Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2019 | Apr. 24, 2019 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2019 | |
Document Fiscal Year Focus | 2019 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | ATRC | |
Entity Registrant Name | AtriCure, Inc. | |
Entity Central Index Key | 0001323885 | |
Current Fiscal Year End Date | --12-31 | |
Entity Emerging Growth Company | false | |
Entity Small Business | false | |
Entity Filer Category | Large Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 38,623,450 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 20,720 | $ 32,231 |
Short-term investments | 79,910 | 92,171 |
Accounts receivable, less allowance for doubtful accounts of $549 and $547 | 26,662 | 25,195 |
Inventories | 24,122 | 22,484 |
Prepaid and other current assets | 3,605 | 2,592 |
Total current assets | 155,019 | 174,673 |
Property and equipment, net | 27,050 | 27,080 |
Operating lease right-of-use assets | 1,778 | |
Intangible assets, net | 48,770 | 49,254 |
Goodwill | 105,257 | 105,257 |
Other noncurrent assets | 486 | 495 |
Total Assets | 338,360 | 356,759 |
Current liabilities: | ||
Accounts payable | 10,375 | 9,659 |
Accrued liabilities | 17,051 | 25,840 |
Other current liabilities and current maturities of leases and long-term debt | 8,039 | 4,717 |
Total current liabilities | 35,465 | 40,216 |
Finance lease liabilities | 12,004 | 12,172 |
Long-term debt | 32,737 | 35,571 |
Operating lease liabilities | 1,338 | |
Other noncurrent liabilities | 17,524 | 19,419 |
Total Liabilities | 99,068 | 107,378 |
Commitments and contingencies (Note 8) | ||
Stockholders' Equity: | ||
Common stock, $0.001 par value, 90,000 shares authorized and 38,657 and 38,604 issued and outstanding | 39 | 39 |
Additional paid-in capital | 492,177 | 496,544 |
Accumulated other comprehensive (loss) income | (286) | (199) |
Accumulated deficit | (252,638) | (247,003) |
Total Stockholders' Equity | 239,292 | 249,381 |
Total Liabilities and Stockholders' Equity | $ 338,360 | $ 356,759 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Condensed Consolidated Balance Sheets [Abstract] | ||
Accounts receivable, allowance for doubtful accounts | $ 549 | $ 547 |
Common stock, par value | $ 0.001 | $ 0.001 |
Common stock, shares authorized | 90,000,000 | 90,000,000 |
Common stock, shares issued | 38,658,000 | 38,604,000 |
Common stock, shares outstanding | 38,658,000 | 38,604,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Condensed Consolidated Statements of Operations and Comprehensive Loss [Abstract] | ||
Revenue | $ 53,966 | $ 46,994 |
Cost of revenue | 14,095 | 12,491 |
Gross profit | 39,871 | 34,503 |
Operating expenses: | ||
Research and development expenses | 8,176 | 9,057 |
Selling, general and administrative expenses | 37,015 | 34,876 |
Total operating expenses | 45,191 | 43,933 |
Loss from operations | (5,320) | (9,430) |
Other income (expense): | ||
Interest expense | (862) | (820) |
Interest income | 720 | 76 |
Other | (107) | 88 |
Loss before income tax expense | (5,569) | (10,086) |
Income tax expense | 66 | 48 |
Net loss | $ (5,635) | $ (10,134) |
Basic and diluted net loss per share | $ (0.15) | $ (0.31) |
Weighted average shares outstanding — basic and diluted | 36,976 | 32,926 |
Comprehensive loss: | ||
Unrealized gain (loss) on investments | $ 66 | $ (8) |
Foreign currency translation adjustment | (153) | 86 |
Other comprehensive (loss) income | (87) | 78 |
Net loss | (5,635) | (10,134) |
Comprehensive loss, net of tax | $ (5,722) | $ (10,056) |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Stockholders' Equity - USD ($) shares in Thousands, $ in Thousands | Common Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Deficit [Member] | Accumulated Other Comprehensive Income (Loss) [Member] | Total |
Beginning Balance at Dec. 31, 2017 | $ 35 | $ 386,963 | $ (225,866) | $ 34 | $ 161,166 |
Beginning Balance, Shares at Dec. 31, 2017 | 34,586 | ||||
Issuance of common stock under equity incentive plans | (1,877) | (1,877) | |||
Issuance of common stock under equity incentive plans, Shares | 453 | ||||
Share-based employee compensation expense | 3,890 | 3,890 | |||
Other comprehensive income (loss) | 78 | 78 | |||
Net loss | (10,134) | (10,134) | |||
Ending Balance at Mar. 31, 2018 | $ 35 | 388,976 | (236,000) | 112 | 153,123 |
Ending Balance, Shares at Mar. 31, 2018 | 35,039 | ||||
Beginning Balance at Dec. 31, 2018 | $ 39 | 496,544 | (247,003) | (199) | 249,381 |
Beginning Balance, Shares at Dec. 31, 2018 | 38,604 | ||||
Issuance of common stock under equity incentive plans | (8,521) | (8,521) | |||
Issuance of common stock under equity incentive plans, Shares | 54 | ||||
Share-based employee compensation expense | 4,154 | 4,154 | |||
Other comprehensive income (loss) | (87) | (87) | |||
Net loss | (5,635) | (5,635) | |||
Ending Balance at Mar. 31, 2019 | $ 39 | $ 492,177 | $ (252,638) | $ (286) | $ 239,292 |
Ending Balance, Shares at Mar. 31, 2019 | 38,658 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Cash flows from operating activities: | ||
Net loss | $ (5,635) | $ (10,134) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Share-based compensation expense | 4,154 | 3,890 |
Depreciation | 1,744 | 1,857 |
Amortization of intangible assets | 484 | 342 |
Amortization of deferred financing costs | 55 | 93 |
Non-cash lease expense | 103 | |
(Gain) loss on disposal of property and equipment | 261 | (5) |
Realized (gain) loss from foreign exchange on intercompany transactions | 72 | (82) |
Accretion of investments | (391) | (15) |
Provision for doubtful accounts | 51 | |
Change in value of contingent consideration | (1,667) | |
Changes in operating assets and liabilities: | ||
Accounts receivable | (1,547) | 783 |
Inventories | (1,699) | (43) |
Other current assets | (1,023) | (1,540) |
Accounts payable | 438 | (408) |
Accrued liabilities | (8,652) | (4,244) |
Other noncurrent assets and liabilities | (135) | 21 |
Net cash used in operating activities | (13,438) | (9,434) |
Cash flows from investing activities: | ||
Purchases of available-for-sale securities | (2,947) | (10,359) |
Sales and maturities of available-for-sale securities | 15,665 | 8,200 |
Purchases of property and equipment | (1,709) | (2,086) |
Proceeds from sale of property and equipment | 8 | |
Net cash provided by (used in) investing activities | 11,017 | (4,245) |
Cash flows from financing activities: | ||
Proceeds from debt borrowings | 17,381 | |
Payments on debt and leases | (150) | (1,326) |
Payments of debt fees | (299) | (1,114) |
Proceeds from stock option exercises | 80 | 1,787 |
Shares repurchased for payment of taxes on stock awards | (8,601) | (3,665) |
Net cash (used in) provided by financing activities | (8,970) | 13,063 |
Effect of exchange rate changes on cash and cash equivalents | (120) | 36 |
Net increase (decrease) in cash and cash equivalents | (11,511) | (580) |
Cash and cash equivalents-beginning of period | 32,231 | 21,809 |
Cash and cash equivalents-end of period | 20,720 | 21,229 |
Supplemental cash flow information: | ||
Cash paid for interest | 914 | 416 |
Cash paid for income taxes | 136 | |
Non-cash investing and financing activities: | ||
Accrued purchases of property and equipment | 649 | 178 |
Assets obtained in exchange for finance lease obligations | 27 | |
Finance lease early termination | $ 9 |
Description of Business and Sum
Description of Business and Summary of Significant Accounting Policies | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Description of Business and Summary of Significant Accounting Policies | 1. DESC RIPTION OF BUSINESS AND SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Nature of the Business —The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its 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 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 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 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, 2018 filed with the SEC. Cash and Cash Equivalents —The Company considers highly liquid investments with maturities of three months or less at the date of purchase as cash equivalents. Investments —The Company invests primarily in U.S. g overnment agencies and securities, corporate bonds, commercial paper and asset-backed securities and 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. Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income. Revenue Recognition— The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 9 for further discussion on revenue. Sales Returns and Allowances —The Company maintains a provision for potential returns of defective or damaged products, products shipped in error and invoice adjustments. The Company adjusts the provision quarterly using a combination of specific identification and an estimated general reserve based on historical experience. Increases to the provision result in a reduction of revenue, and the provision is included in accrued liabilities. Allowance for Doubtful Accounts Receivable —The Company evaluates the collectability of accounts receivable 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 selling, general and administrative expenses. 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 has not been significant. Inventories —Inventories are stated at the lower of cost or net realizable value based on 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 use all impact inventory reserves for excess, obsolete and expired products. An inventory reserve for excess, slow moving and obsolete inventory is recorded quarterly. An increase to inventory reserves result s in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed. Inventories consist of the following: March 31, December 31, 2019 2018 Raw materials $ 9,988 $ 9,100 Work in process 2,026 1,232 Finished goods 12,108 12,152 Inventories $ 24,122 $ 22,484 Property and Equipment —Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets. The estimated useful life by major asset category is the following: Estimated Useful Life Generators and related or ancillary equipment 1 - 3 years Building under finance lease 15 years Computers, software and office equipment 3 years Machinery and equipment 3 - 7 years Furniture and fixtures 3 - 7 years Leasehold improvements 5 - 15 years Equipment under finance leases 3 - 5 years The Company assesses the useful lives of property and equipment at least annually and retires assets once they are no longer in service. Maintenance and repair costs are expensed as incurred. