Contract (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 20 20 201 9 20 20 201 9 Beginning Balance $ 3,398 $ 4,064 $ 4,401 $ 4,668 Add: Accruals for warranties issued during the period 1,100 2,708 1,960 4,152 Less: Settlements made during the period (1,343 ) (1,940 ) (3,206 ) (3,988 ) Ending Balance $ 3,155 $ 4,832 $ 3,155 $ 4,832 |
Note 6 - Deferred Revenue (Tabl
Note 6 - Deferred Revenue (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Beginning Balance $ 12,969 $ 12,475 $ 14,222 $ 11,855 Add: Payments Received 2,356 5,309 5,582 9,451 Less: Revenue (3,546 ) (3,925 ) (8,025 ) (7,447 ) Ending Balance $ 11,779 $ 13,859 $ 11,779 $ 13,859 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity and Stock-based Compensation Expense (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Exercise Price Balance, December 31, 2019 761,705 295,699 $ 25.52 Additional shares reserved 600,000 - - Stock awards granted (707,555 ) - - Options exercised - (46,128 ) 4.85 Options canceled 44,177 (44,177 ) 39.07 Stock awards canceled 364,555 - - Balance, June 3 0 , 2020 1,062,882 205,394 $ 26.33 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Cost of revenue $ 743 $ 404 $ 1,033 $ 673 Sales and marketing 1,251 997 1,970 1,715 Research and development 769 370 1,090 633 General and administrative 1,332 748 1,982 805 Total stock-based compensation expense $ 4,095 $ 2,519 $ 6,075 $ 3,826 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Numerator: Net income (loss) $ (11,394 ) $ 588 $ (23,808 ) $ (7,632 ) Denominator: Weighted average shares of common stock outstanding used in computing net income (loss) per share, basic 17,055 14,086 15,744 14,051 Dilutive effect of incremental shares and share equivalents - 270 - - Weighted average shares of common stock outstanding used in computing net loss per share, diluted 17,055 14,356 15,744 14,051 Net loss per share: Net income (loss) per share, basic and diluted $ (0.67 ) $ 0.04 $ (1.51 ) $ (0.54 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Options to purchase common stock 231 192 253 466 Restricted stock units 803 178 736 460 Performance stock units 71 - 145 162 Employee stock purchase plan shares 58 - 58 94 Total 1,163 370 1,192 1,182 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Leases, Financial Statement Information [Table Text Block] | Leases Classification June 30, 2020 Assets Right-of-use assets Operating lease assets $ 7,577 Finance lease Property and equipment, net * 707 Total leased assets $ 8,284 Liabilities Classification Operating lease liabilities Operating lease liabilities, current Operating lease liabilities 1,526 Operating lease liabilities, non-current Operating lease liabilities, net of current portion 6,262 Total Operating lease liabilities $ 7,788 Finance lease liabilities Finance lease liabilities, current Accrued liabilities * 501 Finance lease liabilities, non-current Other long-term liabilities 345 Total Finance lease liabilities $ 846 Lease costs during the three months ended June 30, 2020: Finance lease cost Amortization expense $ 277 Finance lease cost Interest for finance lease 16 Operating lease cost Operating lease expense 728 Lease costs during the six months ended June 30, 2020: Finance lease cost Amortization expense $ 425 Finance lease cost Interest for finance lease 35 Operating lease cost Operating lease expense 1,456 Cash paid for amounts included in the measurement of lease liabilities during the six months ended June 30, 2020 were as follows: Operating cash flow Finance lease $ 35 Financing cash flow Finance lease 380 Operating cash flow Operating lease 1,454 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Year Ending June 3 0 , Amount Remainder of 2020 $ 1,439 2021 2,959 2022 2,988 2023 706 2024 and thereafter 106 Total lease payments 8,198 Less: imputed interest (410 ) Present value of lease liabilities $ 7,788 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Year Ending June 3 0 , Amount Remainder of 2020 $ 249 2021 395 2022 253 2023 11 Total lease payments 908 Less: imputed interest (62 ) Present value of lease liabilities $ 846 |
