Document_and_Entity_Informatio
Document and Entity Information | 6 Months Ended | |
Jun. 30, 2014 | Jul. 23, 2014 | |
Document And Entity Information [Abstract] | ' | ' |
Document Type | '10-Q | ' |
Amendment Flag | 'false | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Trading Symbol | 'ATRC | ' |
Entity Registrant Name | 'AtriCure, Inc. | ' |
Entity Central Index Key | '0001323885 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Accelerated Filer | ' |
Entity Common Stock, Shares Outstanding | ' | 27,471,256 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $41,978 | $14,892 |
Short-term investments | 21,223 | 11,319 |
Accounts receivable, less allowance for doubtful accounts of $77 and $94, respectively | 15,058 | 13,652 |
Inventories | 12,666 | 10,214 |
Other current assets | 1,840 | 2,410 |
Total current assets | 92,765 | 52,487 |
Property and equipment, net | 6,462 | 5,643 |
Long-term investments | 11,387 | 7,914 |
Intangible assets, net | 9,588 | 10,299 |
Goodwill | 35,386 | 35,386 |
Other noncurrent assets | 345 | 218 |
Total Assets | 155,933 | 111,947 |
Current liabilities: | ' | ' |
Accounts payable | 7,522 | 8,605 |
Accrued liabilities | 9,317 | 16,070 |
Current maturities of debt and capital leases | 41 | 2,038 |
Total current liabilities | 16,880 | 26,713 |
Long-term debt and capital leases | 65 | 4,412 |
Other noncurrent liabilities | 4,768 | 8,218 |
Total Liabilities | 21,713 | 39,343 |
Commitments and contingencies (Note 7) | ' | ' |
Stockholders' Equity: | ' | ' |
Common stock, $.001 par value, 90,000 shares authorized and 27,471 and 23,248 issued and outstanding, respectively | 27 | 23 |
Additional paid-in capital | 266,985 | 194,933 |
Accumulated other comprehensive loss | -178 | -139 |
Accumulated deficit | -132,614 | -122,213 |
Total Stockholders' Equity | 134,220 | 72,604 |
Total Liabilities and Stockholders' Equity | $155,933 | $111,947 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Unaudited) (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Per Share data, unless otherwise specified | ||
Statement Of Financial Position [Abstract] | ' | ' |
Accounts receivable, allowance for doubtful accounts | $77 | $94 |
Common stock, par value | $0.00 | $0.00 |
Common stock, shares authorized | 90,000 | 90,000 |
Common stock, shares issued | 27,471 | 23,248 |
Common stock, shares outstanding | 27,471 | 23,248 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS (Unaudited) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Statement [Abstract] | ' | ' | ' | ' |
Revenue | $26,514 | $20,429 | $51,361 | $39,859 |
Cost of revenue | 7,733 | 5,306 | 14,923 | 10,650 |
Gross profit | 18,781 | 15,123 | 36,438 | 29,209 |
Operating expenses: | ' | ' | ' | ' |
Research and development expenses | 4,569 | 3,049 | 8,570 | 6,555 |
Selling, general and administrative expenses | 17,065 | 13,713 | 38,646 | 26,093 |
Total operating expenses | 21,634 | 16,762 | 47,216 | 32,648 |
Loss from operations | -2,853 | -1,639 | -10,778 | -3,439 |
Other income (expense): | ' | ' | ' | ' |
Interest expense | -29 | -132 | -266 | -305 |
Interest income | 23 | 2 | 37 | 6 |
Other | 172 | -17 | 638 | 14 |
Loss before income tax expense | -2,687 | -1,786 | -10,369 | -3,724 |
Income tax expense | 5 | 5 | 32 | 10 |
Net loss | -2,692 | -1,791 | -10,401 | -3,734 |
Basic and diluted net loss per share | ($0.10) | ($0.09) | ($0.40) | ($0.19) |
Weighted average shares outstanding - basic and diluted | 26,849 | 20,652 | 25,813 | 20,101 |
Comprehensive loss: | ' | ' | ' | ' |
Unrealized losses on investments | -11 | -1 | -13 | -1 |
Foreign currency translation adjustment | -28 | 12 | -26 | -132 |
Other comprehensive income (loss) | -39 | 11 | -39 | -133 |
Net loss | -2,692 | -1,791 | -10,401 | -3,734 |
Comprehensive loss | ($2,731) | ($1,780) | ($10,440) | ($3,867) |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Cash flows from operating activities: | ' | ' |
Net loss | ($10,401) | ($3,734) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Share-based compensation expense | 3,988 | 1,338 |
Depreciation | 1,506 | 951 |
Loss on disposal of equipment | 14 | 29 |
Amortization of deferred financing costs | 80 | 46 |
Amortization of intangible assets | 711 | 6 |
Amortization/accretion on investments | 163 | -6 |
Change in allowance for doubtful accounts | 32 | 2 |
Change in fair value of contingent consideration | -2,662 | ' |
Other | 95 | ' |
Changes in operating assets and liabilities: | ' | ' |
Accounts receivable | -1,448 | -1,463 |
Inventories | -2,457 | -320 |
Other current assets | 572 | -240 |
Accounts payable | -936 | 45 |
Accrued liabilities | -6,704 | 375 |
Other noncurrent assets and liabilities | -926 | 139 |
Net cash used in operating activities | -18,373 | -2,832 |
Cash flows from investing activities: | ' | ' |
Purchases of property and equipment | -2,475 | -1,191 |
Purchases of available-for-sale securities | -27,322 | -2,544 |
Maturities of available-for-sale securities | 5,400 | 2,900 |
Sales of available-for-sale securities | 8,349 | ' |
Net cash used in investing activities | -16,048 | -835 |
Cash flows from financing activities: | ' | ' |
Proceeds from sale of stock, net of offering costs of $257 and $212, respectively | 65,830 | 26,872 |
Payments on debt and capital leases | -6,352 | -1,014 |
Payment of debt fees and premium on retirement of debt | -169 | -98 |
Proceeds from issuance of common stock under employee stock purchase plan | 708 | 326 |
Proceeds from stock option exercises | 1,637 | 1,240 |
Shares repurchased for payment of taxes on stock awards | -153 | -269 |
Net cash provided by financing activities | 61,501 | 27,057 |
Effect of exchange rate changes on cash and cash equivalents | 6 | -99 |
Net increase in cash and cash equivalents | 27,086 | 23,291 |
Cash and cash equivalents-beginning of period | 14,892 | 7,753 |
Cash and cash equivalents-end of period | 41,978 | 31,044 |
Supplemental cash flow information: | ' | ' |
Cash paid for interest | 109 | 279 |
Cash paid for taxes | 146 | 30 |
Non-cash investing and financing activities: | ' | ' |
Accrued purchases of property and equipment | 137 | 63 |
Assets acquired through capital lease | $8 | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (Unaudited) (Parenthetical) (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Statement Of Cash Flows [Abstract] | ' | ' |
Offering cost for sale of stock | $257 | $212 |
DESCRIPTION_OF_BUSINESS_AND_SU
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | ' | ||||||||||||||||
1. DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES | |||||||||||||||||
Nature of the Business—AtriCure, Inc. (the “Company” or “AtriCure”) was incorporated in the State of Delaware on October 31, 2000. The Company is a leading Atrial Fibrillation (“Afib”) solutions partner providing innovative products, professional education and support for clinical science to reduce the economic and social burden of Afib. The Company sells its products to hospitals globally through a direct sales force and distributors. | |||||||||||||||||
Basis of Presentation—The accompanying interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying interim financial statements are unaudited, but in the opinion of the Company’s management, contain all of the normal, recurring adjustments considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted or condensed. The Company believes the disclosures herein are adequate to make the information presented not misleading. Results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. | |||||||||||||||||
The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. | |||||||||||||||||
Principles of Consolidation—The Condensed Consolidated Financial Statements include the accounts of the Company, AtriCure, LLC, the Company’s wholly-owned subsidiary organized in the State of Delaware, Endoscopic Technologies, LLC, the Company’s wholly-owned subsidiary organized in the State of Delaware and AtriCure Europe B.V. (“AtriCure Europe”), the Company’s wholly-owned subsidiary incorporated in the Netherlands. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Cash and Cash Equivalents—The Company considers highly liquid investments with maturities of three months or less at the date of acquisition as cash equivalents. | |||||||||||||||||
Investments—The Company places its investments primarily in U.S. Government agencies and securities, corporate bonds and commercial paper. The Company classifies all investments as available-for-sale. Investments with maturities of less than one year are classified as short-term investments. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). The Company recognizes gains and losses when these securities are sold using the specific identification method and includes them in interest income or expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss. | |||||||||||||||||
Revenue Recognition—The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, “Revenue Recognition” (“ASC 605”). The Company determines the timing of revenue recognition based upon factors such as passage of title, payment terms and ability to return products. The Company recognizes revenue when all of the following criteria are met: (i) there is persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. | |||||||||||||||||
Pursuant to the Company’s standard terms of sale, revenue is recognized when title to the goods and risk of loss transfers to customers and there are no remaining obligations that will affect the customers’ final acceptance of the sale. Generally, the Company’s standard terms of sale define the transfer of title and risk of loss to occur upon shipment to the respective customer. The Company generally does not maintain any post-shipping obligations to the recipients of the products. No installation, calibration or testing of this equipment is performed by the Company subsequent to shipment to the customer in order to render it operational. | |||||||||||||||||
Revenue includes shipping and handling revenue of $236 and $197 for the three months ended June 30, 2014 and 2013, respectively, and $463 and $389 for the six months ended June 30, 2014 and 2013, respectively. Cost of freight for shipments made to customers is included in cost of revenue. Sales and other value-added taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company sells its products primarily through a direct sales force, with certain international markets sold through distributors. Terms of sale are generally consistent for both end-users and distributors except that payment terms are generally net 30 days for end-users and net 60 days for distributors. | |||||||||||||||||
Sales Returns and Allowances—The Company maintains a provision for sales returns and allowances to account for potential returns of defective or damaged products, products shipped in error and price adjustments. The Company estimates such provision quarterly based primarily on a specific identification basis, in addition to estimating a general reserve. Increases to the provision result in a reduction of revenue. The provision is included in accrued liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
Allowance for Doubtful Accounts Receivable—The Company evaluates the collectability of accounts receivable in order to determine the appropriate reserve for doubtful accounts. In determining the amount of the reserve, the Company considers aging of account balances, historical credit losses, customer-specific information and other relevant factors. An increase to the allowance for doubtful accounts results in a corresponding increase in expense. The Company reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs against the allowance has not been significant. | |||||||||||||||||
Inventories—Inventories are stated at the lower of cost or market using the first-in, first-out cost method (“FIFO”) and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of product approvals, variability in product launch strategies and variation in product utilization all impact excess and obsolete inventory. An inventory reserve based on product usage is estimated and recorded quarterly for excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of its net realizable value. Write-offs are recorded when a product is destroyed. The Company’s history of write-offs against the reserve has not been significant. | |||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials | $ | 3,939 | $ | 3,279 | |||||||||||||
Work in process | 1,952 | 1,472 | |||||||||||||||
Finished goods | 6,775 | 5,463 | |||||||||||||||
Inventories | $ | 12,666 | $ | 10,214 | |||||||||||||
Property and Equipment—Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method of depreciation for financial reporting purposes and applied over the estimated useful lives of the assets. The estimated useful life by major asset category is the following: machinery and equipment is three to seven years, computer and other office equipment is three years, furniture and fixtures is three to seven years and leasehold improvements and equipment leased under a capital lease are the shorter of their useful life or remaining lease term. The Company reassesses the useful lives of property and equipment annually, and assets are retired if they are no longer in use. Maintenance and repair costs are expensed as incurred. | |||||||||||||||||
Included in property and equipment are generators and other capital equipment (such as the Company’s switchbox units and cryosurgical consoles) that are loaned at no cost to direct customers that use the Company’s disposable products. These generators are depreciated over a period of one to three years, which approximates their useful lives, and such depreciation is included in cost of revenue. The estimated useful lives of this equipment are based on anticipated usage by our customers and the timing and impact of expected new technology rollouts by the Company. To the extent the Company experiences changes in the usage of this equipment or introductions of new technologies, the estimated useful lives of this equipment may change in a future period. Depreciation related to these generators was $498 and $299 for the three months ended June 30, 2014 and 2013, respectively, and $959 and $569 for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014 and December 31, 2013, the net carrying amount of loaned equipment included in net property and equipment in the Condensed Consolidated Balance Sheets was $3,534 and $3,173, respectively. | |||||||||||||||||
Impairment of Long-Lived Assets—The Company reviews property and equipment for impairment using its best estimates based on reasonable and supportable assumptions and projections. | |||||||||||||||||
Intangible Assets—Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. The Company reviews intangible assets for impairment using its best estimates based on reasonable and supportable assumptions and projections. | |||||||||||||||||
Goodwill—Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company tests goodwill for impairment annually on November 30, or more often if impairment indicators are present. ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”) requires a two-step approach to determine any potential goodwill impairment. The first step (Step 1) requires a comparison of the carrying value of the reporting unit to its fair value. Goodwill is considered potentially impaired if the carrying value of the reporting unit is greater than the estimated fair value. If potential impairment exists based upon completion of Step 1, Step 2 must be completed, which compares the implied fair value of a reporting unit’s goodwill to its carrying value. Step 2 involves an analysis allocating the fair value determined in Step 1 (as if it was the purchase price in a business combination). If the calculated fair value of the goodwill resulting from this allocation is lower than the carrying value of the goodwill of the reporting unit, an impairment loss is recorded. As a result, the value of the assets could be significantly reduced, which would increase operating expenses and reduce net income for the period in which the charge occurs. | |||||||||||||||||
Other Income—Other income consists primarily of foreign currency transaction gains and losses, grant income and non-employee option gains and losses related to the fair market value change for fully vested options outstanding for consultants which are accounted for as free-standing derivatives. | |||||||||||||||||
The Company recorded foreign currency transaction gains of $16 and $11 for the three months ended June 30, 2014 and 2013, respectively, and $21 and $56 for the six months ended June 30, 2014 and 2013, respectively, in connection with settlements of its intercompany balance with AtriCure Europe. | |||||||||||||||||
The Company periodically is awarded grants to support research and development activities or education activities. The Company recognizes grant income when the funds are earned. The Company recorded grant income of $137 and $0 during the three months ended June 30, 2014 and 2013, respectively. Grant income of $500 and $0 was recorded for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
The Company historically issued stock options to non-employee consultants as a form of compensation for services provided to the Company. Because the non-employee options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the awards allow the options to be partially net-cash settled, these options, when vested, are no longer eligible for equity classification and are, thus, subsequently accounted for as derivative liabilities under FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) until the awards are ultimately either exercised or forfeited. Accordingly, the vested non-employee options are classified as liabilities and remeasured at fair value through earnings at each reporting period. During the three months ended June 30, 2014 and 2013, ($19) and $28, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these fully vested stock options. During the six months ended June 30, 2014 and 2013, ($117) and $42, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these fully vested stock options. | |||||||||||||||||
Taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date. | |||||||||||||||||
