Document_and_Entity_Informatio
Document and Entity Information Document | 6 Months Ended | |
Jun. 30, 2014 | Aug. 01, 2014 | |
Entity [Abstract] | ' | ' |
Entity Registrant Name | 'LDR HOLDING CORP | ' |
Entity Central Index Key | '0001348324 | ' |
Current Fiscal Year End Date | '--12-31 | ' |
Entity Filer Category | 'Non-accelerated Filer | ' |
Document Type | '10-Q | ' |
Document Period End Date | 30-Jun-14 | ' |
Document Fiscal Year Focus | '2014 | ' |
Document Fiscal Period Focus | 'Q2 | ' |
Amendment Flag | 'false | ' |
Entity Common Stock, Shares Outstanding | ' | 25,966,432 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Current assets: | ' | ' |
Cash and cash equivalents | $84,283 | $56,678 |
Accounts receivable, net of allowances of $1,251 and $1,493 at June 30, 2014 and December 31, 2013, respectively | 23,134 | 22,193 |
Inventory, net | 23,483 | 17,690 |
Other current assets | 6,137 | 4,780 |
Prepaid expenses | 1,132 | 1,593 |
Deferred tax asset, current | 505 | 0 |
Total current assets | 138,674 | 102,934 |
Property and equipment, net of accumulated depreciation and amortization of $12,645 and $11,056 at June 30, 2014 and December 31, 2013, respectively | 13,942 | 12,695 |
Goodwill | 6,621 | 6,621 |
Intangible assets, net of accumulated amortization of $3,047 and $2,764 at June 30, 2014 and December 31, 2013, respectively | 3,206 | 3,073 |
Restricted cash | 0 | 2,000 |
Deferred tax assets | 0 | 513 |
Other assets | 181 | 157 |
Total assets | 162,624 | 127,993 |
Current liabilities: | ' | ' |
Accounts payable | 10,285 | 8,128 |
Accrued expenses | 16,637 | 16,324 |
Line of credit, net of discount | 0 | 18,162 |
Short-term financing | 2,073 | 2,641 |
Current portion of long-term debt | 1,448 | 1,763 |
Deferred tax liabilities, current | 0 | 540 |
Total current liabilities | 30,443 | 47,558 |
Line of credit, net of discount | 18,166 | 0 |
Long-term debt, net of discount and current portion | 2,086 | 2,758 |
Deferred tax liabilities | 692 | 0 |
Total liabilities | 51,387 | 50,316 |
Commitments and contingencies | ' | ' |
Stockholders’ equity: | ' | ' |
Common stock; $0.001 par value; 107,000,000 shares authorized at June 30, 2014 and December 31, 2013; 25,966,781 shares issued and 25,966,432 shares outstanding at June 30, 2014; 24,076,667 shares issued and outstanding at December 31, 2013 | 26 | 24 |
Treasury stock at cost | -8 | 0 |
Additional paid-in capital | 200,853 | 161,216 |
Accumulated other comprehensive income | -46 | 198 |
Accumulated deficit | -89,588 | -83,761 |
Total stockholders’ equity | 111,237 | 77,677 |
Total liabilities and stockholders’ equity | $162,624 | $127,993 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ' | ' |
Accounts receivable allowance | $1,251 | $1,493 |
Property and equipment - accumulated depreciation and amortization | 12,645 | 11,056 |
Intangible assets - accumulated amortization | $3,047 | $2,764 |
Common Stock, Par Value Per Share | $0.00 | $0.00 |
Common Stock, Shares Authorized | 107,000,000 | 107,000,000 |
Common Stock, Shares, Issued | 25,966,781 | 24,076,667 |
Shares, outstanding | 25,966,432 | 24,076,667 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Statement of Comprehensive Income [Abstract] | ' | ' | ' | ' |
Revenue | $34,752 | $26,579 | $65,820 | $52,421 |
Cost of goods sold | 5,857 | 4,169 | 11,113 | 8,468 |
Gross profit | 28,895 | 22,410 | 54,707 | 43,953 |
Operating expenses: | ' | ' | ' | ' |
Research and development | 3,084 | 2,413 | 6,478 | 4,742 |
Sales and marketing | 20,713 | 15,697 | 39,628 | 30,951 |
General and administrative | 6,893 | 4,535 | 13,415 | 8,773 |
Total operating expenses | 30,690 | 22,645 | 59,521 | 44,466 |
Operating loss | -1,795 | -235 | -4,814 | -513 |
Other operating income (expense): | ' | ' | ' | ' |
Other income (expense) | 78 | -416 | 37 | 45 |
Interest income | 19 | 3 | 19 | 7 |
Interest expense | -222 | -1,014 | -498 | -2,016 |
Accretion related to warrants and discounts on long-term debt | -4 | -340 | -10 | -847 |
Change in fair value of common stock warrants | 0 | -577 | 0 | -854 |
Other income (expense) | -129 | -2,344 | -452 | -3,665 |
Loss before income taxes | -1,924 | -2,579 | -5,266 | -4,178 |
Income tax expense | -404 | -380 | -561 | -668 |
Net loss | -2,328 | -2,959 | -5,827 | -4,846 |
Other comprehensive loss: | ' | ' | ' | ' |
Foreign currency translation | -196 | 319 | -244 | -439 |