Lease, Cost [Table Text Block] | Lease Term and Discount Rate June 3 0 , 2020 Weighted-average remaining lease term (years) Operating leases 2.7 Finance leases 2.5 Weighted-average discount rate Operating leases 2.2 % Finance leases 5.6 % |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 6 Months Ended |
Jun. 30, 2020 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended June 30, Six Months Ended June 30, 2020 2019 2020 2019 Revenue mix by geography: United States $ 10,915 28,147 24,699 48,547 Japan 8,517 5,337 15,679 10,631 Asia, excluding Japan 1,846 4,547 5,075 7,642 Europe 1,325 2,504 4,141 5,240 Rest of the world 3,766 7,239 9,014 11,740 Total consolidated revenue $ 26,369 47,774 58,608 83,800 Revenue mix by product category: Products 15,541 37,539 36,500 64,748 Consumables 1,426 2,654 3,959 4,599 Skincare 4,778 1,775 7,677 3,383 Total product revenue $ 21,745 41,968 48,136 72,730 Service 4,624 5,806 10,472 11,070 Total consolidated revenue $ 26,369 47,774 58,608 83,800 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Reduction in Board of Directors Fees in Response to COVID19 Outbreak, Percentage | 25.00% | |||
Reduction in Salaries of Chief Executive Officer, President, Chief Operating Officer and Some Managers in Response to COVID 19 Outbreak, Percentage | 25.00% | |||
Reduction in Salaries of Employees and Furloughs in Response to COVID 19 Outbreak, Percentage of Workforce | 42.00% | |||
Capitalized Computer Software, Impairments | $ 805 | $ 0 | ||
Accounts Receivable, Allowance for Credit Loss, Current | $ 1,796 | 1,796 | $ 1,355 | |
Accounts Receivable, Provision for Loss (Reversal) | 1,200 | 1,800 | ||
Accounts Receivable, Allowance for Credit Loss, Writeoff | $ 200 | 1,300 | ||
COVID-19 [Member] | ||||
Capitalized Computer Software, Impairments | $ 800 |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents and Marketable Investments (Details Textual) - USD ($) | Jun. 30, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Net Accumulated Gross Unrealized Gain (Loss), before Tax | $ 3,000 | $ 0 |
Available-for-sale Securities, Continuous Unrealized Loss Position, 12 Months or Longer, Accumulated Loss | $ 0 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents and Marketable Investments - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash and cash equivalents and marketable investments, amortized cost | $ 46,550 | $ 33,921 |
Cash and cash equivalents and marketable investments, Fair Market Value | 46,553 | 33,921 |
Cash and cash equivalents and marketable investments, amortized cost, Gross Unrealized Gains | 3 | 0 |
Cash and cash equivalents and marketable investments, Gross Unrealized Losses | 0 | 0 |
US Treasury and Government [Member] | ||
Cash and cash equivalents and marketable investments, amortized cost | 3,198 | 4,114 |
Cash and cash equivalents and marketable investments, Fair Market Value | 3,198 | 4,114 |
Cash and cash equivalents and marketable investments, amortized cost, Gross Unrealized Gains | 0 | 0 |
Cash and cash equivalents and marketable investments, Gross Unrealized Losses | 0 | 0 |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Cash and cash equivalents and marketable investments, amortized cost | 9,693 | 3,491 |
Cash and cash equivalents and marketable investments, Fair Market Value | 9,696 | 3,491 |
Cash and cash equivalents and marketable investments, amortized cost, Gross Unrealized Gains | 3 | 0 |
Cash and cash equivalents and marketable investments, Gross Unrealized Losses | 0 | 0 |
Marketable Investments [Member] | ||
Cash and cash equivalents and marketable investments, amortized cost | 12,891 | 7,605 |
Cash and cash equivalents and marketable investments, Fair Market Value | 12,894 | 7,605 |
Cash and cash equivalents and marketable investments, amortized cost, Gross Unrealized Gains | 3 | 0 |
Cash and cash equivalents and marketable investments, Gross Unrealized Losses | 0 | 0 |
Cash and Cash Equivalents [Member] | ||