The Company’s estimate of the valuation allowance for deferred tax assets requires it to make significant estimates and judgments about its future operating results. Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred tax assets on a quarterly basis to determine if valuation allowances are required by considering all available evidence. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible. In evaluating whether to record a valuation allowance, the applicable accounting standards deem that the existence of cumulative losses in recent years is a significant piece of objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need to record a valuation allowance. The Company has recorded a full valuation allowance against its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods. | |||||||||||||||||
A provision of The Patient Protection and Affordable Care Act enacted in 2010, as amended (the “Affordable Care Act”), requires manufacturers of medical devices to pay an excise tax on all U.S. medical device sales beginning in January 2013. The Company’s expense related to the medical device excise tax, which was recorded in cost of revenue, was $116 and $128 for the three months ended June 30, 2014 and 2013, respectively, and $230 and $248 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Net Loss Per Share—Basic and diluted net loss per share is computed in accordance with FASB ASC 260, “Earnings Per Share” (“ASC 260”) by dividing the net loss by the weighted average number of common shares outstanding during the period. Since the Company has experienced net losses for all periods presented, net loss per share excludes the effect of 3,799 and 2,588 options and restricted stock shares as of June 30, 2014 and 2013, respectively, because they are anti-dilutive. Therefore the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation. | |||||||||||||||||
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)—In addition to net losses, the comprehensive loss includes foreign currency translation adjustments and unrealized gains and losses on investments. | |||||||||||||||||
Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total accumulated other comprehensive (loss) income at beginning of period | $ | (139 | ) | $ | (67 | ) | $ | (139 | ) | $ | 77 | ||||||
Unrealized Gains on Investments | |||||||||||||||||
Balance at beginning of period | $ | (8 | ) | $ | 1 | $ | (6 | ) | $ | 1 | |||||||
Other comprehensive income before reclassifications | (11 | ) | (1 | ) | (13 | ) | (1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | — | — | — | — | |||||||||||||
Balance at end of period | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | |||||||
Foreign Currency Translation Adjustment | |||||||||||||||||
Balance at beginning of period | $ | (131 | ) | $ | (68 | ) | $ | (133 | ) | $ | 76 | ||||||
Other comprehensive income before reclassifications | (44 | ) | 1 | (47 | ) | (188 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | 16 | 11 | 21 | 56 | |||||||||||||
Balance at end of period | $ | (159 | ) | $ | (56 | ) | $ | (159 | ) | $ | (56 | ) | |||||
Total accumulated other comprehensive loss at end of period | $ | (178 | ) | $ | (56 | ) | $ | (178 | ) | $ | (56 | ) | |||||
Research and Development—Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development and research related to new products or concepts, preclinical studies, clinical trials and the cost of products used in trials and tests. | |||||||||||||||||
Share-Based Compensation—The Company follows FASB ASC 718, “Compensation-Stock Compensation” (“ASC 718”) to record share-based compensation for all employee share-based payment awards, including stock options, restricted stock, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The Company’s share-based compensation expense recognized under ASC 718 for the three months ended June 30, 2014 and 2013 was $1,846 and $820, respectively, and $3,988 and $1,338 for the six months ended June 30, 2014 and 2013, respectively, on a before and after tax basis. | |||||||||||||||||
FASB ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss. The expense has been reduced for estimated forfeitures. FASB ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||
The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include but are not limited to the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The fair value of market-based performance option grants is estimated at the date of grant using a Monte-Carlo simulation. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The expense has been reduced for estimated forfeitures. | |||||||||||||||||
The Company estimates the fair value of restricted stock based upon the grant date closing market price of the Company’s common stock. The Company’s determination of fair value is affected by the Company’s stock price as well as assumptions regarding the number of shares expected to be granted. Estimated forfeitures reduce the amount of expense recorded for restricted stock. | |||||||||||||||||
The Company also has an employee stock purchase plan (“ESPP” or the “Plan”) which is available to all eligible employees as defined by the Plan. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the Plan and records compensation expense based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model. | |||||||||||||||||
The Company has historically issued stock options to non-employee consultants as a form of compensation for services provided to the Company. Because the stock options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the award agreements allow the stock options to be partially net-cash settled, these vested stock options are no longer eligible for equity classification and are, thus, accounted for as derivative liabilities under FASB ASC 815 until the stock options are ultimately either exercised or forfeited. Accordingly, the vested non-employee consultant stock options are classified as liabilities and remeasured at fair value through earnings at each reporting period. Fully vested options to acquire 33 and 38 shares of common stock held by non-employee consultants remained unexercised as of June 30, 2014 and December 31, 2013, respectively. A liability of $186 and $350 was included in accrued liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
Use of Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value Disclosures—The book value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, short-term investments, short and long-term other assets, accounts payable, accrued expenses and other liabilities, approximate their fair values. The Company classifies cash and short-term investments in U.S. government agencies and securities as Level 1 within the fair value hierarchy. Accounts receivable, short-term other assets, accounts payable and accrued expenses are also classified as Level 1. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Other assets and other liabilities are classified as Level 1 within the fair value hierarchy. Cash equivalents and short-term investments in commercial paper are classified as Level 2 within the fair value hierarchy (see Note 3 – “Fair Value” for further information). Significant unobservable inputs with respect to the fair value measurement of the Level 3 non-employee stock options are developed using Company data. When an input is changed, the Black-Scholes model is updated and the results are analyzed for reasonableness. Significant unobservable inputs with respect to the fair value measurement of the Level 3 acquisition-related contingent consideration are developed using Company data. When an input is changed, the expected present value calculation is updated and the results are analyzed for reasonableness. |
RECENT_ACCOUNTING_PRONOUNCEMEN
RECENT ACCOUNTING PRONOUNCEMENTS | 6 Months Ended |
Jun. 30, 2014 | |
Accounting Changes And Error Corrections [Abstract] | ' |
RECENT ACCOUNTING PRONOUNCEMENTS | ' |
2. RECENT ACCOUNTING PRONOUNCEMENTS | |
In July 2013 the FASB issued FASB ASU 2013-11, “Presentation of an Unrecognized Tax Benefit When a Net Operating Loss Carryforward, a Similar Tax Loss, or a Tax Credit Carryforward Exists”. This new guidance eliminates the diversity in practice for the financial statement presentation of unrecognized tax benefits when a net operating loss carryforward, a similar tax loss or a tax credit carryforward is available to reduce the taxable income or tax payable that would result from disallowance of a tax position. This ASU is effective for interim and annual reporting periods beginning after December 15, 2013. The Company has evaluated the provisions of ASU 2013-11 and has determined that they do not have a material impact on the Company’s financial reporting. | |
In September 2013 the United States Treasury Department and the IRS issued final and proposed regulations (the “Tangible Property Regulations”) effective for tax years beginning on or after January 1, 2014, that provided guidance on a number of matters with regard to tangible property, including whether expenditures qualified as deductible repairs, the treatment of materials and supplies, capitalization of tangible property, dispositions of property and related elections. The Company has evaluated the regulations and has determined that they do not have a material impact on the Company’s financial reporting. | |
In May 2014 the FASB issued a final standard on revenue from contracts with customers. The standard, issued as FASB ASU 2014-09, “Revenue from Contracts with Customers” (“ASU 2014-09”), outlines a single comprehensive model for entities to use in accounting for revenue arising from contracts with customers and supersedes most current revenue recognition guidance. The ASU is effective for interim and annual reporting periods beginning after December 15, 2016. Early adoption is not permitted. A full retrospective or modified retrospective approach may be taken to adopt the guidance in the ASU. The Company is currently evaluating the impact of the provisions of ASU 2014-09 on its consolidated financial position, results of operations and related disclosures. |
FAIR_VALUE
FAIR VALUE | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
FAIR VALUE | ' | ||||||||||||||||
3. FAIR VALUE | |||||||||||||||||
FASB ASC 820, “Fair Value Measurements and Disclosures” (“ASC 820”) defines fair value as the exchange price that would be received for an asset or paid to transfer a liability (an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value must maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes a fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value which are the following: | |||||||||||||||||
• | Level 1—Quoted prices in active markets for identical assets or liabilities that the Company has the ability to access at the measurement date. An active market for the asset or liability is a market in which transactions for the asset or liability occur with sufficient frequency and volume to provide pricing information on an ongoing basis. The valuation under this approach does not entail a significant degree of judgment. | ||||||||||||||||
• | Level 2—Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. The valuation technique for the Company’s Level 2 assets is based on quoted market prices for similar assets from observable pricing sources at the reporting date. | ||||||||||||||||
• | Level 3—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. Unobservable inputs shall be used to measure fair value to the extent that observable inputs are not available, thereby allowing for situations in which there is little, if any, market activity for the asset or liability at the measurement date. The fair value of the Company’s Level 3 investments are estimated on the grant date using the Black-Scholes model and they are revalued at the end of each reporting period using the Black-Scholes model. The fair value of the Company’s Level 3 contingent consideration was estimated on the acquisition date of Endoscopic Technologies, Inc. (“Estech”) and is revalued at the end of each reporting period. | ||||||||||||||||
In accordance with ASC 820, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | — | $ | 38,365 | $ | — | $ | 38,365 | |||||||||
Commercial paper | — | 2,795 | — | 2,795 | |||||||||||||
U.S. government agencies and securities | 5,159 | — | — | 5,159 | |||||||||||||
Corporate bonds | — | 24,656 | — | 24,656 | |||||||||||||
Total assets | $ | 5,159 | $ | 65,816 | $ | — | $ | 70,975 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 186 | $ | 186 | |||||||||
Acquisition-related contingent consideration | — | — | 5,370 | 5,370 | |||||||||||||
Total liabilities | $ | — | $ | — | $ | 5,556 | $ | 5,556 | |||||||||
There were no changes in the levels or methodology of measurement of financial assets and liabilities during the six-month period ended June 30, 2014. | |||||||||||||||||
In accordance with ASC 820, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | — | $ | 4,295 | $ | — | $ | 4,295 | |||||||||
Commercial paper | — | 2,598 | — | 2,598 | |||||||||||||
U.S. government agencies and securities | 4,145 | — | — | 4,145 | |||||||||||||
Corporate bonds | — | 12,490 | — | 12,490 | |||||||||||||
Total assets | $ | 4,145 | $ | 19,383 | $ | — | $ | 23,528 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 350 | $ | 350 | |||||||||
Acquisition-related contingent consideration | — | — | 8,032 | 8,032 | |||||||||||||
Total liabilities | $ | — | $ | — | $ | 8,382 | $ | 8,382 | |||||||||
There were no changes in the levels of financial assets and liabilities during the twelve months ended December 31, 2013. | |||||||||||||||||
The fair value of the Level 3 liabilities is estimated using the Black-Scholes model including the following assumptions: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Risk free interest rate | 0.18%–1.11% | 0.11%–1.32% | |||||||||||||||
Expected life of option (years) | 1.21–3.61 | 0.75–4.10 | |||||||||||||||
Expected volatility of stock | 19.00%–37.00% | 70.00% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
The Company historically issued stock options to non-employee consultants as a form of compensation for services provided to the Company. Once these non-employee options have vested, the awards no longer fall within the scope of ASC 505-50. Because the options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the award agreements allow the options to be partially net-cash settled, these vested options are no longer eligible for equity classification and are, thus, accounted for as derivative liabilities under FASB ASC 815 until the awards are ultimately either exercised or forfeited. Accordingly, the vested non-employee options are classified as liabilities and remeasured at fair value through earnings at each reporting period. In calculating the fair value of the options, they are estimated on the grant date using the Black-Scholes model subject to change in stock price utilizing assumptions of risk-free interest rate, contractual life of option, expected volatility and dividend yield. Due to the lack of certain observable market quotes, the Company utilizes valuation models that rely on some Level 3 inputs. The Company’s estimate of volatility is based on the Company’s trading history. In accordance with ASC 820, the following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for derivative instruments as of June 30, 2014: | |||||||||||||||||
Beginning Balance–January 1, 2014 | $ | 350 | |||||||||||||||
Total gains/losses (realized/unrealized) included in earnings | (124 | ) | |||||||||||||||
Purchases (exercises) | (40 | ) | |||||||||||||||
Reclassification from equity to liability when fully vested | — | ||||||||||||||||
Ending Balance–June 30, 2014 | $ | 186 | |||||||||||||||
Losses included in earnings (or changes in net assets attributable to the change in unrealized gains relating to assets held at reporting date) | $ | 124 | |||||||||||||||
In accordance with ASC 820, the following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for derivative instruments as of December 31, 2013: | |||||||||||||||||
Beginning Balance–January 1, 2013 | $ | 78 | |||||||||||||||
Total gains/losses (realized/unrealized) included in earnings | 272 | ||||||||||||||||
Purchases (exercises) | — | ||||||||||||||||
Reclassification from equity to liability when fully vested | — | ||||||||||||||||
Ending Balance–December 31, 2013 | $ | 350 | |||||||||||||||
Gains included in earnings (or changes in net assets attributable to the change in unrealized losses relating to assets held at reporting date) | $ | (272 | ) | ||||||||||||||
Acquisition-Related Contingent Consideration. The Company acquired Estech on December 31, 2013. The aggregate consideration paid to Estech shareholders includes up to $26,000 of contingent consideration to be paid based on the achievement of certain performance-based milestones in 2014 and 2015. The fair value of the contingent consideration was estimated using an expected present value approach to estimate an expected value, which, in statistical terms, is the weighted average of a discrete random variable’s possible values with the respective probabilities as the weights. This fair value measurement is based on significant inputs not observable in the market and thus represents a Level 3 measurement within the fair value hierarchy. Using this valuation technique, the fair value of the contingent consideration was determined to be $5,370 and $8,032 as of June 30, 2014 and December 31, 2013, respectively. | |||||||||||||||||
The estimated fair values of assets acquired and liabilities assumed in the acquisition of Estech are provisional and are based on the information that was available as of the acquisition date to estimate the fair value of assets acquired and liabilities assumed. The Company believes that information provides a reasonable basis for estimating the fair values but the Company is waiting for additional information necessary to finalize those amounts, particularly with respect to the estimated fair value of intangible assets, deferred revenue, deferred taxes and goodwill. The potential for measurement period adjustments related to the acquired assets and assumed liabilities exists based on AtriCure’s continuing review of all matters related to the acquisition. Such changes could be significant. The Company expects to finalize the valuation and complete the purchase price allocation as soon as practicable but no later than one year from the acquisition date. | |||||||||||||||||