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and expected future cash flows. Property and equipment impairments recorded by the Company have not been significant. The Company’s radiofrequency (RF) and cryo generators are generally placed with customers that use the Company’s disposable products. The estimated useful lives of generators are based on anticipated usage by customers and may change in future periods with changes in usage or introduction of new technologies. Depreciation related to generators and related equipment, which is recorded in cost of revenue, was $736 and $827 during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 and December 31, 2018 , the net carrying value of generators and related equipment included in net property and equipment was $4,542 and $4,545 . Leases —As of January 1, 2019, the Company determine s if an arrangement is a lease at inception. The Company has applied the short-term lease recognition exemption and recognizes lease payments in profit or loss for facility leases that have a lease term of 12 months or less at commencement and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities and current maturities of leases and long-term debt, and operating lease liabilities. Finance leases are included in property and equipment, other current liabilities and current maturities of leases and long-term debt, and finance lease liabilities. ROU assets represent the right to use an underlying asset for the lease term , and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the application date and commencement date based on the present value of lease payments over the lease term. The Company use s the implicit rate when readily determinable, however, most of the leases do not provide an implicit rate and therefore, the Company use s our incremental borrowing rate based on the information available at measurement. The operating ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For real estate and equipment leases, the Company account s for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied to effectively account for the operating lease ROU assets and liabilities based on the term of the underlying lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 7 for further discussion of leases. Intangible Assets —Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. Intangible assets include In Process Research and Development (IPR&D), which represents the value of technology acquired in business combinations that has not yet reached technological feasibility. The primary basis for determining technological feasibility is obtaining specific regulatory approval. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, IPR&D will be amortized over its estimated useful life. If the IPR&D project is abandoned, the IPR&D would be written off. IPR&D represents an estimate of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE clinical trial. The Company reviews intangible assets at least annually for impairment using its best estimates based on reasonable and supportable assumptions and projections. The Company performs impairment testing annually on October 1 . Goodwill— Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company performs impairment testing annually on October 1 . Other Noncurrent Liabilities— Other noncurrent liabilities primarily consist of acquisition-related contingent consideration. Although the Company may settle a portion of the contingent consideration liability in early 2020, the balance is included in noncurrent liabilities as such settlement is both required and expected to be made in shares of the Company’s common stock pursuant to the nContact Surgical, Inc. (nContact) merger agreement. Other Income (Expense) — Other income (expense) consists primarily of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and customer invoices transacted in British Pounds. Taxes —Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income 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 income 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 income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income 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 income tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant 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 substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Tax Reform Act provides companies with the ability to elect to reclassify the income tax effects of the Tax Reform Act on items within accumulated other comprehensive income (loss) to retained earnings. The Company has not made this election due to its full valuation allowance. Net Loss Per Share —Basic and diluted net loss per share is computed 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 3,640 and 4,216 stock options, restricted stock shares, restricted stock units and performance award shares as of March 31, 2019 and 2018 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 losses on investments. Accumulated other comprehensive income (loss) consisted of the following (net of tax): Three Months Ended March 31, 2019 2018 Total accumulated other comprehensive income (loss) at beginning of period $ (199) $ 34 Unrealized Gains (Losses) on Investments Balance at beginning of period $ (37) $ (6) Other comprehensive income (loss) before reclassifications 66 (8) Amounts reclassified from accumulated other comprehensive income (loss) to other income (loss) — — Balance at end of period $ 29 $ (14) Foreign Currency Translation Adjustment Balance at beginning of period $ (162) $ 40 Other comprehensive (loss) income before reclassifications (225) 168 Amounts reclassified from accumulated other comprehensive (loss) income to other income (loss) 72 (82) Balance at end of period $ (315) $ 126 Total accumulated other comprehensive (loss) income at end of period $ (286) $ 112 Research and Development Costs —Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development of and research related to new and existing products or concepts, preclinical studies, clinical trials and regulatory affairs. Advertising Costs — The Company expenses advertising costs as incurred. Advertising costs were not significant during the three months ended March 31, 2019 and 2018 . Share-Based Compensation —The Company records share-based compensation for all employee share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The value of the portion of an award that is ultimately expected to vest, net of estimated forfeitures, is recognized as expense over the service period. The Company estimates forfeitures at the time of grant and adjusts them in subsequent periods as actual forfeitures differ from those estimates. The Company recognized share-based compensation expense of $4,15 4 and $3,890 for the three months ended March 31, 2019 and 2018 . 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). Fair value is affected by the Company’s stock price, as well as 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 Company estimates the fair value of restricted stock awards, restricted stock units and performance share awards based upon the grant date closing market price of the Company’s common stock. The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. At the beginning of each purchase period, the Company estimates the number of shares to be purchased under the ESPP based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model. Estimated compensation expense is recorded during the purchase period and is adjusted to actual at the time of s hare purchase. 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, 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. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2019 | |
Recent Accounting Pronouncements [Abstract] | |
Recent Accounting Pronouncements | 2. RECENT ACCOUNTING PRONOUNCEMENTS In February 2016, the FASB issued ASU 2016-02, “Leases” (ASU 2016-02), codified as ASC 842, which requires lessees to record most leases onto their balance sheet but recognize expenses on their income statement in a manner similar to legacy lease guidance of ASC 840 “Leases”. The Company adopted the new guidance on January 1, 2019 using the transition method provided by ASU 2018-11, “Leases (Topic 842): Targeted Improvements”. Under this method, the Company has applied the new requirements to those leases that exist as of January 1, 2019, rather than at the earliest comparative period presented in the financial statements. Prior periods are presented under legacy ASC 840 lease guidance. Upon transition, the Company has applied the package of practical expedients permitted under ASC 842 transition guidance. As a result, the Company is not required to reassess (1) whether expired or existing contracts contain leases under the new definition of a lease, including whether an existing or expired contract contains an embedded lease, (2) lease classification for expired or existing leases and (3) any initial direct costs of existing leases. The Company has applied the short-term lease recognition exemption and recognizes lease payments in profit or loss for leases that have a lease term of 12 months or less at commencement and do not include a renewal option whose exercise is reasonably certain. As a result of the adoption, the Company recorded operating right-of-use assets and operating lease liabilities of approximately $1,884 and $2,189 as of January 1, 2019. The difference between the initial operating right-of-use asset and operating lease liability of $305 is accrued rent previously recognized under ASC 840. There was no cumulative effect on beginning accumulated deficit as a result of adoption. See Note 7 for further details. In January 2017, the FASB issued ASU 2017-04, “Intangibles - Goodwill and Other (Topic 350): Simplifying the Accounting for Goodwill Impairment” (ASU 2017-04). The guidance removes the requirement to perform a hypothetical purchase price allocation to measure goodwill impairment. Under ASU 2017-04, a goodwill impairment will be the amount by which a reporting unit’s carrying value exceeds its fair value, not to exceed the carrying amount of goodwill. The guidance becomes effective for annual reporting periods beginning after December 15, 2019 and interim periods within those fiscal years, with early adoption permitted, and applied prospectively. The Company is evaluating the provisions of ASU 2017-04 to determine the impact on its consolidated financial statements and related disclosures. In August 2018, the FASB issued ASU 2018-13, “Fair Value Measurement (Topic 820), Disclosure Framework – Changes to the Disclosure Requirements for Fair Value Measurement” (ASU 2018-13). The amendments modify the disclosure requirements for fair value measurements and are effective for all entities for interim and annual reporting periods beginning within 2020. Early adoption of either the entire standard or only the provisions that eliminate or modify the requirements is permitted. The Company is evaluating the provisions of ASU 2018-13 to determine the impact on its fair value measurement disclosures. In August 2018, the FASB issued ASU 2018-15, “Customer’s Accounting for Implementation Costs Incurred in a Cloud Computing Arrangement That Is a Service Contract” (ASU 2018-15). The amendments in this ASU align the requirements for capitalizing implementation costs incurred in a hosting arrangement that is a service contract with the requirements for capitalizing implementation costs incurred to develop or obtain internal-use software (and hosting arrangements that include an internal-use software license). Entities should apply the guidance in ASC 350-40 on internal-use software when capitalizing implementation costs related to a hosting arrangement that is a service contract and expense the capitalized implementation costs related to a hosting arrangement that is a service contract over the hosting arrangement's term, presenting the expense in the same line item in the statement of operations as that in which the fee associated with the hosting arrangement is presented. The amendments are effective for all entities for interim and annual reporting periods beginning within 2020. Early adoption is permitted, and entities have the option of applying either a retrospective or prospective transition method. The Company is evaluating the provisions of ASU 2018-15 to determine the impact on its consolidated financial statements and related disclosures. |
Fair Value
Fair Value | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value [Abstract] | |