Cash and cash equivalents and marketable investments, amortized cost | 33,659 | 26,316 |
Cash and cash equivalents and marketable investments, Fair Market Value | $ 33,659 | $ 26,316 |
Note 2 - Cash, Cash Equivalen_5
Note 2 - Cash, Cash Equivalents and Marketable Investments - Maturities of Available-for-sale Securities (Details) | Jun. 30, 2020USD ($) |
Due in less than one year | $ 12,894,000 |
Due in 1 to 3 years | 0 |
Total marketable investments | $ 12,894,000 |
Note 3 - Fair Value of Financ_3
Note 3 - Fair Value of Financial Instruments (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Fair Value, Inputs, Level 2 [Member] | |
Average Remaining Maturity of Investment (Year) | 2 months 12 days |
Note 3 - Fair Value of Financ_4
Note 3 - Fair Value of Financial Instruments - Fair Value of Financial Instruments (Details) - Fair Value, Recurring [Member] - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Cash equivalents: | ||
Available-for-sale-securities | $ 12,894 | $ 7,605 |
Total assets at fair value | 26,991 | 13,916 |
Marketable investments: | ||
Available-for-sale-securities | 12,894 | 7,605 |
Total assets at fair value | 26,991 | 13,916 |
Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Available-for-sale-securities | 3,198 | 4,114 |
Total assets at fair value | 17,295 | 10,425 |
Marketable investments: | ||
Available-for-sale-securities | 3,198 | 4,114 |
Total assets at fair value | 17,295 | 10,425 |
Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Available-for-sale-securities | 9,696 | 3,491 |
Total assets at fair value | 9,696 | 3,491 |
Marketable investments: | ||
Available-for-sale-securities | 9,696 | 3,491 |
Total assets at fair value | 9,696 | 3,491 |
Money Market Funds [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 14,097 | 6,311 |
Money Market Funds [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | 14,097 | $ 6,311 |
Money Market Funds [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents: | ||
Cash Equivalents | $ 0 |
Note 4 - Balance Sheet Detail_2
Note 4 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | 12 Months Ended | |||||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2018 | Mar. 31, 2020 | Dec. 31, 2019 | Mar. 31, 2019 | |
Capitalized Computer Software, Impairments | $ 805 | $ 0 | ||||||
Standard Product Warranty Accrual, Ending Balance | $ 3,155 | $ 4,832 | 3,155 | 4,832 | $ 4,668 | $ 3,398 | $ 4,401 | $ 4,064 |
Standard Product Warranty Accrual, Decrease for Payments | 1,343 | $ 1,940 | 3,206 | $ 3,988 | ||||
Product Remediation Liability [Member] | ||||||||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued, Total | $ 5,000 | |||||||
Standard Product Warranty Accrual, Ending Balance | 500 | 500 | 500 | |||||
Extended Product Warranty Accrual, Ending Balance | 1,700 | 1,700 | $ 2,100 | |||||
Extended Product Warranty Accrual, Decrease for Payments | 400 | |||||||
Standard Product Warranty Accrual, Decrease for Payments | $ 0 | |||||||
General and Administrative Expense [Member] | ||||||||
Capitalized Computer Software, Impairments | $ 800 |
Note 4 - Balance Sheet Detail_3
Note 4 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Raw materials | $ 17,678 | $ 17,935 |
Work in process | 2,175 | 2,016 |
Finished goods | 11,387 | 13,970 |
Total | $ 31,240 | $ 33,921 |
Note 4 - Balance Sheet Detail_4
Note 4 - Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands | Jun. 30, 2020 | Dec. 31, 2019 |
Accrued payroll and related expenses | $ 7,880 | $ 14,341 |
Sales and marketing accruals | 1,289 | 2,527 |
Warranty liability (see Note 5) | 3,155 | 4,401 |
Sales tax | 2,619 | 3,922 |
Other | 5,480 | 5,116 |
Total | $ 20,423 | $ 30,307 |
Note 5 - Warranty and Extende_3
Note 5 - Warranty and Extended Service Contract (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended |
Jun. 30, 2020 | Jun. 30, 2020 | |
Extended Service Contract Cost [Member] | ||
Extended Product Warranty Accrual, Decrease for Payments | $ 0.1 | $ 0.3 |
Note 5 - Warranty and Extende_4
