Document And Entity Information
Document And Entity Information - shares | 3 Months Ended | |
Mar. 31, 2021 | Apr. 30, 2021 | |
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 | Q1 | |
Document Fiscal Year Focus | 2021 | |
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Mar. 31, 2021 | |
Document Transition Report | false | |
Entity File Number | 000-50644 | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 77-0492262 | |
Entity Address, Address Line One | 3240 Bayshore Blvd. | |
Entity Address, City or Town | Brisbane | |
Entity Address, State or Province | CA | |
Entity Address, Postal Zip Code | 94005 | |
City Area Code | 415 | |
Local Phone Number | 657-5500 | |
Title of 12(b) Security | Common Stock ($0.001 par value) | |
Trading Symbol | CUTR | |
Security Exchange Name | NASDAQ | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 17,803,274 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Current assets: | ||
Cash and cash equivalents | $ 164,932 | $ 47,047 |
Accounts receivable, net of allowance for credit losses of $1,611 and $1,598, respectively | 24,151 | 21,962 |
Inventories | 34,578 | 28,508 |
Other current assets and prepaid expenses | 10,339 | 8,779 |
Total current assets | 234,000 | 106,296 |
Property and equipment, net | 2,373 | 2,299 |
Deferred tax asset | 598 | 643 |
Operating lease-right-of-use assets | 16,570 | 17,076 |
Goodwill | 1,339 | 1,339 |
Other long-term assets | 4,853 | 5,080 |
Total assets | 259,733 | 132,733 |
Current liabilities: | ||
Accounts payable | 5,031 | 6,684 |
Accrued liabilities | 41,329 | 31,079 |
Operating lease liabilities | 2,351 | 2,260 |
PPP loan payable | 6,352 | 3,630 |
Extended warranty liability | 1,039 | 1,216 |
Deferred revenue | 10,019 | 9,489 |
Total current liabilities | 66,121 | 54,358 |
Deferred revenue, net of current portion | 1,718 | 1,748 |
Operating lease liabilities, net of current portion | 15,394 | 15,950 |
PPP loan payable, net of current portion | 851 | 3,555 |
Convertible notes, net of unamortized debt issuance costs of $4,665 | 133,585 | 0 |
Other long-term liabilities | 434 | 242 |
Total liabilities | 218,103 | 75,853 |
Commitments and Contingencies (Notes 12) | ||
Stockholders’ equity: | ||
Common stock, $0.001 par value; authorized: 50,000,000 shares; issued and outstanding: 17,801,926 and 17,679,232 shares at March 31, 2021 and December 31, 2020, respectively | 18 | 18 |
Additional paid-in capital | 102,206 | 117,097 |
Accumulated deficit | (60,594) | (60,235) |
Total stockholders’ equity | 41,630 | 56,880 |
Total liabilities and stockholders’ equity | $ 259,733 | $ 132,733 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Trade accounts receivable, allowance | $ 1,611 | $ 1,598 |
Unamortized debt issuance costs | $ 4,665 | |
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) | 17,801,926 | 17,679,232 |
Common stock, outstanding (in shares) | 17,801,926 | 17,679,232 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations (Unaudited) - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net revenue: | ||
Revenue | $ 49,668,000 | $ 32,239,000 |
Cost of revenue: | ||
Cost of revenue | 21,958,000 | 17,903,000 |
Gross profit | 27,710,000 | 14,336,000 |
Operating expenses: | ||
Sales and marketing | 15,068,000 | 14,789,000 |
Research and development | 4,112,000 | 3,870,000 |
General and administrative | 7,365,000 | 7,806,000 |
Total operating expenses | 26,545,000 | 26,465,000 |
Income (loss) from operations | 1,165,000 | (12,129,000) |
Amortization of debt issuance costs | (52,000) | 0 |
Interest on Convertible notes | (191,000) | 0 |
Other expense, net | (1,023,000) | (207,000) |
Total interest and other expense, net | (1,266,000) | (207,000) |
Loss before income taxes | (101,000) | (12,336,000) |
Income tax expense | 258,000 | 78,000 |
Net loss | $ (359,000) | $ (12,414,000) |
Net loss per share: | ||
Net loss per share, basic and diluted (in dollars per share) | $ (0.02) | $ (0.86) |
Weighted-average number of shares used in per share calculations: | ||
Basic and Diluted (in shares) | 17,768 | 14,433 |
Product [Member] | ||
Net revenue: | ||
Revenue | $ 43,551,000 | $ 26,391,000 |
Cost of revenue: | ||
Cost of revenue | 18,331,000 | 14,103,000 |
Service [Member] | ||
Net revenue: | ||
Revenue | 6,117,000 | 5,848,000 |
Cost of revenue: | ||
Cost of revenue | $ 3,627,000 | $ 3,800,000 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Loss (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (359) | $ (12,414) |
Available-for-sale investments | ||
Reclassification adjustment for losses on investments recognized during the period | 0 | 61 |
Net change in unrealized loss on available-for-sale investments | 0 | 61 |
Other comprehensive gain, net of tax | 0 | 61 |
Comprehensive loss | $ (359) | $ (12,353) |
Consolidated Statements of Chan
Consolidated Statements of Changes In Stockholders' Equity (Unaudited) - USD ($) $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Retained Earnings [Member] | AOCI Attributable to Parent [Member] | Total |
Balance (in shares) at Dec. 31, 2019 | 14,315,586 | ||||
Balance at Dec. 31, 2019 | $ 14 | $ 82,346 | $ (36,358) | $ (60) | $ 45,942 |
Exercise of stock options (in shares) | 22,291 | ||||
Exercise of stock options | 200 | 0 | 0 | 200 | |
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes (in shares) | 240,269 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes | $ 1 | (2,234) | 0 | 0 | (2,233) |
Stock-based compensation expense | 0 | 1,980 | 0 | 0 | 1,980 |
Net loss | 0 | 0 | (12,414) | 0 | (12,414) |
Net change in unrealized loss on available-for-sale investments | $ 0 | 0 | 0 | 61 | 61 |
Balance (in shares) at Mar. 31, 2020 | 14,578,146 | ||||
Balance at Mar. 31, 2020 | $ 15 | 82,292 | (48,772) | 1 | $ 33,536 |
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 |
Exercise of stock options (in shares) | 24,090 | 24,090 | |||
Exercise of stock options | $ 0 | 396 | 0 | 0 | $ 396 |
Purchase of capped call | $ 0 | (16,134) | 0 | 0 | (16,134) |
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes (in shares) | 98,604 | ||||
Issuance of common stock in settlement of restricted and performance stock units, net of shares withheld for employee taxes | $ 0 | (999) | 0 | 0 | (999) |
Stock-based compensation expense | 0 | 1,846 | 0 | 0 | 1,846 |
Net loss | $ 0 | 0 | (359) | 0 | (359) |
Net change in unrealized loss on available-for-sale investments | $ 0 | ||||
Balance (in shares) at Mar. 31, 2021 | 17,801,926 | 17,801,926 | |||
Balance at Mar. 31, 2021 | $ 18 | $ 102,206 | $ (60,594) | $ 0 | $ 41,630 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Cash flows from operating activities: | ||
Net loss | $ (359) | $ (12,414) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities: | ||
Stock-based compensation | 1,846 | 1,980 |
Depreciation and amortization | 361 | 360 |
Amortization of contract acquisition costs | 545 | 717 |
Amortization of debt issuance costs | 52 | 0 |
Impairment of capitalized cloud computing costs | 182 | 0 |
Change in deferred tax asset | 45 | 15 |
Provision for credit losses | 218 | 590 |
Gain on sale of property and equipment | (59) | 0 |
Change in right-of-use asset | 604 | 645 |
Other | 0 | 35 |
Changes in assets and liabilities: | ||
Accounts receivable | (2,407) | 5,306 |
Inventories | (6,021) | (3,020) |
Other current assets and prepaid expenses | (1,560) | 807 |
Other long-term assets | (500) | (207) |
Accounts payable | (1,653) | 1,919 |
Accrued liabilities | 10,199 | (6,567) |
Extended warranty liabilities | (177) | (234) |
Operating lease liabilities | (563) | (645) |
Deferred revenue | 500 | (1,253) |
Net cash provided by (used in) operating activities | 1,253 | (11,966) |
Cash flows from investing activities: | ||
Acquisition of property, equipment, and software | (101) | (230) |
Proceeds from disposal of property and equipment | 52 | 0 |