The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration as of June 30, 2014: | |||||||||||||||||
Beginning Balance – January 1, 2014 | $ | 8,032 | |||||||||||||||
Amounts acquired (sold) or issued (settled), net | — | ||||||||||||||||
Transfers in and/or (out) of Level 3 | — | ||||||||||||||||
Changes in fair value recorded in earnings | (2,662 | ) | |||||||||||||||
Ending Balance – June 30, 2014 | $ | 5,370 | |||||||||||||||
The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration as of December 31, 2013: | |||||||||||||||||
Beginning Balance – January 1, 2013 | $ | — | |||||||||||||||
Amounts acquired (sold) or issued (settled), net | 8,032 | ||||||||||||||||
Transfers in and/or (out) of Level 3 | — | ||||||||||||||||
Changes in fair value recorded in earnings | — | ||||||||||||||||
Ending Balance – December 31, 2013 | $ | 8,032 | |||||||||||||||
INTANGIBLE_ASSETS
INTANGIBLE ASSETS | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
INTANGIBLE ASSETS | ' | ||||||||||||||||||||
4. INTANGIBLE ASSETS | |||||||||||||||||||||
Intangible assets with definite lives are amortized over their estimated useful lives. The following table provides a summary of the Company’s intangible assets with definite lives: | |||||||||||||||||||||
Non-Compete | Fusion | Clamp & | Estech Trade | Total | |||||||||||||||||
Agreement | Technology | Probe | Name | ||||||||||||||||||
Technology | |||||||||||||||||||||
Net carrying amount as of December 31, 2012 | $ | 32 | $ | — | $ | — | $ | — | $ | 32 | |||||||||||
Amortization | (12 | ) | — | — | — | (12 | ) | ||||||||||||||
Additions | — | 9,242 | 829 | 208 | 10,279 | ||||||||||||||||
Net carrying amount as of December 31, 2013 | $ | 20 | $ | 9,242 | $ | 829 | $ | 208 | $ | 10,299 | |||||||||||
Amortization | (7 | ) | (462 | ) | (138 | ) | (104 | ) | (711 | ) | |||||||||||
Net carrying amount as of June 30, 2014 | $ | 13 | $ | 8,780 | $ | 691 | $ | 104 | $ | 9,588 | |||||||||||
The Company’s amortization term for a non-compete agreement is eight years. Fusion technology is being amortized over ten years, clamp and probe technology is being amortized over three years and the Estech trade name is being amortized over one year. | |||||||||||||||||||||
Amortization expense related to intangible assets with definite lives was $356 and $3 for the three months ended June 30, 2014 and 2013, respectively, and $711 and $6 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||||||
Future amortization expense related to intangible assets with definite lives is projected as follows: | |||||||||||||||||||||
2014 | $ | 710 | July 1, 2014 through December 31, 2014 | ||||||||||||||||||
2015 | 1,208 | ||||||||||||||||||||
2016 | 1,201 | ||||||||||||||||||||
2017 | 924 | ||||||||||||||||||||
2018 | 924 | ||||||||||||||||||||
2019 and thereafter | 4,621 | ||||||||||||||||||||
Total | $ | 9,588 | |||||||||||||||||||
ACCRUED_LIABILITIES
ACCRUED LIABILITIES | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
ACCRUED LIABILITIES | ' | ||||||||
5. ACCRUED LIABILITIES | |||||||||
Accrued liabilities consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued commissions | $ | 2,867 | $ | 3,827 | |||||
Accrued bonus | 2,141 | 6,849 | |||||||
Accrued contingent consideration | 770 | — | |||||||
Accrued vacation | 539 | 476 | |||||||
Accrued taxes and value-added taxes payable | 469 | 907 | |||||||
Withheld payroll taxes | 414 | 546 | |||||||
Other accrued liabilities | 388 | 1,105 | |||||||
Accrued settlement reserve | 372 | 1,259 | |||||||
Accrued employee medical | 294 | — | |||||||
Accrued royalties | 263 | 307 | |||||||
Accrued payroll | 207 | 233 | |||||||
Accrued non-employee stock options | 186 | 350 | |||||||
Accrued retention and severance | 172 | 22 | |||||||
Sales/returns allowance - trade | 139 | 105 | |||||||
Accrued 401(k) match | 96 | 84 | |||||||
Total | $ | 9,317 | $ | 16,070 | |||||
INDEBTEDNESS
INDEBTEDNESS | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
INDEBTEDNESS | ' | ||||||||
6. INDEBTEDNESS | |||||||||
The Company has had a debt agreement with Silicon Valley Bank (“SVB”) since May 1, 2009. The agreement, as amended, restated and modified, includes a $15,000 revolving credit facility which matures on April 30, 2016. A $10,000 term loan was part of the Company’s debt agreement with SVB until it was repaid in full in March 2014. The Company recorded $37 of accelerated amortization expense related to deferred financing costs on the term loan in March 2014. | |||||||||
Effective April 30, 2014 the Company and SVB entered into a Joinder and Seventh Loan Modification Agreement which set forth certain amendments to the Company’s revolving credit facility with the bank. Key changes in this Modification Agreement included: (i) extending the expiration to April 30, 2016, (ii) increasing the revolving credit facility to $15,000, (iii) reducing the unused revolving line facility fee, (iv) removing the US Export-Import Bank portion of the facility, and (v) adding the Company’s wholly-owned subsidiary, Endoscopic Technologies, LLC, as a borrower. | |||||||||
The debt agreement, as amended restated and modified, contains covenants that include, among others, covenants that limit the Company’s and its subsidiaries’ ability to dispose of assets, enter into mergers or acquisitions, incur indebtedness, incur liens, pay dividends or make distributions on the Company’s capital stock, make investments or loans, and enter into certain affiliate transactions, in each case subject to customary exceptions for a credit facility of this size and type. Additional covenants apply when the Company has outstanding borrowings under the revolving credit facility or when the Company achieves specific covenant milestones. Financial covenants under the credit facility, as amended, include a minimum EBITDA, and a minimum liquidity ratio. Further, a minimum fixed charge ratio applies when the Company achieves specific covenant milestones. None of the specific covenant milestones have been met as of June 30, 2014. The occurrence of an event of default could result in an increase to the applicable interest rate by 3.0%, an acceleration of all obligations under the Agreement, an obligation of the Company to repay all obligations in full and a right by SVB to exercise all remedies available to it under the Agreement and related agreements including the Guaranty and Security Agreement. | |||||||||
As of June 30, 2014 the Company had no borrowings under the revolving credit facility and had borrowing availability of $10,000. As of December 31, 2013 the Company had no borrowings under its revolving credit facility and borrowing availability of $8,299. As of June 30, 2014 and December 31, 2013, $0 and $6,333, respectively, was outstanding under the term loan, which included $2,000 classified as current maturities of long-term debt as of December 31, 2013. As of June 30, 2014 and December 31, 2013 the Company had an outstanding letter of credit of €75 issued to its European subsidiary’s corporate credit card program provider which will expire on June 30, 2015. In addition, if the guarantee by the Export-Import Bank of the United States ceases to be in full force and effect, the Company must repay all loans under the Export-Import agreement. | |||||||||
As of June 30, 2014 the Company had capital leases for computer and office equipment that expire at various terms through 2018. The cost of the assets under lease was $161. These assets are depreciated over their estimated useful lives, which equal the terms of the leases. Accumulated amortization on the capital leases was $61 at June 30, 2014. | |||||||||
Maturities on capital lease obligations are as follows: | |||||||||
2014 | $ | 20 | July 1, 2014 through December 31, 2014 | ||||||
2015 | 40 | ||||||||
2016 | 32 | ||||||||
2017 | 13 | ||||||||
2018 | 1 | ||||||||
Total | $ | 106 | |||||||
COMMITMENTS_AND_CONTINGENCIES
COMMITMENTS AND CONTINGENCIES | 6 Months Ended |
Jun. 30, 2014 | |
Commitments And Contingencies Disclosure [Abstract] | ' |
COMMITMENTS AND CONTINGENCIES | ' |
7. COMMITMENTS AND CONTINGENCIES | |
Operating Leases | |
The Company leases various types of office, manufacturing and warehouse facilities and equipment under noncancelable operating leases that expire at various terms through 2021. | |
Royalty Agreements | |
The Company has certain royalty agreements in place with terms that include payment of royalties based on product revenue from sales of current products. The royalty agreements have effective dates as early as 2003 and terms ranging from three years to at least twenty years. The royalties range from 1.5% to 5% of product sales. One of the agreements includes minimum quarterly payments of $50 through 2015 and a maximum of $2,000 in total royalties over the term of the agreement. Parties to the royalty agreements have the right at any time to terminate the agreement immediately for cause. Royalty expense of $262 and $217 was recorded as part of cost of revenue for the three months ended June 30, 2014 and 2013, respectively, and $569 and $539 for the six months ended June 30, 2014 and 2013. | |
Purchase Agreements | |
The Company has had a purchase agreement with MicroPace Pty Ltd Inc. (“MicroPace”) since June 2007. The agreement, as amended, provides for MicroPace to produce a derivative of one of their products tailored for the cardiac surgical environment, known as the MicroPace ORLab™ (“ORLab”) for worldwide distribution by the Company. Pursuant to the terms of the amended agreement, in order for the Company to retain exclusive distribution rights of the ORLab, the Company is required to purchase a minimum number of units during a specific time period to extend exclusivity through the following year. Units purchased in excess of yearly minimums reduce future minimum purchase requirements. The current terms of the amended agreement require the Company to purchase a minimum of 40 units between December 1, 2013 and December 31, 2014 to extend the exclusivity period to January 1, 2015 to December 31, 2016. The Company has purchased 99 units since December 1, 2013. | |
Legal | |
The Company is not party to any material pending or threatened litigation, except as described below: | |
Department of Justice Investigation | |
In October 2008 the Company received a letter from the Department of Justice (“DOJ”) informing the Company that it was conducting an investigation for potential False Claims Act (“FCA”) and common law violations relating to its surgical ablation devices. Specifically, the letter stated that the DOJ was investigating the Company’s marketing practices utilized in connection with its surgical ablation system to treat Afib, a specific use outside the FDA’s 510(k) clearance. The letter also stated that the DOJ was investigating whether the Company instructed hospitals to bill Medicare for cardiac surgical ablation using incorrect billing codes. The Company cooperated with the investigation and operated its business in the ordinary course during the investigation. In December 2009 the Company reached a tentative settlement with the DOJ to resolve the investigation and recorded a liability and charged operating expenses for a total of $3,956, which represented the net present value of the proposed settlement amount to be paid to the DOJ, the Relator, and Relator’s counsel (total payments based on the settlement inclusive of interest were estimated to be $4,350, payable over five years). | |
The settlement was finalized pursuant to the preliminary terms in February 2010, and the Company entered into a settlement agreement with the DOJ, the Office of the Inspector General (“OIG”), and the Relator in the qui tam complaint discussed below. The settlement agreement definitively resolved all claims related to the DOJ investigation. The Company did not admit nor will it admit to any wrongdoing in connection with the settlement. As of June 30, 2014 the Company had made $3,975 in payments (including interest), and had a liability related to this settlement totaling $372, all of which was classified as current. | |
As part of the resolution, the Company also entered into a five year Corporate Integrity Agreement with the OIG. This agreement acknowledges the existence of the Company’s corporate compliance program and provides for certain other compliance-related activities during the five year term of the agreement. Those activities include specific written standards, monitoring, training, education, independent review, disclosure and reporting requirements. | |
The Company may, from time to time, become a party to additional legal proceedings. |
INCOME_TAX_PROVISION
INCOME TAX PROVISION | 6 Months Ended |
Jun. 30, 2014 | |
Income Tax Disclosure [Abstract] | ' |
INCOME TAX PROVISION | ' |
8. INCOME TAX PROVISION | |
The Company files federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitations. Income taxes are computed using the asset and liability method in accordance with FASB ASC 740 under which deferred income taxes are provided for the temporary differences between the financial reporting basis and the tax basis of the Company’s assets and liabilities. Deferred taxes are measured using provisions of currently enacted tax laws. A valuation allowance against deferred tax assets is recorded when it is more likely than not that such assets will not be fully realized. The Company has recorded a full valuation allowance against its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods. Tax credits are accounted for as a reduction of income taxes in the year in which the credit originates. The Company does not expect any significant unrecognized tax benefits to arise over the next twelve months and is fully reserved. | |
The Company’s provision for income taxes for continuing operations in interim periods is computed by applying its estimated annual effective rate against its loss before income tax (expense) benefit for the period. In addition, non-recurring or discrete items are recorded during the period in which they occur. The effective tax rate for the three months ended June 30, 2014 and 2013 was (0.19%) and (0.28%), respectively. The effective tax rate for the six months ended June 30, 2014 and 2013 was (0.31%) and (0.27%), respectively. | |
The Company has not had to accrue any interest and penalties related to unrecognized income tax benefits. However, when or if the situation occurs, the Company will recognize interest and penalties within the income tax expense (benefit) line in the accompanying Condensed Consolidated Statements of Operations and Comprehensive Loss and within the related tax liability line in the Condensed Consolidated Balance Sheets. |
EQUITY_COMPENSATION_PLANS
EQUITY COMPENSATION PLANS | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ||||||||||||||||
EQUITY COMPENSATION PLANS | ' | ||||||||||||||||
9. EQUITY COMPENSATION PLANS | |||||||||||||||||
The Company has several share-based incentive plans: the 2001 Stock Option Plan (the “2001 Plan”), the 2005 Equity Incentive Plan (the “2005 Plan”) and the 2008 Employee Stock Purchase Plan (the “ESPP”). | |||||||||||||||||
2001 Plan and 2005 Plan | |||||||||||||||||
The 2001 Plan is no longer used for granting incentives. Under the 2005 Plan, the Board of Directors may grant incentive stock options to employees and any parent or subsidiary’s employees, and may grant nonstatutory stock options, restricted stock, stock appreciation rights, performance units or performance shares to employees, directors and consultants of the Company and any parent or subsidiary’s employees, directors and consultants. The administrator (currently the Compensation Committee of the Board of Directors) has the power to determine the terms of any awards, including the exercise price of options, the number of shares subject to each award, the exercisability of the awards and the form of consideration. | |||||||||||||||||
Options granted under the plans generally expire ten years from the date of grant. Options granted from the 2005 Plan generally vest at a rate of 25% on the first anniversary date of the grant and ratably each month thereafter over the following three years. Restricted stock awards granted under the 2005 Plan vest 25% annually over four years from date of grant. | |||||||||||||||||
As of June 30, 2014 7,649 shares of common stock had been reserved for issuance under the 2005 Plan. The shares authorized for issuance under the 2005 Plan include: (a) shares reserved but unissued under the 2001 Plan as of August 10, 2005, (b) shares returned to the 2001 Plan as the result of termination of options or the repurchase of shares issued under such plan, and (c) annual increases in the number of shares available for issuance on the first day of each year equal to the lesser of: | |||||||||||||||||
• | 3.25% of the outstanding shares of common stock on the first day of the fiscal year; | ||||||||||||||||
• | 825 shares; or | ||||||||||||||||
• | an amount the Company’s Board of Directors may determine. | ||||||||||||||||
On January 1, 2014 an additional 756 shares were authorized for issuance under the 2005 Plan representing 3.25% of the outstanding shares on that date. As of June 30, 2014 there were 986 shares available for future grants under the plans. | |||||||||||||||||
Activity under the Plans during the three months ended June 30, 2014 was as follows: | |||||||||||||||||
Time-Based Stock Options | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Outstanding at January 1, 2014 | 2,423 | $ | 8.61 | ||||||||||||||
Granted | 582 | 19.63 | |||||||||||||||
Exercised | (185 | ) | 8.84 | ||||||||||||||
Cancelled or forfeited | (32 | ) | 9.53 | ||||||||||||||
Outstanding at June 30, 2014 | 2,788 | $ | 10.88 | 7 | $ | 21,879 | |||||||||||
Vested and expected to vest | 2,647 | $ | 10.74 | 6.9 | $ | 21,084 | |||||||||||
Exercisable at June 30, 2014 | 1,394 | $ | 9 | 5 | $ | 13,066 | |||||||||||
Restricted Stock | Number of | Weighted | |||||||||||||||
Shares | Average | ||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at January 1, 2014 | 248 | $ | 7.75 | ||||||||||||||
