Document And Entity Information
Document And Entity Information - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Mar. 10, 2021 | Jun. 30, 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 | FY | ||
Document Fiscal Year Focus | 2020 | ||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 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 Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
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 Public Float | $ 143,000,000 | ||
Entity Common Stock, Shares Outstanding | 17,782,872 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets: | ||
Cash and cash equivalents | $ 47,047 | $ 26,316 |
Marketable investments | 0 | 7,605 |
Accounts receivable, net of allowance for credit losses of $1,598 and $1,354, respectively | 21,962 | 21,556 |
Inventories | 28,508 | 33,921 |
Other current assets and prepaid expenses | 8,779 | 5,648 |
Total current assets | 106,296 | 95,046 |
Property and equipment, net | 2,299 | 2,817 |
Deferred tax assets | 643 | 423 |
Operating lease right-of-use assets | 17,076 | 7,702 |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 5,080 | 6,411 |
Total assets | 132,733 | 113,738 |
Current liabilities: | ||
Accounts payable | 6,684 | 12,685 |
Accrued liabilities | 31,079 | 30,307 |
Operating lease liabilities | 2,260 | 2,800 |
PPP Loan Payable | 3,630 | 0 |
Extended warranty liabilities | 1,216 | 1,999 |
Deferred revenue | 9,489 | 10,831 |
Total current liabilities | 54,358 | 58,622 |
Deferred revenue, net of current portion | 1,748 | 3,391 |
Income tax liability | 0 | 93 |
Operating lease liabilities, net of current portion | 15,950 | 5,112 |
PPP Loan payable, net of current portion | 3,555 | 0 |
Other long-term liabilities | 242 | 578 |
Total liabilities | 75,853 | 67,796 |
Commitments and contingencies (Note 11) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value: Authorized: 50,000,000 shares; Issued and outstanding: 17,679,232 and 14,315,586 shares at December 31, 2020 and 2019, respectively | 18 | 14 |
Additional paid-in capital | 117,097 | 82,346 |
Accumulated deficit | (60,235) | (36,358) |
Accumulated other comprehensive loss | 0 | (60) |
Total stockholders’ equity | 56,880 | 45,942 |
Total liabilities and stockholders’ equity | $ 132,733 | $ 113,738 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parentheticals) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Trade accounts receivable, allowance | $ 1,598 | $ 1,354 |
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) | 17,679,232 | 14,315,586 |
Common stock, outstanding (in shares) | 17,679,232 | 14,315,586 |
Consolidated Statements of Oper
Consolidated Statements of Operations - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue: | |||
Revenue | $ 147,683 | $ 181,712 | $ 162,720 |
Cost of revenue: | |||
Cost of revenue | 71,911 | 83,549 | 82,338 |
Gross profit | 75,772 | 98,163 | 80,382 |
Operating expenses: | |||
Sales and marketing | 52,766 | 71,109 | 58,420 |
Research and development | 14,322 | 15,085 | 14,359 |
General and administrative | 31,512 | 24,033 | 20,995 |
Total operating expenses | 98,600 | 110,227 | 93,774 |
Loss from operations | (22,828) | (12,064) | (13,392) |
Interest and other expense, net | (579) | (199) | (123) |
Loss before income taxes | (23,407) | (12,263) | (13,515) |
Income tax provision | 470 | 85 | 17,255 |
Net loss | $ (23,877) | $ (12,348) | $ (30,770) |
Net loss per share: | |||
Basic and diluted (in dollars per share) | $ (1.43) | $ (0.88) | $ (2.23) |
Weighted-average number of shares used in per share calculations: | |||
Basic and diluted (in shares) | 16,691 | 14,096 | 13,771 |
Product [Member] | |||
Net revenue: | |||
Revenue | $ 125,113 | $ 158,638 | $ 142,535 |
Cost of revenue: | |||
Cost of revenue | 58,325 | 64,693 | 66,843 |
Service [Member] | |||
Net revenue: | |||
Revenue | 22,570 | 23,074 | 20,185 |
Cost of revenue: | |||
Cost of revenue | $ 13,586 | $ 18,856 | $ 15,495 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net loss | $ (23,877) | $ (12,348) | $ (30,770) |
Available-for-sale investments | |||
Net change in unrealized gain (loss) on available-for-sale investments | (3) | 9 | 14 |
Less: Reclassification adjustment for net losses on investments recognized during the year | 63 | 0 | 9 |
Total change in unrealized gain (loss) on available-for-sale investments | 60 | 9 | 23 |
Other comprehensive income, net of tax | 60 | 9 | 23 |
Comprehensive loss | $ (23,817) | $ (12,339) | $ (30,747) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity - USD ($) $ in Thousands | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Common Stock [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Additional Paid-in Capital [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]Retained Earnings [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member]AOCI Attributable to Parent [Member] | Cumulative Effect, Period of Adoption, Adjusted Balance [Member] | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2017 | 13,477,973 | |||||||||
Balance at Dec. 31, 2017 | $ 0 | $ 0 | $ 3,813 | $ 0 | $ 3,813 | $ 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 | 0 | 0 | $ 1,681 | |||||
Exercise of stock options (in shares) | 271,902 | 271,902 | ||||||||
Exercise of stock options | $ 0 | 2,718 | 0 | 0 | $ 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 | $ 0 | (3,129) | 0 | 0 | (3,129) | |||||
Stock-based compensation expense | 0 | 7,157 | 0 | 0 | 7,157 | |||||
Net loss | 0 | 0 | (30,770) | 0 | (30,770) | |||||
Net change in unrealized gain on available-for-sale investments | $ 0 | 0 | 0 | 23 | 23 | |||||
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) | 82,810 | |||||||||
Issuance of common stock for employee purchase plan | $ 0 | 1,281 | 0 | 0 | $ 1,281 | |||||
Exercise of stock options (in shares) | 160,798 | 160,798 | ||||||||
Exercise of stock options | $ 0 | 1,613 | 0 | 0 | $ 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 | $ 0 | (831) | 0 | 0 | (831) | |||||
Stock-based compensation expense | 0 | 9,832 | 0 | 0 | 9,832 | |||||
Net loss | 0 | 0 | (12,348) | 0 | (12,348) | |||||
Net change in unrealized gain on available-for-sale investments | $ 0 | 0 | 0 | 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 | |||||
Issuance of common stock for employee purchase plan (in shares) | 56,751 | |||||||||
Issuance of common stock for employee purchase plan | $ 0 | 632 | 0 | 0 | $ 632 | |||||
Exercise of stock options (in shares) | 73,227 | 73,227 | ||||||||
Exercise of stock options | 947 | 0 | 0 | $ 947 | ||||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards (in shares) | 490,918 | |||||||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes, and stock awards | $ 1 | (3,429) | 0 | 0 | (3,428) | |||||
Stock-based compensation expense | 0 | 10,109 | 0 | 0 | 10,109 | |||||
Net loss | 0 | 0 | (23,877) | 0 | (23,877) | |||||
Net change in unrealized gain on available-for-sale investments | $ 0 | 0 | 0 | 60 | 60 | |||||
Issuance of common stock in connection with public offering, net of issuance costs of $2,303 (in shares) | 2,742,750 | |||||||||
Issuance of common stock in connection with public offering, net of issuance costs of $2,303 | $ 3 | 26,492 | $ 26,495 | |||||||
Balance (in shares) at Dec. 31, 2020 | 17,679,232 | 17,679,232 | ||||||||
Balance at Dec. 31, 2020 | $ 18 | $ 117,097 | $ (60,235) | $ 0 | $ 56,880 |
Consolidated Statements of St_2
Consolidated Statements of Stockholders' Equity (Parentheticals) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Offering costs | $ 2,303 | $ 0 | $ 0 |
Consolidated Statements of Cash
Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Cash flows from operating activities: | |||
Net loss | $ (23,877) | $ (12,348) | $ (30,770) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | |||
Stock-based compensation | 10,109 | 9,832 | 7,157 |
Depreciation and amortization | 1,394 | 1,548 | 1,209 |
Amortization of contract acquisition costs | 2,593 | 2,915 | 1,834 |
Impairment of capitalized cloud computing costs | 805 | 0 | 0 |
Change in deferred tax assets | (220) | 34 | 17,438 |
Provision for credit losses | 2,144 | 590 | 1,257 |
Change in right-of-use asset | 2,522 | 2,502 | 0 |
Other | 513 | (83) | 241 |
Changes in assets and liabilities: | |||
Accounts receivable | (2,550) | (2,509) | (117) |
Inventories | 5,413 | (5,907) | 768 |
Other current assets and prepaid expenses | (3,164) | (1,762) | (1,070) |
Other long-term assets | (2,067) | (3,355) | (2,754) |
Accounts payable | (6,034) | 1,406 | 4,277 |
Accrued liabilities | 944 | 7,157 | (3,781) |
Extended warranty liabilities | (783) | (1,160) | 3,159 |
Other long-term liabilities | 0 | (140) | 140 |
Operating lease liabilities | (1,598) | (2,292) | |
Deferred revenue | (2,985) | 1,656 | 1,305 |
Income tax liability | (93) | (301) | 15 |
Net cash provided by (used in) operating activities | (16,934) | (2,217) | 308 |
Cash flows from investing activities: | |||
Acquisition of property and equipment | (1,279) | (991) | (1,488) |
Disposal of property and equipment | 30 | 45 | 41 |
Proceeds from sales of marketable investments | 5,648 | 0 | 13,044 |
Proceeds from maturities of marketable investments | 28,050 | 14,700 | 10,050 |
Purchase of marketable investments | (26,060) | (12,687) | (10,874) |
Net cash provided by investing activities | 6,389 | 1,067 | 10,773 |
Cash flows from financing activities: | |||
Proceeds from exercise of stock options and employee stock purchase plan | 1,579 | 2,894 | 4,399 |
Proceeds from long-term debt | 7,167 | 0 | 0 |
Gross proceeds from issuance of common stock in connection with public offering | 28,798 | 0 | 0 |
Issuance costs on the public offering | (2,303) | 0 | 0 |
Taxes paid related to net share settlement of equity awards | (3,428) | (831) | (3,129) |
Payments on capital lease obligation | (537) | (649) | (483) |
Net cash provided by financing activities | 31,276 | 1,414 | 787 |
Net increase in cash and cash equivalents | 20,731 | 264 | 11,868 |
Cash and cash equivalents at beginning of year | 26,316 | 26,052 | 14,184 |
Cash and cash equivalents at end of year | 47,047 | 26,316 | 26,052 |
Supplemental cash flow information: | |||
Cash paid for interest | 63 | 81 | 85 |
Cash paid (refunded) for income taxes, net of (refunds) payments | (1) | 59 | 472 |
Supplemental non-cash investing and financing activities: | |||
Assets acquired under finance lease | 43 | 738 | 610 |
Assets acquired under operating lease | $ 11,735 | $ 0 | $ 0 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
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 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: enlighten , excel, Secret PRO , Juliet, Secret RF, truSculpt xeo Titan, truSculpt 3D, truSculpt iD truSculpt flex Secret PRO , 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 also maintains regional distribution centers (“RDCs”) in selection locations across the U.S. These RDCs serve as forward warehousing for systems and service parts in various geographies. 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 42 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, allowance for credit losses, sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, impairment testing for long-lived-assets, implicit and 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, assumptions used in operating and sales-type lease classification, 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, residual value of leased equipment, lease term 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 In March 2020 , 19 19 2020 December 31, 2020. 2021 19 19 19 19 19 no 2020 . COVID–19 Comparability The Company adopted the new lease standard effective January 1, 2019, not December 31, 2020 2019 December 31, 2018 December 31, 2020 2019 not December 31, 2018. 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 increased from $1.4 million at January 1, 2020 December 31, 2020, December 31, 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 In August 2020, No. 2020 06, 470 815 no not not may December 15, 2021, no December 15, 2020. The Company reviewed all other recently issued, but not not Revenue recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that are transferred to customers over time accounted for approximately 15%, 13% and 12%, respectively, of the Company’s total revenue for the years ended December 31, 2020, 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. 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 90 Consumables and other accessories The Company classifies its customers' purchases of replacement cycles for truSculpt iD truSculpt flex truSculpt 3D Secret PRO , Juliet, Secret RF , Juliet Secret RF Equipment leasing The Company leases equipment to customers through membership programs and receives a fixed monthly fee over the term of the arrangement. The Company classifies its lease income as product revenue. The Company recognizes lease income over the term of the lease if the lease is classified as an operating lease. For agreements that grant customers the right to purchase the leased system, the Company typically classifies the lease as a sales-type lease as the Company has determined it is reasonably certain that the customer will exercise the purchase option. On the commencement of sales-type leases, the Company recognizes revenue upfront in product revenue and the corresponding receivables recorded in Other current assets and prepaid expenses on the consolidated balance sheets (Notes 1 11 not December 31, 2020. 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 The Company classifies as product revenue the sales of systems, system upgrades, hand pieces, hand piece refills (applicable to Titan® truSculpt third 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 service contracts: SSP is based on observable price when sold on a standalone basis to similar customers. Loyalty Program The Company launched a customer loyalty program during the third 2018 truSculpt December 31, 2020, 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, 2020 December 31, 2019 December 31, 2020, 2019 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. The Company had no December 31, 2020. December 31, 2020, 2019 2018. Allowance for Sales Returns and Credit Losses 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. The allowance for credit losses on trade receivables is 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. The Company writes off amounts against the allowance when they are deemed uncollectible. 