Proceeds from maturities of marketable investments | 0 | 6,800 |
Purchase of marketable investments | 0 | (3,930) |
Net cash provided by (used in) investing activities | (49) | 2,640 |
Cash flows from financing activities: | ||
Proceeds from exercise of stock options and employee stock purchase plan | 396 | 201 |
Purchase of capped call | (16,134) | 0 |
Proceeds from issuance of Convertible notes | 138,250 | 0 |
Payment of issuance costs of Convertible notes | (4,717) | 0 |
Taxes paid related to net share settlement of equity awards | (999) | (2,234) |
Payments on finance lease obligations | (115) | (183) |
Net cash provided by (used in) financing activities | 116,681 | (2,216) |
Net increase (decrease) in cash and cash equivalents | 117,885 | (11,542) |
Cash and cash equivalents at beginning of period | 47,047 | 26,316 |
Cash and cash equivalents at end of period | 164,932 | 14,774 |
Supplemental disclosure of non-cash items: | ||
Assets acquired under finance lease | 25 | 0 |
Assets acquired under operating lease | 123 | 0 |
Debt issuance costs accrued | 452 | 0 |
Income tax paid | $ 458 | $ 75 |
Note 1 - Summary of Significant
Note 1 - Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) provides energy-based aesthetic systems for practitioners worldwide. The Company 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 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 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. third 2020, 19 2021, 19 19 19 no three March 31, 2021 . COVID–19 The Company has experienced a significant increase in sales of skincare products under the exclusive distribution agreement with ZO Skin Health, Inc. (“ZO”), which allows the Company to sell ZO’s skincare products in Japan. The reason for the increase in skincare products sales might have been the result of changes in customers’ spending habits to purchase more aesthetic treatments which could be applied at home due to limitations on in-person aesthetic procedures, social distancing and mask wearing requirements due to the COVID- 19 may 19 may Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited Condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its Condensed consolidated statements of financial position as of March 31, 2021 2020, three March 31, 2021, 2020. December 31, 2020 not not 10 December 31, 2020 March 23, 2021. Accounting Policies These unaudited Condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not 10 December 31, 2020 March 23, 2021. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the notes to Condensed consolidated financial statements refer to the Company’s continuing operations. Note 13 The Company issued $138.3 million of convertible senior notes ("Notes" or "Convertible notes") in a private placement offering on March 5, 2021. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 no The costs associated with issuance of the Convertible notes, including underwriters’ fees are presented in the Condensed consolidated balance sheet as a direct deduction from the carrying amount of the Convertible notes. The debt issuance costs are amortized over the life of the Convertible notes as additional non-cash interest expense. In connection with issuance of the Convertible notes, the Company entered into capped call transactions with certain option counterparties. The capped call transactions are generally designated to reduce the potential dilution of the Company's common stock upon any conversion of the Notes. The capped calls were purchased for $16.1 million and recorded as a reduction to additional paid in capital in the Condensed consolidated balance sheet as of March 31, 2021. Use of Estimates The preparation of Condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, allowance for credit losses, 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. Recently Adopted Accounting Pronouncements In December 2019, No. 2019 12 Income Taxes (Topic 740 three March 31, 2021. not In August 2020, No. 2020 06, 470 815 no not not may January 1, 2021. 13 |
Note 2 - Cash, Cash Equivalents
Note 2 - Cash, Cash Equivalents | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2. The following table summarizes the Company's cash and cash equivalents (in thousands): (Dollars in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 164,932 $ 47,047 The Company has no marketable securities as of March 31, 2021 December 31, 2020. |
Note 3 - Fair Value of Financia
Note 3 - Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Fair Value Disclosures [Text Block] | Note 3. Fair value is an exit price representing the amount that would be received to sell an asset or paid to transfer a liability in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. The fair value hierarchy contains three may 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. See Note 13 2026. |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Supplemental Balance Sheet Disclosures [Text Block] | Note 4. Inventories As of March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020 Raw materials $ 15,335 $ 14,874 Work in process 1,359 1,030 Finished goods 17,884 12,604 Total $ 34,578 $ 28,508 Accrued Liabilities As of March 31, 2021 December 31, 2020, March 31, 2021 December 31, 2020 Accrued payroll and related expenses $ 12,558 $ 12,197 Sales and marketing accruals 3,134 2,352 Accrued inventory in transit 7,501 2,476 Product warranty 3,351 2,908 Accrued sales tax 6,935 5,343 Other accrued liabilities 7,850 5,803 Total $ 41,329 $ 31,079 Product Remediation Liability During the fourth 2018, one one 2018. As of March 31, 2021 December 31 2020, three March 31, 2021 $0 three March 31, 2020 Nil |
Note 5 - Warranty and Extended
Note 5 - Warranty and Extended Service Contract | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Product Warranty Disclosure [Text Block] | Note 5. The Company has a direct field service organization in North America (including Canada). Internationally, the Company provides direct service support in Australia, Belgium, France, Germany, Hong Kong, Japan, and Switzerland, as well as through third not third After the original warranty period, maintenance and support are offered on an extended service contract basis or on a time and materials basis. The Company provides for the estimated cost to repair or replace products under standard warranty at the time of sale. Costs incurred in connection with extended service contracts are recognized at the time when costs are incurred, except the one December 31, 2018 one The following table provides the changes in the product warranty accrual for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 (1) Beginning Balance $ 2,908 $ 4,401 Add: Accruals for warranties issued during the period 1,525 860 Less: Settlements made during the period (1,082 ) (1,863 ) Ending Balance $ 3,351 $ 3,398 ( 1 The ending product warranty accrual balance excludes $1.0 million and $1.8 million as of March 31, 2021 2020, one one s legacy products. The $1.1 million and $1.9 million of settlements made in the three March 31, 2021 2020, one |
Note 6 - Deferred Revenue
Note 6 - Deferred Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Contract with Customer Liability [Text Block] | Note 6. The Company records deferred revenue when revenue is to be recognized subsequent to invoicing. For extended service contracts, the Company generally invoices customers at the beginning of the extended service contract term. The Company’s extended service contracts typically have one two three March 31, 2021 12 The following table provides changes in the deferred revenue balance for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Balance at beginning of quarter $ 11,237 $ 14,222 Add: Payments received 4,929 3,571 Less: Revenue (445 ) (592 ) Less: Revenue included in the beginning balance and recognized as revenue in the current quarter (3,984 ) (4,232 ) Balance at end of quarter $ 11,737 $ 12,969 Costs for extended service contracts were $2.0 million and $2.2 million for the three March 31, 2021 2020, |