Fair Value | 3. FAIR VALUE Fair value is defined as the price that would be received upon the sale of an asset or paid to transfer a liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The fair value hierarchy is 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: · Level 1—Quoted prices in active markets for identical assets or liabilities. · 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. · 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. The Company classifies cash and investments in U.S. government agencies and securities, accounts receivable, short-term other assets, accounts payable and accrued liabilities as Level 1 within the fair value hierarchy. The carrying amounts of these assets and liabilities approximate their fair value due to their relatively short-term nature. Cash equivalents and investments in corporate bonds, commercial paper and asset-backed securities are classified as Level 2 within the fair value hierarchy. The fair value of fixed term debt is estimated by calculating the net present value of future debt payments at current market interest rates and is classified as Level 2. The book value of the Company’s fixed term debt approximates its fair value because the interest rate varies with market rates. 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 March 31, 2019 : Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 9,226 $ — $ 9,226 Commercial paper — 35,497 — 35,497 U.S. government agencies and securities 5,473 — — 5,473 Corporate bonds — 25,626 — 25,626 Asset-backed securities — 13,314 — 13,314 Total assets $ 5,473 $ 83,663 $ — $ 89,136 Liabilities: Acquisition-related contingent consideration — — 17,106 17,106 Total liabilities $ — $ — $ 17,106 $ 17,106 There were no changes in the levels or methodology of measurement of financial assets and liabilities during the three months ended March 31, 2019 . 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, 2018 : Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 16,193 $ — $ 16,193 Commercial paper — 40,731 — 40,731 U.S. government agencies and securities 6,734 — — 6,734 Corporate bonds — 30,195 — 30,195 Asset-backed securities — 14,511 — 14,511 Total assets $ 6,734 $ 101,630 $ — $ 108,364 Liabilities: Acquisition-related contingent consideration — — 18,773 18,773 Total liabilities $ — $ — $ 18,773 $ 18,773 Acquisition-Related Contingent Consideration. Contingent consideration arrangements under the nContact merger agreement obligate the Company to pay certain defined amounts to former shareholders of nContact if specified milestones are met related to trial enrollment, regulatory approval and revenue targets. The Company measures contingent consideration liabilities using unobservable inputs by applying an income approach, such as the discounted cash flow technique or the probability-weighted scenario method. Various key assumptions, such as the probability of achievement of the agreed milestones, projected revenues from acquisitions and the discount rate, are used in the determination of fair value of contingent consideration arrangements and are not observable in the market, thus representing a Level 3 measurement within the fair value hierarchy. Subsequent revisions to key assumptions, which impact the estimated fair value of contingent consideration liabilities, are reflected in selling, general and administrative expenses. Acquisition-related contingent consideration is recorded in other noncurrent liabilities. As a result of the achievement of the trial enrollment milestone in the CONVERGE IDE clinical trial, the Company made cash payments totaling approximately $1,221 and issued and delivered 232 shares of common stock to the former shareholders of nContact on September 20, 2018. The remaining contingent consideration liability was remeasured as of March 31, 2019, resulting in a decrease of fair value of $1,667 during the three months ended March 31, 2019. This decrease is primarily due to a decrease in forecasted revenue for the 2019 commercial milestone. The following table represents the Company’s Level 3 fair value measurements using significant other unobservable inputs for acquisition-related contingent consideration: Three Months Ended Twelve Months Ended March 31, 2019 December 31, 2018 Beginning Balance $ 18,773 $ 37,098 Settlement of trial enrollment milestone — (7,500) Changes in fair value included in earnings (1,667) (10,825) Ending Balance $ 17,106 $ 18,773 |
Intangible Assets
Intangible Assets | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets [Abstract] | |
Intangible Assets | 4. INTANGIBLE ASSETS The following table provides a summary of the Company’s intangible assets: March 31, 2019 December 31, 2018 Estimated Useful Life Cost Accumulated Amortization Cost Accumulated Amortization Fusion technology 8 years $ 9,242 $ 5,136 $ 9,242 $ 4,763 Clamp & probe technology 3 years 829 829 829 829 SUBTLE access technology 5 years 2,179 1,536 2,179 1,425 IPR&D 44,021 — 44,021 — Total $ 56,271 $ 7,501 $ 56,271 $ 7,017 Amortization expense of intangible assets with definite lives, which excludes IPR&D, was $484 and $342 for the three months ended March 31, 2019 and 2018 . In 2018, the Company reduced the ten-year estimated useful life of the Fusion technology asset by two years based on changes in estimated periods benefited. This change in estimate resulted in additional amortization expense of $143 in the fourth quarter of 2018 and has been applied prospectively. Intangible assets with definite lives will be fully amortized in 2021. Future amortization expense is projected as follows: 2019 (excluding the three months ended March 31, 2019) $ 1,452 2020 1,804 2021 1,493 Total $ 4,749 |
Accrued Liabilities
Accrued Liabilities | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | 5. ACCRUED LIABILITIES Accrued liabilities consisted of the following: March 31, December 31, 2019 2018 Accrued payroll and employee-related expenses $ 5,683 $ 4,512 Accrued commissions 5,032 8,065 Accrued bonus 2,480 9,100 Sales returns and allowances 1,438 1,410 Accrued royalties 687 662 Accrued taxes and value-added taxes payable 870 886 Other accrued liabilities 861 1,205 Total $ 17,051 $ 25,840 |
Indebtedness
Indebtedness | 3 Months Ended |
Mar. 31, 2019 | |
Indebtedness [Abstract] | |
Indebtedness | 6. INDEBTEDNESS Credit Facility. The Company has a Loan and Security Agreement (Loan Agreement) with Silicon Valley Bank (SVB). The Loan Agreement, as amended and restated effective February 23, 2018 and as further amended on December 28, 2018, includes a $40,000 term loan and a $20,000 revolving line of credit, with an option to increase the revolving line of credit by up to an additional $20,000 . The term loan and revolving credit facility both mature or expire, as applicable, in February 2023 . Principal payments of the term loan are to be made ratably commencing September 2019 through the loan’s maturity date. If the Company meets certain conditions, as specified by the Loan Agreement, the commencement of term loan principal payments may be deferred by an additional six months. The term loan accrues interest at the greater of the Prime Rate plus 0.50% or 5.00%. Financing costs related to the term loan of $596 are netted against the outstanding loan balance and amortized ratably over the term of the Loan Agreement. The revolving line of credit is subject to an annual facility fee of 0.33% of the revolving line of credit, and any borrowings thereunder bear interest at the greater of the Prime Rate or 4.50% . Borrowing availability under the revolving credit facility is based on the lesser of $20,000 or a borrowing base calculation as defined by the Loan Agreement. As of March 31, 2019, the Company had no borrowings under the revolving credit facility and had borrowing availability of $20,000 . Financing costs related to the revolving line of credit are included in other assets and amortized ratably over the twelve-month period of the annual fee. The Loan Agreement also provides for certain prepayment and early termination fees if repaid before January 2020, as well as establishes a minimum liquidity covenant and dividend restrictions, along with other customary terms and conditions. Specified assets have been pledged as collateral. Future maturities of long-term debt are projected as follows: 2019 (excluding the three months ended March 31, 2019) $ 3,809 2020 11,429 2021 11,429 2022 11,429 2023 1,904 Total debt, of which $6,667 is current and $33,333 is noncurrent $ 40,000 |
Leases
Leases | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Leases | 7. LEASES The Company adopted the new guidance on January 1, 2019 using the transition method provided by ASU 2018-11, “Leases (Topic 842): Targeted Improvements”. Under this method, the Company has applied the new requirements to those leases that exist as of January 1, 2019, rather than at the earliest comparative period presented in the financial statements. Prior periods are presented under legacy ASC 840 lease guidance. As a result of the adoption, the Company recorded operating right-of-use assets and operating lease liabilities of approximately $1,884 and $2,189 as of January 1, 2019. The difference between the initial operating right-of-use asset and operating lease liability of $305 is accrued rent previously recognized under ASC 840. The Company has operating and finance leases for corporate office and warehouse facilities and computer equipment. The Company’s leases have remaining lease terms of one year to eleven years . Options to renew or extend leases beyond their initial term have been excluded from measurement of the ROU assets and lease liabilities as exercise is not reasonably certain. The weighted average remaining lease term for operating leases and finance leases was 3.1 years and 11.5 years as of March 31, 2019. The weighted average discount rate used to measure the outstanding operating lease liabilities and finance lease liabilities was 5.8% and 7.3% as of March 31, 2019. In connection with the terms of the Company’s corporate headquarters lease, a letter of credit in the amount of $1,250 was issued to the building lessor in October 2015. The letter of credit is renewed annually and remains outstanding as of March 31, 2019. The components of lease expense were as follows: Three Months Ended March 31, 2019 Operating lease cost $ 159 Finance lease cost: Amortization of right-of-use assets 250 Interest on lease liabilities 221 Total finance lease cost $ 471 Short term lease expense was not significant during the three months ended March 31, 2019. Supplemental cash flow information related to leases was as follows: Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 176 Operating cash flows from finance leases 221 Financing cash flows from finance leases 150 Right-of-use assets obtained in exchange for lease obligations: Operating Leases 1,884 Finance Leases — Supplemental balance sheet information related to leases was as follows: March 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,778 Other current liabilities and current maturities of leases and long-term debt 730 Other noncurrent liabilities 1,338 Total operating lease liabilities $ 2,068 Finance Leases Property and equipment, at cost $ 14,463 Accumulated depreciation (3,448) Property and equipment, net $ 11,015 Other current liabilities and current maturities of leases and long-term debt $ 642 Finance lease liabilities 12,004 Total finance lease liabilities $ 12,646 Maturities of lease liabilities as of March 31, 2019 were as follows: Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 545 $ 1,122 2020 713 1,514 2021 565 1,519 2022 405 1,540 2023 — 1,562 2024 — 1,594 2025 and thereafter — 9,799 Total payments $ 2,228 $ 18,650 Less imputed interest (160) (6,004) Total $ 2,068 $ 12,646 Future minimum lease payments under non-cancelable operating leases as of December 31, 2018 were projected as follows: 2019 $ 1,064 2020 893 2021 648 2022 405 Total $ 3,010 |
Commitments and Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2019 | |
Commitments and Contingencies [Abstract] | |