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 its 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 credit losses 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 an allowance for potential credit losses. As of December 31, 2020, 2019, no 10% December 31, 2020, 2019, 2018, No 10% December 31, 2020, 2019 2018. Supplier concentration The Company relies on third third may one Secret Secret PRO one 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 During the year ended December 31, 2020, 19 July 30, 2018 December 31, 2020 2019, 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 Equipment leasing 4.5 Office equipment and furniture 3 Machinery and equipment 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 2020, 2019 2018, December 31, 2020. 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 December 31, 2020, Goodwill and Intangible Assets Goodwill and intangible assets with indefinite useful lives are not fourth may no The Company continues to operate in one segment, which is considered to be the sole reporting unit and, therefore, goodwill was tested for impairment at the enterprise level. As of December 31, 2020, December 31, 2020. 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 The Company also offers services on a time-and-materials basis for detachable hand piece replacements, parts, and labor. Leases Effective January 1, 2019, 842, 12 12 not Accounting for Leases as a Lessor During the second 2020, not 606 The lease agreements are typically for three twelve no twelve two The initial direct costs related to the Company’s operating leases for equipment rentals include the related commissions paid to employees upon the origination of a lease agreement. These costs are included in Other current assets and prepaid expenses on the consolidated balance sheets and are amortized over the lease term of twelve December 31, 2020 During the fourth 2020, 12 no 606 At the commencement of these sales-type leases, the Company recognizes revenue up-front, and amounts due from the customer under the lease contract are recognized as lease receivables on the consolidated balance sheets. Interest income is recognized as net revenue over the term of the lease based on the effective interest method. The Company has elected not For these sales-type leases, the Company derecognized the underlying assets under the lease and recorded the net investment in the lease. As the Company determined at the commencement of the sales-type lease that it is reasonably certain the customer will exercise its purchase option, the Company does not no In determining the proper classification and treatment of the equipment leases, the Company used significant judgment in forming the following assumptions and estimates: lease term, implicit rate, fair value of equipment at option exercise date, useful life, residual value of the leased equipment, and the likelihood that lessees will exercise the purchase option. See Note 11 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 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 2020, 2019 2018 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. Expected Term Expected Volatility Forfeitures: 718 Risk-Free Interest Rate: c The fair value of stock options ("options") on the grant date using the closing price of the Company's common shares 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. 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 the Company’s 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, the Company recognizes 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. The Company recognizes the deferred income tax effects of a change in tax rates in the period of enactment. The Company records a valuation allowance to reduce the Company’s deferred tax assets to the net amount that the Company believes is more likely than not The Company recognizes tax benefits from uncertain tax positions if the Company believes 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, 2020 no 2017 not not On March 27, 2020, 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. Also, the issuance of the Convertible Senior Notes on March 9, 2021 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, 2020. three December 31, 2020. Segments The Company operates in one segment and reports segment information in accordance with ASC 280, one not December 31, 2020 2019, 10 |
Note 2 - Investment Securities
Note 2 - Investment Securities | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019 Cash and cash equivalents: Cash $ 47,047 $ 20,005 Cash equivalents: Money market funds — 6,311 Total cash and cash equivalents 47,047 26,316 Marketable securities: U.S. government notes — 4,114 Commercial paper — 3,491 Total marketable securities — 7,605 Total cash, cash equivalents and marketable securities $ 47,047 $ 33,921 The following tables summarize the components, and the unrealized gains and losses position, related to the Company’s cash, cash equivalents and marketable investments as of December 31, 2020 2019 December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 47,047 $ — $ — $ 47,047 Total cash, cash equivalents and marketable securities $ 47,047 $ — $ — $ 47,047 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 Commercial paper 3,491 — — 3,491 Total marketable securities 7,605 — — 7,605 Total cash, cash equivalents and marketable securities $ 33,921 $ — $ — $ 33,921 As of December 31, 2019, December 31, 2020. Fair Value Measurements As of December 31, 2020, no 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 Money market funds are highly liquid investments and are actively traded. The pricing information on these investment instruments is 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 no 1 2 December 31, 2020. |
Note 3 - Balance Sheet Detail
Note 3 - Balance Sheet Detail | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 2019, December 31, 20 20 201 9 Raw materials $ 14,874 $ 17,935 Work in process 1,030 2,016 Finished goods 12,604 13,970 Total $ 28,508 $ 33,921 Property and Equipment, net Property and equipment, net, consists of the following (in thousands): December 31, 20 20 201 9 Leasehold improvements $ 1,051 $ 867 Equipment leasing 186 — Office equipment and furniture 3,407 3,110 Machinery and equipment 7,683 7,805 12,327 11,782 Less: Accumulated depreciation (10,028 ) (8,965 ) Property and equipment, net $ 2,299 $ 2,817 Included in machinery and equipment are financed vehicles used by the Company’s sales employees. As of December 31, 2020 2019, December 31, 2020 2019 Goodwill and Other Intangible Assets Goodwill and other intangible assets comprise a patent sublicense acquired from Palomar in 2006, 2013. December 31, 2020 2019 December 31, 2020 2019 no not December 31, 2020, 2019 2018. December 31, 2020 2019. Accrued Liabilities Accrued liabilities consist of the following (in thousands): December 31, 20 20 201 9 Accrued payroll and related expenses $ 12,197 $ 14,341 Sales and marketing accruals 2,352 2,527 Warranty liability 2,908 4,401 Accrued sales tax 5,343 3,922 Other accrued liabilities 8,279 5,116 Total $ 31,079 $ 30,307 Product Remediation Liability During the fourth 2018, one one 2018. As of December 31, 2020 December 31, 2019, December 31, 2020, fourth 2020 |
Note 4 - Warranty and Extended
Note 4 - Warranty and Extended Services Contract | 12 Months Ended |
Dec. 31, 2020 | |
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 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 years ended December 31, 2020 2019 December 31, 2020 201 9 (1) Balance at beginning of year $ 4,401 $ 4,666 Add: Accruals for warranties issued during the period 4,475 7,629 Less: Settlements made during the period (5,968 ) (7,894 ) Balance at end of year $ 2,908 $ 4,401 ( 1 2019 2019 one one The settlements presented in the table exclude costs related to extended service contracts cost, which were $0.6 million and $1.1 million for the years ended December 31, 2020 2019, one |
Note 5 - Deferred Revenue
Note 5 - Deferred Revenue | 12 Months Ended |
Dec. 31, 2020 | |
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 December 31, 2020 12 The following table provides changes in the deferred contract revenue balance for the years ended December 31, 2020 2019 December 31, 2020 201 9 Balance at beginning of year $ 14,222 $ 12,566 Add: Payments received 14,131 17,127 Less: Revenue (6,337 ) (6,020 ) Less: Revenue included in the beginning balance and recognized as revenue in the current year (10,779 ) (9,451 ) Balance at end of year $ 11,237 $ 14,222 Costs for extended service contracts were $8.2 million, $9.3 million and $7.8 million, respectively, for the years ended December 31, 2020, 2019 2018. |
Note 6 - Stockholders' Equity,
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | NOTE 6—STOCKHOLDERS’ As of December 31, 2020, one two December 31, 2020, Issuances of Common Stock On April 21, 2020, As of December 31, 2020, 2004 In 1998, 1998 1998 On January 12, 2004, 2004 2004 2004 1998 1998 2012 2004 2019 At the Company’s Annual Meeting of Stockholders on June 14, 2019, 2019 2004 2004 2004 2004 2029; 2004 June 14, 2019 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 June 2020, 2019 2019 In accordance with the 2019 2004 2012, 50 October 31, 2017, one December 31, 2020, 2019 2018, In the years ended December 31, 2020, 2019 2018, first four In the years ended December 31, 2020, 2019 2018 2020 2020 December 31, 2020, 2019 2018, During the quarter ended September 30, 2019 2019 2022 2019 2020 2021 2022 2019 2022. December 31, 2020, 2019 2020 2019 December 31, 2020. None 2020 2021 2022 not December 31, 2020 On August 2, 2020, may On April 1, 2020, 2019 19, On January 12, 2004, 2004 2004 2004 2004 six 2004 first ● 600,000 shares; ● 2.0% The Company’s Board of Directors did not January 1, 2021, 2020 2019. six December 31, 2020, 2019, 2018, 2004 December 31, 2020, Option and Award Activity Activity under the 2004 2019 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, 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 Additional shares reserved (2) 600,000 Options granted (71,088 ) 71,088 $ 14.85 Options exercised — (73,227 ) $ 12.91 Options cancelled (expired or forfeited) 76,553 (76,553 ) $ 36.65 Stock awards granted (804,949 ) — — Stock awards cancelled (expired or forfeited) 522,949 — — Balances as of December 31, 2020 1,085,170 217,007 $ 22.35 3.75 $ 1.47 Exercisable as of December 31, 2020 132,641 $ 24.60 2.84 $ 1.47 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2020 212,025 $ 22.31 3.63 $ 1,451 ( 1 Based on the closing stock price of $24.11 of the Company’s stock on December 31, 2020, December 31, 2019, December 31, 2018 December 31, 2017. ( 2 Approved by the board of directors and stockholders in 2019 2020. 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, 2020. 2020, 2019 2018 December 31, 2020 Exercise Prices Number Outstanding Contractual Life (in years) Number Exercisable $9.65 - $10.79 22,319 1.08 22,319 $10.80 - $14.04 34,459 2.23 34,459 $14.01 60,000 4.59 — $15.32 - $18.55 8,396 2.64 8,271 $18.93 11,088 9.83 — $19.55 10,000 3.32 9,375 $25.70 11,000 3.59 9,730 $39.30 45,000 3.83 37,292 $47.40 7,745 3.96 6,132 $53.90 7,000 4.20 5,063 $ 9.65 - $53.9 217,007 3.75 132,641 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, 2017 510,587 $ 24.88 $ 23,155 Granted 265,124 $ 44.57 Vested (3) (231,515 ) $ 21.10 $ 9,483 (4) 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 (5) Forfeited (161,022 ) $ 37.91 Outstanding at December 31, 2019 1,104,802 $ 22.10 $ 37,442 Granted 667,694 $ 20.66 Vested (3) (684,491 ) $ 17.82 $ 12,036 (6) Forfeited (308,248 ) $ 23.24 Outstanding at December 31, 2020 779,757 $ 23.96 $ 18,800 ( 1 ( 2 December 31, 2020, December 31, 2019, December 31, 2018, December 31, 2017. ( 3 ( 4 ( 5 ( 6 Stock-Based Compensation Stock-based compensation expense for the years ended December 31, 2020, 2019 2018 Year Ended December 31, 20 20 201 9 201 8 Stock options $ 370 $ 622 $ 838 RSUs 8,849 4,786 4,648 PSUs 666 3,948 1,105 ESPP 224 476 566 Total stock-based compensation expense $ 10,109 $ 9,832 $ 7,157 As of December 31, 2020, 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 through exercise of options and shares purchased through ESPP, net of taxes withheld and paid, in 2020, 2019 2018 Total stock-based compensation expense recognized during the year ended December 31, 2020, 2019 2018 Year Ended December 31, 20 20 201 9 201 8 Cost of revenue $ 1,665 $ 1,572 $ 743 Sales and marketing 3,385 4,510 2,105 Research and development 1,669 1,536 824 General and administrative 3,390 2,214 3,485 Total stock-based compensation expense $ 10,109 $ 9,832 $ 7,157 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 Stock Purchase Plan (ESPP) 20 20 201 9 201 8 20 20 201 9 201 8 Expected term (in years) (1) 4.84 3.65 3.70 0.50 0.50 0.50 Risk-free interest rate (2) 0.15 % 1.64 % 2.60 % 0.11 % 2.49 % 2.34 % Volatility (3) 63 % 54 % 44 % 76 % 70 % 61 % Dividend yield (4) — % — % — % — % — % — % Weighted average estimated fair value at grant date $ 7.63 $ 14.83 $ 18.00 $ 6.13 $ 9.60 $ 9.60 ( 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 ESPP participation right as of the date of grant. ( 3 Estimated volatility is based on historical volatility. The Company estimates volatility based on the Company’s historical volatility of its stock price. ( 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 2020 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 2020, 2019, 2018, not |
Note 7 - Income Taxes
Note 7 - Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