Note 7 - Revenue
Note 7 - Revenue | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Revenue from Contract with Customer [Text Block] | Note 7. 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 12% and 18% respectively, of the Company’s total revenue for the three March 31, 2021 2020. 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 Condensed consolidated balance sheets (See Note 11 no three March 31, 2021. not three March 31, 2021. 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 The Company classifies as product revenue the sales of systems, system upgrades, hand pieces, hand piece refills (applicable to Titan truSculpt third Customer Marketing Support In North America, the Company offers marketing and consulting phone support to its customers across all system platforms. These customer marketing support services include a practice development model and marketing training, performed remotely with ongoing phone consultations for six six Significant Judgments The determination of whether two one may While the Company’s purchase agreements do not The Company determines standalone selling price ("SSP") for each performance obligation as follows: ● Systems: The SSPs for systems are based on directly observable sales in similar circumstances to similar customers. ● Extended warranty/Service contracts: SSP is based on observable price when sold on a standalone basis (by customer type). Loyalty Program The Company has a customer loyalty program for qualified customers located in the U.S. and Canada. Under the loyalty program, customers accumulate points based on their purchasing levels which can be redeemed for such rewards as the right to attend the Company’s advanced training event for truSculpt March 31, 2021 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 as of March 31, 2021 December 31, 2020 three March 31, 2021 2020 |
Note 8 - Stockholders' Equity a
Note 8 - Stockholders' Equity and Stock-based Compensation Expense | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Share-based Payment Arrangement [Text Block] | Note 8. Equity and Stock-based Compensation Expense The Company’s equity incentive plans are broad-based, long-term programs intended to attract and retain talented employees and align stockholder and employee interests. In June 2019, 2004 2019 “2019 June 2020, 2019 The Company’s Board of Directors granted its executive officers and senior management 88,588 performance stock units (“PSUs”) during the three March 31, 2021. three March 31, 2021 2021 The Company’s Board of Directors also granted its executive officers and senior management 56,597 RSUs and 68,673 non-qualified stock options (“NQs”) during the three March 31, 2021. four one fourth first January 1, 2021 1/36 During the quarter ended September 30, 2019 2019 2022 2019 2020 2021 2020 2019 2022. March 31, 2021, 2019, 2020 2021 2019 three March 31, 2020. None 2020 2022 not March 31, 2020 2022. April 28, 2021, 2020 second June 30, 2021. On August 2, 2020 , April 28, 2021. Under the 2019 three March 31, 2021, As of March 31, 2021 , may Activity under the 2019 Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Price Balance, December 31, 2020 1,085,170 217,007 $ 22.35 Stock awards granted (234,227 ) 68,673 32.87 Options exercised - (24,090 ) 16.41 Options canceled 2,500 (2,500 ) 39.30 Stock awards canceled 58,232 - - Balance, March 31, 2021 911,675 259,090 $ 25.53 Stock-based Compensation Expense Stock-based compensation expense by department recognized during the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Cost of revenue $ 144 $ 290 Sales and marketing 721 719 Research and development 301 321 General and administrative 680 650 Total stock-based compensation expense $ 1,846 $ 1,980 |
Note 9 - Net Loss Per Share
Note 9 - Net Loss Per Share | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Earnings Per Share [Text Block] | Note 9. Basic earnings per share (“EPS”) is computed based on the weighted average number of shares of common stock outstanding during the period. Diluted EPS is computed based on the weighted average number of shares of common stock plus the effect of dilutive potential common shares outstanding during the period using the treasury stock method or the if-converted method. Dilutive potential common shares include outstanding stock options, stock awards, shared performance stock awards, and conversion shares under the Convertible notes. As of March 31, 2021, three March 31, 2021 2020, The following table sets forth the computation of basic and diluted net loss and the weighted average number of shares used in computing basic and diluted net loss per share (in thousands, except per share data): Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net loss $ (359 ) $ (12,414 ) Denominator: Weighted average shares of common stock outstanding used in computing net loss per share, basic 17,768 14,433 Dilutive effect of incremental shares and share equivalents - - Weighted average shares of common stock outstanding used in computing net loss per share, diluted 17,768 14,433 Net loss per share: Net loss per share, basic and diluted $ (0.02 ) $ (0.86 ) The following numbers of shares outstanding, prior to the application of the treasury stock method, were excluded from the computation of diluted net loss per common share for the periods presented because including them would have had an anti-dilutive effect (in thousands): Three Months Ended March 31, 2021 2020 Convertible notes(1)(2) 4,167 - Options to purchase common stock 245 276 Restricted stock units 585 669 Performance stock units 92 216 Employee stock purchase plan shares 30 71 Total 5,119 1,232 ( 1 Anti-dilutive convertible notes were calculated under the if-converted method for the three March 31, 2021. ( 2 The Company entered into capped call transactions with certain financial institutions, which are generally designated to reduce common stock dilution upon conversion of the Convertible notes. The capped call transactions are excluded from the computation of diluted net loss per common share as their effect would be anti-dilutive. |
Note 10 - Income Taxes
Note 10 - Income Taxes | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Income Tax Disclosure [Text Block] | Note 10. For the three March 31, 2021, three March 31, 2020. The Company's income tax expense for the three March 31, 2021 |
Note 11 - Leases
Note 11 - Leases | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Lessee, Leases [Text Block] | Note 11. The Company is a party to certain operating and finance leases for vehicles, office space and storages facilities. The Company’s 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. 