Note 5 - Warranty and Extended Service Contract - Summary of Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 3,398 | $ 4,064 | $ 4,401 | $ 4,668 |
Add: Accruals for warranties issued during the period | 1,100 | 2,708 | 1,960 | 4,152 |
Less: Settlements made during the period | (1,343) | (1,940) | (3,206) | (3,988) |
Balance | $ 3,155 | $ 4,832 | $ 3,155 | $ 4,832 |
Note 6 - Deferred Revenue (Deta
Note 6 - Deferred Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue, Remaining Performance Obligation, Percentage | 80.00% | 80.00% | ||
Revenue, Remaining Performance Obligation, Amount | $ 11.8 | $ 11.8 | ||
Deferred Revenue Costs Incurred | $ 2.3 | $ 2.2 | $ 3.5 | $ 4.2 |
Note 6 - Deferred Revenue - Sum
Note 6 - Deferred Revenue - Summary of Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Balance | $ 12,969 | $ 12,475 | $ 14,222 | $ 11,855 |
Add: Payments Received | 2,356 | 5,309 | 5,582 | 9,451 |
Less: Revenue | (3,546) | (3,925) | (8,025) | (7,447) |
Balance | $ 11,779 | $ 13,859 | $ 11,779 | $ 13,859 |
Note 7 - Revenue (Details Textu
Note 7 - Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | |
Selling and Marketing Expense [Member] | |||||
Capitalized Contract Cost, Amortization | $ 0.7 | $ 0.7 | $ 1.4 | $ 1.4 | |
Other Assets [Member] | |||||
Capitalized Contract Cost, Net, Total | 3.7 | 3.7 | $ 4.6 | ||
Loyalty [Member] | |||||
Contract with Customer, Liability, Total | $ 0.2 | $ 0.2 | $ 0.2 | ||
Transferred over Time [Member] | |||||
Revenue from Contract with Customer, Including Assessed Tax, Percent of Total Revenues | 18.00% | 13.00% |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) $ / shares in Units, $ in Thousands | Apr. 21, 2020 | Apr. 01, 2020 | Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | $ 0.001 | $ 0.001 | ||||
Proceeds from Issuance of Common Stock | $ 28,799 | $ 0 | ||||||
Payments of Stock Issuance Costs | $ 2,303 | $ 2,303 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | |||||||
Share-based Payment Arrangement, Expense | 4,095 | $ 2,519 | $ 6,075 | $ 3,826 | ||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 15,500 | $ 15,500 | $ 15,500 | |||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 7 months 6 days | |||||||
Performance Shares [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 0 | 71,678 | ||||||
Restricted Stock Units (RSUs) [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 53,819 | 421,417 | ||||||
The Amended and Restated 2019 Equity Incentive Plan [Member] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 600,000 | |||||||
The 2019 Management Bonus Program [Member] | ||||||||
Stock Issued During Period, Shares, Issued for Bonuses (in shares) | 209,981 | |||||||
Share-based Payment Arrangement, Expense | $ 2,600 | |||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | Performance Shares [Member] | Tranche 2020 [Member] | Chief Executive Officer [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] | ||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||
2004 Employee Stock Purchase Plan [Member] | ||||||||
Stock Issued During Period, Shares, Employee Stock Ownership Plan (in shares) | 207,544 | 470,104 | ||||||
Underwritten Public Offering [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,742,750 | |||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10.50 | |||||||
Proceeds from Issuance of Common Stock | $ 26,500 | |||||||
Payments of Stock Issuance Costs | $ 2,100 | |||||||
Underwritten Public Offering [Member] | Underwriter [Member] | ||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 357,750 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity and Stock-based Compensation Expense - Activity Under the 2004 Equity Incentive Plan (Details) | 6 Months Ended |
Jun. 30, 2020$ / sharesshares | |
Balance, shares available for grant (in shares) | 761,705 |
Balance, stock options outstanding (in shares) | 295,699 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 25.52 |
Additional shares reserved (in shares) | 600,000 |
Stock awards granted, shares available for grant (in shares) | (707,555) |