Comprehensive loss | ($2,524) | ($2,640) | ($6,071) | ($5,285) |
Net loss per common share: | ' | ' | ' | ' |
Net loss per common share - basic and diluted (in dollars per share) | ($0.09) | ($0.62) | ($0.24) | ($1.03) |
Weighted average number of shares outstanding: | ' | ' | ' | ' |
Basic and diluted (in shares) | 24,899,929 | 4,749,988 | 24,494,117 | 4,707,498 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF STOCKHOLDERS’ EQUITY (USD $) | Total | Common Stock [Member] | Treasury Stock [Member] | Additional Paid-in Capital [Member] | Accumulated Other Comprehensive Income [Member] | Accumulated Deficit [Member] |
In Thousands, except Share data, unless otherwise specified | ||||||
Beginning Balance at Dec. 31, 2013 | $77,677 | $24 | ' | $161,216 | $198 | ($83,761) |
Beginning Balance (in shares) at Dec. 31, 2013 | ' | 24,076,667 | ' | ' | ' | ' |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 1,495,000 | ' | ' | ' | ' |
Issuance of common stock in a public offering | 36,628 | 2 | ' | 36,626 | ' | ' |
Underwriting discount and common stock issuance costs | -2,632 | ' | ' | -2,632 | ' | ' |
Exercises of common stock options (in shares) | 180,390 | 180,390 | ' | ' | ' | ' |
Exercises of common stock options | 523 | ' | ' | 523 | ' | ' |
Issuance of common stock under employee stock purchase plan (in shares) | ' | 214,724 | ' | ' | ' | ' |
Issuance of common stock under employee stock purchase plan | 2,737 | ' | ' | 2,737 | ' | ' |
Purchase of treasury stock (in shares) | ' | ' | 349 | ' | ' | ' |
Purchase of treasury stock | -8 | ' | -8 | ' | ' | ' |
Stock-based compensation | 2,383 | ' | ' | 2,383 | ' | ' |
Currency translation adjustment | -244 | ' | ' | ' | -244 | ' |
Net loss | -5,827 | ' | ' | ' | ' | -5,827 |
Treasury Stock Ending Balance (in shares) | ' | ' | 349 | ' | ' | ' |
Ending Balance at Jun. 30, 2014 | $111,237 | $26 | ($8) | $200,853 | ($46) | ($89,588) |
Ending Balance (in shares) at Jun. 30, 2014 | ' | 25,966,781 | ' | ' | ' | ' |
CONDENSED_CONSOLIDATED_STATEME2
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 6 Months Ended | |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 |
Operating activities: | ' | ' |
Net loss | ($5,827) | ($4,846) |
Adjustments to reconcile net loss to net cash used in operating activities: | ' | ' |
Bad debt expense | 350 | 234 |
Provision for excess and obsolete inventories | 396 | 567 |
Depreciation and amortization | 2,123 | 1,920 |
Stock-based compensation | 2,383 | 148 |
Accretion related to warrants and discounts on long-term debt | 10 | 847 |
Change in fair value of common stock warrants | 0 | 854 |
Deferred income tax expense | 165 | 0 |
Loss on disposal of assets | 151 | 25 |
Unrealized foreign currency loss | 251 | -100 |
Changes in operating assets and liabilities: | ' | ' |
Cash restricted for line of credit agreement | 2,000 | 0 |
Accounts receivable | -1,272 | -2,836 |
Prepaid expenses and other current assets | -951 | -469 |
Inventory | -6,254 | -85 |
Other assets | -28 | 58 |
Accounts payable | 1,809 | -1,444 |
Accrued expenses | 706 | 1,350 |
Other long-term liabilities | 0 | 682 |
Net cash used in operating activities | -3,988 | -3,095 |
Investing activities: | ' | ' |
Proceeds from sale of property and equipment | 12 | 53 |
Purchase of intangible assets | -411 | -230 |
Purchase of property and equipment | -2,833 | -1,279 |
Net cash used in investing activities | -3,232 | -1,456 |
Financing activities: | ' | ' |
Proceeds from issuance of common stock in public offering | 36,628 | 0 |
Stock issuance costs | -2,632 | 0 |
Exercise of stock options | 523 | 167 |
Proceeds from issuance of stock under Employee Stock Purchase Plan | 1,761 | 0 |
Proceeds from Employee Stock Purchase Plan | 72 | 0 |
Purchase of treasury stock | -8 | 0 |
Net proceeds (payments) on short-term financings | -511 | 1,037 |
Payments on capital leases | -24 | -12 |
Payments on long-term debt | -944 | -934 |
Net cash provided by financing activities | 34,865 | 258 |
Effect of exchange rate on cash | -40 | -45 |
Net change in cash and cash equivalents | 27,605 | -4,338 |
Cash and cash equivalents, beginning of period | 56,678 | 19,135 |
Cash and cash equivalents, end of period | 84,283 | 14,797 |
Supplemental disclosure of interest and income taxes paid | ' | ' |
Cash paid for interest | 557 | 1,286 |
Cash paid for taxes | 502 | 796 |