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 (“ROU”) asset related to the lease. These are amortized through the ROU asset as reductions of expense over the lease term. Supplemental balance sheet information related to leases was as follows (in thousands): Leases Classification March 31, 2021 December 31, 2020 Assets Right-of-use assets Operating lease assets $ 16,570 $ 17,076 Finance lease Property and equipment, net (1) 418 467 Total leased assets $ 16,988 $ 17,543 ( 1 Liabilities March 31, 2021 December 31, 2020 Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,351 $ 2,260 Operating lease liabilities, non-current Operating lease liabilities, net of current portion 15,394 15,950 Total Operating lease liabilities $ 17,745 $ 18,210 Finance lease liabilities Finance lease liabilities, current Accrued liabilities (1) $ 418 $ 370 Finance lease liabilities, non-current Other long-term liabilities 434 241 Total Finance lease liabilities $ 852 $ 611 ( 1 Finance lease liabilities included in accrued liabilities in the Condensed consolidated balance sheets. Lease costs during the three March 31, 2021 2020 ( Three Months Ended March 31, Lease costs 2021 2020 Finance lease cost Amortization expense $ 127 $ 149 Finance lease cost Interest for finance lease $ 14 $ 19 Operating lease cost Operating lease expense $ 878 $ 728 Cash paid for amounts included in the measurement of lease liabilities during the three March 31, 2021 2020 Three Months Ended March 31, Cash paid for amounts included in the measurement of lease liabilities 2021 2020 Operating cash flow Finance lease $ 14 $ 19 Financing cash flow Finance lease $ 115 $ 120 Operating cash flow Operating lease $ 772 $ 727 Facility leases Maturities of facility leases were as follows as of March 31, 2021 ( As of March 31, 2021 Amount Remainder of 2021 $ 2,327 2022 3,152 2023 3,189 2024 2,879 2025 2,875 2026 and thereafter 6,308 Total lease payments 20,730 Less: imputed interest 2,985 Present value of lease liabilities $ 17,745 Vehicle Leases As of March 31, 2021, As of March 31, 2021 Amount Remainder of 2021 $ 342 2022 377 2023 141 Total lease payments 860 Less: imputed interest 8 Present value of lease liabilities $ 852 Weighted-average remaining lease term and discount rate, as of March 31, 2021, Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) Operating leases 6.5 Finance leases 1.9 Weighted-average discount rate Operating leases 4.7 % Finance leases 6.5 % Lessor Information related to the Company s system leasing During fiscal year ended December 31, 2020, 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 Condensed consolidated balance sheets as a component of other current assets and prepaid expenses. As of December 31, 2020, three March 31, 2021 2020. three March 31, 2021, March 31, 2021, Equipment lease revenue for operating lease agreements is recognized over the life of the lease. The amount of operating lease income included in Product revenue in the accompanying Condensed consolidated statements of operations for the three March 31, 2021 |
Note 12 - Contingencies
Note 12 - Contingencies | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Commitments and Contingencies Disclosure [Text Block] | Note 12. The Company is named from time to time as a party to other legal proceedings, product liability, commercial disputes, employee disputes, and contractual lawsuits in the normal course of business. A liability and related charge are recorded to earnings in the Company’s consolidated financial statements for legal contingencies when the loss is considered probable and the amount can be reasonably estimated. The assessment is re-evaluated each accounting period and is based on all available information, including discussion with outside legal counsel. If a reasonable estimate of a known or probable loss cannot be made, but a range of probable losses can be estimated, the low-end of the range of losses is recognized if no not InMode Ltd. 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 third may As of March 31, 2021 2020, $0, not |
Note 13 - Debt
Note 13 - Debt | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Debt Disclosure [Text Block] | Note 13. Convertible notes, net of unamortized debt issuance costs In March 2021, March 15, 2026 March 15 September 15 September 15, 2021. Initially, each $1,000 may March 15, 2026, No March 31, 2021, Holders may December 15, 2025, $1,000 ● During any fiscal quarter commencing after the fiscal quarter ending on June 30, 2021 ( not ● During the five-business day period after any five consecutive trading day period (the “measurement period”) in which the “trading price” per $1,000 ● The Company calls such Convertible notes for redemption, at any time prior to the close of business on the second ● Upon the occurrence of specified corporate events. On or after December 15, 2025, second may $1,000 As of March 31, 2021, not The Company may not March 20, 2024. March 20, 2024, may 130% 20 not 30 not If a fundamental change occurs, note holders have the option to require the Company to repurchase any portion or all of their Convertible notes in $1,000 100% The Convertible notes are general senior unsecured obligations that rank senior to any of the Company’s indebtedness that is explicitly subordinated to the Notes. The Notes have equal rank in right of payment with all existing and future unsecured indebtedness that is not not The estimated fair value of the Convertible notes was approximately $156.9 million as of March 31, 2021, 2, 3. The following table presents outstanding principal amount and carrying value of the Convertible notes (in thousands): March 31, 2021 December 31, 2020 Outstanding principal amount $ 138,250 $ - Unamortized debt issuance costs (4,665 ) - Carrying Value $ 133,585 $ - In connection with issuance of the Convertible notes, the Company entered into capped call transactions with certain option counterparties. The capped call transactions are generally designated to reduce the potential dilution of the Company's common stock upon any conversion or settlement of the Notes or to offset any cash payment the Company is required to make in excess of the principal amount upon conversion of the Notes, as the case may not March 4,2021, 40 March 12, 2026. no The Company early adopted ASU 2020 06, 470 20 815 40 470 20 815 40, 2020 06, no Issuance Cost The issuance costs related to the Convertible notes is presented in the Condensed consolidated balance sheet as a direct deduction from the carrying amount of the Convertible notes. During the three March 31, 2021, The issuance costs are amortized using an effective interest method basis over the term of the Convertible notes and accordingly the Company recorded approximately $52,000 of amortization of debt issuance costs during the three March 31, 2021. The effective interest rate on the Convertible notes is 2.97%. Interest expense for the three March 31, 2021 $243,000, March 31, 2021. Loan and Security Agreement On May 30, 2018, On July 9, 2020, four July 9, 2024. 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 March 31, 2021. On March 4, 2021, July 9, 2020 As of March 31, 2021, 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 first 2021. March 31, 2021. 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 14 - Segment Reporting
Note 14 - Segment Reporting | 3 Months Ended |
Mar. 31, 2021 | |
Notes to Financial Statements | |
Segment Reporting Disclosure [Text Block] | Note 14. Segment reporting is based on the “management approach,” following the method that management organizes the Company’s reportable segments for which separate financial information is made available to, and evaluated regularly by, the chief operating decision maker in allocating resources and in assessing performance. The Company’s chief operating decision 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 one one The following table presents a summary of revenue by geography for the three March 31, 2021 2020 Three Months Ended March 31, 2021 2020 Revenue mix by geography: United States $ 18,844 $ 13,784 Japan 16,555 7,162 Asia, excluding Japan 2,403 3,229 Europe 4,424 2,816 Rest of World other than United States, Asia and Europe 7,442 5,248 Total consolidated revenue $ 49,668 $ 32,239 Revenue mix by product category: Products $ 28,320 $ 20,958 Consumables 2,925 2,533 Skincare 12,306 2,900 Total product revenue 43,551 26,391 Service 6,117 5,848 Total consolidated revenue $ 49,668 $ 32,239 |
Significant Accounting Policies
Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2021 | |
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 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 |