Granted | 341 | 20.62 | |||||||||||||||
Released | (27 | ) | 9.01 | ||||||||||||||
Forfeited | (1 | ) | 9.15 | ||||||||||||||
Outstanding at June 30, 2014 | 561 | $ | 15.51 | ||||||||||||||
The total intrinsic value of options exercised during the three month periods ended June 30, 2014 and 2013 was $212 and $135, respectively. The total intrinsic value of options exercised during the six month periods ended June 30, 2014 and 2013 was $2,063 and $599, respectively. As a result of the Company’s tax position, no tax benefit was recognized related to the stock option exercises. For the six month periods ended June 30, 2014 and 2013, respectively, $1,637 and $1,240 in cash proceeds was included in the Company’s Condensed Consolidated Statements of Cash Flows as a result of the exercise of stock options. The total fair value of restricted stock vested during the three month periods ended June 30, 2014 and 2013 was $246 and $98, respectively. The total fair value of restricted stock vested during the six month periods ended June 30, 2014 and 2013 was $507 and $705, respectively. The exercise price per share of each option is equal to the fair market value of the underlying share on the date of grant. The Company issues registered shares of common stock to satisfy stock option exercises and restricted stock grants. | |||||||||||||||||
The Company recognized expense related to time-based stock options and restricted stock for the three months ended June 30, 2014 and 2013 of $1,514 and $747, respectively. The Company recognized expense related to time-based stock options and restricted stock for the six months ended June 30, 2014 and 2013 of $2,246 and $1,206, respectively. As of June 30, 2014 there was $17,969 of unrecognized compensation costs related to unvested time-based stock option and restricted stock arrangements ($10,403 relating to stock options and $7,566 relating to restricted stock). This cost is expected to be recognized over a weighted average period of 2.9 years for stock options and 3.1 years for restricted stock. | |||||||||||||||||
The Company awarded 225 performance options to its new President and Chief Executive Officer (“CEO”) when he joined the Company in November 2012, and an additional 225 performance options were awarded to the CEO in January 2014. The options expire ten years from the date of grant and vest in increments of 25 shares when the volume adjusted weighted average closing price of the common stock of the Company as reported by NASDAQ (or any other exchange on which the common stock of the Company is listed) for 30 consecutive days equals or exceeds each of $10.00 per share, $12.50 per share, $15.00 per share, $17.50 per share, $20.00 per share, $25.00 per share, $30.00 per share, $35.00 per share and $40.00 per share. In accordance with FASB ASC 718, a Monte Carlo simulation was performed for both grants to estimate the fair values, vesting terms and vesting probabilities for each tranche of options. Expense calculated using these estimates is being recorded over the estimated vesting terms. The Company recognized expense related to the performance options during the three months ended June 30, 2014 and 2013 of $154 and $45, respectively. The Company recognized expense related to the performance options during the six months ended June 30, 2014 and 2013 of $1,456 and $83, respectively. All expense related to the vested performance options has been recorded as of June 30, 2014. There was $1,170 of unrecognized compensation cost related to unvested performance options as of June 30, 2014. This cost is expected to be recognized over a weighted-average period of 1.2 to 3.6 years. The $10.00, $12.50, $15.00, $17.50 and $20.00 market conditions were met as of June 30, 2014; therefore, 250 of the performance options were exercisable. | |||||||||||||||||
Employee Stock Purchase Plan (ESPP) | |||||||||||||||||
During 2008 the Company established its 2008 Employee Stock Purchase Plan (“ESPP”) which is available to eligible employees as defined in the ESPP. Under the ESPP, shares of the Company’s common stock may be purchased at a discount (currently 15%) of the lesser of the closing price of the Company’s common stock on the first trading day or the last trading day of the offering period. The offering period (currently six months) and the offering price are subject to change. Participants may not purchase more than $25 of the Company’s common stock in a calendar year and, effective January 1, 2014, may not purchase more than 2.5 shares during an offering period. Beginning on January 1, 2009 and on the first day of each fiscal year thereafter during the term of the ESPP, the number of shares available for sale under the ESPP shall be increased by the lesser of (i) two percent (2%) of the Company’s outstanding shares of common stock as of the close of business on the last business day of the prior calendar year, not to exceed 600 shares, or (ii) a lesser amount determined by the Board of Directors. At June 30, 2014 there were 617 shares available for future issuance under the ESPP. Share-based compensation expense with respect to the ESPP was $178 and $73 for the three months ended June 30, 2014 and 2013, respectively. Share-based compensation expense with respect to the ESPP was $286 and $132 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Valuation and Expense Information Under FASB ASC 718 | |||||||||||||||||
The following table summarizes share-based compensation expense related to employee share-based compensation under FASB ASC 718 for the three and six months ended June 30, 2014 and 2013. This expense was allocated as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 93 | $ | 69 | $ | 164 | $ | 127 | |||||||||
Research and development expenses | 267 | 59 | 399 | 100 | |||||||||||||
Selling, general and administrative expenses | 1,486 | 692 | 3,425 | 1,111 | |||||||||||||
Total share-based compensation expense related to employees | $ | 1,846 | $ | 820 | $ | 3,988 | $ | 1,338 | |||||||||
In calculating compensation expense, the fair value of the options is estimated on the grant date using the Black-Scholes model including the following assumptions: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk free interest rate | 1.61%–2.03% | 0.75%–1.38% | 1.56%–2.12% | 0.75%–1.51% | |||||||||||||
Expected life of option (years) | 5.31–6.72 | 5.33–6.91 | 5.31–6.72 | 5.31–7.38 | |||||||||||||
Expected volatility of stock | 65.00%–70.00% | 69.00% | 65.00%–70.00% | 69.00% | |||||||||||||
Weighted-average volatility | 69.00% | 69.00% | 70.00% | 69.00% | |||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||
The Company’s estimate of volatility is based solely on the Company’s trading history. The risk-free interest rate assumption is based upon the U.S. treasury yield curve at the time of grant for the expected option life. The Company estimates the expected terms of options using historical employee exercise behavior adjusted for abnormal activity. | |||||||||||||||||
The fair value of restricted stock awards is based on the market value of the Company’s stock on the date of the awards. | |||||||||||||||||
Based on the assumptions noted above, the weighted average estimated fair value per share of the stock options and restricted stock granted for the respective periods was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 10.33 | $ | 5.52 | $ | 12.48 | $ | 5.5 | |||||||||
Restricted stock | — | 8.92 | 20.62 | 8.92 | |||||||||||||
In calculating compensation expense for performance options, the fair value of the options was estimated on the grant date using a Monte Carlo simulation including the following assumptions: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Strike price | $5.91–$21.04 | $5.91 | $5.91–$21.04 | $5.91 | |||||||||||||
Contractual term (years) | 10 | 10 | 10 | 10 | |||||||||||||
Expected volatility of stock | 60.50%–69.60% | 69.60% | 60.50%–69.60% | 69.60% | |||||||||||||
Expected rate of return | 1.75%–2.73% | 1.75% | 1.75%–2.73% | 1.75% | |||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||
The contractual term assumes that the performance options issued to a high ranking executive of the Company upon hire will be held until expiration. Expected volatility is estimated based on the Company’s trading history. The expected rate of return assumption is based upon the U.S. treasury yield curve at the time of grant for the expected option life. | |||||||||||||||||
Based on the assumptions noted above, the estimated grant date fair value per share of the performance options granted were as follows: | |||||||||||||||||
Price Target | Fair Value of | Fair Value of | |||||||||||||||
2012 Grant | 2014 Grant | ||||||||||||||||
Tranche 1 | $ | 10 | $ | 4.32 | $ | 14.74 | |||||||||||
Tranche 2 | 12.5 | 4.3 | 14.74 | ||||||||||||||
Tranche 3 | 15 | 4.27 | 14.74 | ||||||||||||||
Tranche 4 | 17.5 | 4.23 | 14.74 | ||||||||||||||
Tranche 5 | 20 | 4.19 | 14.73 | ||||||||||||||
Tranche 6 | 25 | 4.1 | 14.73 | ||||||||||||||
Tranche 7 | 30 | 4.01 | 14.71 | ||||||||||||||
Tranche 8 | 35 | 3.92 | 14.67 | ||||||||||||||
Tranche 9 | 40 | 3.83 | 14.61 | ||||||||||||||
Non-Employee Stock Compensation | |||||||||||||||||
The Company historically issued nonstatutory common stock options to consultants to purchase shares of common stock as a form of compensation for services provided to the Company. Such options vest over a service period ranging from immediately to four years. After January 1, 2006 all stock options granted to non-employee consultants have a four year vesting period and vest at a rate of 25% on the first anniversary date of the grant and ratably each month thereafter. | |||||||||||||||||
The Company accounted for the options granted to non-employees prior to their vesting date in accordance with ASC 505-50. Because these options did not contain specific performance provisions, there was no measurement date of fair value until the options vested. Therefore, the fair value of the options granted and outstanding prior to their vesting date was remeasured each reporting period. The fair value was determined using the Black-Scholes model. No non-employee stock options have been granted since 2008. The values attributable to the unvested portion of the non-employee stock options were amortized over the service period on a graded vesting method, and the vested portion of these stock options was remeasured at each vesting date. As of June 30, 2014 all non-employee consultant options were fully vested. | |||||||||||||||||
Once these non-employee consultant stock options have vested, the awards no longer fall within the scope of ASC 505-50. Because the stock options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the award agreements allow the stock options to be partially net-cash settled, these vested stock options are no longer eligible for equity classification and are, thus, accounted for as derivative liabilities under FASB ASC 815 until the stock options are ultimately either exercised or forfeited. Accordingly, the vested non-employee consultant stock options are classified as liabilities and remeasured at fair value through earnings at each reporting period. During the three months ended June 30, 2014 and 2013, ($19) and $28, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these stock options. During the six months ended June 30, 2014 and 2013, ($117) and $42, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these stock options. As of June 30, 2014 and December 31, 2013, fully vested stock options to acquire 33 and 38 shares of common stock held by non-employee consultants remained unexercised and a liability of $186 and $350 was included in accrued liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013, respectively. |
SEGMENT_AND_GEOGRAPHIC_INFORMA
SEGMENT AND GEOGRAPHIC INFORMATION | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
SEGMENT AND GEOGRAPHIC INFORMATION | ' | ||||||||||||||||
10. SEGMENT AND GEOGRAPHIC INFORMATION | |||||||||||||||||
The Company considers reporting segments in accordance with FASB ASC 280, “Segment Reporting”. The Company develops, manufactures, and sells devices designed primarily for the surgical ablation of cardiac tissue and systems designed for the exclusion of the left atrial appendage. These devices are developed and marketed to a broad base of medical centers in the United States and internationally. Management considers all such sales to be part of a single reportable segment. | |||||||||||||||||
Revenue by geographic area was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 19,903 | $ | 15,454 | $ | 38,046 | $ | 30,093 | |||||||||
Europe | 4,303 | 2,797 | 8,607 | 5,417 | |||||||||||||
Asia | 2,175 | 1,957 | 4,471 | 4,018 | |||||||||||||
Other international | 133 | 221 | 237 | 331 | |||||||||||||
Total international | 6,611 | 4,975 | 13,315 | 9,766 | |||||||||||||
Total revenue | 26,514 | 20,429 | 51,361 | 39,859 | |||||||||||||
Domestic revenue by product type was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Open-heart ablation | $ | 10,856 | $ | 9,154 | $ | 21,233 | $ | 18,275 | |||||||||
Minimally invasive ablation | 4,393 | 3,511 | 7,841 | 6,643 | |||||||||||||
AtriClip | 3,951 | 2,789 | 7,571 | 5,175 | |||||||||||||
Total ablation and AtriClip | 19,200 | 15,454 | 36,645 | 30,093 | |||||||||||||
Valve tools | 703 | — | 1,401 | — | |||||||||||||
Total domestic | 19,903 | 15,454 | 38,046 | 30,093 | |||||||||||||
International revenue by product type was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Open-heart ablation | $ | 4,054 | $ | 3,379 | $ | 8,025 | $ | 6,637 | |||||||||
Minimally invasive ablation | 1,966 | 1,253 | 3,969 | 2,587 | |||||||||||||
AtriClip | 404 | 343 | 847 | 542 | |||||||||||||
Total ablation and AtriClip | 6,424 | 4,975 | 12,841 | 9,766 | |||||||||||||
Valve tools | 187 | — | 474 | — | |||||||||||||
Total international | 6,611 | 4,975 | 13,315 | 9,766 | |||||||||||||
The majority of the Company’s long-lived assets are located in the United States. |
PUBLIC_OFFERING_OF_COMMON_STOC
PUBLIC OFFERING OF COMMON STOCK | 6 Months Ended |
Jun. 30, 2014 | |
Equity [Abstract] | ' |
PUBLIC OFFERING OF COMMON STOCK | ' |
11. PUBLIC OFFERING OF COMMON STOCK | |
In January 2013 the Company completed a public offering of common stock under its July 2011 shelf registration. The Company sold 3,996 shares of common stock, par value $0.001 per share, at a price of $7.25 per share, generating proceeds of $26,872 after expenses. Offering costs were recorded in additional paid in capital to offset proceeds. | |
In February 2014 the Company completed a public offering of common stock under its January 2014 shelf registration. The Company sold 3,661 shares of common stock, par value $0.001 per share, at a price of $19.25 per share, generating proceeds of $65,830 after expenses. Offering costs were recorded in additional paid in capital to offset proceeds. |
DESCRIPTION_OF_BUSINESS_AND_SU1
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Policies) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Nature of the Business | ' | ||||||||||||||||
Nature of the Business—AtriCure, Inc. (the “Company” or “AtriCure”) was incorporated in the State of Delaware on October 31, 2000. The Company is a leading Atrial Fibrillation (“Afib”) solutions partner providing innovative products, professional education and support for clinical science to reduce the economic and social burden of Afib. The Company sells its products to hospitals globally through a direct sales force and distributors. | |||||||||||||||||
Basis of Presentation | ' | ||||||||||||||||
Basis of Presentation—The accompanying interim financial statements have been prepared in accordance with the rules and regulations of the Securities and Exchange Commission (“SEC”). The accompanying interim financial statements are unaudited, but in the opinion of the Company’s management, contain all of the normal, recurring adjustments considered necessary to present fairly the financial position, results of operations and cash flows for the periods presented in conformity with accounting principles generally accepted in the United States of America (“GAAP”) applicable to interim periods. Certain information and footnote disclosures normally included in annual financial statements prepared in accordance with GAAP have been omitted or condensed. The Company believes the disclosures herein are adequate to make the information presented not misleading. Results of operations are not necessarily indicative of the results expected for the full fiscal year or for any future period. | |||||||||||||||||
The accompanying Condensed Consolidated Financial Statements should be read in conjunction with the audited financial statements of the Company included in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013 filed with the SEC. | |||||||||||||||||
Principles of Consolidation | ' | ||||||||||||||||
Principles of Consolidation—The Condensed Consolidated Financial Statements include the accounts of the Company, AtriCure, LLC, the Company’s wholly-owned subsidiary organized in the State of Delaware, Endoscopic Technologies, LLC, the Company’s wholly-owned subsidiary organized in the State of Delaware and AtriCure Europe B.V. (“AtriCure Europe”), the Company’s wholly-owned subsidiary incorporated in the Netherlands. All intercompany accounts and transactions have been eliminated in consolidation. | |||||||||||||||||
Cash and Cash Equivalents | ' | ||||||||||||||||
Cash and Cash Equivalents—The Company considers highly liquid investments with maturities of three months or less at the date of acquisition as cash equivalents. | |||||||||||||||||
Investments | ' | ||||||||||||||||
Investments—The Company places its investments primarily in U.S. Government agencies and securities, corporate bonds and commercial paper. The Company classifies all investments as available-for-sale. Investments with maturities of less than one year are classified as short-term investments. Investments are recorded at fair value, with unrealized gains and losses recorded as accumulated other comprehensive income (loss). The Company recognizes gains and losses when these securities are sold using the specific identification method and includes them in interest income or expense in the Condensed Consolidated Statements of Operations and Comprehensive Loss. | |||||||||||||||||