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, 20 20 201 9 201 8 U.S. $ (25,793 ) $ (13,037 ) $ (14,177 ) Foreign 2,386 774 662 Loss before income taxes $ (23,407 ) $ (12,263 ) $ (13,515 ) The components of the provision (benefit) for income taxes are as follows (in thousands): Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ (15 ) State (53 ) 101 123 Foreign 747 (76 ) 303 Total Current 694 25 411 Deferred: Federal 2 2 15,674 State 1 1 1,230 Foreign (227 ) 57 (60 ) Total Deferred (224 ) 60 16,844 Tax provision $ 470 $ 85 $ 17,255 The Company’s net deferred tax assets consist of the following (in thousands): December 31, 20 20 201 9 Net operating loss carryforwards $ 18,270 $ 14,507 Stock-based compensation 869 1,111 Other accruals and reserves 3,670 2,202 Credits 12,653 11,887 Accrued warranty 976 924 Depreciation and amortization 2,191 2,354 Other 979 897 Operating Lease Liability 4,311 3,949 Deferred tax asset before valuation allowance 43,919 37,831 Valuation allowance (38,321 ) (32,350 ) Deferred tax asset after valuation allowance 5,598 5,481 Deferred contract acquisition costs (803 ) (1,076 ) Goodwill (110 ) (97 ) Right of Use Asset (4,042 ) (3,885 ) Net deferred tax asset $ 643 $ 423 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, 2020 2019 2018 U.S. federal statutory income tax rate 21.00 % 21.00 % 21.00 % State tax rate 2.77 2.82 (4.95 ) Meals and entertainment (0.65 ) (2.83 ) (2.66 ) Permanent differences (2.87 ) (2.58 ) — Stock-based compensation (1.07 ) 3.78 13.66 SAB 118 Change in Estimate — — (2.43 ) Foreign rate differential (1.05 ) (0.34 ) 0.11 Other 0.15 (0.33 ) (1.21 ) General business credit 2.74 8.14 4.31 Valuation allowance (25.51 ) (38.60 ) (155.49 ) Change in prior year reserves 0.40 2.53 — Deferred true-up 2.08 5.71 — Effective tax rate (2.01 )% (0.70 )% (127.66 )% As of December 31, 2020, not December 31, 2020 2019, not At December 31, 2020, not 2029 2039. December 31, 2017 no December 31, 2020, 2024, no 2021. On March 27, 2020, December 2020, 2021 not not Federal and state laws can impose substantial restrictions on the utilization of net operating loss and tax credit carryforwards in the event of an “ownership change,” as defined in Section 382 no No deferred tax liabilities have been recorded relating to the earnings of the Company’s foreign subsidiaries since all such earnings are intended to be indefinitely reinvested. The amount of the unrecognized deferred tax liability associated with these earnings is immaterial. 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 2020 2015 2020 The following table summarizes the activity related to the Company’s gross unrecognized tax benefits, excluding related interest and penalties, in December 31, 2018 December 31, 2020 ( Year Ended December 31, 20 20 201 9 201 8 Balance at beginning of year $ 1,426 $ 1,563 $ 1,519 Decreases related to prior year tax positions (32 ) (291 ) (70 ) Increases related to prior year tax positions — 25 — Increases related to current year tax positions 470 129 114 Balance at end of year $ 1,864 $ 1,426 $ 1,563 It is the Company’s policy to recognize interest and penalties related to income tax matters in income tax expense. The amount of interest and penalties recognized in income tax expense was immaterial for the years ended December 31, 2020 December 31, 2019. December 31, 2020, |
Note 8 - Net Loss Per Share
Note 8 - Net Loss Per Share | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | NOTE 8—NET Basic net loss per share is computed by dividing the net loss by the weighted-average number of shares outstanding during the period, without consideration for potential dilutive shares of common stock, such as in-the-money equity awards (stock options, RSUs, PSUs and employee stock purchase plan contributions). Shares of common stock subject to repurchase are excluded from the weighted-average shares. Since the Company was in a loss position for all periods presented, basic net loss per share is the same as diluted net loss per share since the effects of potentially dilutive securities are antidilutive. 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): Year Ended December 31, 20 20 201 9 201 8 Numerator: Net loss (in thousands) $ (23,877 ) $ (12,348 ) $ (30,770 ) Denominator: Weighted average shares of common stock outstanding used in computing net loss per share, basic and diluted 16,691 14,096 13,771 Net loss per share Net loss per share, basic and diluted $ (1.43 ) $ (0.88 ) $ (2.23 ) On March 9, 2021, 13 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, 20 20 201 9 201 8 Options to purchase common stock 244 417 664 Restricted stock units 724 559 432 Employee stock purchase plan shares 87 111 133 Performance stock units 68 178 43 Total 1,123 1,265 1,272 |
Note 9 - Defined Contribution P
Note 9 - Defined Contribution Plan | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Retirement Benefits [Text Block] | NOTE 9—DEFINED CONTRIBUTION PLAN In the U.S., the Company has an employee savings plan ( “401 401 may 401 2020, 2019 2018, 401 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, 2020, three not |
Note 10 - Segment Information a
Note 10 - Segment Information and Revenue by Geography and Products | 12 Months Ended |
Dec. 31, 2020 | |
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 makers ("CODM") are its Chief Executive Officer ("CEO") and Chief Financial Officer (“CFO”), who make decisions on allocating resources and in assessing performance. The CEO and CFO review the Company's consolidated results as one operating segment. In making operating decisions, the CODM 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 CODM view its operations, manages its business, and uses one one The following table presents a summary of revenue by geography for the year ended December 31, 2020, 2019 2018 Year Ended December 31, 20 20 201 9 201 8 Revenue mix by geography: United States $ 61,202 $ 106,243 $ 101,862 Japan 43,265 24,142 17,819 Asia, excluding Japan 11,900 16,110 15,467 Europe 9,503 10,596 8,875 Rest of the world 21,813 24,621 18,697 Total Consolidated revenue $ 147,683 $ 181,712 $ 162,720 Revenue mix by product category: Systems $ 90,765 $ 140,478 $ 132,595 Consumables 9,287 9,648 4,162 Skincare 25,061 8,512 5,778 Total product revenue 125,113 158,638 142,535 Service 22,570 23,074 20,185 Total Consolidated revenue $ 147,683 $ 181,712 $ 162,720 |
Note 11 - Commitments and Conti
Note 11 - Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Lessee, Leases [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 consist of automobiles. The Company’s 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. 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 million and $10.1 million, respectively, as of January 1, 2019, no 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 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): Year Ended December 31, 2020 2019 Assets Classification Right-of-use assets Operating lease right-of-use assets $ 17,076 $ 7,702 Finance lease Property and equipment, net (1) 467 1,008 Total leased assets $ 17,543 $ 8,710 ( 1 Year Ended December 31, 2020 2019 Liabilities Classification Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,260 $ 2,800 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 15,950 5,112 Total operating lease liabilities $ 18,210 $ 7,912 Year Ended December 31, Classification 2020 2019 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 370 $ 541 Finance lease liabilities, non-current Other long-term liabilities 241 578 Total finance lease liabilities $ 611 $ 1,119 Lease costs during the twelve December 31, 2020 December 31, 2019 ( Year Ended December 31, 2020 2019 Finance lease cost Amortization expense $ 431 $ 704 Finance lease cost Interest for finance lease $ 63 $ 88 Operating lease cost Operating lease expense $ 3,275 $ 2,892 Cash paid for amounts included in the measurement of lease liabilities during the twelve December 31, 2020 December 31, 2019 Year Ended December 31, 2020 2019 Operating cash flow Finance lease $ 63 $ 88 Financing cash flow Finance lease $ 537 $ 649 Operating cash flow Operating lease $ 2,139 $ 2,820 Maturities of lease liabilities Maturities of operating lease liabilities were as follows as of December 31, 2020 Amount 2021 $ 3,062 2022 3,112 2023 3,207 2024 2,884 2025 2,875 Thereafter 6,308 Total lease payments 21,448 Less: imputed interest (3,238 ) Present value of lease liabilities $ 18,210 Vehicle Leases As of December 31, 2020, Amount 2021 $ 374 2022 249 2023 12 Total lease payments 635 Less: imputed interest (24 ) Present value of lease liabilities $ 611 Weighted-average remaining lease term and discount rate, as of December 31, 2020, Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 6.7 Finance leases 2.2 Weighted-average discount rate Operating leases 4.7 % Finance leases 5.6 % Lessor Information related to the Company’s system leasing The Company also enters into leasing transactions, in which the Company is the lessor, offered through the Company's membership program. The Company's leases for equipment rentals were all accounted for as operating leases during the second third 2020. During the fourth December 31, 2020, 12 December 31, 2020, For the sales-type leases, the net investment of the Company’s lease receivable is measured at the commencement date and is included in the consolidated balance sheets as a component of Other current assets and prepaid expenses. The following table, which reflects management’s assumption that lessees will exercise the purchase option, summarizes the amount of sales-type lease income included in product revenue in the accompanying consolidated statements of operations for the year ended December 31, 2020 ( Year Ended December 31, 2020 Gross future lease payments from Customers $ 790 Less: Present value of lease receipts and purchase option price (1) 683 Difference between undiscounted cash flows and discounted cash flows $ 107 ( 1 December 31, 2020. The revenue related to non-lease components, which comprise service contracts and consumables, are deferred and recognized either over time or at the point of delivery. The non-lease component revenue amount as of December 31, 2020 Equipment lease revenue for operating lease agreements is recognized over the life of the lease. The following table summarizes the amount of operating lease income included in product revenue in the accompanying consolidated statements of operations for the year ended December 31, 2020 ( Year Ended December 31, 2020 Operating lease income from equipment rentals $ 367 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 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 December 31, 2020 2019, Nil, not |
Note 12 - Debt
Note 12 - Debt | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | NOTE 12—DEBT Loan and Security Agreement On May 30, 2018, On July 9, 2020, four July 9, 2024. Covenants In order to draw on the full amount of the SVB Revolving Line of Credit, the Company must satisfy certain liquidity ratios. If the Company is unable to meet these liquidity ratios, then availability under the revolving line is calculated as 80% of the Company’s qualifying accounts receivable. The proceeds of the revolving loans may five July 9, 2020, twelve The Loan and Security Agreement with Silicon Valley Bank contains customary affirmative covenants, such as financial statement reporting requirements and delivery of borrowing base certificates, as well as customary covenants that restrict the Company’s ability to, among other things, incur additional indebtedness, sell certain assets, guarantee obligations of third twelve As of December 31, 2020, not The Paycheck Protection Program (PPP) Loan On April 22, 2020, April 21, 2020, April 21, 2022 1.00% September 2021. 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 December 31, 2020. no The PPP loan will be derecognized upon repayment of the loan in accordance with its terms and/or upon confirmation of forgiveness from the SBA. |
Note 13 - Subsequent Events
Note 13 - Subsequent Events | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Subsequent Events [Text Block] | NOTE 13—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 March 9, 2021, 2026 144A 1933, March 5, 2021, The Company entered into capped call transactions, in connection with the offering, with one The net proceeds from the offering, before deducting purchasers’ discounts and offering expenses were approximately $134.1 million. The Company used $16.1 million of the net proceeds to pay the cost of the capped call transactions described above and the remainder of the net proceeds for general corporate purposes, which may In connection with the offering, the Company entered into Amendment No. 1 March 4, 2021, July 9, 2020 The Company has become aware that InMode Ltd. has filed a complaint with the United States International Trade Commission alleging that Ilooda, Co., Ltd’s Secret RF fractional radiofrequency microneedling system, distributed in the United States by the Company, infringes U.S. Patent No. 10,799,285 "285 not not third may |
Supplementary Financial Data (U
Supplementary Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
Quarterly Financial Information [Text Block] | SUPPLEMENTARY FINANCIAL DATA (UNAUDITED) (In thousands, except per share amounts) Quarter ended: Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Net revenue $ 49,943 $ 39,132 $ 26,369 $ 32,239 $ 51,795 $ 46,117 $ 47,774 $ 36,026 Cost of revenue 21,877 17,386 14,745 17,903 23,005 19,884 21,943 18,717 Gross profit 28,066 21,746 11,624 14,336 28,790 26,233 25,831 17,309 Operating expenses: Sales and marketing 14,656 12,286 11,035 14,789 20,323 17,691 16,992 16,104 Research and development 4,029 3,432 2,991 3,870 4,463 3,643 3,273 3,706 General and administrative 7,938 7,239 8,529 7,806 5,933 7,308 5,267 5,525 Total operating expenses 26,623 22,957 22,555 26,465 30,719 28,642 25,532 25,335 Income (loss) from operations 1,443 (1,211 ) (10,931 ) (12,129 ) (1,929 ) (2,409 ) 299 (8,026 ) Interest and other income (expense), net 7 (382 ) 3 (207 ) (20 ) (146 ) 46 (79 ) Income (loss) before income taxes 1,450 (1,593 ) (10,928 ) (12,336 ) (1,949 ) (2,555 ) 345 (8,105 ) Income tax provision (benefit) (738 ) 664 466 78 139 73 (243 ) 115 Net income (loss) $ 2,188 $ (2,257 ) $ (11,394 ) $ (12,414 ) $ (2,088 ) $ (2,628 ) $ 588 $ (8,220 ) Net income (loss) per share-basic $ 0.12 $ (0.13 ) $ (0.67 ) $ (0.86 ) $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) Net income (loss) per share- diluted $ 0.12 $ (0.13 ) $ (0.67 ) $ (0.86 ) $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 Weighted average number of shares used in per share calculations: Basic 17,653 17,603 17,055 14,433 14,261 14,182 14,086 14,017 Diluted 17,840 17,603 17,055 14,433 14,261 14,182 14,356 14,017 |