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. third 2020, 19 2021, 19 19 19 no three March 31, 2021 . COVID–19 The Company has experienced a significant increase in sales of skincare products under the exclusive distribution agreement with ZO Skin Health, Inc. (“ZO”), which allows the Company to sell ZO’s skincare products in Japan. The reason for the increase in skincare products sales might have been the result of changes in customers’ spending habits to purchase more aesthetic treatments which could be applied at home due to limitations on in-person aesthetic procedures, social distancing and mask wearing requirements due to the COVID- 19 may 19 may |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information In the opinion of the Company, the accompanying unaudited Condensed consolidated financial statements included in this report reflect all adjustments (consisting of only normal recurring adjustments) necessary for a fair statement of its Condensed consolidated statements of financial position as of March 31, 2021 2020, three March 31, 2021, 2020. December 31, 2020 not not 10 December 31, 2020 March 23, 2021. |
Basis of Accounting, Policy [Policy Text Block] | Accounting Policies These unaudited Condensed consolidated financial statements are prepared in accordance with the rules and regulations of the SEC applicable to interim financial statements. While these statements reflect all normal recurring adjustments that are, in the opinion of management, necessary for fair presentation of the results of the interim period, they do not 10 December 31, 2020 March 23, 2021. The Company uses the same accounting policies in preparing quarterly and annual financial statements. Unless otherwise noted, amounts presented within the notes to Condensed consolidated financial statements refer to the Company’s continuing operations. Note 13 The Company issued $138.3 million of convertible senior notes ("Notes" or "Convertible notes") in a private placement offering on March 5, 2021. 2020 06, Debt Debt with Conversion and Other Options (Subtopic 470 20 Contracts in Entity s Own Equity (Subtopic 815 40 no The costs associated with issuance of the Convertible notes, including underwriters’ fees are presented in the Condensed consolidated balance sheet as a direct deduction from the carrying amount of the Convertible notes. The debt issuance costs are amortized over the life of the Convertible notes as additional non-cash interest expense. In connection with issuance of the Convertible notes, the Company entered into capped call transactions with certain option counterparties. The capped call transactions are generally designated to reduce the potential dilution of the Company's common stock upon any conversion of the Notes. The capped calls were purchased for $16.1 million and recorded as a reduction to additional paid in capital in the Condensed consolidated balance sheet as of March 31, 2021. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of Condensed consolidated financial statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported of assets and liabilities and disclosure of contingent assets and liabilities at the date of the Condensed consolidated financial statements and the accompanying notes, and the reported amounts of revenue and expenses during the reported periods. Actual results could differ materially from those estimates. On an ongoing basis, management evaluates its estimates, including those related to warranty obligations, sales commission, allowance for credit losses, 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. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recently Adopted Accounting Pronouncements In December 2019, No. 2019 12 Income Taxes (Topic 740 three March 31, 2021. not In August 2020, No. 2020 06, 470 815 no not not may January 1, 2021. 13 |
Note 2 - Cash, Cash Equivalen_2
Note 2 - Cash, Cash Equivalents (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Cash and Cash Equivalents [Table Text Block] | (Dollars in thousands) March 31, 2021 December 31, 2020 Cash and cash equivalents $ 164,932 $ 47,047 |
Note 4 - Balance Sheet Details
Note 4 - Balance Sheet Details (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Inventory, Current [Table Text Block] | March 31, 2021 December 31, 2020 Raw materials $ 15,335 $ 14,874 Work in process 1,359 1,030 Finished goods 17,884 12,604 Total $ 34,578 $ 28,508 |
Schedule of Accrued Liabilities [Table Text Block] | March 31, 2021 December 31, 2020 Accrued payroll and related expenses $ 12,558 $ 12,197 Sales and marketing accruals 3,134 2,352 Accrued inventory in transit 7,501 2,476 Product warranty 3,351 2,908 Accrued sales tax 6,935 5,343 Other accrued liabilities 7,850 5,803 Total $ 41,329 $ 31,079 |
Note 5 - Warranty and Extende_2
Note 5 - Warranty and Extended Service Contract (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Product Warranty Liability [Table Text Block] | Three Months Ended March 31, 2021 2020 (1) Beginning Balance $ 2,908 $ 4,401 Add: Accruals for warranties issued during the period 1,525 860 Less: Settlements made during the period (1,082 ) (1,863 ) Ending Balance $ 3,351 $ 3,398 |
Note 6 - Deferred Revenue (Tabl
Note 6 - Deferred Revenue (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Contract with Customer, Contract Asset, Contract Liability, and Receivable [Table Text Block] | Three Months Ended March 31, 2021 2020 Balance at beginning of quarter $ 11,237 $ 14,222 Add: Payments received 4,929 3,571 Less: Revenue (445 ) (592 ) Less: Revenue included in the beginning balance and recognized as revenue in the current quarter (3,984 ) (4,232 ) Balance at end of quarter $ 11,737 $ 12,969 |
Note 8 - Stockholders' Equity_2
Note 8 - Stockholders' Equity and Stock-based Compensation Expense (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Share-based Payment Arrangement, Option, Activity [Table Text Block] | Options Outstanding Shares Available for Grant Number of Stock Options Outstanding Weighted- Average Price Balance, December 31, 2020 1,085,170 217,007 $ 22.35 Stock awards granted (234,227 ) 68,673 32.87 Options exercised - (24,090 ) 16.41 Options canceled 2,500 (2,500 ) 39.30 Stock awards canceled 58,232 - - Balance, March 31, 2021 911,675 259,090 $ 25.53 |
Share-based Payment Arrangement, Expensed and Capitalized, Amount [Table Text Block] | Three Months Ended March 31, 2021 2020 Cost of revenue $ 144 $ 290 Sales and marketing 721 719 Research and development 301 321 General and administrative 680 650 Total stock-based compensation expense $ 1,846 $ 1,980 |
Note 9 - Net Loss Per Share (Ta
Note 9 - Net Loss Per Share (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Earnings Per Share, Basic and Diluted [Table Text Block] | Three Months Ended March 31, 2021 Three Months Ended March 31, 2020 Numerator: Net loss $ (359 ) $ (12,414 ) Denominator: Weighted average shares of common stock outstanding used in computing net loss per share, basic 17,768 14,433 Dilutive effect of incremental shares and share equivalents - - Weighted average shares of common stock outstanding used in computing net loss per share, diluted 17,768 14,433 Net loss per share: Net loss per share, basic and diluted $ (0.02 ) $ (0.86 ) |
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] | Three Months Ended March 31, 2021 2020 Convertible notes(1)(2) 4,167 - Options to purchase common stock 245 276 Restricted stock units 585 669 Performance stock units 92 216 Employee stock purchase plan shares 30 71 Total 5,119 1,232 |
Note 11 - Leases (Tables)