Options exercised, stock options outstanding (in shares) | (46,128) |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 4.85 |
Options canceled, shares available for grant (in shares) | 44,177 |
Options canceled, stock options outstanding (in shares) | (44,177) |
Options canceled, weighted-average exercise price (in dollars per share) | $ / shares | $ 39.07 |
Stock awards canceled (in shares) | 364,555 |
Balance, shares available for grant (in shares) | 1,062,882 |
Balance, stock options outstanding (in shares) | 205,394 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 26.33 |
Note 8 - Stockholders' Equity_5
Note 8 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense by Department (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Allocated Share Based Compensation Expense | $ 4,095 | $ 2,519 | $ 6,075 | $ 3,826 |
Cost of Sales [Member] | ||||
Allocated Share Based Compensation Expense | 743 | 404 | 1,033 | 673 |
Selling and Marketing Expense [Member] | ||||
Allocated Share Based Compensation Expense | 1,251 | 997 | 1,970 | 1,715 |
Research and Development Expense [Member] | ||||
Allocated Share Based Compensation Expense | 769 | 370 | 1,090 | 633 |
General and Administrative Expense [Member] | ||||
Allocated Share Based Compensation Expense | $ 1,332 | $ 748 | $ 1,982 | $ 805 |
Note 9 - Net Loss Per Share - N
Note 9 - Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Net income (loss) | $ (11,394) | $ 588 | $ (23,808) | $ (7,632) |
Basic (in shares) | 17,055 | 14,086 | 15,744 | 14,051 |
Dilutive effect of incremental shares and share equivalents (in shares) | 0 | 270 | 0 | 0 |
Weighted average shares of common stock outstanding used in computing net loss per share, diluted (in shares) | 17,055 | 14,356 | 15,744 | 14,051 |
Net income (loss) per share, basic and diluted (in dollars per share) | $ (0.67) | $ 0.04 | $ (1.51) | $ (0.54) |
Note 9 - Net Loss Per Share - A
Note 9 - Net Loss Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Antidilutive Securities (in shares) | 1,163 | 370 | 1,192 | 1,182 |
Share-based Payment Arrangement, Option [Member] | ||||
Antidilutive Securities (in shares) | 231 | 192 | 253 | 466 |
Restricted Stock Units (RSUs) [Member] | ||||
Antidilutive Securities (in shares) | 803 | 178 | 736 | 460 |
Performance Shares [Member] | ||||
Antidilutive Securities (in shares) | 71 | 0 | 145 | 162 |
ESPP [Member] | ||||
Antidilutive Securities (in shares) | 58 | 0 | 58 | 94 |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Income Tax Expense (Benefit), Total | $ 466 | $ (243) | $ 543 | $ (128) |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Minimum [Member] | |
Lessee, Leases, Remaining Term (Year) | 1 year |
Maximum [Member] | |
Lessee, Leases, Remaining Term (Year) | 10 years |
Lessee, Lease, Renewal Term (Year) | 5 years |
Note 11 - Leases - Financial St
Note 11 - Leases - Financial Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | |||
Jun. 30, 2020 | Jun. 30, 2020 | Jun. 30, 2019 | Dec. 31, 2019 | ||
Right-of-use assets | $ 7,577 | $ 7,577 | $ 7,702 | ||
Total leased assets | 8,284 | 8,284 | |||
Operating lease liabilities, current | 1,526 | 1,526 | 2,800 | ||
Operating lease liabilities, non-current | 6,262 | 6,262 | $ 5,112 | ||
Present value of lease liabilities | 7,788 | 7,788 | |||
Finance lease liabilities, current | [1] | 501 | 501 | ||
Finance lease liabilities, non-current | 345 | 345 | |||
Present value of lease liabilities | 846 | 846 | |||
Finance lease cost | 277 | 425 | |||
Finance lease cost | 16 | 35 | |||
Operating lease cost | 728 | 1,456 | |||
Operating cash flow | 35 | ||||
Financing cash flow | 380 | $ 342 | |||
Operating cash flow | 1,454 | ||||
Operating Lease Assets [Member] | |||||
Right-of-use assets | 7,577 | 7,577 | |||
Operating Lease Liabilities [Member] | |||||
Operating lease liabilities, current | 1,526 | 1,526 | |||
Property and Equipment, Net [Member] | |||||
Finance lease | [2] | 707 | 707 | ||
Operating Lease Liabilities, Net of Current Portion [Member] | |||||