Commitments and Contingencies | 8. COMMITMENTS AND CONTINGENCIES Royalty Agreements. The Company has certain royalty agreements in place with terms that include payment of royalties of 3% to 5% of specified product sales. The royalty agreements have effective dates as early as 2003 and terms ranging from eighteen to at least twenty years, unless terminated earlier. Royalty expense of $709 and $672 is included in cost of rev enue for the three months ended March 31, 2019 and 2018 . Purchase Agreements. The Company enters into standard purchase agreements with various suppliers in the ordinary course of business. Outstanding commitments at March 31, 2019 were not significant. Legal. The Company may, from time to time, become a party to legal proceedings. Such matters are subject to many uncertainties and to outcomes of which the financial impacts are not predictable with assurance and that may not be known for extended periods of time. When management has assessed that a loss is probable and an amount can be reasonably estimated, the Company records a liability. The Company received a Civil Investigative Demand (CID) from the U.S. Department of Justice (USDOJ) in December 2017 stating that it is investigating the Company to determine whether the Company has violated the False Claims Act, relating to the promotion of certain medical devices related to the treatment of atrial fibrillation for off-label use and submitted or caused to be submitted false claims to certain federal and state health care programs for medically unnecessary healthcare services related to the treatment of atrial fibrillation. The CID covers the period from January 2010 to December 2017 and requires the production of documents and answers to written interrogatories. The Company had no knowledge of the investigation prior to receipt of the CID. The Company maintains rigorous policies and procedures to promote compliance with the False Claims Act and other applicable regulatory requirements. The Company provided the USDOJ with documents and answers to the written interrogatories and is cooperating with its investigation. However, the Company cannot predict when the investigation will be resolved, the outcome of the investigation or its potential impact on the Company. The Company acquired nContact Surgical, Inc. pursuant to a merger agreement dated October 4, 2015. The merger agreement provides for contingent consideration or “earnout” to be paid upon attaining specified regulatory approvals and clinical and revenue milestones. The merger agreement’s earnout provisions require the Company to deliver periodic earnout reports to a designated representative of former nContact stockholders. In respon se to the reports delivered in February 2018 and February 2019, the Company received letters from representatives on March 16, 2018 and March 11, 2019. The letters purport to serve as “earnout objection statements” (as that term is defined in the merger agreement) and claim that for purposes of determining the commercial milestone payment, the Company should be including revenues of certain additional items and products that the Company has not included in its earnout statements. The Company has corresponded with the representative regarding the earnout objection statement and disputes the basis of the representative’s claims. |
Revenue
Revenue | 3 Months Ended |
Mar. 31, 2019 | |
Revenue [Abstract] | |
Revenue | 9. REVENUE The Company adopted FASB ASC 606, “Revenue from Contracts with Customers” (ASC 606) using the modified retrospective method effective January 1, 2018. The adoption of ASC 606 did not have a material impact on the amount and timing of revenue recognized in the condensed consolidated financial statements. Revenue is generated primarily from the sale of disposable surgical devices. The Company recognizes revenue in an amount that reflects the consideration the Company expects to be entitled to in exchange for those devices when control of promised devices is transferred to customers. At contract inception, the Company assesses the products promised in its contracts with customers and identifies a performance obligation for each promise to transfer to the customer a product that is distinct. The Company’s disposable surgical devices are distinct and represent performance obligations. These performance obligations are satisfied and revenue is recognized at a point in time upon shipment or delivery of products. Sales of devices are categorized as follows: open-heart ablation, minimally invasive ablation (MIS), appendage management and valve tools. Shipping and handling activities performed after control over products transfers to customers are considered activities to fulfill the promise to transfer the products rather than as separate promises to customers. Products are sold primarily through a direct sales force and through distributors in select international markets. 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, with limited exceptions. The Company does not maintain any post-shipping obligations to customers. No installation, calibration or testing of products is performed by the Company subsequent to shipment in order to render products operational. Significant judgments and estimates involved in the Company’s recognition of revenue include the determination of the timing of transfer of control of products to customers and the estimation for the provision for returns. The Company considers the following indicators when determining when the control of products transfers to customers: (i) the Company has a right to payment in accordance with the shipping terms set forth in its contracts with customers; (ii) customers have legal title to products in accordance with shipping terms; (iii) the Company transfers physical possession of products either when the Company presents the products to a third party carrier for delivery to a customer (FOB shipping point) or when a customer receives the delivered goods (FOB destination); (iv) customers have the significant risks and rewards of ownership of products; and (v) customers have accepted products in connection with contractual shipping terms. In the normal course of business, the Company does not accept product returns unless a product is defective as manufactured. The Company establishes estimated provisions for returns based on historical experience. The Company does not provide customers with the right to a refund. The Company expects to be entitled to the total consideration for the products ordered by customers as product pricing is fixed according to the terms of customer contracts and payment terms are short. Payment terms fall within the one-year guidance for the practical expedient which allows the Company to forgo adjustment of the promised amount of consideration for the effects of a significant financing component. The Company excludes taxes assessed by governmental authorities on revenue-producing transactions from the measurement of the transaction price. Costs associated with product sales include commissions and royalties. Considering that product sales are performance obligations in contracts that are satisfied at a point in time, commission expense associated with product sales and royalties paid based on sales of certain products is incurred at that point in time rather than over time. Therefore, the Company applies the practical expedient and recognizes commissions and royalties as expense when incurred because the expense is incurred at a point in time and the amortization period is less than one year. Commissions are recorded as selling expense and royalties are recorded as cost of revenue. See Note 12 for disaggregated revenue by geographic area and by product category. |
Income Tax Provision
Income Tax Provision | 3 Months Ended |
Mar. 31, 2019 | |
Income Taxes [Abstract] | |
Income Tax Provision | 10. INCOME TAX PROVISION The Company files federal, state, and foreign income tax returns in jurisdictions with varying statutes of limitations. The Company uses the asset and liability method to determine its provision for income taxes. The Company’s provision for income taxes in interim periods is computed by applying its estimated annual effective rate against its pre-tax results for the period. Non-recurring items are recorded during the period in which they occur. The effective tax rate for the three months ended March 31, 2019 and 2018 was (1.1 9 %) and (0.47%) . Federal, state and local returns of the Company are routinely subject to review by various taxing authorities. The Company has not accrued any interest and penalties related to unrecognized income tax benefits as a result of offsetting of net operating losses. However, if the situation occurs, the Company will recognize interest and penalties within income tax expense and within the related tax liability. |
Equity Compensation Plans
Equity Compensation Plans | 3 Months Ended |
Mar. 31, 2019 | |
Equity Compensation Plans [Abstract] | |
Equity Compensation Plans | 11. EQUITY COMPENSATION PLANS The Company has two share-based incentive plans: the 2014 Stock Incentive Plan (2014 Plan) and the 2018 Employee Stock Purchase Plan (ESPP). Stock Incentive Plan Under the 2014 Plan, the Board of Directors may grant incentive stock options to employees and may grant restricted stock, restricted stock units, (collectively RSAs), nonstatutory stock options, performance share awards (PSAs) or stock appreciation rights to employees, directors and consultants. The administrator (currently the Compensation Committee of the Board of Directors) has the authority to determine the terms of any awards, including the number of shares subject to each award, the exercisability of the awards and the form of consideration. As of March 31, 2019 , 11,099 shares of common stock had been reserved for issuance under the 2014 Plan, and 832 shares were available for future grants. During 2019 and 2018, the Compensation Committee approved the grant of performance share awards to the Company’s named executive officers and certain other employees pursuant to the 2014 Plan. The form of award agreement for the PSAs (PSA Grant Form) provides, among other things, that (i) each PSA that vests represents the right to receive one share of the Company’s common stock; (ii) the PSAs vest based on the Company achieving specified performance measurements over a performance period of three years; (iii) the performance measurements include revenue CAGR as defined in the PSA Grant Form; (iv) threshold, target and maximum payout opportunities established for the PSAs will be used to calculate the number of shares that will be issuable when the award vests, which may range from 0% to 200% of the target amount; (v) any PSAs that are earned are scheduled to vest and be settled in shares of the Company’s common stock at the end of the performance period; and (vi) all or a portion of the PSAs may vest following a change of control or a termination of service by reason of death or disability (each as described in greater detail in the PSA Grant Form). With respect to the PSAs, the number of shares that vest and are issued to the recipient is based upon the Company’s performance as measured against the specified targets at the end of the three-year performance period as determined by the Compensation Committee. The Company estimates the fair value of the PSAs based on its closing stock price on the grant date and will adjust compensation expense over the performance period based on its estimate of performance target achievement. Stock options granted prior to 2018 under the 2014 Plan generally expire ten years from the date of grant and 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 prior to 2018 generally vest between one and four years from the date of grant. Beginning in 2018, stock options and RSAs granted generally vest in one -third increments on the first, second and third anniversaries of the grant date. Employee Stock Purchase Plan The ESPP is available to eligible employees as defined in the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount ( 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 a value of more than $25 of the Company’s common stock in a calendar year and may not purchase a value of more than 3 shares during an offering period. As of March 31, 2019 , there were 595 shares available for future issuance under the ESPP. Expense Information Under FASB ASC 718 The following table summarizes the allocation of share-based compensation expense: Three Months Ended March 31, 2019 2018 Cost of revenue $ 189 $ 237 Research and development expenses 495 591 Selling, general and administrative expenses 3,470 3,062 Total $ 4,154 $ 3,890 |