Note 11 - Leases (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Leases, Financial Statement Information [Table Text Block] | Leases Classification March 31, 2021 December 31, 2020 Assets Right-of-use assets Operating lease assets $ 16,570 $ 17,076 Finance lease Property and equipment, net (1) 418 467 Total leased assets $ 16,988 $ 17,543 Liabilities March 31, 2021 December 31, 2020 Operating lease liabilities Operating lease liabilities, current Operating lease liabilities $ 2,351 $ 2,260 Operating lease liabilities, non-current Operating lease liabilities, net of current portion 15,394 15,950 Total Operating lease liabilities $ 17,745 $ 18,210 Finance lease liabilities Finance lease liabilities, current Accrued liabilities (1) $ 418 $ 370 Finance lease liabilities, non-current Other long-term liabilities 434 241 Total Finance lease liabilities $ 852 $ 611 Three Months Ended March 31, Lease costs 2021 2020 Finance lease cost Amortization expense $ 127 $ 149 Finance lease cost Interest for finance lease $ 14 $ 19 Operating lease cost Operating lease expense $ 878 $ 728 Three Months Ended March 31, Cash paid for amounts included in the measurement of lease liabilities 2021 2020 Operating cash flow Finance lease $ 14 $ 19 Financing cash flow Finance lease $ 115 $ 120 Operating cash flow Operating lease $ 772 $ 727 |
Lessee, Operating Lease, Liability, Maturity [Table Text Block] | As of March 31, 2021 Amount Remainder of 2021 $ 2,327 2022 3,152 2023 3,189 2024 2,879 2025 2,875 2026 and thereafter 6,308 Total lease payments 20,730 Less: imputed interest 2,985 Present value of lease liabilities $ 17,745 |
Finance Lease, Liability, Fiscal Year Maturity [Table Text Block] | As of March 31, 2021 Amount Remainder of 2021 $ 342 2022 377 2023 141 Total lease payments 860 Less: imputed interest 8 Present value of lease liabilities $ 852 |
Lease, Cost [Table Text Block] | Lease Term and Discount Rate March 31, 2021 Weighted-average remaining lease term (years) Operating leases 6.5 Finance leases 1.9 Weighted-average discount rate Operating leases 4.7 % Finance leases 6.5 % |
Note 13 - Debt (Tables)
Note 13 - Debt (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Convertible Debt [Table Text Block] | March 31, 2021 December 31, 2020 Outstanding principal amount $ 138,250 $ - Unamortized debt issuance costs (4,665 ) - Carrying Value $ 133,585 $ - |
Note 14 - Segment Reporting (Ta
Note 14 - Segment Reporting (Tables) | 3 Months Ended |
Mar. 31, 2021 | |
Notes Tables | |
Schedule of Revenue from External Customers Attributed to Foreign Countries by Geographic Area [Table Text Block] | Three Months Ended March 31, 2021 2020 Revenue mix by geography: United States $ 18,844 $ 13,784 Japan 16,555 7,162 Asia, excluding Japan 2,403 3,229 Europe 4,424 2,816 Rest of World other than United States, Asia and Europe 7,442 5,248 Total consolidated revenue $ 49,668 $ 32,239 Revenue mix by product category: Products $ 28,320 $ 20,958 Consumables 2,925 2,533 Skincare 12,306 2,900 Total product revenue 43,551 26,391 Service 6,117 5,848 Total consolidated revenue $ 49,668 $ 32,239 |
Note 1 - Summary of Significa_2
Note 1 - Summary of Significant Accounting Policies (Details Textual) - USD ($) $ in Thousands | Mar. 05, 2021 | Mar. 31, 2021 | Mar. 31, 2021 | Mar. 31, 2020 |
Inventory Write-down | $ 200 | |||
Proceeds from Convertible Debt | $ 138,250 | $ 0 | ||
Capped Call Transactions Costs | $ 16,100 | |||
Convertible Senior Notes Due 2026 [Member] | ||||
Proceeds from Convertible Debt | $ 138,300 | $ 138,300 | ||
Convertible Senior Notes Due 2026 [Member] | Convertible Debt [Member] | ||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% |
Note 2 - Cash, Cash Equivalen_3
Note 2 - Cash, Cash Equivalents (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Marketable Securities, Current, Total | $ 0 | $ 0 |
Note 2 - Cash, Cash Equivalen_4
Note 2 - Cash, Cash Equivalents - Cash and Cash Equivalents (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Cash and cash equivalents | $ 164,932 | $ 47,047 |
Note 4 - Balance Sheet Detail_2
Note 4 - Balance Sheet Details (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | [1] | ||
Standard Product Warranty Accrual, Ending Balance | $ 3,351 | $ 3,398 | [1] | $ 2,908 | $ 4,401 | ||
Extended Product Warranty Accrual, Ending Balance | 1,000 | 1,800 | |||||
Standard Product Warranty Accrual, Decrease for Payments | 1,082 | 1,863 | [1] | ||||
Extended Product Warranty Accrual, Decrease for Payments | 200 | $ 3,200 | |||||
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 | |||||
Extended Product Warranty Accrual, Ending Balance | 1,000 | $ 1,200 | |||||
Standard Product Warranty Accrual, Decrease for Payments | 0 | 0 | |||||
Extended Product Warranty Accrual, Decrease for Payments | $ 200 | $ 200 | |||||
[1] | The ending product warranty accrual balance excludes $1.0 million and $1.8 million as of March 31, 2021 and 2020 and one-time extended service contracts cost to replace components in one of the Company's legacy products. |
Note 4 - Balance Sheet Detail_3
Note 4 - Balance Sheet Details - Inventories (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Raw materials | $ 15,335 | $ 14,874 |
Work in process | 1,359 | 1,030 |
Finished goods | 17,884 | 12,604 |
Total | $ 34,578 | $ 28,508 |
Note 4 - Balance Sheet Detail_4
Note 4 - Balance Sheet Details - Accrued Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Accrued payroll and related expenses | $ 12,558 | $ 12,197 |
Sales and marketing accruals | 3,134 | 2,352 |
Accrued inventory in transit | 7,501 | 2,476 |
Product warranty | 3,351 | 2,908 |
Accrued sales tax | 6,935 | 5,343 |
Other accrued liabilities | 7,850 | 5,803 |
Total | $ 41,329 | $ 31,079 |
Note 5 - Warranty and Extende_3
Note 5 - Warranty and Extended Service Contract (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2018 | ||
Extended Product Warranty Accrual, Decrease for Payments | $ 200 | $ 3,200 | ||
Extended Product Warranty Accrual, Ending Balance | 1,000 | $ 1,800 | ||
Standard Product Warranty Accrual, Decrease for Payments | $ 1,082 | $ 1,863 | [1] | |
[1] | The ending product warranty accrual balance excludes $1.0 million and $1.8 million as of March 31, 2021 and 2020 and one-time extended service contracts cost to replace components in one of the Company's legacy products. |
Note 5 - Warranty and Extende_4
Note 5 - Warranty and Extended Service Contract - Summary of Warranties (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | [1] | |
Beginning Balance | $ 2,908 | $ 4,401 | |
Add: Accruals for warranties issued during the period | 1,525 | 860 | |
Less: Settlements made during the period | (1,082) | (1,863) | |
Ending Balance | $ 3,351 | $ 3,398 | |
[1] | The ending product warranty accrual balance excludes $1.0 million and $1.8 million as of March 31, 2021 and 2020 and one-time extended service contracts cost to replace components in one of the Company's legacy products. |
Note 6 - Deferred Revenue (Deta
Note 6 - Deferred Revenue (Details Textual) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue, Remaining Performance Obligation, Percentage | 85.00% | |
Revenue, Remaining Performance Obligation, Amount | $ 11.7 | |
Costs for Extended Service Contracts | $ 2 | $ 2.2 |
Note 6 - Deferred Revenue - Sum
Note 6 - Deferred Revenue - Summary of Deferred Service Contract Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Balance at beginning of quarter | $ 11,237 | $ 14,222 |
Add: Payments received | 4,929 | 3,571 |
Less: Revenue | (445) | (592) |
Less: Revenue included in the beginning balance and recognized as revenue in the current quarter | (3,984) | (4,232) |
Balance at end of quarter | $ 11,737 | $ 12,969 |
Note 7 - Revenue (Details Textu
Note 7 - Revenue (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | Dec. 31, 2019 | |
Contract with Customer, Liability, Total | $ 11,737 | $ 12,969 | $ 11,237 | $ 14,222 |
Selling and Marketing Expense [Member] | ||||
Capitalized Contract Cost, Amortization | 500 | $ 700 | ||
Other Assets [Member] | ||||
Capitalized Contract Cost, Net, Total | 3,400 | 3,400 | ||
Loyalty [Member] | ||||
Contract with Customer, Liability, Total | $ 400 | $ 300 | ||
Transferred over Time [Member] | Service [Member] | ||||
Revenue, Performance Obligation Transferred over Time, Percent | 12.00% | 18.00% |
Note 8 - Stockholders' Equity_3