Schedule II - Valuation and Qua
Schedule II - Valuation and Qualifying Accounts | 12 Months Ended |
Dec. 31, 2020 | |
Notes to Financial Statements | |
SEC Schedule, 12-09, Schedule of Valuation and Qualifying Accounts Disclosure [Text Block] | VALUATION AND QUALIFYING ACCOUNTS (in thousands) For the Years Ended December 31, 20 20 , 2019 and 201 8 Balance at Beginning of Year Additions Deductions Balance at End of Year Deferred tax assets valuation allowance Year ended December 31, 2020 $ 32,350 $ 7,986 $ 2,015 $ 38,321 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 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for credit losses, accounts receivable Year ended December 31, 2020 $ 1,354 $ 2,144 $ 1,900 $ 1,598 Year ended December 31, 2019 $ 1,257 $ 1,361 $ 1,264 $ 1,354 Year ended December 31, 2018 $ 9 $ 1,880 $ 632 $ 1,257 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 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 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: enlighten , excel, Secret PRO , Juliet, Secret RF, truSculpt xeo Titan, truSculpt 3D, truSculpt iD truSculpt flex Secret PRO , 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 also maintains regional distribution centers (“RDCs”) in selection locations across the U.S. These RDCs serve as forward warehousing for systems and service parts in various geographies. 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 42 |
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, allowance for credit losses, sales allowances, valuation of inventories, fair value of goodwill, useful lives of property and equipment, impairment testing for long-lived-assets, implicit and 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, assumptions used in operating and sales-type lease classification, 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, residual value of leased equipment, lease term 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 In March 2020 , 19 19 2020 December 31, 2020. 2021 19 19 19 19 19 no 2020 . COVID–19 |
Comparability of Prior Year Financial Data, Policy [Policy Text Block] | Comparability The Company adopted the new lease standard effective January 1, 2019, not December 31, 2020 2019 December 31, 2018 December 31, 2020 2019 not December 31, 2018. |
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 increased from $1.4 million at January 1, 2020 December 31, 2020, December 31, 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 In August 2020, No. 2020 06, 470 815 no not not may December 15, 2021, no December 15, 2020. The Company reviewed all other recently issued, but not not |
Revenue from Contract with Customer [Policy Text Block] | Revenue recognition Revenue is recognized upon transfer of control of promised products or services to customers in an amount that reflects the consideration to which the Company expects to be entitled in exchange for promised goods or services. The Company’s performance obligations are satisfied either over time or at a point in time. Revenue from performance obligations that are transferred to customers over time accounted for approximately 15%, 13% and 12%, respectively, of the Company’s total revenue for the years ended December 31, 2020, 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. 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 90 Consumables and other accessories The Company classifies its customers' purchases of replacement cycles for truSculpt iD truSculpt flex truSculpt 3D Secret PRO , Juliet, Secret RF , Juliet Secret RF Equipment leasing The Company leases equipment to customers through membership programs and receives a fixed monthly fee over the term of the arrangement. The Company classifies its lease income as product revenue. The Company recognizes lease income over the term of the lease if the lease is classified as an operating lease. For agreements that grant customers the right to purchase the leased system, the Company typically classifies the lease as a sales-type lease as the Company has determined it is reasonably certain that the customer will exercise the purchase option. On the commencement of sales-type leases, the Company recognizes revenue upfront in product revenue and the corresponding receivables recorded in Other current assets and prepaid expenses on the consolidated balance sheets (Notes 1 11 not December 31, 2020. 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 The Company classifies as product revenue the sales of systems, system upgrades, hand pieces, hand piece refills (applicable to Titan® truSculpt third 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 service contracts: SSP is based on observable price when sold on a standalone basis to similar customers. Loyalty Program The Company launched a customer loyalty program during the third 2018 truSculpt December 31, 2020, 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, 2020 December 31, 2019 December 31, 2020, 2019 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. The Company had no December 31, 2020. December 31, 2020, 2019 2018. |
Allowances for Sales Returns and Doubtful Accounts [Policy Text Block] | Allowance for Sales Returns and Credit Losses 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. The allowance for credit losses on trade receivables is 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. The Company writes off amounts against the allowance when they are deemed uncollectible. |
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 its 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 credit losses 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 an allowance for potential credit losses. As of December 31, 2020, 2019, no 10% December 31, 2020, 2019, 2018, No 10% December 31, 2020, 2019 2018. Supplier concentration The Company relies on third third may one Secret Secret PRO one |
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 During the year ended December 31, 2020, 19 July 30, 2018 December 31, 2020 2019, |
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 Equipment leasing 4.5 Office equipment and furniture 3 Machinery and equipment 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 2020, 2019 2018, December 31, 2020. |
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 December 31, 2020, Goodwill and Intangible Assets Goodwill and intangible assets with indefinite useful lives are not fourth may no The Company continues to operate in one segment, which is considered to be the sole reporting unit and, therefore, goodwill was tested for impairment at the enterprise level. As of December 31, 2020, December 31, 2020. |
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 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 Effective January 1, 2019, 842, 12 12 not |
Lessor, Leases [Policy Text Block] | Accounting for Leases as a Lessor During the second 2020, not 606 The lease agreements are typically for three twelve no twelve two The initial direct costs related to the Company’s operating leases for equipment rentals include the related commissions paid to employees upon the origination of a lease agreement. These costs are included in Other current assets and prepaid expenses on the consolidated balance sheets and are amortized over the lease term of twelve December 31, 2020 During the fourth 2020, 12 no 606 At the commencement of these sales-type leases, the Company recognizes revenue up-front, and amounts due from the customer under the lease contract are recognized as lease receivables on the consolidated balance sheets. Interest income is recognized as net revenue over the term of the lease based on the effective interest method. The Company has elected not For these sales-type leases, the Company derecognized the underlying assets under the lease and recorded the net investment in the lease. As the Company determined at the commencement of the sales-type lease that it is reasonably certain the customer will exercise its purchase option, the Company does not no In determining the proper classification and treatment of the equipment leases, the Company used significant judgment in forming the following assumptions and estimates: lease term, implicit rate, fair value of equipment at option exercise date, useful life, residual value of the leased equipment, and the likelihood that lessees will exercise the purchase option. See Note 11 |
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 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 2020, 2019 2018 |
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. Expected Term Expected Volatility Forfeitures: 718 Risk-Free Interest Rate: c The fair value of stock options ("options") on the grant date using the closing price of the Company's common shares 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. 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 the Company’s 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, the Company recognizes 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. The Company recognizes the deferred income tax effects of a change in tax rates in the period of enactment. The Company records a valuation allowance to reduce the Company’s deferred tax assets to the net amount that the Company believes is more likely than not The Company recognizes tax benefits from uncertain tax positions if the Company believes 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, 2020 no 2017 not not On March 27, 2020, 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. Also, the issuance of the Convertible Senior Notes on March 9, 2021 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, 2020. three December 31, 2020. |
Segment Reporting, Policy [Policy Text Block] | Segments The Company operates in one segment and reports segment information in accordance with ASC 280, one not December 31, 2020 2019, 10 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Property, Plant, and Equipment Useful Lives [Table Text Block] | Useful Lives Leasehold improvements Lesser of useful life or term of lease Equipment leasing 4.5 Office equipment and furniture 3 Machinery and equipment 3 |
Note 2 - Investment Securities
Note 2 - Investment Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Cash, Cash Equivalents and Investments [Table Text Block] | December 31, 2020 2019 Cash and cash equivalents: Cash $ 47,047 $ 20,005 Cash equivalents: Money market funds — 6,311 Total cash and cash equivalents 47,047 26,316 Marketable securities: U.S. government notes — 4,114 Commercial paper — 3,491 Total marketable securities — 7,605 Total cash, cash equivalents and marketable securities $ 47,047 $ 33,921 |
Unrealized Gain (Loss) on Investments [Table Text Block] | December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Market Value Cash and cash equivalents $ 47,047 $ — $ — $ 47,047 Total cash, cash equivalents and marketable securities $ 47,047 $ — $ — $ 47,047 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 Commercial paper 3,491 — — 3,491 Total marketable securities 7,605 — — 7,605 Total cash, cash equivalents and marketable securities $ 33,921 $ — $ — $ 33,921 |
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 |
Note 3 - Balance Sheet Detail (
Note 3 - Balance Sheet Detail (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | December 31, 20 20 201 9 Raw materials $ 14,874 $ 17,935 Work in process 1,030 2,016 Finished goods 12,604 13,970 Total $ 28,508 $ 33,921 |
Property, Plant and Equipment [Table Text Block] | December 31, 20 20 201 9 Leasehold improvements $ 1,051 $ 867 Equipment leasing 186 — Office equipment and furniture 3,407 3,110 Machinery and equipment 7,683 7,805 12,327 11,782 Less: Accumulated depreciation (10,028 ) (8,965 ) Property and equipment, net $ 2,299 $ 2,817 |
Schedule of Accrued Liabilities [Table Text Block] | December 31, 20 20 201 9 Accrued payroll and related expenses $ 12,197 $ 14,341 Sales and marketing accruals 2,352 2,527 Warranty liability 2,908 4,401 Accrued sales tax 5,343 3,922 Other accrued liabilities 8,279 5,116 Total $ 31,079 $ 30,307 |
Note 4 - Warranty and Extende_2
Note 4 - Warranty and Extended Services Contract (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | December 31, 2020 201 9 (1) Balance at beginning of year $ 4,401 $ 4,666 Add: Accruals for warranties issued during the period 4,475 7,629 Less: Settlements made during the period (5,968 ) (7,894 ) Balance at end of year $ 2,908 $ 4,401 |
Note 5 - Deferred Revenue (Tabl
Note 5 - Deferred Revenue (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | December 31, 2020 201 9 Balance at beginning of year $ 14,222 $ 12,566 Add: Payments received 14,131 17,127 Less: Revenue (6,337 ) (6,020 ) Less: Revenue included in the beginning balance and recognized as revenue in the current year (10,779 ) (9,451 ) Balance at end of year $ 11,237 $ 14,222 |
Note 6 - Stockholders' Equity_2
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 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 Additional shares reserved (2) 600,000 Options granted (71,088 ) 71,088 $ 14.85 Options exercised — (73,227 ) $ 12.91 Options cancelled (expired or forfeited) 76,553 (76,553 ) $ 36.65 Stock awards granted (804,949 ) — — Stock awards cancelled (expired or forfeited) 522,949 — — Balances as of December 31, 2020 1,085,170 217,007 $ 22.35 3.75 $ 1.47 Exercisable as of December 31, 2020 132,641 $ 24.60 2.84 $ 1.47 Vested and expected to vest, net of estimated forfeitures, as of December 31, 2020 212,025 $ 22.31 3.63 $ 1,451 |