Segment and Geographic Informat
Segment and Geographic Information | 3 Months Ended |
Mar. 31, 2019 | |
Segment and Geographic Information [Abstract] | |
Segment and Geographic Information | 12. SEGMENT AND GEOGRAPHIC INFORMATION 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 globally. Management considers all such sales to be part of a single operating segment. Revenue attributed to geographic areas, based on the location of customers, was as follows: Three Months Ended March 31, 2019 2018 United States $ 43,004 $ 38,436 Europe 6,785 5,871 Asia 3,914 2,439 Other international 263 248 Total international 10,962 8,558 Total revenue $ 53,966 $ 46,994 United States revenue by product type was as follows: Three Months Ended March 31, 2019 2018 Open-heart ablation $ 18,996 $ 17,579 Minimally invasive ablation 7,762 8,613 Appendage management 15,670 11,797 Total ablation and appendage management 42,428 37,989 Valve tools 576 447 Total United States $ 43,004 $ 38,436 International revenue by product type was as follows: Three Months Ended March 31, 2019 2018 Open-heart ablation $ 6,300 $ 4,909 Minimally invasive ablation 2,129 1,792 Appendage management 2,454 1,798 Total ablation and appendage management 10,883 8,499 Valve tools 79 59 Total international $ 10,962 $ 8,558 The Company’s long-lived assets are located primarily in the United States, except for $1, 444 as of March 31, 2019 and $1,296 as of December 31, 2018, which are located primarily in Europe. |
Description of Business and S_2
Description of Business and Summary of Significant Accounting Policies (Policies) | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Nature of the Business | Nature of the Business —The “Company” or “AtriCure” consists of AtriCure, Inc. and its wholly-owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. The Company is a leading innovator in treatments for atrial fibrillation (Afib) and left atrial appendage (LAA) management and sells its products to medical centers globally through its 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 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 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 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, 2018 filed with the SEC. |
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 purchase as cash equivalents. |
Investments | Investments —The Company invests primarily in U.S. g overnment agencies and securities, corporate bonds, commercial paper and asset-backed securities and 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. Gains and losses are recognized using the specific identification method when securities are sold and are included in interest income. |
Revenue Recognition | Revenue Recognition— The Company recognizes revenue when control of promised goods is transferred to customers in an amount that reflects the consideration the Company expects to be entitled to in exchange for those goods. This generally occurs upon shipment of goods to customers. See Note 9 for further discussion on revenue. |
Sales Returns And Allowances | Sales Returns and Allowances —The Company maintains a provision for potential returns of defective or damaged products, products shipped in error and invoice adjustments. The Company adjusts the provision quarterly using a combination of specific identification and an estimated general reserve based on historical experience. Increases to the provision result in a reduction of revenue, and the provision is included in accrued liabilities. |
Allowance for Doubtful Accounts Receivable | Allowance for Doubtful Accounts Receivable —The Company evaluates the collectability of accounts receivable 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 selling, general and administrative expenses. 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 has not been significant. |
Inventories | Inventories —Inventories are stated at the lower of cost or net realizable value based on 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 use all impact inventory reserves for excess, obsolete and expired products. An inventory reserve for excess, slow moving and obsolete inventory is recorded quarterly. An increase to inventory reserves result s in a corresponding increase in cost of revenue. Inventories are written off against the reserve when they are physically disposed. Inventories consist of the following: March 31, December 31, 2019 2018 Raw materials $ 9,988 $ 9,100 Work in process 2,026 1,232 Finished goods 12,108 12,152 Inventories $ 24,122 $ 22,484 |
Property and Equipment | Property and Equipment —Property and equipment is stated at cost less accumulated depreciation. Depreciation is computed using the straight-line method over the estimated useful lives of assets. The estimated useful life by major asset category is the following: Estimated Useful Life Generators and related or ancillary equipment 1 - 3 years Building under finance lease 15 years Computers, software and office equipment 3 years Machinery and equipment 3 - 7 years Furniture and fixtures 3 - 7 years Leasehold improvements 5 - 15 years Equipment under finance leases 3 - 5 years The Company assesses the useful lives of property and equipment at least annually and retires assets once they are no longer in service. Maintenance and repair costs are expensed as incurred. The Company reviews property and equipment for impairment at least annually using its best estimates based on reasonable and supportable assumptions and expected future cash flows. Property and equipment impairments recorded by the Company have not been significant. The Company’s radiofrequency (RF) and cryo generators are generally placed with customers that use the Company’s disposable products. The estimated useful lives of generators are based on anticipated usage by customers and may change in future periods with changes in usage or introduction of new technologies. Depreciation related to generators and related equipment, which is recorded in cost of revenue, was $736 and $827 during the three months ended March 31, 2019 and 2018 . As of March 31, 2019 and December 31, 2018 , the net carrying value of generators and related equipment included in net property and equipment was $4,542 and $4,545 . |
Leases | Leases —As of January 1, 2019, the Company determine s if an arrangement is a lease at inception. The Company has applied the short-term lease recognition exemption and recognizes lease payments in profit or loss for facility leases that have a lease term of 12 months or less at commencement and do not include a purchase option whose exercise is reasonably certain. Operating leases are included in operating lease right-of-use (ROU) assets, other current liabilities and current maturities of leases and long-term debt, and operating lease liabilities. Finance leases are included in property and equipment, other current liabilities and current maturities of leases and long-term debt, and finance lease liabilities. ROU assets represent the right to use an underlying asset for the lease term , and lease liabilities represent the obligation to make lease payments arising from the lease. Operating lease ROU assets and liabilities are measured and recorded at the later of the application date and commencement date based on the present value of lease payments over the lease term. The Company use s the implicit rate when readily determinable, however, most of the leases do not provide an implicit rate and therefore, the Company use s our incremental borrowing rate based on the information available at measurement. The operating ROU asset also includes any lease payments made and excludes lease incentives. The lease terms may include options to extend or terminate the lease when it is reasonably certain that we will exercise that option. For real estate and equipment leases, the Company account s for the lease and non-lease components as a single lease component. Additionally, the portfolio approach is applied to effectively account for the operating lease ROU assets and liabilities based on the term of the underlying lease. Lease expense for lease payments is recognized on a straight-line basis over the lease term. See Note 7 for further discussion of leases. |
Intangible Assets | Intangible Assets —Intangible assets with determinable useful lives are amortized on a straight-line basis over the estimated periods benefited. Intangible assets include In Process Research and Development (IPR&D), which represents the value of technology acquired in business combinations that has not yet reached technological feasibility. The primary basis for determining technological feasibility is obtaining specific regulatory approval. IPR&D is accounted for as an indefinite-lived intangible asset until completion or abandonment of the IPR&D project. Upon completion of the development project, IPR&D will be amortized over its estimated useful life. If the IPR&D project is abandoned, the IPR&D would be written off. IPR&D represents an estimate of the fair value of the pre-market approval (PMA) that could result from the CONVERGE IDE clinical trial. The Company reviews intangible assets at least annually for impairment using its best estimates based on reasonable and supportable assumptions and projections. The Company performs impairment testing annually on October 1 . |
Goodwill | Goodwill— Goodwill represents the excess of purchase price over the fair value of the net assets acquired in business combinations. The Company’s goodwill is accounted for in a single reporting unit representing the Company as a whole. The Company performs impairment testing annually on October 1 . |
Other Noncurrent Liabilities | Other Noncurrent Liabilities— Other noncurrent liabilities primarily consist of acquisition-related contingent consideration. Although the Company may settle a portion of the contingent consideration liability in early 2020, the balance is included in noncurrent liabilities as such settlement is both required and expected to be made in shares of the Company’s common stock pursuant to the nContact Surgical, Inc. (nContact) merger agreement. |
Other Income (Expense) | Other Income (Expense) — Other income (expense) consists primarily of foreign currency transaction gains and losses generated by settlements of intercompany balances denominated in Euros and customer invoices transacted in British Pounds. |