Supplemental disclosure of noncash investing and financing activities | ' | ' |
Increase in property and equipment in accounts payable | 430 | 0 |
Capital lease related to purchase of fixed assets | $50 | $0 |
Organization_and_Business_Desc
Organization and Business Description | 6 Months Ended |
Jun. 30, 2014 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ' |
Organization and Business Description | ' |
Organization and Business Description | |
Description of Business | |
LDR Holding Corporation (Holding), a Delaware corporation, and its subsidiaries, LDR Spine USA, Inc., LDR Médical, S.A.S (Médical) and LDR Brasil Comercio, Importacao e Exportacao Ltda. (collectively, the Company), operates as a medical device company that designs and commercializes novel and proprietary surgical technologies for the treatment of patients suffering from spine disorders. The Company’s primary products are based on the VerteBRIDGE fusion platform and Mobi non-fusion platform, both of which are designed for applications in the cervical and lumbar spine for both fusion and nonfusion surgical treatments. The Company has offices in Troyes, France; Santo Andre, Brazil; Beijing and Hong Kong, China; Seoul, Korea and in Austin, Texas, which serves the U.S. market and is the corporate headquarters. The primary markets for the Company’s products are the U.S. and Western Europe. | |
Initial and Follow-On Public Offerings | |
In October 2013, the Company completed its initial public offering (IPO) of 5,750,000 shares of common stock, including 750,000 shares sold to underwriters for the exercise of their over-allotment option to purchase additional shares, at a price of $15.00 per share, before underwriting discounts and expenses. The IPO generated net proceeds to the Company of approximately $77.5 million, after deducting underwriting discounts and expenses of approximately $8.7 million. | |
In May 2014 and June 2014, the Company completed its follow-on public offering in which the Company sold 1,495,000 shares, including 195,000 shares sold to underwriters for the exercise of their over-allotment option to purchase additional shares, at a price of $24.50 per share, before underwriting discounts and expenses. The follow-on public offering generated net proceeds to the Company of approximately $34.0 million, after deducting underwriting discounts and expenses of approximately $2.6 million. |
Significant_Accounting_Policie
Significant Accounting Policies | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Significant Accounting Policies | ' | ||||||||
Significant Accounting Policies | |||||||||
(a) Basis of Presentation | |||||||||
The Company prepared its interim condensed consolidated financial statements in conformity with United States of America generally accepted accounting principles, or GAAP, and the reporting regulations of the Securities and Exchange Commission, or the SEC. They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. The Company has eliminated all intercompany balances and transactions. | |||||||||
The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from the Company’s estimates. The accounting estimates that require the Company’s most significant, difficult and subjective judgments include: | |||||||||
• | the valuation of inventory; | ||||||||
• | allowance for doubtful accounts and | ||||||||
• | stock-based compensation. | ||||||||
During the second quarter ended June 30, 2014, the Company identified immaterial errors in its previously issued financial statements related to the presentation of purchases of property and equipment with the Condensed Consolidated Statements of Cash Flows. These previously reported amounts inadvertently included property and equipment acquired but unpaid as of the end of the reporting period, which resulted in errors within investing activities with equal and offsetting errors in operating activities. These errors do not impact the Company’s previously reported amounts in its Consolidated Statements of Comprehensive Loss or Condensed Consolidated Balance Sheets for any period. The Company concluded that the errors were not material to any prior financial statements under the guidance of SEC Staff Accounting Bulletin (SAB) No. 99, Materiality. | |||||||||