Operating lease liabilities, non-current | $ 6,262 | $ 6,262 | |||
[1] | Finance lease liabilities included in Accrued liabilities | ||||
[2] | Finance lease assets included in Property and equipment, net. |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Present value of lease liabilities | $ 7,788 |
Facility Operating Leases [Member] | |
Remainder | 1,439 |
2021 | 2,959 |
2022 | 2,988 |
2023 | 706 |
2024 and thereafter | 106 |
Total lease payments | 8,198 |
Less: imputed interest | (410) |
Present value of lease liabilities | $ 7,788 |
Note 11 - Leases - Maturities_2
Note 11 - Leases - Maturities of Finance Leases Liabilities (Details) $ in Thousands | Jun. 30, 2020USD ($) |
Present value of lease liabilities | $ 846 |
Vehicle Finance Leases [Member] | |
Remainder | 249 |
2021 | 395 |
2022 | 253 |
2023 | 11 |
Total lease payments | 908 |
Less: imputed interest | (62) |
Present value of lease liabilities | $ 846 |
Note 11 - Leases - Lease Inform
Note 11 - Leases - Lease Information (Details) | Jun. 30, 2020 |
Operating leases (Year) | 2 years 8 months 12 days |
Finance leases (Year) | 2 years 6 months |
Operating leases | 2.20% |
Finance leases | 5.60% |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |
Jun. 30, 2020 | Dec. 31, 2019 | |
Estimated Litigation Liability | $ 0 | $ 0 |
Former Executive VP and CFO [Member] | ||
Loss Contingency, Damages Paid, Value | $ 400 | |
Stock Issued During Period, Shares, Litigation Settlement (in shares) | 15,408 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) $ in Thousands | Apr. 22, 2020USD ($) | Mar. 11, 2019USD ($) | Jun. 30, 2020USD ($) | Mar. 19, 2020USD ($) | Nov. 02, 2018USD ($) | May 30, 2018USD ($) |
Proceeds from Paycheck Protection Program Under CARES Act | $ 7,100 | |||||
Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||
Revised Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 15,000 | |||||
Line of Credit Facility, Additional Requestable Maximum Borrowing Capacity | $ 10,000 | |||||
Debt Instrument, Debt Covenant, Minimum Unrestricted Cash Balance | $ 15,000 | |||||
Revolving Credit Facility [Member] | ||||||
Debt Instrument, Minimum Adjusted EBITDA | $ 10,000 | |||||
Leverage Ratio, Maximum | 2.5 | |||||
Debt Instrument, Covenant, Minimum Cash, Cash Equivalents, and Marketable Securities Balance | $ 15,000 | |||||
Long-term Line of Credit, Total | $ 0 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 6 Months Ended |
Jun. 30, 2020 | |
Number of Operating Segments | 1 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2020 | Jun. 30, 2019 | Jun. 30, 2020 | Jun. 30, 2019 | |
Revenue | $ 26,369 | $ 47,774 | $ 58,608 | $ 83,800 |
Products Excluding Consumables and Skincare [Member] | ||||
Revenue | 15,541 | 37,539 | 36,500 | 64,748 |
Hand Piece Refills [Member] | ||||
Revenue | 1,426 | 2,654 | 3,959 | 4,599 |
Skincare [Member] | ||||
Revenue | 4,778 | 1,775 | 7,677 | 3,383 |
Product [Member] | ||||
Revenue | 21,745 | 41,968 | 48,136 | 72,730 |
Service [Member] | ||||
Revenue | 4,624 | 5,806 | 10,472 | 11,070 |
UNITED STATES | ||||
Revenue | 10,915 | 28,147 | 24,699 | 48,547 |
JAPAN | ||||
Revenue | 8,517 | 5,337 | 15,679 | 10,631 |
Asia, Excluding Japan [Member] | ||||
Revenue | 1,846 | 4,547 | 5,075 | 7,642 |
Europe [Member] | ||||
Revenue | 1,325 | 2,504 | 4,141 | 5,240 |
Rest of World [Member] | ||||
Revenue | $ 3,766 | $ 7,239 | $ 9,014 | $ 11,740 |
Note 15 - Subsequent Events (De
Note 15 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Millions | Jul. 09, 2020USD ($) |
Headquarters Office Lease Amendment [Member] | |
Lessee, Operating Lease, Abatement Period (Month) | 4 months |
Operating Lease, Monthly Base Rent, Amount | $ 0.2 |
Operating Lease, Monthly Base Rent, Annual Increase, Percent | 3.50% |
Revolving Credit Facility [Member] | Loan and Security Agreement [Member] | |
Debt Instrument, Term (Year) | 4 years |
Line of Credit Facility, Maximum Borrowing Capacity | $ 30 |
Line of Credit Facility, Maximum Borrowing Capacity if Liquidity Ratios Not Met, Percentage of Accounts Receivable | 80.00% |