Taxes | Taxes —Deferred income tax assets and liabilities are recognized for the future tax consequences attributable to differences between the financial statement carrying amounts of assets and liabilities and their respective tax bases and operating loss and tax credit carryforwards. Deferred income 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 income 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 income tax assets requires significant estimates and judgments about future operating results. Deferred income tax assets are reduced by valuation allowances if, based on the consideration of all available evidence, it is more-likely-than-not that the deferred income tax asset will not be realized. Significant weight is given to evidence that can be objectively verified. The Company evaluates deferred income tax assets on an annual basis to determine if valuation allowances are required. Deferred income 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 income tax assets are future reversals of existing taxable temporary differences, future taxable income, exclusive of reversing temporary differences and carryforwards and tax planning strategies that are both prudent and feasible. In evaluating the need for a valuation allowance, the existence of cumulative losses in recent years is significant 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 substantially all net deferred income tax assets as it is more-likely-than-not that the benefit of the deferred income tax assets will not be recognized in future periods. The Tax Reform Act provides companies with the ability to elect to reclassify the income tax effects of the Tax Reform Act on items within accumulated other comprehensive income (loss) to retained earnings. The Company has not made this election due to its full valuation allowance. |
Net Loss Per Share | Net Loss Per Share —Basic and diluted net loss per share is computed 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 3,640 and 4,216 stock options, restricted stock shares, restricted stock units and performance award shares as of March 31, 2019 and 2018 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 Income (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 losses on investments. Accumulated other comprehensive income (loss) consisted of the following (net of tax): Three Months Ended March 31, 2019 2018 Total accumulated other comprehensive income (loss) at beginning of period $ (199) $ 34 Unrealized Gains (Losses) on Investments Balance at beginning of period $ (37) $ (6) Other comprehensive income (loss) before reclassifications 66 (8) Amounts reclassified from accumulated other comprehensive income (loss) to other income (loss) — — Balance at end of period $ 29 $ (14) Foreign Currency Translation Adjustment Balance at beginning of period $ (162) $ 40 Other comprehensive (loss) income before reclassifications (225) 168 Amounts reclassified from accumulated other comprehensive (loss) income to other income (loss) 72 (82) Balance at end of period $ (315) $ 126 Total accumulated other comprehensive (loss) income at end of period $ (286) $ 112 |
Research and Development Costs | Research and Development Costs —Research and development costs are expensed as incurred. These costs include compensation and other internal and external costs associated with the development of and research related to new and existing products or concepts, preclinical studies, clinical trials and regulatory affairs. |
Advertising Costs | Advertising Costs — The Company expenses advertising costs as incurred. Advertising costs were not significant during the three months ended March 31, 2019 and 2018 . |
Share-Based Compensation | Share-Based Compensation —The Company records share-based compensation for all employee share-based payment awards, including stock options, restricted stock awards, restricted stock units, performance shares and stock purchases related to an employee stock purchase plan, based on estimated fair values. The value of the portion of an award that is ultimately expected to vest, net of estimated forfeitures, is recognized as expense over the service period. The Company estimates forfeitures at the time of grant and adjusts them in subsequent periods as actual forfeitures differ from those estimates. The Company recognized share-based compensation expense of $4,15 4 and $3,890 for the three months ended March 31, 2019 and 2018 . 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). Fair value is affected by the Company’s stock price, as well as 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 Company estimates the fair value of restricted stock awards, restricted stock units and performance share awards based upon the grant date closing market price of the Company’s common stock. The Company also has an employee stock purchase plan (ESPP) which is available to all eligible employees as defined by the plan document. Under the ESPP, shares of the Company’s common stock may be purchased at a discount. At the beginning of each purchase period, the Company estimates the number of shares to be purchased under the ESPP based upon the fair value of the stock at the beginning of the purchase period using the Black-Scholes model. Estimated compensation expense is recorded during the purchase period and is adjusted to actual at the time of s hare purchase. |
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, 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. |
Description of Business and S_3
Description of Business and Summary of Significant Accounting Policies (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Description of Business and Summary of Significant Accounting Policies [Abstract] | |
Summary Of Inventories | Inventories consist of the following: March 31, December 31, 2019 2018 Raw materials $ 9,988 $ 9,100 Work in process 2,026 1,232 Finished goods 12,108 12,152 Inventories $ 24,122 $ 22,484 |
Summary of Property and Equipment | Estimated Useful Life Generators and related or ancillary equipment 1 - 3 years Building under finance lease 15 years Computers, software and office equipment 3 years Machinery and equipment 3 - 7 years Furniture and fixtures 3 - 7 years Leasehold improvements 5 - 15 years Equipment under finance leases 3 - 5 years |
Accumulated Other Comprehensive Income (Loss) | Accumulated other comprehensive income (loss) consisted of the following (net of tax): Three Months Ended March 31, 2019 2018 Total accumulated other comprehensive income (loss) at beginning of period $ (199) $ 34 Unrealized Gains (Losses) on Investments Balance at beginning of period $ (37) $ (6) Other comprehensive income (loss) before reclassifications 66 (8) Amounts reclassified from accumulated other comprehensive income (loss) to other income (loss) — — Balance at end of period $ 29 $ (14) Foreign Currency Translation Adjustment Balance at beginning of period $ (162) $ 40 Other comprehensive (loss) income before reclassifications (225) 168 Amounts reclassified from accumulated other comprehensive (loss) income to other income (loss) 72 (82) Balance at end of period $ (315) $ 126 Total accumulated other comprehensive (loss) income at end of period $ (286) $ 112 |
Fair Value (Tables)
Fair Value (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Fair Value [Abstract] | |
Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis | 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 March 31, 2019 : Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 9,226 $ — $ 9,226 Commercial paper — 35,497 — 35,497 U.S. government agencies and securities 5,473 — — 5,473 Corporate bonds — 25,626 — 25,626 Asset-backed securities — 13,314 — 13,314 Total assets $ 5,473 $ 83,663 $ — $ 89,136 Liabilities: Acquisition-related contingent consideration — — 17,106 17,106 Total liabilities $ — $ — $ 17,106 $ 17,106 There were no changes in the levels or methodology of measurement of financial assets and liabilities during the three months ended March 31, 2019 . 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, 2018 : Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Other Unobservable Inputs (Level 3) Total Assets: Money market funds $ — $ 16,193 $ — $ 16,193 Commercial paper — 40,731 — 40,731 U.S. government agencies and securities 6,734 — — 6,734 Corporate bonds — 30,195 — 30,195 Asset-backed securities — 14,511 — 14,511 Total assets $ 6,734 $ 101,630 $ — $ 108,364 Liabilities: Acquisition-related contingent consideration — — 18,773 18,773 Total liabilities $ — $ — $ 18,773 $ 18,773 |
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: Three Months Ended Twelve Months Ended March 31, 2019 December 31, 2018 Beginning Balance $ 18,773 $ 37,098 Settlement of trial enrollment milestone — (7,500) Changes in fair value included in earnings (1,667) (10,825) Ending Balance $ 17,106 $ 18,773 |
Intangible Assets (Tables)
Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Intangible Assets [Abstract] | |
Company's Intangible Assets | The following table provides a summary of the Company’s intangible assets: March 31, 2019 December 31, 2018 Estimated Useful Life Cost Accumulated Amortization Cost Accumulated Amortization Fusion technology 8 years $ 9,242 $ 5,136 $ 9,242 $ 4,763 Clamp & probe technology 3 years 829 829 829 829 SUBTLE access technology 5 years 2,179 1,536 2,179 1,425 IPR&D 44,021 — 44,021 — Total $ 56,271 $ 7,501 $ 56,271 $ 7,017 |
Future Amortization Expense Related to Intangible Assets with Definite Lives | Intangible assets with definite lives will be fully amortized in 2021. Future amortization expense is projected as follows: 2019 (excluding the three months ended March 31, 2019) $ 1,452 2020 1,804 2021 1,493 Total $ 4,749 |
Accrued Liabilities (Tables)
Accrued Liabilities (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Accrued Liabilities [Abstract] | |
Accrued Liabilities | Accrued liabilities consisted of the following: March 31, December 31, 2019 2018 Accrued payroll and employee-related expenses $ 5,683 $ 4,512 Accrued commissions 5,032 8,065 Accrued bonus 2,480 9,100 Sales returns and allowances 1,438 1,410 Accrued royalties 687 662 Accrued taxes and value-added taxes payable 870 886 Other accrued liabilities 861 1,205 Total $ 17,051 $ 25,840 |
Indebtedness (Tables)
Indebtedness (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Indebtedness [Abstract] | |
Future Maturities On Debt | 2019 (excluding the three months ended March 31, 2019) $ 3,809 2020 11,429 2021 11,429 2022 11,429 2023 1,904 Total debt, of which $6,667 is current and $33,333 is noncurrent $ 40,000 |
Leases (Tables)
Leases (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Leases [Abstract] | |
Summary Of Components Of Lease Expense | Three Months Ended March 31, 2019 Operating lease cost $ 159 Finance lease cost: Amortization of right-of-use assets 250 Interest on lease liabilities 221 Total finance lease cost $ 471 |
Summary Of Supplemental Cash Flow Information Related To Leases | Three Months Ended March 31, 2019 Cash paid for amounts included in the measurement of lease liabilities: Operating cash flows from operating leases $ 176 Operating cash flows from finance leases 221 Financing cash flows from finance leases 150 Right-of-use assets obtained in exchange for lease obligations: Operating Leases 1,884 Finance Leases — |
Summary Of Supplemental Balance Sheet Information Related To Leases | March 31, 2019 Operating Leases Operating lease right-of-use assets $ 1,778 Other current liabilities and current maturities of leases and long-term debt 730 Other noncurrent liabilities 1,338 Total operating lease liabilities $ 2,068 Finance Leases Property and equipment, at cost $ 14,463 Accumulated depreciation (3,448) Property and equipment, net $ 11,015 Other current liabilities and current maturities of leases and long-term debt $ 642 Finance lease liabilities 12,004 Total finance lease liabilities $ 12,646 |
Schedule Of Maturities Of Lease Liabilities | Operating Leases Finance Leases 2019 (excluding the three months ended March 31, 2019) $ 545 $ 1,122 2020 713 1,514 2021 565 1,519 2022 405 1,540 2023 — 1,562 2024 — 1,594 2025 and thereafter — 9,799 Total payments $ 2,228 $ 18,650 Less imputed interest (160) (6,004) Total $ 2,068 $ 12,646 |
Schedule Of Future Minimum Lease Payments Under Non-cancelable Operating Leases | 2019 $ 1,064 2020 893 2021 648 2022 405 Total $ 3,010 |