The Company applied the guidance of SAB No. 108, Considering the Effects of Prior Year Misstatements when Quantifying Misstatements in the Current Year Financial Statements, to revise amounts previously presented. During the quarter ended June 30, 2014, the Company corrected this presentation within the Condensed Consolidated Statements of Cash Flows for the six months ended June 30, 2014 to correct amounts previously reported for the three months ended March 31, 2014 relating to purchases of property and equipment within investing activities, the change in accounts payable within operating activities and the supplemental non-cash investing and financing activities disclosure of purchases of property and equipment included in ending accounts payable. The adjustment amounted to $0.8 million and resulted in a decrease in cash flows used in investing activities and an increase in cash flows used in operating activities. There was no similar error for the six months ended June 30, 2013. | |||||||||
In connection with the anticipated filing of (i) the Company's Form 10-Q for the third quarter of 2014, (ii) the Form 10-K for the year ended December 31, 2014 and (iii) the Form 10-Q for the first quarter of 2015, additional adjustments will be made to the Company's Consolidated Statements of Cash Flows that will decrease cash used in investing activities and increase cash used in operating activities by approximately (i) $0.6 million for the nine months ended September 30, 2013, (ii) $0.2 million for the year ended December 31, 2013 and (iii) $0.8 million for the three months ended March 31, 2014. | |||||||||
(b) Unaudited Interim Results | |||||||||
In management’s opinion, the unaudited financial information for the interim periods presented includes all adjustments necessary for a fair statement of the results of operations, financial position, and cash flows. All adjustments are of a normal recurring nature unless otherwise disclosed. Revenues, expenses, assets and liabilities can vary during each quarter of the year. Therefore, the results and trends in these interim financial statements may not be the same as those for the full year. This interim information should be read in conjunction with the audited consolidated financial statements in the Company’s Annual Report on Form 10-K for the year ended December 31, 2013. | |||||||||
(c) Recent Accounting Pronouncements | |||||||||
In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method and it has not determined the effect of the standard on its ongoing financial reporting. | |||||||||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for interim and annual periods beginning after December 15, 2015, with early adoption permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company's consolidated financial condition or results of operations. | |||||||||
(d) Fair Value of Financial Instruments | |||||||||
The fair value of the Company’s financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy that prioritizes the use of inputs used in valuation techniques is as follows: | |||||||||
Level 1 – quoted prices in active markets for identical assets and liabilities; | |||||||||
Level 2 – observable inputs other than quoted prices in active markets, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | |||||||||
Level 3 – unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | |||||||||
The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The carrying amount of the Company’s long-term debt approximates its fair value due to the relatively recent issuances and short maturities. As of June 30, 2014 and December 31, 2013, the fair value of the Company’s borrowings under its revolving credit agreement were categorized as a Level 2 hierarchy and approximated their carrying value based on prevailing market rates for borrowings with similar ratings and maturities. | |||||||||
(e) Inventory | |||||||||
Inventory is carried at the lower of cost or market using the weighted average method, net of an allowance for excess and obsolete inventory. The components of inventory, net of allowance, as of June 30, 2014 and December 31, 2013 are as follows (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Finished goods | $ | 18,496 | $ | 14,452 | |||||
Work in process | 4,375 | 2,737 | |||||||
Raw materials | 612 | 501 | |||||||
Total | $ | 23,483 | $ | 17,690 | |||||
As of June 30, 2014 and December 31, 2013, inventory held by hospitals and sales agents on behalf of the Company was $6.2 million and $5.8 million, respectively. | |||||||||