Share-based Payment Arrangement, Option, Exercise Price Range [Table Text Block] | Exercise Prices Number Outstanding Contractual Life (in years) Number Exercisable $9.65 - $10.79 22,319 1.08 22,319 $10.80 - $14.04 34,459 2.23 34,459 $14.01 60,000 4.59 — $15.32 - $18.55 8,396 2.64 8,271 $18.93 11,088 9.83 — $19.55 10,000 3.32 9,375 $25.70 11,000 3.59 9,730 $39.30 45,000 3.83 37,292 $47.40 7,745 3.96 6,132 $53.90 7,000 4.20 5,063 $ 9.65 - $53.9 217,007 3.75 132,641 |
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, 2017 510,587 $ 24.88 $ 23,155 Granted 265,124 $ 44.57 Vested (3) (231,515 ) $ 21.10 $ 9,483 (4) 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 (5) Forfeited (161,022 ) $ 37.91 Outstanding at December 31, 2019 1,104,802 $ 22.10 $ 37,442 Granted 667,694 $ 20.66 Vested (3) (684,491 ) $ 17.82 $ 12,036 (6) Forfeited (308,248 ) $ 23.24 Outstanding at December 31, 2020 779,757 $ 23.96 $ 18,800 |
Share-based Payment Arrangement, Cost by Plan [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Stock options $ 370 $ 622 $ 838 RSUs 8,849 4,786 4,648 PSUs 666 3,948 1,105 ESPP 224 476 566 Total stock-based compensation expense $ 10,109 $ 9,832 $ 7,157 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Cost of revenue $ 1,665 $ 1,572 $ 743 Sales and marketing 3,385 4,510 2,105 Research and development 1,669 1,536 824 General and administrative 3,390 2,214 3,485 Total stock-based compensation expense $ 10,109 $ 9,832 $ 7,157 |
Valuation Assumptions and Fair Value of Stock Options and ESPP Grants [Table Text Block] | Stock Options Stock Purchase Plan (ESPP) 20 20 201 9 201 8 20 20 201 9 201 8 Expected term (in years) (1) 4.84 3.65 3.70 0.50 0.50 0.50 Risk-free interest rate (2) 0.15 % 1.64 % 2.60 % 0.11 % 2.49 % 2.34 % Volatility (3) 63 % 54 % 44 % 76 % 70 % 61 % Dividend yield (4) — % — % — % — % — % — % Weighted average estimated fair value at grant date $ 7.63 $ 14.83 $ 18.00 $ 6.13 $ 9.60 $ 9.60 |
Note 7 - Income Taxes (Tables)
Note 7 - Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Income before Income Tax, Domestic and Foreign [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 U.S. $ (25,793 ) $ (13,037 ) $ (14,177 ) Foreign 2,386 774 662 Loss before income taxes $ (23,407 ) $ (12,263 ) $ (13,515 ) |
Schedule of Components of Income Tax Expense (Benefit) [Table Text Block] | Year Ended December 31, 2020 2019 2018 Current: Federal $ — $ — $ (15 ) State (53 ) 101 123 Foreign 747 (76 ) 303 Total Current 694 25 411 Deferred: Federal 2 2 15,674 State 1 1 1,230 Foreign (227 ) 57 (60 ) Total Deferred (224 ) 60 16,844 Tax provision $ 470 $ 85 $ 17,255 |
Schedule of Deferred Tax Assets and Liabilities [Table Text Block] | December 31, 20 20 201 9 Net operating loss carryforwards $ 18,270 $ 14,507 Stock-based compensation 869 1,111 Other accruals and reserves 3,670 2,202 Credits 12,653 11,887 Accrued warranty 976 924 Depreciation and amortization 2,191 2,354 Other 979 897 Operating Lease Liability 4,311 3,949 Deferred tax asset before valuation allowance 43,919 37,831 Valuation allowance (38,321 ) (32,350 ) Deferred tax asset after valuation allowance 5,598 5,481 Deferred contract acquisition costs (803 ) (1,076 ) Goodwill (110 ) (97 ) Right of Use Asset (4,042 ) (3,885 ) Net deferred tax asset $ 643 $ 423 |
Schedule of Effective Income Tax Rate Reconciliation [Table Text Block] | Year Ended December 31, 2020 2019 2018 U.S. federal statutory income tax rate 21.00 % 21.00 % 21.00 % State tax rate 2.77 2.82 (4.95 ) Meals and entertainment (0.65 ) (2.83 ) (2.66 ) Permanent differences (2.87 ) (2.58 ) — Stock-based compensation (1.07 ) 3.78 13.66 SAB 118 Change in Estimate — — (2.43 ) Foreign rate differential (1.05 ) (0.34 ) 0.11 Other 0.15 (0.33 ) (1.21 ) General business credit 2.74 8.14 4.31 Valuation allowance (25.51 ) (38.60 ) (155.49 ) Change in prior year reserves 0.40 2.53 — Deferred true-up 2.08 5.71 — Effective tax rate (2.01 )% (0.70 )% (127.66 )% |
Schedule of Unrecognized Tax Benefits Roll Forward [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Balance at beginning of year $ 1,426 $ 1,563 $ 1,519 Decreases related to prior year tax positions (32 ) (291 ) (70 ) Increases related to prior year tax positions — 25 — Increases related to current year tax positions 470 129 114 Balance at end of year $ 1,864 $ 1,426 $ 1,563 |
Note 8 - Net Loss Per Share (Ta
Note 8 - Net Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Numerator: Net loss (in thousands) $ (23,877 ) $ (12,348 ) $ (30,770 ) Denominator: Weighted average shares of common stock outstanding used in computing net loss per share, basic and diluted 16,691 14,096 13,771 Net loss per share Net loss per share, basic and diluted $ (1.43 ) $ (0.88 ) $ (2.23 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Options to purchase common stock 244 417 664 Restricted stock units 724 559 432 Employee stock purchase plan shares 87 111 133 Performance stock units 68 178 43 Total 1,123 1,265 1,272 |
Note 10 - Segment Information_2
Note 10 - Segment Information and Revenue by Geography and Products (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Year Ended December 31, 20 20 201 9 201 8 Revenue mix by geography: United States $ 61,202 $ 106,243 $ 101,862 Japan 43,265 24,142 17,819 Asia, excluding Japan 11,900 16,110 15,467 Europe 9,503 10,596 8,875 Rest of the world 21,813 24,621 18,697 Total Consolidated revenue $ 147,683 $ 181,712 $ 162,720 Revenue mix by product category: Systems $ 90,765 $ 140,478 $ 132,595 Consumables 9,287 9,648 4,162 Skincare 25,061 8,512 5,778 Total product revenue 125,113 158,638 142,535 Service 22,570 23,074 20,185 Total Consolidated revenue $ 147,683 $ 181,712 $ 162,720 |
Note 11 - Commitments and Con_2
Note 11 - Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Accounting Standards Update and Change in Accounting Principle [Table Text Block] | 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 — |
Leases, Financial Statement Information [Table Text Block] | Year Ended December 31, 2020 2019 Assets Classification Right-of-use assets Operating lease right-of-use assets $ 17,076 $ 7,702 Finance lease Property and equipment, net (1) 467 1,008 Total leased assets $ 17,543 $ 8,710 Year Ended December 31, 2020 2019 Liabilities Classification Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,260 $ 2,800 Operating lease liabilities , non-current Operating lease liabilities, net of current portion 15,950 5,112 Total operating lease liabilities $ 18,210 $ 7,912 Year Ended December 31, Classification 2020 2019 Finance lease liabilities Finance lease liabilities, current Accrued liabilities $ 370 $ 541 Finance lease liabilities, non-current Other long-term liabilities 241 578 Total finance lease liabilities $ 611 $ 1,119 Year Ended December 31, 2020 2019 Finance lease cost Amortization expense $ 431 $ 704 Finance lease cost Interest for finance lease $ 63 $ 88 Operating lease cost Operating lease expense $ 3,275 $ 2,892 Year Ended December 31, 2020 2019 Operating cash flow Finance lease $ 63 $ 88 Financing cash flow Finance lease $ 537 $ 649 Operating cash flow Operating lease $ 2,139 $ 2,820 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | Amount 2021 $ 3,062 2022 3,112 2023 3,207 2024 2,884 2025 2,875 Thereafter 6,308 Total lease payments 21,448 Less: imputed interest (3,238 ) Present value of lease liabilities $ 18,210 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | Amount 2021 $ 374 2022 249 2023 12 Total lease payments 635 Less: imputed interest (24 ) Present value of lease liabilities $ 611 |
Lease, Cost [Table Text Block] | Lease Term and Discount Rate Weighted-average remaining lease term (years) Operating leases 6.7 Finance leases 2.2 Weighted-average discount rate Operating leases 4.7 % Finance leases 5.6 % |
Sales-type Lease, Lease Income [Table Text Block] | Year Ended December 31, 2020 Gross future lease payments from Customers $ 790 Less: Present value of lease receipts and purchase option price (1) 683 Difference between undiscounted cash flows and discounted cash flows $ 107 |
Operating Lease, Lease Income [Table Text Block] | Year Ended December 31, 2020 Operating lease income from equipment rentals $ 367 |
Supplementary Financial Data _2
Supplementary Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Notes Tables | |
Quarterly Financial Information [Table Text Block] | Quarter ended: Dec. 31, 2020 Sept. 30, 2020 June 30, 2020 March 31, 2020 Dec. 31, 2019 Sept. 30, 2019 June 30, 2019 March 31, 2019 Net revenue $ 49,943 $ 39,132 $ 26,369 $ 32,239 $ 51,795 $ 46,117 $ 47,774 $ 36,026 Cost of revenue 21,877 17,386 14,745 17,903 23,005 19,884 21,943 18,717 Gross profit 28,066 21,746 11,624 14,336 28,790 26,233 25,831 17,309 Operating expenses: Sales and marketing 14,656 12,286 11,035 14,789 20,323 17,691 16,992 16,104 Research and development 4,029 3,432 2,991 3,870 4,463 3,643 3,273 3,706 General and administrative 7,938 7,239 8,529 7,806 5,933 7,308 5,267 5,525 Total operating expenses 26,623 22,957 22,555 26,465 30,719 28,642 25,532 25,335 Income (loss) from operations 1,443 (1,211 ) (10,931 ) (12,129 ) (1,929 ) (2,409 ) 299 (8,026 ) Interest and other income (expense), net 7 (382 ) 3 (207 ) (20 ) (146 ) 46 (79 ) Income (loss) before income taxes 1,450 (1,593 ) (10,928 ) (12,336 ) (1,949 ) (2,555 ) 345 (8,105 ) Income tax provision (benefit) (738 ) 664 466 78 139 73 (243 ) 115 Net income (loss) $ 2,188 $ (2,257 ) $ (11,394 ) $ (12,414 ) $ (2,088 ) $ (2,628 ) $ 588 $ (8,220 ) Net income (loss) per share-basic $ 0.12 $ (0.13 ) $ (0.67 ) $ (0.86 ) $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 ) Net income (loss) per share- diluted $ 0.12 $ (0.13 ) $ (0.67 ) $ (0.86 ) $ (0.15 ) $ (0.19 ) $ 0.04 $ (0.59 Weighted average number of shares used in per share calculations: Basic 17,653 17,603 17,055 14,433 14,261 14,182 14,086 14,017 Diluted 17,840 17,603 17,055 14,433 14,261 14,182 14,356 14,017 |
Schedule II - Valuation and Q_2
Schedule II - Valuation and Qualifying Accounts (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
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, 2020 $ 32,350 $ 7,986 $ 2,015 $ 38,321 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 Balance at Beginning of Year Additions Deductions Balance at End of Year Allowance for credit losses, accounts receivable Year ended December 31, 2020 $ 1,354 $ 2,144 $ 1,900 $ 1,598 Year ended December 31, 2019 $ 1,257 $ 1,361 $ 1,264 $ 1,354 Year ended December 31, 2018 $ 9 $ 1,880 $ 632 $ 1,257 |
Note 1 - Summary of Significa_3
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Capitalized Computer Software, Impairments | $ 805 | $ 0 | $ 0 |
Accounts Receivable, Allowance for Credit Loss, Current | 1,598 | 1,354 | |
Accounts Receivable, Credit Loss Expense (Reversal) | 2,144 | 590 | 1,257 |
Accounts Receivable, Allowance for Credit Loss, Writeoff | 1,200 | ||
Contract with Customer, Liability, Total | 11,237 | 14,222 | 12,566 |
Capitalized Contract Cost, Net, Total | 3,400 | 4,600 | |
Other-than-temporary Impairment Loss, Debt Securities, Available-for-sale, Total | 0 | 0 | 0 |
Inventory Write-down | 800 | ||
Inventory, Finished Goods, Gross, Total | 2,200 | 4,100 | |
Depreciation, Total | $ 1,400 | 1,500 | 1,200 |
Number of Operating Segments | 1 | ||
Goodwill, Impairment Loss | $ 0 | ||
Lessor, Operating Lease, Term of Contract (Year) | 3 years | ||
Lessor, Operating Lease, Initial Term of Contract (Month) | 12 months | ||
Lessor, Operating Lease, Additional Term, Month To Month Basis (Year) | 2 years | ||
Advertising Expense | $ 1,200 | $ 2,800 | $ 2,800 |
Minimum [Member] | Distributors [Member] | |||
Standard Warranty Period (Month) | 14 months | ||
Maximum [Member] | Distributors [Member] | |||
Standard Warranty Period (Month) | 16 months | ||
Capitalized Cloud Computing Set-up Cost [Member] | Minimum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 3 years | ||
Capitalized Cloud Computing Set-up Cost [Member] | Maximum [Member] | |||
Finite-Lived Intangible Asset, Useful Life (Year) | 5 years | ||
UNITED STATES | |||
Percentage of Assets | 98.00% | 89.30% | |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | UNITED STATES | |||
Concentration Risk, Percentage | 41.00% | 58.00% | 62.00% |
Customer Concentration Risk [Member] | Revenue Benchmark [Member] | Non-US [Member] | |||
Concentration Risk, Percentage | 59.00% | 42.00% | 38.00% |
Selling and Marketing Expense [Member] | |||
Capitalized Contract Cost, Amortization | $ 2,600 | $ 2,900 | $ 1,800 |
Loyalty [Member] | |||
Contract with Customer, Liability, Total | $ 300 | ||
Transferred over Time [Member] | |||
Revenue from Contract with Customer, Including Assessed Tax, Percent of Total Revenues | 15.00% | 13.00% | 12.00% |
Note 1 - Summary of Significa_4
Note 1 - Summary of Significant Accounting Policies - Useful Lives of Property, Plant and Equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Assets Leased to Others [Member] | |
Property, plant, and equipment, useful lives (Year) | 4 years 6 months |
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) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Debt Securities, Available-for-sale, Net Accumulated Gross Unrealized Gain (Loss), before Tax | $ 0 | |
Marketable Securities, Total | $ 0 |
Note 2 - Investment Securitie_3
Note 2 - Investment Securities - Cash, Cash Equivalents and Marketable Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash | $ 47,047 | $ 20,005 |
Cash equivalents | 47,047 | 26,316 |
Marketable securities | 0 | 7,605 |
Total cash, cash equivalents and marketable securities | 47,047 | 33,921 |
US Treasury and Government [Member] | ||
Marketable securities | 0 | 4,114 |
Money Market Funds [Member] | ||
Cash equivalents | 0 | 6,311 |
Commercial Paper [Member] | ||
Cash equivalents | $ 0 | $ 3,491 |
Note 2 - Investment Securitie_4
Note 2 - Investment Securities - Unrealized Gains and Losses Related to Marketable Investments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash and cash equivalents, Amortized Cost | $ 47,047 | $ 26,316 |