Equity Compensation Plans (Tabl
Equity Compensation Plans (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Equity Compensation Plans [Abstract] | |
Share-Based Compensation Expense Related to Employee Share-Based Compensation | The following table summarizes the allocation of share-based compensation expense: Three Months Ended March 31, 2019 2018 Cost of revenue $ 189 $ 237 Research and development expenses 495 591 Selling, general and administrative expenses 3,470 3,062 Total $ 4,154 $ 3,890 |
Segment and Geographic Inform_2
Segment and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2019 | |
Segment and Geographic Information [Abstract] | |
Revenue by Geographic Area | was as follows: Three Months Ended March 31, 2019 2018 United States $ 43,004 $ 38,436 Europe 6,785 5,871 Asia 3,914 2,439 Other international 263 248 Total international 10,962 8,558 Total revenue $ 53,966 $ 46,994 |
Revenue by Product Type | United States revenue by product type was as follows: Three Months Ended March 31, 2019 2018 Open-heart ablation $ 18,996 $ 17,579 Minimally invasive ablation 7,762 8,613 Appendage management 15,670 11,797 Total ablation and appendage management 42,428 37,989 Valve tools 576 447 Total United States $ 43,004 $ 38,436 International revenue by product type was as follows: Three Months Ended March 31, 2019 2018 Open-heart ablation $ 6,300 $ 4,909 Minimally invasive ablation 2,129 1,792 Appendage management 2,454 1,798 Total ablation and appendage management 10,883 8,499 Valve tools 79 59 Total international $ 10,962 $ 8,558 |
Description of Business and S_4
Description of Business and Summary of Significant Accounting Policies (Narrative) (Details) - USD ($) shares in Thousands, $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 | |
Description Of Business And Significant Accounting Policies [Line Items] | |||
Depreciation | $ 1,744 | $ 1,857 | |
Net carrying amount of loaned equipment | 27,050 | $ 27,080 | |
Revenue recognized from contracts with customers | $ 53,966 | $ 46,994 | |
Options, restricted stock and performance based shares excluded from calculation of net loss per share | 3,640 | 4,216 | |
Share-based compensation expense recognized | $ 4,154 | $ 3,890 | |
Generators [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Depreciation | 736 | $ 827 | |
Carrying Amount of Loaned Equipment [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Net carrying amount of loaned equipment | $ 4,542 | $ 4,545 | |
Short-term Debt [Member] | |||
Description Of Business And Significant Accounting Policies [Line Items] | |||
Maturity period of short term investment | 1 year |
Description of Business and S_5
Description of Business and Summary of Significant Accounting Policies (Summary Of Inventories) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Description of Business and Summary of Significant Accounting Policies [Abstract] | ||
Raw materials | $ 9,988 | $ 9,100 |
Work in process | 2,026 | 1,232 |
Finished goods | 12,108 | 12,152 |
Inventories | $ 24,122 | $ 22,484 |
Description of Business and S_6
Description of Business and Summary of Significant Accounting Policies (Summary Of Property And Equipment) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Building under Finance Lease [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Computers, Software and Office Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Generator and Related Or Ancillary Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 1 year | |
Minimum [Member] | Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Minimum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years | |
Minimum [Member] | Equipment under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Maximum [Member] | Generator and Related Or Ancillary Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 3 years | |
Maximum [Member] | Machinery And Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Maximum [Member] | Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 7 years | |
Maximum [Member] | Leasehold Improvements [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 15 years | |
Maximum [Member] | Equipment under Finance Leases [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Estimated Useful Life | 5 years |
Description of Business and S_7
Description of Business and Summary of Significant Accounting Policies (Accumulated Other Comprehensive Income (Loss)) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) at beginning of period | $ (199) | $ 34 |
Total accumulated other comprehensive income (loss) at end of period | (286) | 112 |
Unrealized Losses On Investments [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) at beginning of period | (37) | (6) |
Other comprehensive income (loss) before reclassifications | 66 | (8) |
Amounts reclassified from accumulated other comprehensive (loss) income to other income (loss) | ||
Total accumulated other comprehensive income (loss) at end of period | 29 | (14) |
Foreign Currency Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Total accumulated other comprehensive income (loss) at beginning of period | (162) | 40 |
Other comprehensive income (loss) before reclassifications | (225) | 168 |
Amounts reclassified from accumulated other comprehensive (loss) income to other income (loss) | 72 | (82) |
Total accumulated other comprehensive income (loss) at end of period | $ (315) | $ 126 |
Recent Accounting Pronounceme_2
Recent Accounting Pronouncements (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 |
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 1,778 | ||
Operating lease liabilities | $ 1,338 | ||
Accounting Standards Update 2016-02 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Operating lease right-of-use assets | $ 1,884 | ||
Operating lease liabilities | $ 2,189 | ||
ASC 840 [Member] | |||
New Accounting Pronouncements or Change in Accounting Principle [Line Items] | |||
Accrued rent | $ 305 |
Fair Value (Narrative) (Details
Fair Value (Narrative) (Details) - USD ($) $ in Thousands | Sep. 20, 2018 | Mar. 31, 2019 | Mar. 31, 2018 | Dec. 31, 2018 |
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Change in value of contingent consideration | $ (1,667) | |||
Settlement of trial enrollment milestone one | $ (7,500) | |||
Changes in fair value included in earnings | 1,667 | $ 10,825 | ||
nContact Surgical [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Changes in fair value included in earnings | $ 1,667 | |||
Completion Of CONVERGE IDE Trial And Receiving A PMA From FDA [Member] | nContact Surgical [Member] | ||||
Fair Value, Assets and Liabilities Measured on Recurring and Nonrecurring Basis [Line Items] | ||||
Shares issued and delivered | 232 | |||
Payments of contingent consideration | $ 1,221 |
Fair Value (Financial Assets an
Fair Value (Financial Assets and Liabilities Measured at Fair Value on a Recurring Basis) (Details) - Fair Value, Measurements, Recurring [Member] - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Assets: | ||
Total assets | $ 89,136 | $ 108,364 |
Liabilities: | ||
Acquisition-related contingent consideration | 17,106 | 18,773 |
Total liabilities | 17,106 | 18,773 |
Money Market Funds [Member] | ||
Assets: | ||
Total assets | 9,226 | 16,193 |
Commercial Paper [Member] | ||
Assets: | ||
Total assets | 35,497 | 40,731 |
U.S. Government Agencies And Securities [Member] | ||
Assets: | ||
Total assets | 5,473 | 6,734 |
Corporate Bonds [Member] | ||
Assets: | ||
Total assets | 25,626 | 30,195 |
Asset-backed Securities [Member] | ||
Assets: | ||
Total assets | 13,314 | 14,511 |
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | ||
Assets: | ||
Total assets | 5,473 | 6,734 |
Liabilities: | ||
Acquisition-related contingent consideration | ||
Quoted Prices in Active Markets for Identical Assets (Level 1) [Member] | U.S. Government Agencies And Securities [Member] | ||
Assets: | ||
Total assets | 5,473 | 6,734 |
Significant Other Observable Inputs (Level 2) [Member] | ||
Assets: | ||
Total assets | 83,663 | 101,630 |
Liabilities: | ||
Acquisition-related contingent consideration | ||
Significant Other Observable Inputs (Level 2) [Member] | Money Market Funds [Member] | ||
Assets: | ||
Total assets | 9,226 | 16,193 |
Significant Other Observable Inputs (Level 2) [Member] | Commercial Paper [Member] | ||
Assets: | ||
Total assets | 35,497 | 40,731 |
Significant Other Observable Inputs (Level 2) [Member] | Corporate Bonds [Member] | ||
Assets: | ||
Total assets | 25,626 | 30,195 |
Significant Other Observable Inputs (Level 2) [Member] | Asset-backed Securities [Member] | ||
Assets: | ||
Total assets | 13,314 | 14,511 |
Significant Other Unobservable Inputs (Level 3) [Member] | ||
Liabilities: | ||
Acquisition-related contingent consideration | 17,106 | 18,773 |
Total liabilities | $ 17,106 | $ 18,773 |
Fair Value (Level 3 Fair Value
Fair Value (Level 3 Fair Value Measurements Using Significant Other Unobservable Inputs for Acquisition-Related Contingent Consideration) (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2019 | Dec. 31, 2018 | |
Fair Value [Abstract] | ||
Beginning Balance | $ 18,773 | $ 37,098 |
Settlement of trial enrollment milestone one | (7,500) | |
Changes in fair value included in earnings | (1,667) | (10,825) |
Ending Balance | $ 17,106 | $ 18,773 |
Intangible Assets (Narrative) (
Intangible Assets (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2019 | Dec. 31, 2018 | Mar. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | |||
Amortization of intangible assets | $ 484 | $ 143 | $ 342 |
Fusion Technology [Member] | |||
Finite-Lived Intangible Assets [Line Items] | |||
Estimated Useful Life | 8 years |
Intangible Assets (Company's In
Intangible Assets (Company's Intangible Assets) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Dec. 31, 2018 | |
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 56,271 | $ 56,271 |
Accumulated Amortization | $ 7,501 | 7,017 |
Fusion Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 8 years | |
Cost | $ 9,242 | 9,242 |
Accumulated Amortization | $ 5,136 | 4,763 |
Clamp and Probe Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 3 years | |
Cost | $ 829 | 829 |
Accumulated Amortization | $ 829 | 829 |
SUBTLE Access Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Estimated Useful Life | 5 years | |
Cost | $ 2,179 | 2,179 |
Accumulated Amortization | 1,536 | 1,425 |
IPR&D [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Cost | $ 44,021 | $ 44,021 |
Intangible Assets (Future Amort
Intangible Assets (Future Amortization Expense Related to Intangible Assets with Definite Lives) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Intangible Assets [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 1,452 |
2020 | 1,804 |
2021 | 1,493 |
Total | $ 4,749 |
Accrued Liabilities (Accrued Li
Accrued Liabilities (Accrued Liabilities) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Accrued Liabilities [Abstract] | ||
Accrued payroll and employee-related expenses | $ 5,683 | $ 4,512 |
Accrued commissions | 5,032 | 8,065 |
Accrued bonus | 2,480 | 9,100 |
Sales returns and allowances | 1,438 | 1,410 |
Accrued royalties | 687 | 662 |
Accrued taxes and value-added taxes payable | 870 | 886 |
Other accrued liabilities | 861 | 1,205 |
Total | $ 17,051 | $ 25,840 |
Indebtedness (Narrative) (Detai
Indebtedness (Narrative) (Details) - USD ($) | 3 Months Ended | ||
Mar. 31, 2019 | Feb. 23, 2018 | Oct. 31, 2015 | |
Maximum [Member] | |||
Line of Credit Facility [Line Items] | |||
Letter of credit required to landlord | $ 1,250,000 | ||
Silicon Valley Bank Agreement [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit | 0 | ||
Line of credit, availability | $ 20,000,000 | ||
Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] | |||