Revenue Recognition | ' | ||||||||||||||||
Revenue Recognition—The Company accounts for revenue in accordance with Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) 605, “Revenue Recognition” (“ASC 605”). The Company determines the timing of revenue recognition based upon factors such as passage of title, payment terms and ability to return products. The Company recognizes revenue when all of the following criteria are met: (i) there is persuasive evidence that an arrangement exists; (ii) delivery of the products and/or services has occurred; (iii) the selling price is fixed or determinable; and (iv) collectability is reasonably assured. | |||||||||||||||||
Pursuant to the Company’s standard terms of sale, revenue is recognized when title to the goods and risk of loss transfers to customers and there are no remaining obligations that will affect the customers’ final acceptance of the sale. Generally, the Company’s standard terms of sale define the transfer of title and risk of loss to occur upon shipment to the respective customer. The Company generally does not maintain any post-shipping obligations to the recipients of the products. No installation, calibration or testing of this equipment is performed by the Company subsequent to shipment to the customer in order to render it operational. | |||||||||||||||||
Revenue includes shipping and handling revenue of $236 and $197 for the three months ended June 30, 2014 and 2013, respectively, and $463 and $389 for the six months ended June 30, 2014 and 2013, respectively. Cost of freight for shipments made to customers is included in cost of revenue. Sales and other value-added taxes collected from customers and remitted to governmental authorities are excluded from revenue. The Company sells its products primarily through a direct sales force, with certain international markets sold through distributors. Terms of sale are generally consistent for both end-users and distributors except that payment terms are generally net 30 days for end-users and net 60 days for distributors. | |||||||||||||||||
Sales Returns and Allowances | ' | ||||||||||||||||
Sales Returns and Allowances—The Company maintains a provision for sales returns and allowances to account for potential returns of defective or damaged products, products shipped in error and price adjustments. The Company estimates such provision quarterly based primarily on a specific identification basis, in addition to estimating a general reserve. Increases to the provision result in a reduction of revenue. The provision is included in accrued liabilities in the Condensed Consolidated Balance Sheets. | |||||||||||||||||
Allowance for Doubtful Accounts Receivable | ' | ||||||||||||||||
Allowance for Doubtful Accounts Receivable—The Company evaluates the collectability of accounts receivable in order to determine the appropriate reserve for doubtful accounts. In determining the amount of the reserve, the Company considers aging of account balances, historical credit losses, customer-specific information and other relevant factors. An increase to the allowance for doubtful accounts results in a corresponding increase in expense. The Company reviews accounts receivable and adjusts the allowance based on current circumstances and charges off uncollectible receivables against the allowance when all attempts to collect the receivable have failed. The Company’s history of write-offs against the allowance has not been significant. | |||||||||||||||||
Inventories | ' | ||||||||||||||||
Inventories—Inventories are stated at the lower of cost or market using the first-in, first-out cost method (“FIFO”) and consist of raw materials, work in process and finished goods. The Company’s industry is characterized by rapid product development and frequent new product introductions. Uncertain timing of product approvals, variability in product launch strategies and variation in product utilization all impact excess and obsolete inventory. An inventory reserve based on product usage is estimated and recorded quarterly for excess, slow moving and obsolete inventory, as well as inventory with a carrying value in excess of its net realizable value. Write-offs are recorded when a product is destroyed. The Company’s history of write-offs against the reserve has not been significant. | |||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials | $ | 3,939 | $ | 3,279 | |||||||||||||
Work in process | 1,952 | 1,472 | |||||||||||||||
Finished goods | 6,775 | 5,463 | |||||||||||||||
Inventories | $ | 12,666 | $ | 10,214 | |||||||||||||
Property and Equipment | ' | ||||||||||||||||
Property and Equipment—Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method of depreciation for financial reporting purposes and applied over the estimated useful lives of the assets. The estimated useful life by major asset category is the following: machinery and equipment is three to seven years, computer and other office equipment is three years, furniture and fixtures is three to seven years and leasehold improvements and equipment leased under a capital lease are the shorter of their useful life or remaining lease term. The Company reassesses the useful lives of property and equipment annually, and assets are retired if they are no longer in use. Maintenance and repair costs are expensed as incurred. | |||||||||||||||||
Included in property and equipment are generators and other capital equipment (such as the Company’s switchbox units and cryosurgical consoles) that are loaned at no cost to direct customers that use the Company’s disposable products. These generators are depreciated over a period of one to three years, which approximates their useful lives, and such depreciation is included in cost of revenue. The estimated useful lives of this equipment are based on anticipated usage by our customers and the timing and impact of expected new technology rollouts by the Company. To the extent the Company experiences changes in the usage of this equipment or introductions of new technologies, the estimated useful lives of this equipment may change in a future period. Depreciation related to these generators was $498 and $299 for the three months ended June 30, 2014 and 2013, respectively, and $959 and $569 for the six months ended June 30, 2014 and 2013, respectively. As of June 30, 2014 and December 31, 2013, the net carrying amount of loaned equipment included in net property and equipment in the Condensed Consolidated Balance Sheets was $3,534 and $3,173, respectively. | |||||||||||||||||
Impairment of Long-Lived Assets | ' | ||||||||||||||||
Impairment of Long-Lived Assets—The Company reviews property and equipment for impairment using its best estimates based on reasonable and supportable assumptions and projections. | |||||||||||||||||
Intangible Assets | ' | ||||||||||||||||
Intangible Assets—Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. The Company reviews intangible assets for impairment using its best estimates based on reasonable and supportable assumptions and projections. | |||||||||||||||||
Goodwill | ' | ||||||||||||||||
Goodwill—Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company tests goodwill for impairment annually on November 30, or more often if impairment indicators are present. ASC 350, “Intangibles—Goodwill and Other” (“ASC 350”) requires a two-step approach to determine any potential goodwill impairment. The first step (Step 1) requires a comparison of the carrying value of the reporting unit to its fair value. Goodwill is considered potentially impaired if the carrying value of the reporting unit is greater than the estimated fair value. If potential impairment exists based upon completion of Step 1, Step 2 must be completed, which compares the implied fair value of a reporting unit’s goodwill to its carrying value. Step 2 involves an analysis allocating the fair value determined in Step 1 (as if it was the purchase price in a business combination). If the calculated fair value of the goodwill resulting from this allocation is lower than the carrying value of the goodwill of the reporting unit, an impairment loss is recorded. As a result, the value of the assets could be significantly reduced, which would increase operating expenses and reduce net income for the period in which the charge occurs. | |||||||||||||||||
Other Income | ' | ||||||||||||||||
Other Income—Other income consists primarily of foreign currency transaction gains and losses, grant income and non-employee option gains and losses related to the fair market value change for fully vested options outstanding for consultants which are accounted for as free-standing derivatives. | |||||||||||||||||
The Company recorded foreign currency transaction gains of $16 and $11 for the three months ended June 30, 2014 and 2013, respectively, and $21 and $56 for the six months ended June 30, 2014 and 2013, respectively, in connection with settlements of its intercompany balance with AtriCure Europe. | |||||||||||||||||
The Company periodically is awarded grants to support research and development activities or education activities. The Company recognizes grant income when the funds are earned. The Company recorded grant income of $137 and $0 during the three months ended June 30, 2014 and 2013, respectively. Grant income of $500 and $0 was recorded for the six month periods ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
The Company historically issued stock options to non-employee consultants as a form of compensation for services provided to the Company. Because the non-employee options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the awards allow the options to be partially net-cash settled, these options, when vested, are no longer eligible for equity classification and are, thus, subsequently accounted for as derivative liabilities under FASB ASC 815, “Derivatives and Hedging” (“ASC 815”) until the awards are ultimately either exercised or forfeited. Accordingly, the vested non-employee options are classified as liabilities and remeasured at fair value through earnings at each reporting period. During the three months ended June 30, 2014 and 2013, ($19) and $28, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these fully vested stock options. During the six months ended June 30, 2014 and 2013, ($117) and $42, respectively, of (income) expense was recorded as a result of the remeasurement of the fair value of these fully vested stock options. | |||||||||||||||||
Taxes | ' | ||||||||||||||||
Taxes—Deferred tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of existing assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred tax assets and liabilities are measured using enacted tax rates expected to apply to taxable income in the years in which those temporary differences are expected to be recovered or settled. The effect on deferred tax assets and liabilities from a change in tax rates is recognized in the period that includes the enactment date. | |||||||||||||||||
The Company’s estimate of the valuation allowance for deferred tax assets requires it to make significant estimates and judgments about its future operating results. Deferred tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that some portion of the deferred tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred tax assets on a quarterly basis to determine if valuation allowances are required by considering all available evidence. Deferred tax assets are realized by having sufficient future taxable income to allow the related tax benefits to reduce taxes otherwise payable. The sources of taxable income that may be available to realize the benefit of deferred tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards, taxable income in carry-back years and tax planning strategies that are both prudent and feasible. In evaluating whether to record a valuation allowance, the applicable accounting standards deem that the existence of cumulative losses in recent years is a significant piece of objectively verifiable negative evidence that must be overcome by objectively verifiable positive evidence to avoid the need to record a valuation allowance. The Company has recorded a full valuation allowance against its net deferred tax assets as it is more likely than not that the benefit of the deferred tax assets will not be recognized in future periods. | |||||||||||||||||
A provision of The Patient Protection and Affordable Care Act enacted in 2010, as amended (the “Affordable Care Act”), requires manufacturers of medical devices to pay an excise tax on all U.S. medical device sales beginning in January 2013. The Company’s expense related to the medical device excise tax, which was recorded in cost of revenue, was $116 and $128 for the three months ended June 30, 2014 and 2013, respectively, and $230 and $248 for the six months ended June 30, 2014 and 2013, respectively. | |||||||||||||||||
Net Loss Per Share | ' | ||||||||||||||||
Net Loss Per Share—Basic and diluted net loss per share is computed in accordance with FASB ASC 260, “Earnings Per Share” (“ASC 260”) by dividing the net loss by the weighted average number of common shares outstanding during the period. Since the Company has experienced net losses for all periods presented, net loss per share excludes the effect of 3,799 and 2,588 options and restricted stock shares as of June 30, 2014 and 2013, respectively, because they are anti-dilutive. Therefore the number of shares calculated for basic net loss per share is also used for the diluted net loss per share calculation. | |||||||||||||||||
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Comprehensive Loss and Accumulated Other Comprehensive Income (Loss)—In addition to net losses, the comprehensive loss includes foreign currency translation adjustments and unrealized gains and losses on investments. | |||||||||||||||||
Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total accumulated other comprehensive (loss) income at beginning of period | $ | (139 | ) | $ | (67 | ) | $ | (139 | ) | $ | 77 | ||||||
Unrealized Gains on Investments | |||||||||||||||||
Balance at beginning of period | $ | (8 | ) | $ | 1 | $ | (6 | ) | $ | 1 | |||||||
Other comprehensive income before reclassifications | (11 | ) | (1 | ) | (13 | ) | (1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | — | — | — | — | |||||||||||||
Balance at end of period | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | |||||||
Foreign Currency Translation Adjustment | |||||||||||||||||
Balance at beginning of period | $ | (131 | ) | $ | (68 | ) | $ | (133 | ) | $ | 76 | ||||||
Other comprehensive income before reclassifications | (44 | ) | 1 | (47 | ) | (188 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | 16 | 11 | 21 | 56 | |||||||||||||
Balance at end of period | $ | (159 | ) | $ | (56 | ) | $ | (159 | ) | $ | (56 | ) | |||||
Total accumulated other comprehensive loss at end of period | $ | (178 | ) | $ | (56 | ) | $ | (178 | ) | $ | (56 | ) | |||||
Research and Development | ' | ||||||||||||||||
Research and Development—Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development and research related to new products or concepts, preclinical studies, clinical trials and the cost of products used in trials and tests. | |||||||||||||||||
Share-Based Compensation | ' | ||||||||||||||||
Share-Based Compensation—The Company follows FASB ASC 718, “Compensation-Stock Compensation” (“ASC 718”) to record share-based compensation for all employee share-based payment awards, including stock options, restricted stock, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The Company’s share-based compensation expense recognized under ASC 718 for the three months ended June 30, 2014 and 2013 was $1,846 and $820, respectively, and $3,988 and $1,338 for the six months ended June 30, 2014 and 2013, respectively, on a before and after tax basis. | |||||||||||||||||
FASB ASC 718 requires companies to estimate the fair value of share-based payment awards on the date of grant using an option-pricing model. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Company’s Condensed Consolidated Statement of Operations and Comprehensive Loss. The expense has been reduced for estimated forfeitures. FASB ASC 718 requires forfeitures to be estimated at the time of grant and revised, if necessary, in subsequent periods if actual forfeitures differ from those estimates. | |||||||||||||||||
The Company estimates the fair value of time-based options on the date of grant using the Black-Scholes option-pricing model (“Black-Scholes model”). The Company’s determination of fair value of share-based payment awards on the date of grant using an option-pricing model is affected by the Company’s stock price, as well as assumptions regarding a number of highly complex and subjective variables. These variables include but are not limited to the Company’s expected stock price volatility over the term of the awards and actual and projected employee stock option exercise behaviors. The fair value of market-based performance option grants is estimated at the date of grant using a Monte-Carlo simulation. The value of the portion of the award that is ultimately expected to vest is recognized as expense over the requisite service periods in the Condensed Consolidated Statements of Operations and Comprehensive Loss. The expense has been reduced for estimated forfeitures. | |||||||||||||||||
The Company estimates the fair value of restricted stock based upon the grant date closing market price of the Company’s common stock. The Company’s determination of fair value is affected by the Company’s stock price as well as assumptions regarding the number of shares expected to be granted. Estimated forfeitures reduce the amount of expense recorded for restricted stock. | |||||||||||||||||
The Company also has an employee stock purchase plan (“ESPP” or the “Plan”) which is available to all eligible employees as defined by the Plan. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. The Company estimates the number of shares to be purchased under the Plan and records compensation expense based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model. | |||||||||||||||||