Cash and cash equivalents, Fair Market Value | 47,047 | 26,316 |
Total cash, cash equivalents and marketable securities, Amortized Cost | 47,047 | 33,921 |
Total cash, cash equivalents and marketable securities, Gross Unrealized Gains | 0 | 0 |
Total cash, cash equivalents and marketable securities, Gross Unrealized Losses | 0 | 0 |
Total cash, cash equivalents and marketable securities, Fair Market Value | $ 47,047 | 33,921 |
Marketable investments, Amortized Cost | 7,605 | |
Marketable investments, Fair Market Value | 7,605 | |
US Treasury and Government [Member] | ||
Total cash, cash equivalents and marketable securities, Gross Unrealized Gains | 0 | |
Total cash, cash equivalents and marketable securities, Gross Unrealized Losses | 0 | |
Marketable investments, Amortized Cost | 4,114 | |
Marketable investments, Fair Market Value | 4,114 | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member] | ||
Total cash, cash equivalents and marketable securities, Gross Unrealized Gains | 0 | |
Total cash, cash equivalents and marketable securities, Gross Unrealized Losses | 0 | |
Marketable investments, Amortized Cost | 3,491 | |
Marketable investments, Fair Market Value | $ 3,491 |
Note 2 - Investment Securitie_5
Note 2 - Investment Securities - Fair Value of Financial Instruments (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Cash equivalents | $ 47,047 | $ 26,316 |
Available-for-sale securities | 7,605 | |
Fair Value, Recurring [Member] | ||
Available-for-sale securities | 7,605 | |
Total assets at fair value | 13,916 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Available-for-sale securities | 4,114 | |
Total assets at fair value | 10,425 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Available-for-sale securities | 3,491 | |
Total assets at fair value | 3,491 | |
Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Available-for-sale securities | 0 | |
Total assets at fair value | 0 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | ||
Cash equivalents | 6,311 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 1 [Member] | ||
Cash equivalents | 6,311 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 2 [Member] | ||
Cash equivalents | 0 | |
Money Market Funds [Member] | Fair Value, Recurring [Member] | Fair Value, Inputs, Level 3 [Member] | ||
Cash equivalents | $ 0 |
Note 3 - Balance Sheet Detail_2
Note 3 - Balance Sheet Detail (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||||
Dec. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |||
Inventory Valuation Reserves, Ending Balance | $ 3,900 | $ 3,900 | $ 2,500 | |||
Property, Plant and Equipment, Net, Ending Balance | 2,299 | 2,299 | 2,817 | |||
Goodwill, Ending Balance | 1,339 | 1,339 | 1,339 | |||
Goodwill, Period Increase (Decrease), Total | 0 | 0 | ||||
Amortization of Intangible Assets, Total | 0 | 0 | $ 0 | |||
Goodwill and Intangible Asset Impairment, Total | 0 | 0 | ||||
Standard Product Warranty Accrual, Ending Balance | 2,908 | 2,908 | 4,401 | [1] | 4,666 | [1] |
Extended Product Warranty Accrual, Ending Balance | 4,600 | |||||
Extended Product Warranty Accrual, Decrease for Payments | 600 | 1,100 | ||||
Standard Product Warranty Accrual, Decrease for Payments | 5,968 | 7,894 | [1] | |||
Product Remediation Liability [Member] | ||||||
Standard and Extended Product Warranty Accrual, Increase for Warranties Issued, Total | $ 5,000 | |||||
Standard Product Warranty Accrual, Ending Balance | 400 | 400 | 500 | |||
Extended Product Warranty Accrual, Ending Balance | 1,200 | 1,200 | 2,000 | |||
Extended Product Warranty Accrual, Decrease for Payments | 600 | |||||
Extended Product Warranty Accrual, Reversal of Excess Reserve | 200 | |||||
Standard Product Warranty Accrual, Decrease for Payments | 100 | |||||
Vehicles [Member] | ||||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | 1,600 | 1,600 | 2,000 | |||
Finance Lease, Right-of-Use Asset, Accumulated Amortization | 1,200 | 1,200 | 1,100 | |||
Construction in Progress [Member] | ||||||
Property, Plant and Equipment, Net, Ending Balance | $ 400 | $ 400 | $ 400 | |||
[1] | Presentation of the 2019 warranty liability rollforward table has been changed for consistency. The $4.6 million as of the beginning of 2019 excluded one-time extended service contracts costs of $3.2 million to replace components in one of the Company’s legacy products. |
Note 3 - Balance Sheet Detail -
Note 3 - Balance Sheet Detail - Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Raw materials | $ 14,874 | $ 17,935 |
Work in process | 1,030 | 2,016 |
Finished goods | 12,604 | 13,970 |
Total | $ 28,508 | $ 33,921 |
Note 3 - Balance Sheet Detail_3
Note 3 - Balance Sheet Detail - Property and Equipment (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property, plant and equipment, gross | $ 12,327 | $ 11,782 |
Less: Accumulated depreciation | (10,028) | (8,965) |
Property and equipment, net | 2,299 | 2,817 |
Leasehold Improvements [Member] | ||
Property, plant and equipment, gross | 1,051 | 867 |
Assets Leased to Others [Member] | ||
Property, plant and equipment, gross | 186 | 0 |
Equipment and Furniture [Member] | ||
Property, plant and equipment, gross | 3,407 | 3,110 |
Machinery and Equipment [Member] | ||
Property, plant and equipment, gross | $ 7,683 | $ 7,805 |
Note 3 - Balance Sheet Detail_4
Note 3 - Balance Sheet Detail - Accrued Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Accrued payroll and related expenses | $ 12,197 | $ 14,341 |
Sales and marketing accruals | 2,352 | 2,527 |
Warranty liability | 2,908 | 4,401 |
Accrued sales tax | 5,343 | 3,922 |
Other accrued liabilities | 8,279 | 5,116 |
Total | $ 31,079 | $ 30,307 |
Note 4 - Warranty and Extende_3
Note 4 - Warranty and Extended Services Contract (Details Textual) - USD ($) $ in Millions | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Extended Product Warranty Accrual, Ending Balance | $ 4.6 | |
Product Warranty Expense | 3.2 | |
Extended Product Warranty Accrual, Decrease for Payments | $ 0.6 | $ 1.1 |
Note 4 - Warranty and Extende_4
Note 4 - Warranty and Extended Service Contract - Summary of Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | |||
Balance at beginning of year | [1] | $ 4,401 | $ 4,666 | |
Add: Accruals for warranties issued during the period | 4,475 | 7,629 | [1] | |
Less: Settlements made during the period | (5,968) | (7,894) | [1] | |
Balance at end of year | $ 2,908 | $ 4,401 | [1] | |
[1] | Presentation of the 2019 warranty liability rollforward table has been changed for consistency. The $4.6 million as of the beginning of 2019 excluded one-time extended service contracts costs of $3.2 million to replace components in one of the Company’s legacy products. |
Note 5 - Deferred Revenue (Deta
Note 5 - Deferred Revenue (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue, Remaining Performance Obligation, Percentage | 84.00% | ||
Revenue, Remaining Performance Obligation, Amount | $ 11.2 | ||
Deferred Revenue Costs Incurred | $ 8.2 | $ 9.3 | $ 7.8 |
Note 5 - Deferred Revenue - Sum
Note 5 - Deferred Revenue - Summary of Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Balance at beginning of year | $ 14,222 | $ 12,566 |
Add: Payments received | 14,131 | 17,127 |
Less: Revenue | (6,337) | (6,020) |
Less: Revenue included in the beginning balance and recognized as revenue in the current year | (10,779) | (9,451) |
Balance at end of year | $ 11,237 | $ 14,222 |
Note 6 - Stockholders' Equity_3
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense (Details Textual) - USD ($) | Aug. 02, 2020 | Apr. 21, 2020 | Apr. 01, 2020 | Jun. 14, 2019 | Jan. 12, 2004 | Jun. 30, 2020 | Sep. 30, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2012 | Dec. 31, 2017 | Oct. 31, 2017 | Dec. 31, 2011 | Dec. 31, 1998 | |
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | $ 0.001 | ||||||||||||||
Capital Stock, Shares Authorized (in shares) | 55,000,000 | |||||||||||||||
Common Stock, Shares Authorized (in shares) | 50,000,000 | 50,000,000 | ||||||||||||||
Common Stock, Shares, Issued, Total (in shares) | 17,679,232 | 14,315,586 | ||||||||||||||
Preferred Stock, Shares Authorized (in shares) | 5,000,000 | |||||||||||||||
Preferred Stock, No Par Value (in dollars per share) | $ 0.001 | |||||||||||||||
Preferred Stock, Shares Issued, Total (in shares) | 0 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 28,798,000 | $ 0 | $ 0 | |||||||||||||
Payments of Stock Issuance Costs | $ 2,303,000 | 0 | $ 0 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 71,088 | 21,010 | ||||||||||||||
Share-based Payment Arrangement, Expense | $ 10,109,000 | $ 9,832,000 | $ 7,157,000 | |||||||||||||
Share Price (in dollars per share) | $ 24.11 | $ 35.81 | $ 17.02 | $ 45.35 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period, Intrinsic Value | $ 400,000 | $ 1,000,000 | $ 8,300,000 | |||||||||||||
Proceeds from Issuance of Shares under Incentive and Share-based Compensation Plans, Including Stock Options, Net | $ 1,600,000 | $ 3,900,000 | $ 1,300,000 | |||||||||||||
Share-based Payment Arrangement, Shares Withheld for Tax Withholding Obligation (in shares) | 193,573 | 42,695 | 77,049 | |||||||||||||
Share-based Payment Arrangement, Decrease for Tax Withholding Obligation | $ 3,400,000 | $ 800,000 | $ 3,100,000 | |||||||||||||
Common Stock, Shares, Outstanding, Ending Balance (in shares) | 17,679,232 | 14,315,586 | ||||||||||||||
Preferred Stock, Shares Outstanding, Ending Balance (in shares) | 0 | |||||||||||||||
Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 60,000 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Maximum Percentage | 150.00% | |||||||||||||||
Restricted Stock Units (RSUs) [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 667,694 | 963,814 | 265,124 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | [1] | 684,491 | 172,281 | 231,515 | ||||||||||||
Share-based Payment Arrangement, Expense | $ 8,849,000 | $ 4,786,000 | $ 4,648,000 | |||||||||||||
Share Price (in dollars per share) | $ 24.11 | $ 35.81 | $ 17.02 | $ 45.35 | ||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period, Fair Value | $ 4,900,000 | $ 5,900,000 | $ 12,200,000 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Nonemployee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 35,735 | 42,236 | 13,392 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 650,964 | 517,402 | 210,532 | |||||||||||||
Restricted Stock Units (RSUs) [Member] | Share-based Payment Arrangement, Employee [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% | |||||||||||||||
Performance Shares [Member] | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 666,000 | $ 3,948,000 | $ 1,105,000 | |||||||||||||
Performance Shares [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,897 | |||||||||||||||
Performance Shares [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years 6 months | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 22,423 | |||||||||||||||
Performance Shares [Member] | Tranche 2019 [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 10,185 | 8,657 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | |||||||||||||||
Performance Shares [Member] | Tranche 2020 [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 16,974 | 0 | ||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | |||||||||||||||
Performance Shares [Member] | Tranche 2021 [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,369 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||||||||||
Performance Shares [Member] | Tranche 2022 [Member] | Chief Executive Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 20,369 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 30.00% | |||||||||||||||
Performance Shares [Member] | Vesting Based on Finance Department Goals [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 40.00% | |||||||||||||||
Performance Shares [Member] | Vesting Based on Company Performance Goals [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 60.00% | |||||||||||||||
Performance Shares [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 98,580 | 387,172 | 47,824 | |||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 219,549 | 23,053 | 97,418 | |||||||||||||
Share-based Payment Arrangement, Option [Member] | ||||||||||||||||
Share-based Payment Arrangement, Expense | $ 370,000 | $ 622,000 | $ 838,000 | |||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 700,000 | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 years 10 months 24 days | |||||||||||||||
Share-based Payment Arrangement, Option [Member] | Chief Financial Officer [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 5 years | |||||||||||||||
Restricted Stock Units and Performance Share Units [Member] | ||||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 12,300,000 | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 3 months 18 days | |||||||||||||||
Minimum [Member] | ||||||||||||||||
Share Based Compensation, Forfeiture Rate | 0.00% | |||||||||||||||
Minimum [Member] | Performance Shares [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 12 months | |||||||||||||||
Maximum [Member] | ||||||||||||||||
Share Based Compensation, Forfeiture Rate | 20.80% | |||||||||||||||
Maximum [Member] | Performance Shares [Member] | Share-based Payment Arrangement, Employee [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 24 months | |||||||||||||||
1998 Stock Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 4,650,000 | |||||||||||||||
Two Thousand Four Equity Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 1,750,000 | |||||||||||||||
Number of Stock Awards Counted for Every Share Granted or Canceled (in shares) | 2.12 | |||||||||||||||
Two Thousand Four Equity Incentive Plan [Member] | Minimum [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 1 year | |||||||||||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,701,192 | |||||||||||||||
Number of Stock Awards Counted for Every Share Granted or Canceled (in shares) | 2.12 | |||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 700,000 | |||||||||||||||