The Company reviews the components of its inventory on a periodic basis for excess, obsolete or impaired inventory and records a reserve for items identified. The Company recorded an allowance for excess and obsolete inventory of $3.8 million and $3.5 million as of June 30, 2014 and December 31, 2013, respectively. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 6 Months Ended |
Jun. 30, 2014 | |
Risks and Uncertainties [Abstract] | ' |
Concentration of Credit Risk | ' |
Concentration of Credit Risk | |
Financial instruments that potentially subject the Company to a concentration of credit risk principally consist of cash and cash equivalents and accounts receivable. While the Company’s cash and cash equivalents are on deposit with high quality FDIC insured financial institutions, at times, such deposits exceed insured limits. The Company has not experienced any losses in such accounts. | |
The Company believes that the concentration of credit risk in its accounts receivable is substantially mitigated by the Company’s evaluation process, relatively short collection terms and the high level of creditworthiness of its customers. The Company evaluates the status of each of its customers, but generally requires no collateral. The Company has not experienced any significant losses in such accounts. The Company maintains reserves for credit losses. | |
The Company had no customers that represented greater than 10% of the Company’s trade receivable or revenue balances as of June 30, 2014 and 2013, and for the three and six months ended June 30, 2014 and 2013. |
Accrued_Expenses
Accrued Expenses | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Accrued Expenses | ' | ||||||||
Accrued Expenses | |||||||||
Accrued expenses consist of the following (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Compensation and other employee related costs | $ | 8,891 | $ | 8,715 | |||||
Contributions withheld for Employee Stock Purchase Plan | 72 | 976 | |||||||
Royalties | 1,438 | 1,184 | |||||||
Clinical and regulatory costs | 270 | 327 | |||||||
Government grants | 963 | 974 | |||||||
Rent | 1,960 | 1,893 | |||||||
Other | 3,043 | 2,255 | |||||||
$ | 16,637 | $ | 16,324 | ||||||
Line_of_Credit
Line of Credit | 6 Months Ended |
Jun. 30, 2014 | |
Line of Credit Facility [Abstract] | ' |
Line of Credit | ' |
Line of Credit | |
The Company is party to an amended loan agreement with a bank under which it may make periodic borrowings (the Line of Credit) under a revolving line of credit. The Line of Credit contains various restrictive covenants, including limitations on the Company’s ability to pay dividends, enter into a merger or acquisition and the amount of capital expenditures the Company may make in any given fiscal year. In May 2014, the Company entered into an amendment, effective in April 2014, to the Line of Credit that, among other things: (1) increased the revolving line of credit from $19.0 million to $25.0 million, (2) amended the interest rate from the bank’s prime rate plus 2.0% to the bank’s prime rate plus 0.25% or, if the Company’s trailing four-quarter EBITDA exceeds $5.0 million, LIBOR plus 2.5%, (3) eliminated a requirement that the Company maintain a minimum cash balance with the bank, (4) replaced the $12.5 million minimum net worth covenant with a $50.0 million tangible net worth covenant (unless the Company maintains a minimum cash balance of $20.0 million, in which case the covenant is waived) and (5) extended the maturity date from April 25, 2014 to April 29, 2016. | |
As of June 30, 2014, the Company was in compliance with all covenants under the Line of Credit. The Company’s interest rate on borrowings under the Line of Credit was 3.5% and 5.25% at June 30, 2014 and December 31, 2013, respectively. |
LongTerm_Debt
Long-Term Debt | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Long-Term Debt | ' | ||||||||
Long-Term Debt | |||||||||
Long-term debt consists of the following (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Short-term financing | $ | 2,073 | $ | 2,641 | |||||
Various notes payable | 3,534 | 4,521 | |||||||
Total long-term debt | 5,607 | 7,162 | |||||||
Less current portion of long-term debt and short-term financing | (3,521 | ) | (4,404 | ) | |||||