The Company has historically issued stock options to non-employee consultants as a form of compensation for services provided to the Company. Because the stock options require settlement by the Company’s delivery of registered shares and because the tax withholding provisions in the award agreements allow the stock options to be partially net-cash settled, these vested stock options are no longer eligible for equity classification and are, thus, accounted for as derivative liabilities under FASB ASC 815 until the stock options are ultimately either exercised or forfeited. Accordingly, the vested non-employee consultant stock options are classified as liabilities and remeasured at fair value through earnings at each reporting period. Fully vested options to acquire 33 and 38 shares of common stock held by non-employee consultants remained unexercised as of June 30, 2014 and December 31, 2013, respectively. A liability of $186 and $350 was included in accrued liabilities in the Condensed Consolidated Balance Sheets as of June 30, 2014 and December 31, 2013, respectively | |||||||||||||||||
Use of Estimates | ' | ||||||||||||||||
Use of Estimates—The preparation of the financial statements in conformity with GAAP requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenue and expense during the reporting period. Actual results could differ from those estimates. | |||||||||||||||||
Fair Value Disclosures | ' | ||||||||||||||||
Fair Value Disclosures—The book value of the Company’s financial instruments, including cash and cash equivalents, accounts receivable, short-term investments, short and long-term other assets, accounts payable, accrued expenses and other liabilities, approximate their fair values. The Company classifies cash and short-term investments in U.S. government agencies and securities as Level 1 within the fair value hierarchy. Accounts receivable, short-term other assets, accounts payable and accrued expenses are also classified as Level 1. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Other assets and other liabilities are classified as Level 1 within the fair value hierarchy. Cash equivalents and short-term investments in commercial paper are classified as Level 2 within the fair value hierarchy (see Note 3 – “Fair Value” for further information). Significant unobservable inputs with respect to the fair value measurement of the Level 3 non-employee stock options are developed using Company data. When an input is changed, the Black-Scholes model is updated and the results are analyzed for reasonableness. |
DESCRIPTION_OF_BUSINESS_AND_SU2
DESCRIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Accounting Policies [Abstract] | ' | ||||||||||||||||
Summary of Inventories | ' | ||||||||||||||||
Inventories consist of the following: | |||||||||||||||||
June 30, | December 31, | ||||||||||||||||
2014 | 2013 | ||||||||||||||||
Raw materials | $ | 3,939 | $ | 3,279 | |||||||||||||
Work in process | 1,952 | 1,472 | |||||||||||||||
Finished goods | 6,775 | 5,463 | |||||||||||||||
Inventories | $ | 12,666 | $ | 10,214 | |||||||||||||
Accumulated Other Comprehensive Income (Loss) | ' | ||||||||||||||||
Accumulated other comprehensive income (loss) consisted of the following: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Total accumulated other comprehensive (loss) income at beginning of period | $ | (139 | ) | $ | (67 | ) | $ | (139 | ) | $ | 77 | ||||||
Unrealized Gains on Investments | |||||||||||||||||
Balance at beginning of period | $ | (8 | ) | $ | 1 | $ | (6 | ) | $ | 1 | |||||||
Other comprehensive income before reclassifications | (11 | ) | (1 | ) | (13 | ) | (1 | ) | |||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | — | — | — | — | |||||||||||||
Balance at end of period | $ | (19 | ) | $ | — | $ | (19 | ) | $ | — | |||||||
Foreign Currency Translation Adjustment | |||||||||||||||||
Balance at beginning of period | $ | (131 | ) | $ | (68 | ) | $ | (133 | ) | $ | 76 | ||||||
Other comprehensive income before reclassifications | (44 | ) | 1 | (47 | ) | (188 | ) | ||||||||||
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | 16 | 11 | 21 | 56 | |||||||||||||
Balance at end of period | $ | (159 | ) | $ | (56 | ) | $ | (159 | ) | $ | (56 | ) | |||||
Total accumulated other comprehensive loss at end of period | $ | (178 | ) | $ | (56 | ) | $ | (178 | ) | $ | (56 | ) | |||||
FAIR_VALUE_Tables
FAIR VALUE (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Fair Value Disclosures [Abstract] | ' | ||||||||||||||||
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | ' | ||||||||||||||||
In accordance with ASC 820, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of June 30, 2014: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | — | $ | 38,365 | $ | — | $ | 38,365 | |||||||||
Commercial paper | — | 2,795 | — | 2,795 | |||||||||||||
U.S. government agencies and securities | 5,159 | — | — | 5,159 | |||||||||||||
Corporate bonds | — | 24,656 | — | 24,656 | |||||||||||||
Total assets | $ | 5,159 | $ | 65,816 | $ | — | $ | 70,975 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 186 | $ | 186 | |||||||||
Acquisition-related contingent consideration | — | — | 5,370 | 5,370 | |||||||||||||
Total liabilities | $ | — | $ | — | $ | 5,556 | $ | 5,556 | |||||||||
There were no changes in the levels or methodology of measurement of financial assets and liabilities during the six-month period ended June 30, 2014. | |||||||||||||||||
In accordance with ASC 820, the following table represents the Company’s fair value hierarchy for its financial assets and liabilities measured at fair value on a recurring basis as of December 31, 2013: | |||||||||||||||||
Quoted Prices in | Significant Other | Significant Other | Total | ||||||||||||||
Active Markets for | Observable Inputs | Unobservable | |||||||||||||||
Identical Assets | (Level 2) | Inputs (Level 3) | |||||||||||||||
(Level 1) | |||||||||||||||||
Assets: | |||||||||||||||||
Money market funds | $ | — | $ | 4,295 | $ | — | $ | 4,295 | |||||||||
Commercial paper | — | 2,598 | — | 2,598 | |||||||||||||
U.S. government agencies and securities | 4,145 | — | — | 4,145 | |||||||||||||
Corporate bonds | — | 12,490 | — | 12,490 | |||||||||||||
Total assets | $ | 4,145 | $ | 19,383 | $ | — | $ | 23,528 | |||||||||
Liabilities: | |||||||||||||||||
Derivative instruments | $ | — | $ | — | $ | 350 | $ | 350 | |||||||||
Acquisition-related contingent consideration | — | — | 8,032 | 8,032 | |||||||||||||
Total liabilities | $ | — | $ | — | $ | 8,382 | $ | 8,382 | |||||||||
Assumptions Used for Estimating Fair Value of Level 3 Liabilities | ' | ||||||||||||||||
The fair value of the Level 3 liabilities is estimated using the Black-Scholes model including the following assumptions: | |||||||||||||||||
As of June 30, 2014 | As of December 31, 2013 | ||||||||||||||||
Risk free interest rate | 0.18%–1.11% | 0.11%–1.32% | |||||||||||||||
Expected life of option (years) | 1.21–3.61 | 0.75–4.10 | |||||||||||||||
Expected volatility of stock | 19.00%–37.00% | 70.00% | |||||||||||||||
Dividend yield | 0.00% | 0.00% | |||||||||||||||
Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs for Derivative Instruments | ' | ||||||||||||||||
In accordance with ASC 820, the following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for derivative instruments as of June 30, 2014: | |||||||||||||||||
Beginning Balance–January 1, 2014 | $ | 350 | |||||||||||||||
Total gains/losses (realized/unrealized) included in earnings | (124 | ) | |||||||||||||||
Purchases (exercises) | (40 | ) | |||||||||||||||
Reclassification from equity to liability when fully vested | — | ||||||||||||||||
Ending Balance–June 30, 2014 | $ | 186 | |||||||||||||||
Losses included in earnings (or changes in net assets attributable to the change in unrealized gains relating to assets held at reporting date) | $ | 124 | |||||||||||||||
In accordance with ASC 820, the following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for derivative instruments as of December 31, 2013: | |||||||||||||||||
Beginning Balance–January 1, 2013 | $ | 78 | |||||||||||||||
Total gains/losses (realized/unrealized) included in earnings | 272 | ||||||||||||||||
Purchases (exercises) | — | ||||||||||||||||
Reclassification from equity to liability when fully vested | — | ||||||||||||||||
Ending Balance–December 31, 2013 | $ | 350 | |||||||||||||||
Gains included in earnings (or changes in net assets attributable to the change in unrealized losses relating to assets held at reporting date) | $ | (272 | ) | ||||||||||||||
Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs for Acquisition Related Contingent Consideration | ' | ||||||||||||||||
The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration as of June 30, 2014: | |||||||||||||||||
Beginning Balance – January 1, 2014 | $ | 8,032 | |||||||||||||||
Amounts acquired (sold) or issued (settled), net | — | ||||||||||||||||
Transfers in and/or (out) of Level 3 | — | ||||||||||||||||
Changes in fair value recorded in earnings | (2,662 | ) | |||||||||||||||
Ending Balance – June 30, 2014 | $ | 5,370 | |||||||||||||||
The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration as of December 31, 2013: | |||||||||||||||||
Beginning Balance – January 1, 2013 | $ | — | |||||||||||||||
Amounts acquired (sold) or issued (settled), net | 8,032 | ||||||||||||||||
Transfers in and/or (out) of Level 3 | — | ||||||||||||||||
Changes in fair value recorded in earnings | — | ||||||||||||||||
Ending Balance – December 31, 2013 | $ | 8,032 | |||||||||||||||
INTANGIBLE_ASSETS_Tables
INTANGIBLE ASSETS (Tables) | 6 Months Ended | ||||||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||||||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ||||||||||||||||||||
Summary of Company's Intangible Assets with Definite Lives | ' | ||||||||||||||||||||
The following table provides a summary of the Company’s intangible assets with definite lives: | |||||||||||||||||||||
Non-Compete | Fusion | Clamp & | Estech Trade | Total | |||||||||||||||||
Agreement | Technology | Probe | Name | ||||||||||||||||||
Technology | |||||||||||||||||||||
Net carrying amount as of December 31, 2012 | $ | 32 | $ | — | $ | — | $ | — | $ | 32 | |||||||||||
Amortization | (12 | ) | — | — | — | (12 | ) | ||||||||||||||
Additions | — | 9,242 | 829 | 208 | 10,279 | ||||||||||||||||
Net carrying amount as of December 31, 2013 | $ | 20 | $ | 9,242 | $ | 829 | $ | 208 | $ | 10,299 | |||||||||||
Amortization | (7 | ) | (462 | ) | (138 | ) | (104 | ) | (711 | ) | |||||||||||
Net carrying amount as of June 30, 2014 | $ | 13 | $ | 8,780 | $ | 691 | $ | 104 | $ | 9,588 | |||||||||||
Future Amortization Expense Related to Intangible Assets with Definite Lives | ' | ||||||||||||||||||||
Future amortization expense related to intangible assets with definite lives is projected as follows: | |||||||||||||||||||||
2014 | $ | 710 | July 1, 2014 through December 31, 2014 | ||||||||||||||||||
2015 | 1,208 | ||||||||||||||||||||
2016 | 1,201 | ||||||||||||||||||||
2017 | 924 | ||||||||||||||||||||
2018 | 924 | ||||||||||||||||||||
2019 and thereafter | 4,621 | ||||||||||||||||||||
Total | $ | 9,588 | |||||||||||||||||||
ACCRUED_LIABILITIES_Tables
ACCRUED LIABILITIES (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables And Accruals [Abstract] | ' | ||||||||
Accrued Liabilities | ' | ||||||||
Accrued liabilities consisted of the following: | |||||||||
June 30, | December 31, | ||||||||
2014 | 2013 | ||||||||
Accrued commissions | $ | 2,867 | $ | 3,827 | |||||
Accrued bonus | 2,141 | 6,849 | |||||||
Accrued contingent consideration | 770 | — | |||||||
Accrued vacation | 539 | 476 | |||||||
Accrued taxes and value-added taxes payable | 469 | 907 | |||||||
Withheld payroll taxes | 414 | 546 | |||||||
Other accrued liabilities | 388 | 1,105 | |||||||
Accrued settlement reserve | 372 | 1,259 | |||||||
Accrued employee medical | 294 | — | |||||||
Accrued royalties | 263 | 307 | |||||||
Accrued payroll | 207 | 233 | |||||||
Accrued non-employee stock options | 186 | 350 | |||||||
Accrued retention and severance | 172 | 22 | |||||||
Sales/returns allowance - trade | 139 | 105 | |||||||
Accrued 401(k) match | 96 | 84 | |||||||
Total | $ | 9,317 | $ | 16,070 | |||||
INDEBTEDNESS_Tables
INDEBTEDNESS (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Maturities on Debt, Including Capital Lease Obligations | ' | ||||||||
Maturities on capital lease obligations are as follows: | |||||||||
2014 | $ | 20 | July 1, 2014 through December 31, 2014 | ||||||
2015 | 40 | ||||||||
2016 | 32 | ||||||||
2017 | 13 | ||||||||
2018 | 1 | ||||||||
Total | $ | 106 | |||||||
EQUITY_COMPENSATION_PLANS_Tabl
EQUITY COMPENSATION PLANS (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Activity Under Stock Based Compensation Plans | ' | ||||||||||||||||
Activity under the Plans during the three months ended June 30, 2014 was as follows: | |||||||||||||||||
Time-Based Stock Options | Number of | Weighted | Weighted | Aggregate | |||||||||||||
Shares | Average | Average | Intrinsic | ||||||||||||||
Outstanding | Exercise | Remaining | Value | ||||||||||||||
Price | Contractual | ||||||||||||||||
Term | |||||||||||||||||
(years) | |||||||||||||||||
Outstanding at January 1, 2014 | 2,423 | $ | 8.61 | ||||||||||||||
Granted | 582 | 19.63 | |||||||||||||||
Exercised | (185 | ) | 8.84 | ||||||||||||||
Cancelled or forfeited | (32 | ) | 9.53 | ||||||||||||||
Outstanding at June 30, 2014 | 2,788 | $ | 10.88 | 7 | $ | 21,879 | |||||||||||
Vested and expected to vest | 2,647 | $ | 10.74 | 6.9 | $ | 21,084 | |||||||||||
Exercisable at June 30, 2014 | 1,394 | $ | 9 | 5 | $ | 13,066 | |||||||||||
Restricted Stock | Number of | Weighted | |||||||||||||||
Shares | Average | ||||||||||||||||
Outstanding | Grant Date | ||||||||||||||||
Fair Value | |||||||||||||||||
Outstanding at January 1, 2014 | 248 | $ | 7.75 | ||||||||||||||
Granted | 341 | 20.62 | |||||||||||||||
Released | (27 | ) | 9.01 | ||||||||||||||
Forfeited | (1 | ) | 9.15 | ||||||||||||||
Outstanding at June 30, 2014 | 561 | $ | 15.51 | ||||||||||||||
Summary of Share-Based Compensation Expense Related to Employee Share-Based Compensation | ' | ||||||||||||||||
The following table summarizes share-based compensation expense related to employee share-based compensation under FASB ASC 718 for the three and six months ended June 30, 2014 and 2013. This expense was allocated as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Cost of revenue | $ | 93 | $ | 69 | $ | 164 | $ | 127 | |||||||||
Research and development expenses | 267 | 59 | 399 | 100 | |||||||||||||
Selling, general and administrative expenses | 1,486 | 692 | 3,425 | 1,111 | |||||||||||||
Total share-based compensation expense related to employees | $ | 1,846 | $ | 820 | $ | 3,988 | $ | 1,338 | |||||||||
Assumptions Used for Determining Fair Value of Options | ' | ||||||||||||||||
In calculating compensation expense, the fair value of the options is estimated on the grant date using the Black-Scholes model including the following assumptions: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Risk free interest rate | 1.61%–2.03% | 0.75%–1.38% | 1.56%–2.12% | 0.75%–1.51% | |||||||||||||
Expected life of option (years) | 5.31–6.72 | 5.33–6.91 | 5.31–6.72 | 5.31–7.38 | |||||||||||||
Expected volatility of stock | 65.00%–70.00% | 69.00% | 65.00%–70.00% | 69.00% | |||||||||||||
Weighted-average volatility | 69.00% | 69.00% | 70.00% | 69.00% | |||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% | |||||||||||||
Weighted Average Estimated Fair Value Per Share of Stock Options and Restricted Stock Granted | ' | ||||||||||||||||
Based on the assumptions noted above, the weighted average estimated fair value per share of the stock options and restricted stock granted for the respective periods was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | $ | 10.33 | $ | 5.52 | $ | 12.48 | $ | 5.5 | |||||||||
Restricted stock | — | 8.92 | 20.62 | 8.92 | |||||||||||||
Estimated Grant Date Fair Value Per Share of Performance Options Granted | ' | ||||||||||||||||
Based on the assumptions noted above, the estimated grant date fair value per share of the performance options granted were as follows: | |||||||||||||||||
Price Target | Fair Value of | Fair Value of | |||||||||||||||
2012 Grant | 2014 Grant | ||||||||||||||||
Tranche 1 | $ | 10 | $ | 4.32 | $ | 14.74 | |||||||||||
Tranche 2 | 12.5 | 4.3 | 14.74 | ||||||||||||||
Tranche 3 | 15 | 4.27 | 14.74 | ||||||||||||||
Tranche 4 | 17.5 | 4.23 | 14.74 | ||||||||||||||
Tranche 5 | 20 | 4.19 | 14.73 | ||||||||||||||
Tranche 6 | 25 | 4.1 | 14.73 | ||||||||||||||
Tranche 7 | 30 | 4.01 | 14.71 | ||||||||||||||
Tranche 8 | 35 | 3.92 | 14.67 | ||||||||||||||
Tranche 9 | 40 | 3.83 | 14.61 | ||||||||||||||
Performance Shares [Member] | ' | ||||||||||||||||
Assumptions Used for Determining Fair Value of Options | ' | ||||||||||||||||
In calculating compensation expense for performance options, the fair value of the options was estimated on the grant date using a Monte Carlo simulation including the following assumptions: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Strike price | $5.91–$21.04 | $5.91 | $5.91–$21.04 | $5.91 | |||||||||||||
Contractual term (years) | 10 | 10 | 10 | 10 | |||||||||||||
Expected volatility of stock | 60.50%–69.60% | 69.60% | 60.50%–69.60% | 69.60% | |||||||||||||
Expected rate of return | 1.75%–2.73% | 1.75% | 1.75%–2.73% | 1.75% | |||||||||||||
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
SEGMENT_AND_GEOGRAPHIC_INFORMA1
SEGMENT AND GEOGRAPHIC INFORMATION (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Summary of Revenue by Geographic Area | ' | ||||||||||||||||
Revenue by geographic area was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 19,903 | $ | 15,454 | $ | 38,046 | $ | 30,093 | |||||||||
Europe | 4,303 | 2,797 | 8,607 | 5,417 | |||||||||||||
Asia | 2,175 | 1,957 | 4,471 | 4,018 | |||||||||||||
Other international | 133 | 221 | 237 | 331 | |||||||||||||
Total international | 6,611 | 4,975 | 13,315 | 9,766 | |||||||||||||
Total revenue | 26,514 | 20,429 | 51,361 | 39,859 | |||||||||||||
Revenue by Product | ' | ||||||||||||||||
Domestic revenue by product type was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Open-heart ablation | $ | 10,856 | $ | 9,154 | $ | 21,233 | $ | 18,275 | |||||||||