Line of Credit Facility [Line Items] | |||
Upon certain conditions met, deferred loan payment period | 6 months | ||
Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] | Revolving Credit Facility [Member] | |||
Line of Credit Facility [Line Items] | |||
Line of credit, maximum borrowing capacity | $ 20,000,000 | ||
Maturity date | Feb. 28, 2023 | ||
Optional increase in line of credit | 20,000,000 | ||
Additional fee on total term loan | 0.33% | ||
Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] | Revolving Credit Facility [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis rate | 4.50% | ||
Term Loan [Member] | Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] | |||
Line of Credit Facility [Line Items] | |||
Loan amount | $ 40,000,000 | ||
Financing costs | $ 596,000 | ||
Term Loan [Member] | Silicon Valley Bank, Amended And Restated Loan Agreement Effective 2/23/18 [Member] | Prime Rate [Member] | |||
Line of Credit Facility [Line Items] | |||
Basis rate | 0.50% | ||
Interest rate | 5.00% | ||
Mason Lease [Member] | Letter of Credit [Member] | |||
Line of Credit Facility [Line Items] | |||
Letter of credit outstanding | $ 1,250,000 |
Indebtedness (Future Maturities
Indebtedness (Future Maturities On Debt) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Indebtedness [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 3,809 |
2020 | 11,429 |
2020 | 11,429 |
2022 | 11,429 |
2023 | 1,904 |
Total long-term debt, of which $6,667 is current and $33,333 is noncurrent | 40,000 |
Current | 6,667 |
Noncurrent | $ 33,333 |
Leases (Narrative) (Details)
Leases (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Jan. 01, 2019 | Dec. 31, 2018 | Oct. 31, 2015 |
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 1,778 | |||
Operating lease liabilities | $ 1,338 | |||
Operating Lease, Weighted Average Remaining Lease Term | 3 years 1 month 6 days | |||
Finance Lease, Weighted Average Remaining Lease Term | 11 years 6 months | |||
Operating Lease, Weighted Average Discount Rate, Percent | 5.80% | |||
Finance Lease, Weighted Average Discount Rate, Percent | 7.30% | |||
Accounting Standards Update 2018-11 Leases (Topic 842): Targeted Improvements [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | $ 1,884 | |||
Operating lease liabilities | 2,189 | |||
Accounting Standards Update 2016-02 [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Operating lease right-of-use assets | 1,884 | |||
Operating lease liabilities | $ 2,189 | |||
Accrued rent | $ 305 | |||
Minimum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 1 year | |||
Lessee, Finance Lease, Term of Contract | 1 year | |||
Maximum [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Lessee, Operating Lease, Term of Contract | 11 years | |||
Lessee, Finance Lease, Term of Contract | 11 years | |||
Letter of Credit [Member] | Mason Lease [Member] | ||||
Lessee, Lease, Description [Line Items] | ||||
Letter of credit outstanding | $ 1,250 |
Leases (Summary Of Components O
Leases (Summary Of Components Of Lease Expense) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating lease cost | $ 159 |
Amortization of right-of-use assets | 250 |
Interest on lease liabilities | 221 |
Total finance lease cost | $ 471 |
Leases (Summary Of Supplemental
Leases (Summary Of Supplemental Cash Flow Information Related To Leases) (Details) $ in Thousands | 3 Months Ended |
Mar. 31, 2019USD ($) | |
Leases [Abstract] | |
Operating cash flows from operating leases | $ 176 |
Operating cash flows from finance leases | 221 |
Financing cash flows from finance leases | 150 |
Operating Leases | $ 1,884 |
Leases (Summary Of Supplement_2
Leases (Summary Of Supplemental Balance Sheet Information Related To Leases) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Lessee, Lease, Description [Line Items] | ||
Operating lease right-of-use assets | $ 1,778 | |
Other current liabilities and current maturities of leases and long-term debt | 730 | |
Other noncurrent liabilities | 1,338 | |
Total operating lease liabilities | 2,068 | |
Property and equipment, net | 27,050 | $ 27,080 |
Other current liabilities and current maturities of leases and long-term debt | 642 | |
Finance lease liabilities | 12,004 | $ 12,172 |
Total finance lease liabilities | 12,646 | |
Equipment under Finance Leases [Member] | ||
Lessee, Lease, Description [Line Items] | ||
Finance Leases, Property and equipment, at cost | 14,463 | |
Finance Leases, Accumulated depreciation | (3,448) | |
Finance Leases, Property and equipment, net | $ 11,015 |
Leases (Schedule Of Maturities
Leases (Schedule Of Maturities Of Lease Liabilities) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 (excluding the three months ended March 31, 2019) | $ 545 |
2020 | 713 |
2021 | 565 |
2022 | 405 |
Total payments | 2,228 |
Less imputed interest | (160) |
Total | 2,068 |
2019 (excluding the three months ended March 31, 2019) | 1,122 |
2020 | 1,514 |
2021 | 1,519 |
2022 | 1,540 |
2023 | 1,562 |
2024 | 1,594 |
2025 and thereafter | 9,799 |
Total payments | 18,650 |
Less imputed interest | (6,004) |
Total | $ 12,646 |
Leases (Schedule Of Future Mini
Leases (Schedule Of Future Minimum Lease Payments Under Non-cancelable Operating Leases) (Details) $ in Thousands | Mar. 31, 2019USD ($) |
Leases [Abstract] | |
2019 | $ 1,064 |
2020 | 893 |
2021 | 648 |
2022 | 405 |
Total | $ 3,010 |
Commitments and Contingencies (
Commitments and Contingencies (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Commitments and Contingencies [Line Items] | ||
Royalty expense | $ 709 | $ 672 |
Minimum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Royalty rates | 3.00% | |
Royalty agreement term | 18 years | |
Maximum [Member] | ||
Commitments and Contingencies [Line Items] | ||
Royalty rates | 5.00% | |
Royalty agreement term | 20 years |
Revenue (Narrative) (Details)
Revenue (Narrative) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Revenue | $ 53,966 | $ 46,994 |
Income Tax Provision (Narrative
Income Tax Provision (Narrative) (Details) | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Income Taxes [Abstract] | ||
Effective tax rate | (1.19%) | (0.47%) |
Equity Compensation Plans (Narr
Equity Compensation Plans (Narrative) (Details) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019USD ($)itemshares | Mar. 31, 2018USD ($) | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of share-based incentive plans | item | 2 | |
Share-based compensation expense recognized | $ | $ 4,154 | $ 3,890 |
Participants purchase limit shares | 3,000 | |
Offering period | 6 months | |
Minimum [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 1 year | |
Maximum [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting period | 4 years | |
2014 Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Expiry of options from the date of grant | 10 years | |
Shares available for future grants | 832,000 | |
2014 Plan [Member] | Time-Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Exercisable period beginning | 3 years | |
2008 Employee Stock Purchase Plan [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Common stock reserved for issuance | 595,000 | |
Company's common stock may be purchased at a discount | 15.00% | |
Participants purchase limit value | $ | $ 25 | |
2018 PSAs [Member] | Performance Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Vesting right of shares of common stock | 1 | |
Vesting period | 3 years | |
2018 PSAs [Member] | Minimum [Member] | Performance Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance stock award threshold, target and maximum payout opportunity percentage | 0.00% | |
2018 PSAs [Member] | Maximum [Member] | Performance Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Performance stock award threshold, target and maximum payout opportunity percentage | 200.00% | |
First Anniversary Date Of Grant [Member] | 2014 Plan [Member] | Time-Based Stock Options [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual vesting percentage | 25.00% | |
First, Second, And Third Anniversaries [Member] | Restricted Stock Awards [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Annual vesting percentage | 0.33% |
Equity Compensation Plans (Shar
Equity Compensation Plans (Share-Based Compensation Expense Related to Employee Share-Based Compensation) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total | $ 4,154 | $ 3,890 |
Cost of Revenue [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total | 189 | 237 |
Research and Development Expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total | 495 | 591 |
Selling, General and Administrative Expenses [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Total | $ 3,470 | $ 3,062 |
Segment and Geographic Inform_3
Segment and Geographic Information (Narrative) (Details) - USD ($) $ in Thousands | Mar. 31, 2019 | Dec. 31, 2018 |
Netherlands [Member] | ||
Long-lived assets | $ 1,444 | $ 1,296 |
Segment and Geographic Inform_4
Segment and Geographic Information (Revenue by Geographic Area) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | $ 53,966 | $ 46,994 |
Revenue | 53,966 | 46,994 |
United States [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | 43,004 | 38,436 |
Revenue | 43,004 | 38,436 |
Europe [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | 6,785 | 5,871 |
Revenue | 6,785 | 5,871 |
Asia [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | 3,914 | 2,439 |
Revenue | 3,914 | 2,439 |
Other International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | 263 | 248 |
Revenue | 263 | 248 |
International [Member] | ||
Revenues from External Customers and Long-Lived Assets [Line Items] | ||
Revenue recognized from contracts with customers | 10,962 | 8,558 |
Revenue | $ 10,962 | $ 8,558 |
Segment and Geographic Inform_5
Segment and Geographic Information (Revenue by Product Type) (Details) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2019 | Mar. 31, 2018 | |
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | $ 53,966 | $ 46,994 |
Revenue | 53,966 | 46,994 |
United States [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 43,004 | 38,436 |
Revenue | 43,004 | 38,436 |
United States [Member] | Open-heart Ablation [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 18,996 | 17,579 |
Revenue | 18,996 | 17,579 |
United States [Member] | Minimally Invasive Ablation [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 7,762 | 8,613 |
Revenue | 7,762 | 8,613 |
United States [Member] | Appendage Management [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 15,670 | 11,797 |
Revenue | 15,670 | 11,797 |
United States [Member] | Ablation And Appendage Management [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 42,428 | 37,989 |
Revenue | 42,428 | 37,989 |
United States [Member] | Valve Tools [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 576 | 447 |
Revenue | 576 | 447 |
International [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 10,962 | 8,558 |
Revenue | 10,962 | 8,558 |
International [Member] | Open-heart Ablation [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 6,300 | 4,909 |
Revenue | 6,300 | 4,909 |
International [Member] | Minimally Invasive Ablation [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 2,129 | 1,792 |
Revenue | 2,129 | 1,792 |
International [Member] | Appendage Management [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 2,454 | 1,798 |
Revenue | 2,454 | 1,798 |
International [Member] | Ablation And Appendage Management [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 10,883 | 8,499 |
Revenue | 10,883 | 8,499 |
International [Member] | Valve Tools [Member] | ||
Revenue from External Customer [Line Items] | ||
Revenue recognized from contracts with customers | 79 | 59 |
Revenue | $ 79 | $ 59 |