Share Based Compensation by Share Based Payment Fully Vested Stock Awards Grant Date Fair Value | $ 60,000 | $ 60,000 | ||||||||||||||
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 | $ 2,600,000 | |||||||||||||||
2004 Employee Stock Purchase Plan [Member] | ||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 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 (in shares) | 56,751 | 82,810 | 64,511 | |||||||||||||
Common Stock, Capital Shares Reserved for Future Issuance (in shares) | 704,954 | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 100,000 | |||||||||||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 3 months 29 days | |||||||||||||||
Underwritten Public Offering [Member] | ||||||||||||||||
Common Stock, Par or Stated Value Per Share (in dollars per share) | $ 0.001 | |||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 2,742,750 | |||||||||||||||
Shares Issued, Price Per Share (in dollars per share) | $ 10.50 | |||||||||||||||
Proceeds from Issuance of Common Stock | $ 26,500,000 | |||||||||||||||
Payments of Stock Issuance Costs | $ 2,300,000 | |||||||||||||||
Underwritten Public Offering [Member] | Underwriter [Member] | ||||||||||||||||
Stock Issued During Period, Shares, New Issues (in shares) | 357,750 | |||||||||||||||
[1] | 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. |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | ||
Balances, shares available for grant (in shares) | 761,705 | 1,141,305 | 1,494,866 | ||
Balances, stock options outstanding (in shares) | 295,699 | 507,705 | 839,919 | ||
Balances, weighted-average exercise price (in dollars per share) | $ 25.52 | $ 20.52 | $ 16.46 | ||
Balances, options outstanding weighted-average remaining contractual life (Year) | 3 years 9 months | 3 years 2 months 8 days | 3 years 6 months 7 days | 3 years 11 months 26 days | |
Balances, aggregate intrinsic value | [1] | $ 1,470 | $ 3,040 | $ 2,000 | $ 24,400 |
Options granted, shares available for grant (in shares) | (71,088) | (21,010) | |||
Options granted, stock options outstanding (in shares) | 71,088 | 21,010 | |||
Options granted, weighted-average exercise price (in dollars per share) | $ 14.85 | $ 50.65 | |||
Options exercised, stock options outstanding (in shares) | (73,227) | (160,798) | (271,902) | ||
Options exercised, weighted-average exercise price (in dollars per share) | $ 12.91 | $ 10.03 | $ 9.99 | ||
Options cancelled (expired or forfeited), shares available for grant (in shares) | 76,553 | 51,208 | 81,322 | ||
Options cancelled (expired or forfeited), stock options outstanding (in shares) | (76,553) | (51,208) | (81,322) | ||
Options cancelled (expired or forfeited), weighted-average exercise price (in dollars per share) | $ 36.65 | $ 24.61 | $ 21.55 | ||
Stock awards granted, shares available for grant (in shares) | (804,949) | (1,538,128) | (562,070) | ||
Stock awards cancelled (expired or forfeited), shares available for grant (in shares) | 522,949 | 407,320 | 148,197 | ||
Additional shares reserved, shares available for grant (in shares) | [2] | 600,000 | 700,000 | ||
Balances, shares available for grant (in shares) | 1,085,170 | 761,705 | 1,141,305 | 1,494,866 | |
Balances, stock options outstanding (in shares) | 217,007 | 295,699 | 507,705 | 839,919 | |
Balances, weighted-average exercise price (in dollars per share) | $ 22.35 | $ 25.52 | $ 20.52 | $ 16.46 | |
Exercisable, stock options outstanding (in shares) | 132,641 | ||||
Exercisable, weighted-average exercise price (in dollars per share) | $ 24.60 | ||||
Exercisable, options outstanding weighted-average remaining contractual life (Year) | 2 years 10 months 2 days | ||||
Exercisable, aggregate intrinsic value | [1] | $ 1,470 | |||
Vested and expected to vest (in shares) | 212,025 | ||||
Vested and expected to vest, weighted-average exercise price (in dollars per share) | $ 22.31 | ||||
Vested and expected to vest, weighted-average remaining contractual life (Year) | 3 years 7 months 17 days | ||||
Vested and expected to vest, aggregate intrinsic value | [1] | $ 1,451,000 | |||
[1] | Based on the closing stock price of $24.11 of the Company's stock on December 31, 2020, $35.81 on December 31, 2019, $17.02 on December 31, 2018 and $45.35 on December 31, 2017. | ||||
[2] | Approved by the board of directors and stockholders in 2019 and 2020. |
Note 6 - Stockholders' Equity_5
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Options Outstanding and Exercisable Price Ranges (Details) | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 9.65 |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 53.9 |
Options outstanding, number outstanding (in shares) | 217,007 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 9 months |
Options exercisable, number outstanding (in shares) | 132,641 |
Exercise Price Range 1 [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 9.65 |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 10.79 |
Options outstanding, number outstanding (in shares) | 22,319 |
Options outstanding, weighted-average remaining contractual life (Year) | 1 year 29 days |
Options exercisable, number outstanding (in shares) | 22,319 |
Exercise Price Range 2 [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | $ 10.80 |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 14.04 |
Options outstanding, number outstanding (in shares) | 34,459 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 2 months 23 days |
Options exercisable, number outstanding (in shares) | 34,459 |
Exercise Price Range 3 [Member] | |
Options outstanding, number outstanding (in shares) | 60,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 7 months 2 days |
Options exercisable, number outstanding (in shares) | 0 |
Range of exercise prices (in dollars per share) | $ / shares | $ 14.01 |
Exercise Price Range 4 [Member] | |
Range of exercise prices, lower limit (in dollars per share) | $ / shares | 15.32 |
Range of exercise prices, upper limit (in dollars per share) | $ / shares | $ 18.55 |
Options outstanding, number outstanding (in shares) | 8,396 |
Options outstanding, weighted-average remaining contractual life (Year) | 2 years 7 months 20 days |
Options exercisable, number outstanding (in shares) | 8,271 |
Exercise Price Range 5 [Member] | |
Options outstanding, number outstanding (in shares) | 11,088 |
Options outstanding, weighted-average remaining contractual life (Year) | 9 years 9 months 29 days |
Options exercisable, number outstanding (in shares) | 0 |
Range of exercise prices (in dollars per share) | $ / shares | $ 18.93 |
Exercise Price Range 6 [Member] | |
Options outstanding, number outstanding (in shares) | 10,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 3 months 25 days |
Options exercisable, number outstanding (in shares) | 9,375 |
Range of exercise prices (in dollars per share) | $ / shares | $ 19.55 |
Exercise Price Range 7 [Member] | |
Options outstanding, number outstanding (in shares) | 11,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 7 months 2 days |
Options exercisable, number outstanding (in shares) | 9,730 |
Range of exercise prices (in dollars per share) | $ / shares | $ 25.70 |
Exercise Price Range 8 [Member] | |
Options outstanding, number outstanding (in shares) | 45,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 9 months 29 days |
Options exercisable, number outstanding (in shares) | 37,292 |
Range of exercise prices (in dollars per share) | $ / shares | $ 39.30 |
Exercise Price Range 9 [Member] | |
Options outstanding, number outstanding (in shares) | 7,745 |
Options outstanding, weighted-average remaining contractual life (Year) | 3 years 11 months 15 days |
Options exercisable, number outstanding (in shares) | 6,132 |
Range of exercise prices (in dollars per share) | $ / shares | $ 47.40 |
Exercise Price Range 10 [Member] | |
Options outstanding, number outstanding (in shares) | 7,000 |
Options outstanding, weighted-average remaining contractual life (Year) | 4 years 2 months 12 days |
Options exercisable, number outstanding (in shares) | 5,063 |
Range of exercise prices (in dollars per share) | $ / shares | $ 53.90 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |||||
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 | |||||
Outstanding, aggregate intrinsic value | [1] | $ 18,800 | $ 37,442 | $ 8,072 | $ 23,155 | |||
Granted, number of shares (in shares) | 667,694 | 963,814 | 265,124 | |||||
Granted, weighted-average grant date fair value (in dollars per share) | $ 20.66 | $ 18.68 | $ 44.57 | |||||
Vested, number of shares (in shares) | [2] | (684,491) | (172,281) | (231,515) | ||||
Vested, weighted-average grant date fair value (in dollars per share) | [2] | $ 17.82 | $ 33.66 | $ 21.10 | ||||
Vested, aggregate fair value | [2],[4] | $ 12,036 | [3] | $ 6,169 | [5] | $ 9,483 | [6] | |
Forfeited, number of shares (in shares) | (308,248) | (161,022) | (69,905) | |||||
Forfeited, weighted-average grant date fair value (in dollars per share) | $ 23.24 | $ 37.91 | $ 20.01 | |||||
Outstanding, number of shares (in shares) | 779,757 | 1,104,802 | 474,291 | |||||
Outstanding, weighted-average grant date fair value (in dollars per share) | $ 23.96 | $ 22.10 | $ 38.44 | |||||
[1] | Based on the closing stock price of the Company’s stock of $24.11 on December 31, 2020, $35.81 on December 31, 2019, $17.02 on December 31, 2018, and $45.35 on December 31, 2017. | |||||||
[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 $12.2 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 $5.9 million. | |||||||
[6] | On the grant date, the fair value for these vested awards was $4.9 million. |
Note 6 - Stockholders' Equity_7
Note 6 - Stockholders' Equity, Stock Plans and Stock-based Compensation Expense - Stock-based Compensation Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allocated share-based compensation expense | $ 10,109 | $ 9,832 | $ 7,157 |
Share-based Payment Arrangement, Option [Member] | |||
Allocated share-based compensation expense | 370 | 622 | 838 |
Restricted Stock Units (RSUs) [Member] | |||
Allocated share-based compensation expense | 8,849 | 4,786 | 4,648 |
Performance Shares [Member] | |||
Allocated share-based compensation expense | 666 | 3,948 | 1,105 |
ESPP [Member] | |||
Allocated share-based compensation expense | $ 224 | $ 476 | $ 566 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Allocated share-based compensation expense | $ 10,109 | $ 9,832 | $ 7,157 |
Cost of Sales [Member] | |||
Allocated share-based compensation expense | 1,665 | 1,572 | 743 |
Selling and Marketing Expense [Member] | |||
Allocated share-based compensation expense | 3,385 | 4,510 | 2,105 |
Research and Development Expense [Member] | |||
Allocated share-based compensation expense | 1,669 | 1,536 | 824 |
General and Administrative Expense [Member] | |||
Allocated share-based compensation expense | $ 3,390 | $ 2,214 | $ 3,485 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | ||
Share-based Payment Arrangement, Option [Member] | ||||
Expected term (in years) (Year) | [1] | 4 years 10 months 2 days | 3 years 7 months 24 days | 3 years 8 months 12 days |
Risk-free interest rate | [2] | 0.15% | 1.64% | 2.60% |
Volatility | [3] | 63.00% | 54.00% | 44.00% |
Dividend yield | [4] | 0.00% | 0.00% | 0.00% |
Weighted average estimated fair value at grant date (in dollars per share) | $ 7.63 | $ 14.83 | $ 18 | |
Stock Purchase Plan [Member] | ||||
Expected term (in years) (Year) | [1] | 6 months | 6 months | 6 months |
Risk-free interest rate | [2] | 0.11% | 2.49% | 2.34% |
Volatility | [3] | 76.00% | 70.00% | 61.00% |
Dividend yield | [4] | 0.00% | 0.00% | 0.00% |
Weighted average estimated fair value at grant date (in dollars per share) | $ 6.13 | $ 9.60 | $ 9.60 | |
[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 ESPP participation right as of the date of grant. | |||
[3] | Estimated volatility is based on historical volatility. The Company estimates volatility based on the Company’s historical volatility of its stock price. | |||
[4] | The Company has not paid dividends since its inception. |
Note 7 - Income Taxes (Details
Note 7 - Income Taxes (Details Textual) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Deferred Tax Assets, Valuation Allowance, Total | $ 38,321 | $ 32,350 |
Valuation Allowance, Deferred Tax Asset, Increase (Decrease), Amount | 6,000 | 4,500 |
Deferred Tax Assets, Net, Total | $ 643 | $ 423 |
Open Tax Year | 2015 2016 2017 2018 2019 2020 | |
Unrecognized Tax Benefits, Income Tax Penalties and Interest Accrued, Total | $ 0 | |
Foreign Tax Authority [Member] | ||
Deferred Tax Assets, Net, Total | 600 | |
Deferred Tax Liabilities, Net, Total | 0 | |
Domestic Tax Authority [Member] | ||
Operating Loss Carryforwards, Total | 76,600 | |
Operating Loss Carryforwards Without Expiration | 34,900 | |
Domestic Tax Authority [Member] | Internal Revenue Service (IRS) [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 6,300 | |
State and Local Jurisdiction [Member] | ||
Operating Loss Carryforwards, Total | 36,600 | |
State and Local Jurisdiction [Member] | California Franchise Tax Board [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | 7,800 | |
State and Local Jurisdiction [Member] | Massachusetts Department of Revenue [Member] | Research Tax Credit Carryforward [Member] | ||
Tax Credit Carryforward, Amount | $ 200 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. | $ (25,793) | $ (13,037) | $ (14,177) | ||||||||
Foreign | 2,386 | 774 | 662 | ||||||||
Loss before income taxes | $ 1,450 | $ (1,593) | $ (10,928) | $ (12,336) | $ (1,949) | $ (2,555) | $ 345 | $ (8,105) | $ (23,407) | $ (12,263) | $ (13,515) |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Federal | $ 0 | $ 0 | $ (15) | ||||||||
State | (53) | 101 | 123 | ||||||||
Foreign | 747 | (76) | 303 | ||||||||
Total Current | 694 | 25 | 411 | ||||||||
Federal | 2 | 2 | 15,674 | ||||||||
State | 1 | 1 | 1,230 | ||||||||
Foreign | (227) | 57 | (60) | ||||||||
Total Deferred | (224) | 60 | 16,844 | ||||||||