Minimally invasive ablation | 4,393 | 3,511 | 7,841 | 6,643 | |||||||||||||
AtriClip | 3,951 | 2,789 | 7,571 | 5,175 | |||||||||||||
Total ablation and AtriClip | 19,200 | 15,454 | 36,645 | 30,093 | |||||||||||||
Valve tools | 703 | — | 1,401 | — | |||||||||||||
Total domestic | 19,903 | 15,454 | 38,046 | 30,093 | |||||||||||||
International revenue by product type was as follows: | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Open-heart ablation | $ | 4,054 | $ | 3,379 | $ | 8,025 | $ | 6,637 | |||||||||
Minimally invasive ablation | 1,966 | 1,253 | 3,969 | 2,587 | |||||||||||||
AtriClip | 404 | 343 | 847 | 542 | |||||||||||||
Total ablation and AtriClip | 6,424 | 4,975 | 12,841 | 9,766 | |||||||||||||
Valve tools | 187 | — | 474 | — | |||||||||||||
Total international | 6,611 | 4,975 | 13,315 | 9,766 | |||||||||||||
Recovered_Sheet1
Description of Business and Summary of Significant Accounting Policies - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Maturity period of highly liquid investments | ' | ' | '3 months | ' | ' |
Maturity period of short term investment | ' | ' | '1 year | ' | ' |
Shipping and handling revenue | $236 | $197 | $463 | $389 | ' |
Payment terms for end-users | ' | ' | '30 days | ' | ' |
Payment terms for distributors | ' | ' | '60 days | ' | ' |
Foreign currency transaction (losses) gains | -28 | 12 | -26 | -132 | ' |
Grant income | 137 | 0 | 500 | 0 | ' |
(Income) expense related to remeasurement of fair value of fully vested stock options | -19 | 28 | -117 | 42 | ' |
Company's expense related to the medical device excise tax | 116 | 128 | 230 | 248 | ' |
Options, restricted stock and performance based shares excluded from calculation of net loss per share | ' | ' | 3,799 | 2,588 | ' |
Recognized expense related to stock options and restricted stock | 1,846 | 820 | 3,988 | 1,338 | ' |
Unexercised shares of common stock held by non-employee consultants | 33 | ' | 33 | ' | 38 |
Accrued non-employee stock options | 186 | ' | 186 | ' | 350 |
Subsidiaries [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Foreign currency transaction (losses) gains | 16 | 11 | 21 | 56 | ' |
Computer and other office equipment [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '3 years | ' | ' |
Generators [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Depreciation | 498 | 299 | 959 | 569 | ' |
Carrying amount of loaned equipment [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount of loaned equipment | $3,534 | ' | $3,534 | ' | $3,173 |
Minimum [Member] | Machinery and equipment [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '3 years | ' | ' |
Minimum [Member] | Furniture and fixtures [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '3 years | ' | ' |
Minimum [Member] | Generators [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '1 year | ' | ' |
Maximum [Member] | Machinery and equipment [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '7 years | ' | ' |
Maximum [Member] | Furniture and fixtures [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '7 years | ' | ' |
Maximum [Member] | Generators [Member] | ' | ' | ' | ' | ' |
Description Of Business And Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' |
Estimated useful life by major asset category | ' | ' | '3 years | ' | ' |
Recovered_Sheet2
Description of Business and Summary of Significant Accounting Policies - Summary of Inventories (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ' | ' |
Raw materials | $3,939 | $3,279 |
Work in process | 1,952 | 1,472 |
Finished goods | 6,775 | 5,463 |
Inventories | $12,666 | $10,214 |
Recovered_Sheet3
Description of Business and Summary of Significant Accounting Policies - Accumulated Other Comprehensive Income (Loss) (Detail) (USD $) | Jun. 30, 2014 | Mar. 31, 2014 | Dec. 31, 2013 | Jun. 30, 2013 | Mar. 31, 2013 | Dec. 31, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
In Thousands, unless otherwise specified | Unrealized Gains on Investments [Member] | Unrealized Gains on Investments [Member] | Unrealized Gains on Investments [Member] | Unrealized Gains on Investments [Member] | Foreign Currency Translation Adjustment [Member] | Foreign Currency Translation Adjustment [Member] | Foreign Currency Translation Adjustment [Member] | Foreign Currency Translation Adjustment [Member] | ||||||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Beginning Balance | ($178) | ($139) | ($139) | ($56) | ($67) | $77 | ($8) | $1 | ($6) | $1 | ($131) | ($68) | ($133) | $76 |
Other comprehensive income before reclassifications | ' | ' | ' | ' | ' | ' | -11 | -1 | -13 | -1 | -44 | 1 | -47 | -188 |
Amounts reclassified from accumulated other comprehensive income to other income on the statement of operations | ' | ' | ' | ' | ' | ' | 0 | 0 | 0 | 0 | 16 | 11 | 21 | 56 |
Ending Balance | ($178) | ($139) | ($139) | ($56) | ($67) | $77 | ($19) | $0 | ($19) | $0 | ($159) | ($56) | ($159) | ($56) |
Fair_Value_Financial_Assets_an
Fair Value - Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Liabilities: | ' | ' |
Acquisition-related contingent consideration | $5,370 | $8,032 |
Fair Value, Measurements, Recurring [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 70,975 | 23,528 |
Liabilities: | ' | ' |
Derivative instruments | 186 | 350 |
Acquisition-related contingent consideration | 5,370 | 8,032 |
Total liabilities | 5,556 | 8,382 |
Fair Value, Measurements, Recurring [Member] | Money market funds [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 38,365 | 4,295 |
Fair Value, Measurements, Recurring [Member] | Commercial paper [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 2,795 | 2,598 |
Fair Value, Measurements, Recurring [Member] | U.S. government agencies and securities [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 5,159 | 4,145 |
Fair Value, Measurements, Recurring [Member] | Corporate bonds [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 24,656 | 12,490 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 5,159 | 4,145 |
Fair Value, Measurements, Recurring [Member] | Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. government agencies and securities [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 5,159 | 4,145 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 65,816 | 19,383 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Money market funds [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 38,365 | 4,295 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Commercial paper [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 2,795 | 2,598 |
Fair Value, Measurements, Recurring [Member] | Significant Other Observable Inputs (Level 2) [Member] | Corporate bonds [Member] | ' | ' |
Assets: | ' | ' |
Total assets | 24,656 | 12,490 |
Fair Value, Measurements, Recurring [Member] | Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Liabilities: | ' | ' |
Derivative instruments | 186 | 350 |
Acquisition-related contingent consideration | 5,370 | 8,032 |
Total liabilities | $5,556 | $8,382 |
Fair_Value_Additional_Informat
Fair Value - Additional Information (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Changes in levels of financial assets and liabilities | $0 | $0 |
Significant Other Unobservable Inputs (Level 3) [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Acquisition-related contingent consideration | 5,370 | 8,032 |
Maximum [Member] | Estech [Member] | ' | ' |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ' | ' |
Acquisition-related contingent consideration | ' | $26,000 |
Fair_Value_Assumptions_Used_fo
Fair Value - Assumptions Used for Estimating Fair Value of Level 3 Liabilities (Detail) | 6 Months Ended | 12 Months Ended |
Jun. 30, 2014 | Dec. 31, 2013 | |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Expected volatility of stock | ' | 70.00% |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Risk free interest rate | 0.18% | 0.11% |
Expected life of option (years) | '1 year 2 months 16 days | '9 months |
Expected volatility of stock | 19.00% | ' |
Maximum [Member] | ' | ' |
Fair Value Inputs, Liabilities, Quantitative Information [Line Items] | ' | ' |
Risk free interest rate | 1.11% | 1.32% |
Expected life of option (years) | '3 years 7 months 10 days | '4 years 1 month 6 days |
Expected volatility of stock | 37.00% | ' |
Fair_Value_Level_3_Fair_Value_
Fair Value - Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs for Derivative Instruments (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Fair Value Disclosures [Abstract] | ' | ' |
Beginning Balance | $350 | $78 |
Total gains/losses (realized/unrealized) included in earnings | -124 | 272 |
Purchases (exercises) | -40 | ' |
Reclassification from equity to liability when fully vested | ' | ' |
Ending Balance | 186 | 350 |
(Gains) Losses in earnings (or changes in net assets attributable to the change in unrealized losses relating to assets held at reporting date) | $124 | ($272) |
Fair_Value_Level_3_Fair_Value_1
Fair Value - Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs for Acquisition Related Contingent Consideration (Detail) (USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument Fair Value Carrying Value [Abstract] | ' | ' |
Beginning Balance | $8,032 | ' |
Amounts acquired (sold) or issued (settled), net | ' | 8,032 |
Transfers in and/or (out) of Level 3 | ' | ' |
Changes in fair value recorded in earnings | -2,662 | ' |
Ending Balance | $5,370 | $8,032 |
Intangible_Assets_Summary_of_C
Intangible Assets - Summary of Company's Intangible Assets with Definite Lives (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount, Beginning balance | ' | ' | $10,299 | $32 | $32 |
Amortization | -356 | -3 | -711 | -6 | -12 |
Additions | ' | ' | ' | ' | 10,279 |
Net carrying amount, Ending balance | 9,588 | ' | 9,588 | ' | 10,299 |
Non-Compete Agreement [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount, Beginning balance | ' | ' | 20 | 32 | 32 |
Amortization | ' | ' | -7 | ' | -12 |
Additions | ' | ' | ' | ' | ' |
Net carrying amount, Ending balance | 13 | ' | 13 | ' | 20 |
Fusion Technology [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount, Beginning balance | ' | ' | 9,242 | ' | ' |
Amortization | ' | ' | -462 | ' | ' |
Additions | ' | ' | ' | ' | 9,242 |
Net carrying amount, Ending balance | 8,780 | ' | 8,780 | ' | 9,242 |
Clamp and Probe Technology [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount, Beginning balance | ' | ' | 829 | ' | ' |
Amortization | ' | ' | -138 | ' | ' |
Additions | ' | ' | ' | ' | 829 |
Net carrying amount, Ending balance | 691 | ' | 691 | ' | 829 |
Estech Trade Name [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Net carrying amount, Beginning balance | ' | ' | 208 | ' | ' |
Amortization | ' | ' | -104 | ' | ' |
Additions | ' | ' | ' | ' | 208 |
Net carrying amount, Ending balance | $104 | ' | $104 | ' | $208 |
Intangible_Assets_Additional_I
Intangible Assets - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 12 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization of intangible assets | $356 | $3 | $711 | $6 | $12 |
Fusion Technology [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization period | ' | ' | '10 years | ' | ' |
Amortization of intangible assets | ' | ' | 462 | ' | ' |
Clamp and Probe Technology [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization period | ' | ' | '3 years | ' | ' |
Amortization of intangible assets | ' | ' | 138 | ' | ' |
Estech Trade Name [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization period | ' | ' | '1 year | ' | ' |
Amortization of intangible assets | ' | ' | 104 | ' | ' |
Non-Compete Agreement [Member] | ' | ' | ' | ' | ' |
Finite-Lived Intangible Assets [Line Items] | ' | ' | ' | ' | ' |
Amortization period | ' | ' | '8 years | ' | ' |
Amortization of intangible assets | ' | ' | $7 | ' | $12 |
Intangible_Assets_Future_Amort
Intangible Assets - Future Amortization Expense Related to Intangible Assets with Definite Lives (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Dec. 31, 2012 |
In Thousands, unless otherwise specified | |||
Goodwill And Intangible Assets Disclosure [Abstract] | ' | ' | ' |
Expected amortization expense in 2014 | $710 | ' | ' |
Expected amortization expense in 2015 | 1,208 | ' | ' |
Expected amortization expense in 2016 | 1,201 | ' | ' |
Expected amortization expense in 2017 | 924 | ' | ' |
Expected amortization expense in 2018 | 924 | ' | ' |
Expected amortization expense in 2019 and thereafter | 4,621 | ' | ' |
Total | $9,588 | $10,299 | $32 |
Accrued_Liabilities_Accrued_Li
Accrued Liabilities - Accrued Liabilities (Detail) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables And Accruals [Abstract] | ' | ' |
Accrued commissions | $2,867 | $3,827 |
Accrued bonus | 2,141 | 6,849 |
Accrued contingent consideration | 770 | ' |
Accrued vacation | 539 | 476 |
Accrued taxes and value-added taxes payable | 469 | 907 |
Withheld payroll taxes | 414 | 546 |
Other accrued liabilities | 388 | 1,105 |
Accrued settlement reserve | 372 | 1,259 |
Accrued employee medical | 294 | ' |
Accrued royalties | 263 | 307 |
Accrued payroll | 207 | 233 |
Accrued non-employee stock options | 186 | 350 |
Accrued retention and severance | 172 | 22 |
Sales/returns allowance - trade | 139 | 105 |
Accrued 401(k) match | 96 | 84 |
Total | $9,317 | $16,070 |
Indebtedness_Additional_Inform
Indebtedness - Additional Information (Detail) | 6 Months Ended | 6 Months Ended | 12 Months Ended | ||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 |
USD ($) | EUR (€) | EUR (€) | Revolving Credit Facility [Member] | Revolving Credit Facility [Member] | Term Loan [Member] | Term Loan [Member] | |
Milestone | USD ($) | USD ($) | USD ($) | USD ($) | |||
Credit Facilities [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Term loan arrangements | $10,000 | ' | ' | ' | ' | ' | ' |
Credit facility | 15,000 | ' | ' | 10,000 | 8,299 | ' | ' |
Revolving credit facility maturity date | ' | ' | ' | 30-Apr-16 | ' | ' | ' |
Amortization expenses | 37 | ' | ' | ' | ' | ' | ' |
Covenant milestones met | 0 | ' | ' | ' | ' | ' | ' |
Increase to the applicable interest rate | 3.00% | ' | ' | ' | ' | ' | ' |
Borrowings under the revolving credit facility | ' | ' | ' | 0 | 0 | ' | ' |
Amount outstanding under line of credit | ' | ' | ' | ' | ' | 0 | 6,333 |
Current maturities of long-term debt | ' | ' | ' | ' | ' | ' | 2,000 |
Letter of credit outstanding | ' | 75 | 75 | ' | ' | ' | ' |
Expiry of outstanding letter of credit | 30-Jun-15 | ' | ' | ' | ' | ' | ' |
Capital lease expiration period | '2018 | ' | ' | ' | ' | ' | ' |
Cost of assets under lease | 161 | ' | ' | ' | ' | ' | ' |
Accumulated amortization on the capital leases | $61 | ' | ' | ' | ' | ' | ' |
Indebtedness_Maturities_on_Deb
Indebtedness - Maturities on Debt, Including Capital Lease Obligations (Detail) (USD $) | Jun. 30, 2014 |
In Thousands, unless otherwise specified | |
Debt Disclosure [Abstract] | ' |
Debt and capital leases obligation maturities in 2014 | $20 |
Debt and capital leases obligation maturities in 2015 | 40 |
Debt and capital leases obligation maturities in 2016 | 32 |
Debt and capital leases obligation maturities in 2017 | 13 |
Debt and capital leases obligation maturities in 2018 | 1 |
Total debt and capital leases obligation | $106 |
Commitments_and_Contingencies_
Commitments and Contingencies - Additional Information (Detail) (USD $) | 1 Months Ended | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Dec. 31, 2009 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Unit | ||||||
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Operating leases expire at various terms | ' | ' | ' | '2021 | ' | ' |
Royalty expense | ' | $262 | $217 | $569 | $539 | ' |
Minimum units the company was required to purchase | ' | ' | ' | 40 | ' | ' |
Actual quantity purchased | ' | ' | ' | 99 | ' | ' |
Operating expenses related to investigation | 3,956 | ' | ' | ' | ' | ' |
Definitive stipulation of settlement agreement | 4,350 | ' | ' | ' | ' | ' |
Interest payment term | ' | ' | ' | '5 years | ' | ' |
Settlement agreement payments (including interest) | ' | ' | ' | 3,975 | ' | ' |
Liability related settlement current | ' | 372 | ' | 372 | ' | 1,259 |
Company integrity agreement with office of inspector general, period | ' | ' | ' | '5 years | ' | ' |
Minimum [Member] | ' | ' | ' | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Royalty rates | ' | ' | ' | 1.50% | ' | ' |
Royalty payments | ' | 50 | ' | 50 | ' | ' |
Royalty agreement term | ' | ' | ' | '3 years | ' | ' |
Maximum [Member] | ' | ' | ' | ' | ' | ' |
Commitments and Contingencies [Line Items] | ' | ' | ' | ' | ' | ' |
Royalty rates | ' | ' | ' | 5.00% | ' | ' |
Royalty payments | ' | $2,000 | ' | $2,000 | ' | ' |
Royalty agreement term | ' | ' | ' | '20 years | ' | ' |
Income_Tax_Provision_Additiona
Income Tax Provision - Additional Information (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Effective tax rate | -0.19% | -0.28% | -0.31% | -0.27% |
Equity_Compensation_Plans_2001
Equity Compensation Plans - 2001 Plan and 2005 Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | 1 Months Ended | 3 Months Ended | 6 Months Ended | 3 Months Ended | 6 Months Ended | ||||||||||||||||
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Nov. 30, 2012 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Minimum [Member] | Maximum [Member] | 2001 Plan [Member] | 2005 Plan [Member] | 2005 Plan [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Employee Stock Option [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Restricted Stock [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Performance Shares [Member] | Time Based Stock Options and Restricted Stock [Member] | Time Based Stock Options and Restricted Stock [Member] | Time Based Stock Options and Restricted Stock [Member] | Time Based Stock Options and Restricted Stock [Member] | |||||
2001 Plan [Member] | 2005 Plan [Member] | 2005 Plan [Member] | ||||||||||||||||||||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Expiry of options from the date of grant | ' | ' | ' | ' | ' | ' | '10 years | '10 years | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '10 years | ' | ' | ' | ' | ' |