Note 8 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) - USD ($) $ in Millions | Apr. 28, 2021 | Aug. 02, 2020 | Jun. 14, 2019 | Jun. 30, 2020 | Mar. 31, 2021 | Mar. 31, 2020 | Sep. 30, 2019 |
Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 60,000 | ||||||
Performance Shares [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 88,588 | ||||||
Performance Shares [Member] | Chief Executive Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 67,897 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 4 years | ||||||
Performance Shares [Member] | Chief Financial Officer [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 22,423 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Period (Year) | 2 years 6 months | ||||||
Performance Shares [Member] | Chief Financial Officer [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 8,971 | ||||||
Share Based Compensation Arrangement by Share Based Payment Award, Equity Instruments Other Than Options, Vested in Period, Percentage | 40.00% | ||||||
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 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 15.00% | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 8,657 | ||||||
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) | 0 | 16,974 | |||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Performance Shares [Member] | Tranche 2020 [Member] | Chief Executive Officer [Member] | Subsequent Event [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Vested in Period (in shares) | 16,974 | ||||||
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% | ||||||
Restricted Stock Units (RSUs) [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period (in shares) | 56,597 | ||||||
Non-qualified Stock Options [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross (in shares) | 68,673 | ||||||
Restricted Stock Units (RSUs) and Non-qualified Stock Options [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, Award Vesting Rights, Monthly Percentage after First Year | 2.78% | ||||||
Restricted Stock Units (RSUs) and Non-qualified Stock Options [Member] | Share-based Payment Arrangement, Tranche One [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage | 25.00% | ||||||
Share-based Payment Arrangement, Option [Member] | |||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Amount, Total | $ 1.6 | ||||||
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 | $ 13.9 | ||||||
Share-based Payment Arrangement, Nonvested Award, Cost Not yet Recognized, Period for Recognition (Year) | 2 years 1 month 6 days | ||||||
Two Thousand Nineteen Equity Incentive Plan [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Additional Shares Authorized (in shares) | 700,000 | ||||||
Share-based Compensation Arrangement by Share-based Payment Award, Number of Shares Authorized (in shares) | 9,701,192 | ||||||
Stock Issued During Period, Shares, New Issues (in shares) | 122,694 | ||||||
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 |
Note 8 - Stockholders' Equity_4
Note 8 - Stockholders' Equity and Stock-based Compensation Expense - Activity Under the 2004 Equity Incentive Plan (Details) | 3 Months Ended |
Mar. 31, 2021$ / sharesshares | |
Balance, shares available for grant (in shares) | 1,085,170 |
Balance, stock options outstanding (in shares) | 217,007 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 22.35 |
Stock awards granted, shares available for grant (in shares) | (234,227) |
Options exercised, stock options outstanding (in shares) | (24,090) |
Options exercised, weighted-average exercise price (in dollars per share) | $ / shares | $ 16.41 |
Options canceled, shares available for grant (in shares) | 2,500 |
Options canceled, stock options outstanding (in shares) | (2,500) |
Options canceled, weighted-average exercise price (in dollars per share) | $ / shares | $ 39.30 |
Stock awards canceled (in shares) | 58,232 |
Balance, shares available for grant (in shares) | 911,675 |
Balance, stock options outstanding (in shares) | 259,090 |
Balance, weighted-average exercise price (in dollars per share) | $ / shares | $ 25.53 |
Note 8 - Stockholders' Equity_5
Note 8 - Stockholders' Equity and Stock-based Compensation Expense - Stock-based Compensation Expense By Department (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Allocated Share Based Compensation Expense | $ 1,846 | $ 1,980 |
Cost of Sales [Member] | ||
Allocated Share Based Compensation Expense | 144 | 290 |
Selling and Marketing Expense [Member] | ||
Allocated Share Based Compensation Expense | 721 | 719 |
Research and Development Expense [Member] | ||
Allocated Share Based Compensation Expense | 301 | 321 |
General and Administrative Expense [Member] | ||
Allocated Share Based Compensation Expense | $ 680 | $ 650 |
Note 9 - Net Loss Per Share (De
Note 9 - Net Loss Per Share (Details Textual) | 1 Months Ended | 3 Months Ended |
Mar. 31, 2021 | Mar. 31, 2021 | |
Convertible Senior Notes Due 2026 [Member] | ||
Debt Instrument, Convertible, Number of Equity Instruments | 4,167,232 | 4,167,232 |
Note 9 - Net Loss Per Share - N
Note 9 - Net Loss Per Share - Net Loss Per Share (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Net loss | $ (359) | $ (12,414) |
Weighted average shares of common stock outstanding used in computing net loss per share, basic (in shares) | 17,768 | 14,433 |
Dilutive effect of incremental shares and share equivalents (in shares) | 0 | 0 |
Weighted average shares of common stock outstanding used in computing net loss per share, diluted (in shares) | 17,768 | 14,433 |
Net loss per share, basic and diluted (in dollars per share) | $ (0.02) | $ (0.86) |
Note 9 - Net Loss Per Share - A
Note 9 - Net Loss Per Share - Antidilutive Securities Excluded From Computation of Earnings Per Share (Details) - shares shares in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | ||
Antidilutive Securities (in shares) | 5,119 | 1,232 | |
Convertible Debt Securities [Member] | |||
Antidilutive Securities (in shares) | [1],[2] | 4,167 | 0 |
Share-based Payment Arrangement, Option [Member] | |||
Antidilutive Securities (in shares) | 245 | 276 | |
Restricted Stock Units (RSUs) [Member] | |||
Antidilutive Securities (in shares) | 585 | 669 | |
Performance Shares [Member] | |||
Antidilutive Securities (in shares) | 92 | 216 | |
ESPP [Member] | |||
Antidilutive Securities (in shares) | 30 | 71 | |
[1] | Anti-dilutive convertible notes were calculated under the if-converted method for the three months ended March 31, 2021. | ||
[2] | The Company entered into capped call transactions with certain financial institutions, which are generally designated to reduce common stock dilution upon conversion of the Convertible notes. The capped call transactions are excluded from the computation of diluted net loss per common share as their effect would be anti-dilutive. |
Note 10 - Income Taxes (Details
Note 10 - Income Taxes (Details Textual) - USD ($) | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Income Tax Expense (Benefit), Total | $ 258,000 | $ 78,000 |
Note 11 - Leases (Details Textu
Note 11 - Leases (Details Textual) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | |
Sales-type Lease, Revenue | $ 0 | $ 0 | |
Proceeds From Exercise of Purchase Option Sales Type Lease | 100 | ||
Operating Lease, Lease Income, Total | 100 | ||
Other Current Assets [Member] | |||
Sales-type and Direct Financing Leases, Lease Receivable | $ 600 | $ 700 | |
Minimum [Member] | |||
Lessee, Leases, Remaining Term (Year) | 1 year | ||
Maximum [Member] | |||
Lessee, Leases, Remaining Term (Year) | 10 years | ||
Lessee, Lease, Renewal Term (Year) | 5 years |
Note 11 - Leases - Financial St
Note 11 - Leases - Financial Statement Information (Details) - USD ($) $ in Thousands | 3 Months Ended | |||
Mar. 31, 2021 | Mar. 31, 2020 | Dec. 31, 2020 | ||
Right-of-use assets | $ 16,570 | $ 17,076 | ||
Total leased assets | 16,988 | 17,543 | ||