Long-term debt, net of current portion | $ | 2,086 | $ | 2,758 | |||||
(a) Short-Term Financing | |||||||||
Médical borrows funds from various financial institutions in France on a short-term basis. The funds are typically repaid within 90 days and are collateralized by certain assets of Médical, including accounts receivable. The weighted average interest rate for the short-term balances outstanding at June 30, 2014 and December 31, 2013 was 4.8%. | |||||||||
(b) Various Notes Payable | |||||||||
Médical has loan agreements with six different entities as of June 30, 2014 and December 31, 2013. The amounts of the outstanding loans vary from approximately $36,000 to $1.0 million at June 30, 2014 and $109,000 to $1.1 million at December 31, 2013, and bear interest at rates varying between 2.53% and 4.65% at June 30, 2014 and December 31, 2013. Maturity dates for these loans vary from 2014 to 2019, and the loans are secured by certain assets of Médical. |
StockBased_Compensation
Stock-Based Compensation | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Stock-Based Compensation | ' | ||||||||||||||||
Stock-Based Compensation | |||||||||||||||||
(a) Stock Option Activity | |||||||||||||||||
A summary of the stock option activity for the Company for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||
(Years) | ($000's) | ||||||||||||||||
Outstanding - December 31, 2013 | 1,572,626 | $ | 6.17 | 7.17 | $ | 27,413 | |||||||||||
Options granted | 659,444 | 30.26 | |||||||||||||||
Options exercised | (180,390 | ) | 2.9 | ||||||||||||||
Options forfeited | (14,159 | ) | 27.05 | ||||||||||||||
Outstanding - June 30, 2014 | 2,037,521 | $ | 14.13 | 8.06 | $ | 22,168 | |||||||||||
Options vested and expected to vest at June 30, 2014 | 1,944,770 | $ | 14.13 | 8.06 | $ | 21,810 | |||||||||||
Options exercisable at June 30, 2014 | 1,135,697 | $ | 5.37 | 8.06 | $ | 22,305 | |||||||||||
Additional information regarding options follows (in thousands except for per share amounts): | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted-average grant date fair value per share of options granted during the period | $ | 14.67 | $ | 3.28 | |||||||||||||
Aggregate intrinsic value of options exercised during the period | $ | 3,988 | $ | 262 | |||||||||||||
The unrecognized compensation expense related to unvested options was $9.7 million and $2.8 million at June 30, 2014 and December 31, 2013, respectively, and is expected to be recognized over a period of approximately 4 years. | |||||||||||||||||
(b) Restricted Stock Unit Activity | |||||||||||||||||
A summary of the restricted stock unit activity for the Company for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Units | Weighted - Average Grant Date Fair Value Per Share | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||
(Years) | ($000's) | ||||||||||||||||
Unvested - December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Restricted stock units granted | 99,500 | 27.06 | |||||||||||||||
Restricted stock units vested | — | — | |||||||||||||||
Restricted stock units forfeited | — | — | |||||||||||||||
Unvested - June 30, 2014 | 99,500 | $ | 27.06 | 3.85 | $ | 2,488 | |||||||||||
The unrecognized compensation expense related to unvested restricted stock units was $1.9 million at June 30, 2014 and is expected to be recognized over a period of approximately 4 years. | |||||||||||||||||
(c) Stock-Based Compensation | |||||||||||||||||
The Company’s stock-based compensation expense related to employee stock options, restricted stock units and ESPP awards for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development | $ | 148 | $ | 14 | $ | 265 | $ | 28 | |||||||||
Sales and marketing | 741 | 47 | 1,326 | 79 | |||||||||||||
General and administrative | 454 | 21 | 792 | 41 | |||||||||||||
Total | $ | 1,343 | $ | 82 | $ | 2,383 | $ | 148 | |||||||||
Income_Taxes
Income Taxes | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Income Taxes | ' | ||||||||||||||||
Income Taxes | |||||||||||||||||
The following table summarizes the total income tax expense, and the related effective tax rate, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income tax expense | $ | 404 | $ | 380 | $ | 561 | $ | 668 | |||||||||
Effective tax rate | (21.0 | )% | (14.7 | )% | (10.7 | )% | (16.0 | )% | |||||||||