Exercisable period beginning | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '1 year | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted exercisable cumulative | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25.00% | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Restricted stock awards granted annual vest rate | ' | ' | ' | ' | ' | ' | ' | 25.00% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Options granted from the 2005 Plan generally vest | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '4 years | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Common stock reserved for issuance | ' | ' | ' | ' | ' | ' | ' | 7,649 | 756 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Percentage of outstanding shares of common stock on the first day | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares of common stock on the first day | ' | ' | ' | ' | ' | ' | ' | 825 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Outstanding shares authorized on that date | ' | ' | ' | ' | ' | ' | ' | ' | 3.25% | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Shares available for future grants | ' | ' | ' | ' | ' | ' | ' | 986 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total intrinsic value of options exercised | $212 | $135 | $2,063 | $599 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Cash proceeds | ' | ' | 1,637 | 1,240 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Total fair value of restricted stock vested | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 246 | 98 | 507 | 705 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Tax benefit recognized | 0 | 0 | 0 | 0 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Recognized expense related to stock options and restricted stock | 1,846 | 820 | 3,988 | 1,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 1,514 | 747 | 2,246 | 1,206 |
Unrecognized compensation costs related to non-vested share-based compensation arrangements with performance shares | 17,969 | ' | 17,969 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Stock options compensation costs | ' | ' | ' | ' | ' | ' | ' | ' | ' | 10,403 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Unrecognized compensation costs related to non-vested performance options | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 7,566 | ' | 7,566 | ' | ' | ' | 1,170 | ' | 1,170 | ' | ' | ' | ' | ' |
Weighted average period of recognizing cost | ' | ' | ' | ' | '1 year 2 months 12 days | '3 years 7 months 6 days | ' | ' | ' | '2 years 10 months 24 days | ' | ' | ' | ' | '3 years 1 month 6 days | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Performance options awarded to President and CEO | ' | ' | 582 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 225 | ' | ' | ' | ' | ' | ' | ' | ' |
Number of shares options vest in | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 25 | ' | ' | ' | ' | ' |
Period of considering closing price of common stock | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | '30 days | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 1 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $10 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 2 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $12.50 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 3 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $15 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 4 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $17.50 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 5 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $20 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 6 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $25 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 7 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $30 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 8 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $35 | ' | ' | ' | ' | ' |
Price by which volume adjusted weighted average closing price exceeds under vesting condition 9 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $40 | ' | ' | ' | ' | ' |
Recognized expense related to performance options | ' | ' | $3,988 | $1,338 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | $154 | $45 | $1,456 | $83 | ' | ' | ' | ' |
Performance option exercisable | 1,394 | ' | 1,394 | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | ' | 250 | ' | 250 | ' | ' | ' | ' | ' |
Equity_Compensation_Plans_Acti
Equity Compensation Plans - Activity Under Stock Based Compensation Plans (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |
In Thousands, except Per Share data, unless otherwise specified | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning balance, Number of Shares Outstanding, Stock Options | ' | 2,423 | ' |
Granted, Number of Shares Outstanding, Stock Options | ' | 582 | ' |
Exercised, Number of Shares Outstanding, Stock Options | ' | -185 | ' |
Cancelled or forfeited, Number of Shares Outstanding, Stock Options | ' | -32 | ' |
Ending balance, Number of Shares Outstanding, Stock Options | ' | 2,788 | ' |
Vested and expected to vest, Number of Shares Outstanding, Stock Options | ' | 2,647 | ' |
Exercisable at June 30, Number of Shares Outstanding, Stock Options | ' | 1,394 | ' |
Beginning balance, Weighted Average Exercise Price, Stock Options | ' | $8.61 | ' |
Granted, Weighted Average Exercise Price, Stock Options | ' | $19.63 | ' |
Exercised, Weighted Average Exercise Price, Stock Options | ' | $8.84 | ' |
Cancelled or Forfeited, Weighted Average Exercise Price, Stock Options | ' | $9.53 | ' |
Ending balance, Weighted Average Exercise Price, Stock Options | ' | $10.88 | ' |
Vested And expected to vest, Weighted Average Exercise Price, Stock Options | ' | $10.74 | ' |
Exercisable at June 30, Weighted Average Exercise Price, Stock Options | ' | $9 | ' |
Outstanding at June 30, 2014, Weighted Average Remaining Contractual Term, Stock Options | ' | '7 years | ' |
Vested and expected to vest, Weighted Average Remaining Contractual Term, Stock Options | ' | '6 years 10 months 24 days | ' |
Exercisable at June 30, 2014, Weighted Average Remaining Contractual Term, Stock Options | ' | '5 years | ' |
Outstanding at June 30, 2014, Aggregate Intrinsic Value, Stock Options | ' | $21,879 | ' |
Vested and expected to vest, Aggregate Intrinsic Value, Stock Options | ' | 21,084 | ' |
Exercisable at June 30, 2014, Aggregate Intrinsic Value, Stock Options | ' | $13,066 | ' |
Restricted Stock [Member] | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' |
Beginning balance, Number of Shares Outstanding | ' | 248 | ' |
Granted, Number of Shares Outstanding | ' | 341 | ' |
Released, Number of Shares Outstanding | ' | -27 | ' |
Forfeited, Number of Shares Outstanding | ' | -1 | ' |
Ending balance, Number of Shares Outstanding | ' | 561 | ' |
Beginning balance, Weighted Average Grant Date Fair Value | ' | $7.75 | ' |
Granted, Weighted Average Grant Date Fair Value | $8.92 | $20.62 | $8.92 |
Released, Weighted Average Grant Date Fair Value | ' | $9.01 | ' |
Forfeited, Weighted Average Grant Date Fair Value | ' | $9.15 | ' |
Ending balance, Weighted Average Grant Date Fair Value | ' | $15.51 | ' |
Equity_Compensation_Plans_Empl
Equity Compensation Plans - Employee Stock Purchase Plan - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Description of participants purchase limit | ' | ' | 'Participants may not purchase more than $25 of the Company's common stock in a calendar year and, effective January 1, 2014, may not purchase more than 2.5 shares during an offering period | ' |
Participants purchase limit shares | 2,500 | ' | 2,500 | ' |
Offering period | ' | ' | '6 months | ' |
Recognized expense related to stock options and restricted stock | $1,846 | $820 | $3,988 | $1,338 |
ESPP [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Company's common stock may be purchased at a discount | ' | ' | 15.00% | ' |
Participants purchase limit value | 25 | ' | 25 | ' |
Shares available for sale under the ESPP increased | ' | ' | 2.00% | ' |
Outstanding shares of common stock exceed | ' | ' | 600,000 | ' |
Shares available for future issuance under the ESPP | 617,000 | ' | 617,000 | ' |
Recognized expense related to stock options and restricted stock | $178 | $73 | $286 | $132 |
Equity_Compensation_Plans_Summ
Equity Compensation Plans - Summary of Share-Based Compensation Expense Related to Employee Share-Based Compensation (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense related to employees | $1,846 | $820 | $3,988 | $1,338 |
Cost of revenue [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense related to employees | 93 | 69 | 164 | 127 |
Research and development expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense related to employees | 267 | 59 | 399 | 100 |
Selling, general and administrative expenses [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Total share-based compensation expense related to employees | $1,486 | $692 | $3,425 | $1,111 |
Equity_Compensation_Plans_Assu
Equity Compensation Plans - Assumptions Used for Determining Fair Value of Options (Detail) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility of stock | ' | 69.00% | ' | 69.00% |
Weighted-average volatility | 69.00% | 69.00% | 70.00% | 69.00% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk free interest rate | 1.61% | 0.75% | 1.56% | 0.75% |
Expected life of option (years) | '5 years 3 months 22 days | '5 years 3 months 29 days | '5 years 3 months 22 days | '5 years 3 months 22 days |
Expected volatility of stock | 65.00% | ' | 65.00% | ' |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Risk free interest rate | 2.03% | 1.38% | 2.12% | 1.51% |
Expected life of option (years) | '6 years 8 months 19 days | '6 years 10 months 28 days | '6 years 8 months 19 days | '7 years 4 months 17 days |
Expected volatility of stock | 70.00% | ' | 70.00% | ' |
Equity_Compensation_Plans_Weig
Equity Compensation Plans - Weighted Average Estimated Fair Value Per Share of Stock Options and Restricted Stock Granted (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average estimated grant date fair value per share of the stock options granted | $10.33 | $5.52 | $12.48 | $5.50 |
Restricted Stock [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Weighted average estimated grant date fair value per share of the restricted stock granted | ' | $8.92 | $20.62 | $8.92 |
Equity_Compensation_Plans_Assu1
Equity Compensation Plans - Assumptions Used for Determining Fair Value of Option (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Expected volatility of stock | ' | 69.00% | ' | 69.00% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual term (years) | '5 years 3 months 22 days | '5 years 3 months 29 days | '5 years 3 months 22 days | '5 years 3 months 22 days |
Expected volatility of stock | 65.00% | ' | 65.00% | ' |
Expected rate of return | 1.61% | 0.75% | 1.56% | 0.75% |
Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Contractual term (years) | '6 years 8 months 19 days | '6 years 10 months 28 days | '6 years 8 months 19 days | '7 years 4 months 17 days |
Expected volatility of stock | 70.00% | ' | 70.00% | ' |
Expected rate of return | 2.03% | 1.38% | 2.12% | 1.51% |
Performance Shares [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Strike price | ' | 5.91 | ' | 5.91 |
Contractual term (years) | '10 years | '10 years | '10 years | '10 years |
Expected volatility of stock | ' | 69.60% | ' | 69.60% |
Expected rate of return | ' | 1.75% | ' | 1.75% |
Dividend yield | 0.00% | 0.00% | 0.00% | 0.00% |
Performance Shares [Member] | Minimum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Strike price | 5.91 | ' | 5.91 | ' |
Expected volatility of stock | 60.50% | ' | 60.50% | ' |
Expected rate of return | 1.75% | ' | 1.75% | ' |
Performance Shares [Member] | Maximum [Member] | ' | ' | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' | ' | ' |
Strike price | 21.04 | ' | 21.04 | ' |
Expected volatility of stock | 69.60% | ' | 69.60% | ' |
Expected rate of return | 2.73% | ' | 2.73% | ' |
Equity_Compensation_Plans_Esti
Equity Compensation Plans - Estimated Grant Date Fair Value Per Share of Performance Options Granted (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | $10.33 | $5.52 | $12.48 | $5.50 |
Tranche 1 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $10 | ' |
Tranche 1 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.74 | ' |
Tranche 1 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.32 | ' |
Tranche 2 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $12.50 | ' |
Tranche 2 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.74 | ' |
Tranche 2 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.30 | ' |
Tranche 3 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $15 | ' |
Tranche 3 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.74 | ' |
Tranche 3 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.27 | ' |
Tranche 4 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $17.50 | ' |
Tranche 4 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.74 | ' |
Tranche 4 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.23 | ' |
Tranche 5 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $20 | ' |
Tranche 5 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.73 | ' |
Tranche 5 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.19 | ' |
Tranche 6 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $25 | ' |
Tranche 6 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.73 | ' |
Tranche 6 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.10 | ' |
Tranche 7 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $30 | ' |
Tranche 7 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.71 | ' |
Tranche 7 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $4.01 | ' |
Tranche 8 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $35 | ' |
Tranche 8 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.67 | ' |
Tranche 8 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $3.92 | ' |
Tranche 9 [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Price Target | ' | ' | $40 | ' |
Tranche 9 [Member] | Fair Value Of 2014 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $14.61 | ' |
Tranche 9 [Member] | Fair Value Of 2012 Grant [Member] | ' | ' | ' | ' |
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range [Line Items] | ' | ' | ' | ' |
Fair Value | ' | ' | $3.83 | ' |
Equity_Compensation_Plans_NonE
Equity Compensation Plans - Non-Employee Stock Compensation - Additional Information (Detail) (USD $) | 3 Months Ended | 6 Months Ended | |||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | ' | ' | ' | ' | ' |
Nonstatutory common stock options vest period maximum | ' | ' | '4 years | ' | ' |
Stock options granted to non-employee consultants vesting period | ' | ' | '4 years | ' | ' |
Non-employee vesting stock rate | ' | ' | 25.00% | ' | ' |
Non-employee consultant stock options granted | ' | ' | 0 | ' | ' |
(Income) expense related to remeasurement of fair value of fully vested stock options | ($19) | $28 | ($117) | $42 | ' |
Unexercised shares of common stock held by non-employee consultants | 33 | ' | 33 | ' | 38 |
Liability included in accrued liabilities | $186 | ' | $186 | ' | $350 |
Recovered_Sheet4
Segment and Geographic Information - Summary of Revenue by Geographic Area (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | $26,514 | $20,429 | $51,361 | $39,859 |
United States [Member] | ' | ' | ' | ' |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | 19,903 | 15,454 | 38,046 | 30,093 |
Europe [Member] | ' | ' | ' | ' |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | 4,303 | 2,797 | 8,607 | 5,417 |
Asia [Member] | ' | ' | ' | ' |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | 2,175 | 1,957 | 4,471 | 4,018 |
Other International [Member] | ' | ' | ' | ' |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | 133 | 221 | 237 | 331 |
International [Member] | ' | ' | ' | ' |
Information About Revenue And Geographic Areas [Line Items] | ' | ' | ' | ' |
Revenue | $6,611 | $4,975 | $13,315 | $9,766 |
Recovered_Sheet5
Segment and Geographic Information - Revenue by Product (Detail) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $26,514 | $20,429 | $51,361 | $39,859 |
United States [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 19,903 | 15,454 | 38,046 | 30,093 |
United States [Member] | Open-heart ablation [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 10,856 | 9,154 | 21,233 | 18,275 |
United States [Member] | Minimally Invasive ablation [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 4,393 | 3,511 | 7,841 | 6,643 |
United States [Member] | AtriClip [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 3,951 | 2,789 | 7,571 | 5,175 |
United States [Member] | Ablation And AtriClip [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 19,200 | 15,454 | 36,645 | 30,093 |
United States [Member] | Valve tools [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 703 | ' | 1,401 | ' |
International [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 6,611 | 4,975 | 13,315 | 9,766 |
International [Member] | Open-heart ablation [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 4,054 | 3,379 | 8,025 | 6,637 |
International [Member] | Minimally Invasive ablation [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 1,966 | 1,253 | 3,969 | 2,587 |
International [Member] | AtriClip [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 404 | 343 | 847 | 542 |
International [Member] | Ablation And AtriClip [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | 6,424 | 4,975 | 12,841 | 9,766 |
International [Member] | Valve tools [Member] | ' | ' | ' | ' |
Product Type Reporting Information [Line Items] | ' | ' | ' | ' |
Revenue | $187 | ' | $474 | ' |
Recovered_Sheet6
Public Offering of Common Stock - Additional Information (Detail) (USD $) | 1 Months Ended | 6 Months Ended | |||
In Thousands, except Per Share data, unless otherwise specified | Feb. 28, 2014 | Jan. 31, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Equity [Abstract] | ' | ' | ' | ' | ' |
Common stock sold | 3,661 | 3,996 | ' | ' | ' |
Common stock, par value | $0.00 | $0.00 | $0.00 | ' | $0.00 |
Common stock, price per share | $19.25 | $7.25 | ' | ' | ' |
Proceeds from issuance of common stock | $65,830 | $26,872 | $65,830 | $26,872 | ' |