Operating lease liabilities, current | 2,351 | 2,260 | ||
Operating lease liabilities, non-current | 15,394 | 15,950 | ||
Present value of lease liabilities | 17,745 | 18,210 | ||
Finance lease liabilities, current | [1] | 418 | 370 | |
Finance lease liabilities, non-current | 434 | 241 | ||
Present value of lease liabilities | 852 | 611 | ||
Finance lease cost | 127 | $ 149 | ||
Finance lease cost | 14 | 19 | ||
Operating lease cost | 878 | 728 | ||
Operating cash flow | 14 | 19 | ||
Financing cash flow | 115 | 120 | ||
Operating cash flow | 772 | $ 727 | ||
Operating Lease Assets [Member] | ||||
Right-of-use assets | 16,570 | 17,076 | ||
Operating Lease Liabilities [Member] | ||||
Operating lease liabilities, current | 2,351 | 2,260 | ||
Property and Equipment, Net [Member] | ||||
Finance lease | [2] | 418 | 467 | |
Operating Lease Liabilities, Net of Current Portion [Member] | ||||
Operating lease liabilities, non-current | $ 15,394 | $ 15,950 | ||
[1] | Finance lease liabilities included in Accrued liabilities in the condensed consolidated balance sheets. | |||
[2] | Finance lease assets included in Property and equipment, net in the condensed consolidated balance sheets. |
Note 11 - Leases - Maturities o
Note 11 - Leases - Maturities of Operating Lease Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Remainder of 2021 | $ 2,327 | |
Present value of lease liabilities | 17,745 | $ 18,210 |
Facility Operating Leases [Member] | ||
2022 | 3,152 | |
2023 | 3,189 | |
2024 | 2,879 | |
2025 | 2,875 | |
2026 and thereafter | 6,308 | |
Total lease payments | 20,730 | |
Less: imputed interest | 2,985 | |
Present value of lease liabilities | $ 17,745 |
Note 11 - Leases - Maturities_2
Note 11 - Leases - Maturities of Finance Leases Liabilities (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Present value of lease liabilities | $ 852 | $ 611 |
Vehicle Finance Leases [Member] | ||
Remainder of 2021 | 342 | |
2022 | 377 | |
2023 | 141 | |
Total lease payments | 860 | |
Less: imputed interest | 8 | |
Present value of lease liabilities | $ 852 |
Note 11 - Leases - Lease Inform
Note 11 - Leases - Lease Information (Details) | Mar. 31, 2021 |
Operating leases (Year) | 6 years 6 months |
Finance leases (Year) | 1 year 10 months 24 days |
Operating leases | 4.70% |
Finance leases | 6.50% |
Note 12 - Contingencies (Detail
Note 12 - Contingencies (Details Textual) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Estimated Litigation Liability | $ 400 | $ 0 |
Note 13 - Debt (Details Textual
Note 13 - Debt (Details Textual) | Mar. 05, 2021USD ($) | Jul. 09, 2020USD ($) | Apr. 22, 2020USD ($) | Mar. 31, 2021USD ($)$ / shares$ / item | Mar. 31, 2021USD ($)$ / shares$ / item | Mar. 31, 2020USD ($) | Mar. 04, 2021$ / shares | Dec. 31, 2020USD ($) | May 30, 2018USD ($) |
Proceeds from Convertible Debt | $ 138,250,000 | $ 0 | |||||||
Convertible Debt, Noncurrent | $ 133,585,000 | $ 133,585,000 | $ 0 | ||||||
Derivative, Cap Price (in USD per Per Share) | $ / item | 45.5350 | 45.5350 | |||||||
Derivative Cap Price Premium Over Stock Price, Percent | 75.00% | 75.00% | |||||||
Share Price (in dollars per share) | $ / shares | $ 26.02 | ||||||||
Payments for Derivative Instrument, Financing Activities | $ 16,100,000 | $ 16,134,000 | $ 0 | ||||||
Debt Issuance Costs, Gross | 4,700,000 | 4,700,000 | |||||||
Amortization of Debt Issuance Costs | 52,000 | ||||||||
Interest Expense, Total | 243,000 | ||||||||
Revolving Line of Credit [Member] | Wells Fargo [Member] | |||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 25,000,000 | ||||||||
Revolving Credit Facility [Member] | |||||||||
Long-term Line of Credit, Total | 0 | 0 | |||||||
Accrued Liabilities [Member] | |||||||||
Interest Payable | 191,000 | $ 191,000 | |||||||
Convertible Senior Notes Due 2026 [Member] | |||||||||
Proceeds from Convertible Debt | $ 138,300,000 | 138,300,000 | |||||||
Proceeds from Debt, Net of Issuance Costs | $ 133,600,000 | ||||||||
Debt Instrument, Convertible, Conversion Ratio | 30.1427 | ||||||||
Debt Instrument, Convertible, Conversion Price (in dollars per share) | $ / shares | $ 33.18 | $ 33.18 | |||||||
Debt Instrument, Convertible, Number of Equity Instruments | 4,167,232 | 4,167,232 | |||||||
Convertible Debt, Noncurrent | $ 133,600,000 | $ 133,600,000 | |||||||
Debt Instrument, Unamortized Discount, Total | 4,700,000 | 4,700,000 | |||||||
Debt Instrument, Convertible, If-converted Value in Excess of Principal | 138,300,000 | ||||||||
Debt Instrument, Convertible, Required Outstanding Amount Not Subject to Redemption | 50,000,000 | $ 50,000,000 | |||||||
Debt Instrument, Interest Rate During Period | 2.97% | ||||||||
Convertible Senior Notes Due 2026 [Member] | Fair Value, Inputs, Level 2 [Member] | |||||||||
Convertible Debt, Fair Value Disclosures | $ 156,900,000 | $ 156,900,000 | |||||||
Convertible Senior Notes Due 2026 [Member] | Redeemable on or After March 2020-24 [Member] | |||||||||
Debt Instrument, Redemption Price, Percentage | 100.00% | ||||||||
Convertible Senior Notes Due 2026 [Member] | Convertible Debt [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 2.25% | 2.25% | 2.25% | ||||||
Convertible Senior Notes Due 2026, First Conversion Trigger [Member] | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 20 | ||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 30 | ||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 130.00% | ||||||||
Convertible Senior Notes Due 2026, Second Conversion Trigger [Member] | |||||||||
Debt Instrument, Convertible, Threshold Trading Days | 5 | ||||||||
Debt Instrument, Convertible, Threshold Consecutive Trading Days | 5 | ||||||||
Debt Instrument, Convertible, Threshold Percentage of Stock Price Trigger | 98.00% | ||||||||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | Silicon Valley Bank [Member] | |||||||||
Debt Instrument, Interest Rate, Stated Percentage | 5.00% | ||||||||
Line of Credit Facility, Maximum Borrowing Capacity | $ 30,000,000 | ||||||||
Debt Instrument, Term (Year) | 4 years | ||||||||
Debt Instrument, Percentage of Qualifying Accounts Receivable | 80.00% | ||||||||
Line of Credit Facility, Commitment Fee Amount | $ 300,000 | ||||||||
Debt Instrument, Anniversary Fee Amount | $ 300,000 | ||||||||
Debt Covenant, Quarterly Minimum Revenue | $ 90,000,000 | ||||||||
Loan and Security Agreement [Member] | Revolving Credit Facility [Member] | Silicon Valley Bank [Member] | Prime Rate [Member] | |||||||||
Debt Instrument, Basis Spread on Variable Rate | 1.75% | ||||||||
Paycheck Protection Program CARES Act [Member] | |||||||||
Proceeds from Issuance of Long-term Debt, Total | $ 7,100,000 |
Note 13 - Debt - Outstanding De
Note 13 - Debt - Outstanding Debt and Carrying Value (Details) - USD ($) $ in Thousands | Mar. 31, 2021 | Dec. 31, 2020 |
Unamortized debt issuance costs | $ (4,665) | |
Convertible Senior Notes Due 2026 [Member] | ||
Outstanding principal amount | 138,250 | $ 0 |
Unamortized debt issuance costs | (4,665) | 0 |
Carrying Value | $ 133,585 | $ 0 |
Note 14 - Segment Reporting (De
Note 14 - Segment Reporting (Details Textual) | 3 Months Ended |
Mar. 31, 2021 | |
Number of Operating Segments | 1 |
Note 14 - Segment Reporting - S
Note 14 - Segment Reporting - Summary of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2021 | Mar. 31, 2020 | |
Revenue | $ 49,668 | $ 32,239 |
Products Excluding Consumables and Skincare [Member] | ||
Revenue | 28,320 | 20,958 |
Consumables [Member] | ||
Revenue | 2,925 | 2,533 |
Skincare [Member] | ||
Revenue | 12,306 | 2,900 |
Product [Member] | ||
Revenue | 43,551 | 26,391 |
Service [Member] | ||
Revenue | 6,117 | 5,848 |
UNITED STATES | ||
Revenue | 18,844 | 13,784 |
JAPAN | ||
Revenue | 16,555 | 7,162 |
Asia, Excluding Japan [Member] | ||
Revenue | 2,403 | 3,229 |
Europe [Member] | ||
Revenue | 4,424 | 2,816 |
Rest of World [Member] | ||
Revenue | $ 7,442 | $ 5,248 |