Tax provision | $ (738) | $ 664 | $ 466 | $ 78 | $ 139 | $ 73 | $ (243) | $ 115 | $ 470 | $ 85 | $ 17,255 |
Note 7 - Income Taxes - Deferre
Note 7 - Income Taxes - Deferred Tax Assets (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Net operating loss carryforwards | $ 18,270 | $ 14,507 |
Stock-based compensation | 869 | 1,111 |
Other accruals and reserves | 3,670 | 2,202 |
Credits | 12,653 | 11,887 |
Accrued warranty | 976 | 924 |
Depreciation and amortization | 2,191 | 2,354 |
Other | 979 | 897 |
Operating Lease Liability | 4,311 | 3,949 |
Deferred tax asset before valuation allowance | 43,919 | 37,831 |
Valuation allowance | (38,321) | (32,350) |
Deferred tax asset after valuation allowance | 5,598 | 5,481 |
Deferred contract acquisition costs | (803) | (1,076) |
Goodwill | (110) | (97) |
Right of Use Asset | (4,042) | (3,885) |
Net deferred tax asset | $ 643 | $ 423 |
Note 7 - Income Taxes - Reconci
Note 7 - Income Taxes - Reconciliation of Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
U.S. federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
State tax rate | 2.77% | 2.82% | (4.95%) |
Meals and entertainment | (0.65%) | (2.83%) | (2.66%) |
Permanent differences | (2.87%) | (2.58%) | 0.00% |
Stock-based compensation | (1.07%) | 3.78% | 13.66% |
SAB 118 Change in Estimate | 0.00% | 0.00% | (2.43%) |
Foreign rate differential | (1.05%) | (0.34%) | 0.11% |
Other | 0.15% | (0.33%) | (1.21%) |
General business credit | 2.74% | 8.14% | 4.31% |
Valuation allowance | (25.51%) | (38.60%) | (155.49%) |
Change in prior year reserves | 0.40% | 2.53% | 0.00% |
Deferred true-up | 2.08% | 5.71% | 0.00% |
Effective tax rate | (2.01%) | (0.70%) | (127.66%) |
Note 7 - Income Taxes - Unrecog
Note 7 - Income Taxes - Unrecognized Tax Benefits (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Unrecognized tax benefits | $ 1,426 | $ 1,563 | $ 1,519 |
Decreases related to prior year tax positions | (32) | (291) | (70) |
Increases related to prior year tax positions | 25 | ||
Increases related to current year tax positions | 470 | 129 | 114 |
Unrecognized tax benefits | $ 1,864 | $ 1,426 | $ 1,563 |
Note 8 - Net Loss Per Share (De
Note 8 - Net Loss Per Share (Details Textual) - Convertible Senior Notes Due 2026 [Member] - Convertible Debt [Member] - Subsequent Event [Member] $ in Millions | Mar. 09, 2021USD ($) |
Debt Instrument, Face Amount | $ 125 |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net income (loss) | $ 2,188 | $ (2,257) | $ (11,394) | $ (12,414) | $ (2,088) | $ (2,628) | $ 588 | $ (8,220) | $ (23,877) | $ (12,348) | $ (30,770) |
Weighted average shares of common stock outstanding used in computing net loss per share, basic and diluted (in shares) | 16,691 | 14,096 | 13,771 | ||||||||
Basic and diluted (in dollars per share) | $ (1.43) | $ (0.88) | $ (2.23) |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Antidilutive Securities (in shares) | 1,123 | 1,265 | 1,272 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 244 | 417 | 664 |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 724 | 559 | 432 |
ESPP [Member] | |||
Antidilutive Securities (in shares) | 87 | 111 | 133 |
Performance Shares [Member] | |||
Antidilutive Securities (in shares) | 68 | 178 | 43 |
Note 9 - Defined Contribution_2
Note 9 - Defined Contribution Plan (Details Textual) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Defined Contribution Plan, Employer Discretionary Contribution Amount | $ 0.2 | $ 0.4 | $ 0.4 |
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, 2020 | |
Number of Operating Segments | 1 |
Note 10 - Segment Information_4
Note 10 - Segment Information and Revenue by Geography and Products - Summary of Revenue (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Revenue | $ 147,683 | $ 181,712 | $ 162,720 |
Systems [Member] | |||
Revenue | 90,765 | 140,478 | 132,595 |
Hand Piece Refills [Member] | |||
Revenue | 9,287 | 9,648 | 4,162 |
Skincare [Member] | |||
Revenue | 25,061 | 8,512 | 5,778 |
Product [Member] | |||
Revenue | 125,113 | 158,638 | 142,535 |
Service [Member] | |||
Revenue | 22,570 | 23,074 | 20,185 |
UNITED STATES | |||
Revenue | 61,202 | 106,243 | 101,862 |
JAPAN | |||
Revenue | 43,265 | 24,142 | 17,819 |
Asia, Excluding Japan [Member] | |||
Revenue | 11,900 | 16,110 | 15,467 |
Europe [Member] | |||
Revenue | 9,503 | 10,596 | 8,875 |
Rest of World [Member] | |||
Revenue | $ 21,813 | $ 24,621 | $ 18,697 |
Note 11 - Commitments and Con_3
Note 11 - Commitments and Contingencies (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Jun. 30, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | |
Operating Lease, Right-of-Use Asset | $ 17,076 | $ 7,702 | $ 10,049 | |
Operating Lease, Liability, Total | 18,210 | 7,912 | ||
Estimated Litigation Liability | $ 400 | $ 0 | ||
Former Executive VP and CFO [Member] | ||||
Loss Contingency, Damages Paid, Value | $ 400 | |||
Stock Issued During Period, Shares, Litigation Settlement (in shares) | 15,408 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Operating Lease, Right-of-Use Asset | 10,200 | |||
Operating Lease, Liability, Total | $ 10,100 | |||
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 - Commitments and Con_4
Note 11 - Commitments and Contingencies - Effect of Adoption of the New Standard (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | ||
Operating Lease, Right-of-Use Asset | $ 17,076 | $ 7,702 | $ 10,049 | |||
Operating lease liabilities | (2,260) | (2,800) | (2,430) | |||
Other long-term liabilities* | 242 | 578 | 0 | [1] | ||
Operating lease liabilities, net of current portion | $ (15,950) | $ (5,112) | (7,759) | |||
Accounting Standards Update 2016-02 [Member] | ||||||
Operating Lease, Right-of-Use Asset | (10,049) | |||||
Operating lease liabilities | 2,430 | |||||
Other long-term liabilities* | [1] | 140 | ||||
Operating lease liabilities, net of current portion | $ 7,759 | |||||
Previous Accounting Guidance [Member] | ||||||
Operating Lease, Right-of-Use Asset | $ 0 | |||||
Operating lease liabilities | 0 | |||||
Other long-term liabilities* | [1] | 140 | ||||
Operating lease liabilities, net of current portion | $ 0 | |||||
[1] | Deferred rent included in other long-term liabilities |
Note 11 - Commitments and Con_5
Note 11 - Commitments and Contingencies - Financial Statement Information (Details) - USD ($) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Jan. 01, 2019 | ||
Operating Lease, Right-of-Use Asset | $ 17,076 | $ 7,702 | $ 10,049 | |
Total leased assets | 17,543 | 8,710 | ||
Operating lease liabilities, current | 2,260 | 2,800 | 2,430 | |
Operating lease liabilities , non-current | 15,950 | 5,112 | $ 7,759 | |
Operating Lease, Liability, Total | 18,210 | 7,912 | ||
Finance lease liabilities, current | 370 | 541 | ||
Finance lease liabilities, non-current | 241 | 578 | ||
Total finance lease liabilities | 611 | 1,119 | ||
Finance lease cost | 431 | 704 | ||
Finance lease cost | 63 | 88 | ||
Operating lease cost | 3,275 | 2,892 | ||
Operating cash flow | 63 | 88 | ||
Financing cash flow | 537 | 649 | ||
Operating cash flow | 2,139 | 2,820 | ||
Operating Lease Assets [Member] | ||||
Operating Lease, Right-of-Use Asset | 17,076 | 7,702 | ||
Operating Lease Liabilities [Member] | ||||
Operating lease liabilities, current | 2,260 | 2,800 | ||
Property and Equipment, Net [Member] | ||||
Finance Lease, Right-of-Use Asset, after Accumulated Amortization, Total | [1] | 467 | 1,008 | |
Operating Lease Liabilities, Net of Current Portion [Member] | ||||
Operating lease liabilities , non-current | $ 15,950 | $ 5,112 | ||
[1] | Finance lease assets included in Property and equipment, net. |
Note 11 - Commitments and Con_6
Note 11 - Commitments and Contingencies - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Operating Lease, Liability, Total | $ 18,210 | $ 7,912 |
Facility Operating Leases [Member] | ||
2021 | 3,062 | |
2022 | 3,112 | |
2023 | 3,207 | |
2024 | 2,884 | |
2025 | 2,875 | |
Thereafter | 6,308 | |
Total lease payments | 21,448 | |
Less: imputed interest | (3,238) | |
Operating Lease, Liability, Total | $ 18,210 |
Note 11 - Commitments and Con_7
Note 11 - Commitments and Contingencies - Maturities of Finance Leases Liabilities (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Present value of lease liabilities | $ 611 | $ 1,119 |
Vehicle Finance Leases [Member] | ||
2021 | 374 | |
2022 | 249 | |
2023 | 12 | |
Total lease payments | 635 | |
Less: imputed interest | (24) | |
Present value of lease liabilities | $ 611 |
Note 11 - Commitments and Con_8
Note 11 - Commitments and Contingencies - Lease Information (Details) | Dec. 31, 2020 |
Operating leases (Year) | 6 years 8 months 12 days |
Finance leases (Year) | 2 years 2 months 12 days |
Operating leases | 4.70% |
Finance leases | 5.60% |
Note 11 - Commitments and Con_9
Note 11 - Commitments and Contingencies - Sales-type Lease (Details) $ in Thousands | Dec. 31, 2020USD ($) | |
Gross future lease payments from Customers | $ 790 | |
Less: Present value of lease receipts and purchase option price(1) | 683 | [1] |
Difference between undiscounted cash flows and discounted cash flows | $ 107 | |
[1] | Present value of lease receipts and purchase option price was included in Product revenue in the Company's Consolidated Statement of Operations in the year ended December 31, 2020. |
Note 11 - Commitments and Co_10
Note 11 - Commitments and Contingencies - Operating Lease Income (Details) $ in Thousands | 12 Months Ended |
Dec. 31, 2020USD ($) | |
Operating lease income from equipment rentals | $ 367 |
Note 12 - Debt (Details Textual
Note 12 - Debt (Details Textual) - USD ($) $ in Thousands | Jul. 09, 2020 | Apr. 22, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 30, 2018 |
Proceeds from Issuance of Long-term Debt, Total | $ 7,167 | $ 0 | $ 0 | |||
Paycheck Protection Program CARES Act [Member] | ||||||
Proceeds from Issuance of Long-term Debt, Total | $ 7,100 | |||||
Revolving Line of Credit [Member] | Wells Fargo [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000 | |||||
Revolving Credit Facility [Member] | ||||||
Long-term Line of Credit, Total | 0 | |||||
Revolving Credit Facility [Member] | Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | ||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000 | |||||
Debt Instrument, Term (Year) | 4 years | |||||
Debt Instrument, Percentage of Qualifying Accounts Receivable | 80.00% | |||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | |||||
Line of Credit Facility, Commitment Fee Amount | $ 300 | |||||
Debt Instrument, Anniversary Fee Amount | $ 300 | |||||
Debt Covenant, Quarterly Minimum Revenue | $ 90,000 | |||||
Revolving Credit Facility [Member] | Silicon Valley Bank [Member] | Loan and Security Agreement [Member] | Prime Rate [Member] | ||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% |
Note 13 - Subsequent Events (De
Note 13 - Subsequent Events (Details Textual) - Subsequent Event [Member] $ in Thousands | Mar. 09, 2021USD ($) |
Capped Call Transactions Costs | $ 16,100 |
Convertible Senior Notes Due 2026 [Member] | |
Proceeds from Convertible Debt | 134,100 |
Convertible Senior Notes Due 2026 [Member] | Convertible Debt [Member] | |
Debt Instrument, Face Amount | $ 125,000 |
Debt Instrument, Interest Rate, Stated Percentage | 2.25% |
Debt Instrument, Option to Purchase Additional Principal | $ 13,250 |
Debt Instrument, Face Amount, Including Options to Purchase Additional Principal | $ 138,250 |
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, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Net revenue | $ 49,943 | $ 39,132 | $ 26,369 | $ 32,239 | $ 51,795 | $ 46,117 | $ 47,774 | $ 36,026 | |||
Cost of revenue | 21,877 | 17,386 | 14,745 | 17,903 | 23,005 | 19,884 | 21,943 | 18,717 | |||
Gross profit | 28,066 | 21,746 | 11,624 | 14,336 | 28,790 | 26,233 | 25,831 | 17,309 | $ 75,772 | $ 98,163 | $ 80,382 |
Sales and marketing | 14,656 | 12,286 | 11,035 | 14,789 | 20,323 | 17,691 | 16,992 | 16,104 | 52,766 | 71,109 | 58,420 |
Research and development | 4,029 | 3,432 | 2,991 | 3,870 | 4,463 | 3,643 | 3,273 | 3,706 | 14,322 | 15,085 | 14,359 |
General and administrative | 7,938 | 7,239 | 8,529 | 7,806 | 5,933 | 7,308 | 5,267 | 5,525 | 31,512 | 24,033 | 20,995 |
Total operating expenses | 26,623 | 22,957 | 22,555 | 26,465 | 30,719 | 28,642 | 25,532 | 25,335 | 98,600 | 110,227 | 93,774 |
Income (loss) from operations | 1,443 | (1,211) | (10,931) | (12,129) | (1,929) | (2,409) | 299 | (8,026) | (22,828) | (12,064) | (13,392) |
Interest and other income (expense), net | 7 | (382) | 3 | (207) | (20) | (146) | 46 | (79) | (579) | (199) | (123) |
Income (loss) before income taxes | 1,450 | (1,593) | (10,928) | (12,336) | (1,949) | (2,555) | 345 | (8,105) | (23,407) | (12,263) | (13,515) |
Income tax provision (benefit) | (738) | 664 | 466 | 78 | 139 | 73 | (243) | 115 | 470 | 85 | 17,255 |
Net income (loss) | $ 2,188 | $ (2,257) | $ (11,394) | $ (12,414) | $ (2,088) | $ (2,628) | $ 588 | $ (8,220) | $ (23,877) | $ (12,348) | $ (30,770) |
Net income (loss) per share-basic (in dollars per share) | $ 0.12 | $ (0.13) | $ (0.67) | $ (0.86) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | |||
Net income (loss) per share- diluted (in dollars per share) | $ 0.12 | $ (0.13) | $ (0.67) | $ (0.86) | $ (0.15) | $ (0.19) | $ 0.04 | $ (0.59) | |||
Basic (in shares) | 17,653 | 17,603 | 17,055 | 14,433 | 14,261 | 14,182 | 14,086 | 14,017 | |||
Diluted (in shares) | 17,840 | 17,603 | 17,055 | 14,433 | 14,261 | 14,182 | 14,356 | 14,017 |
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, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
SEC Schedule, 12-09, Valuation Allowance, Deferred Tax Asset [Member] | |||
Balance at beginning of year | $ 32,350 | $ 27,865 | $ 7,242 |
Additions | 7,986 | 7,396 | 22,770 |
Deductions | 2,015 | 2,911 | 2,147 |
Balance at end of year | 38,321 | 32,350 | 27,865 |
SEC Schedule, 12-09, Allowance, Loan and Lease Loss [Member] | |||
Balance at beginning of year | 1,354 | 1,257 | 9 |
Additions | 2,144 | 1,361 | 1,880 |
Deductions | 1,900 | 1,264 | 632 |
Balance at end of year | $ 1,598 | $ 1,354 | $ 1,257 |