The provision for income taxes for the three and six months ended June 30, 2014 and 2013 includes both domestic and foreign income taxes at applicable statutory rates adjusted for non-deductible expenses and other permanent differences. The effective tax rate differs from the statutory rate due to non-deductible expenses, valuation allowance increase and foreign tax rate differentials. | |||||||||||||||||
As of June 30, 2014 and December 31, 2013, the Company has no accrued interest or penalties associated with uncertain tax positions. The jurisdictions in which the Company files income taxes include the U.S., France and Brazil. The Company’s returns are not currently under examination by the Internal Revenue Service or other taxing authorities. The Company is subject to income tax examinations for the Company’s U.S. federal and state and local income taxes for 2004 and subsequent years and foreign tax examinations for 2006 and subsequent years. | |||||||||||||||||
The Company pays income taxes in France related to intercompany sales in the year the sale occurs; however the recognition of tax expense related to intercompany sales is deferred in the consolidated financial statements until the product is sold to an unrelated third party. The deferred income tax charge is included in other current assets in the condensed consolidated balance sheets. As of June 30, 2014 and December 31, 2013, the deferred income tax charge was $3.0 million and $1.5 million, respectively. | |||||||||||||||||
Earnings occurring outside the U.S. are deemed to be indefinitely reinvested outside of the U.S. to support the Company’s foreign operations. As a result, the Company continues to accumulate earnings overseas for investment in the Company’s business outside the U.S. and to use cash generated from U.S. operations and short- and long-term borrowings to meet the Company’s U.S. cash needs. Should the Company require more capital in the U.S. than is generated by the Company’s domestic operations, the Company could elect to repatriate earnings from the Company’s non-U.S. subsidiaries or raise additional capital in the U.S. through debt or equity issuances. These alternatives could result in higher effective tax rates, increased interest expense, or other dilution of the Company’s earnings. The Company has not estimated the deferred tax liabilities associated with the Company’s permanently reinvested earnings as it is impractical to do so. |
Net_Loss_Per_Share
Net Loss Per Share | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Net Loss Per Share | ' | ||||||||||||||||
Net Loss Per Share | |||||||||||||||||
The Company computes basic net loss per common share by dividing net loss attributable to common stockholders by the weighted average common shares outstanding for the period. During periods of income, the Company allocates participating securities a proportional share of income determined by dividing total weighted average participating securities by the sum of the total weighted average common shares and participating securities (the two-class method). The Company’s restricted stock units and preferred stock participate in any dividends declared by the Company and are therefore considered to be participating securities. During periods of loss, the Company allocates no loss to participating securities because they have no contractual obligation to share in the losses of the Company. Warrants that are liability classified are excluded from the calculation of basic net loss per share. The Company computes diluted net loss per common share after giving consideration to the dilutive effect of the Company’s convertible preferred stock, stock options and warrants that are outstanding during the period and the conversion of the Company’s convertible debt into shares of common stock, except where such would be anti-dilutive. Because the Company reported losses for the periods presented, all potentially dilutive common shares consisting of preferred stock, restricted stock units, stock options, warrants and convertible debt are antidilutive. | |||||||||||||||||
Net loss per share for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Net loss attributable to common stockholders | $ | (2,328 | ) | $ | (2,959 | ) | $ | (5,827 | ) | $ | (4,846 | ) | |||||
Denominator | |||||||||||||||||
Weighted average shares outstanding - basic | 24,900 | 4,750 | 24,494 | 4,707 | |||||||||||||
Dilutive effect of preferred stock, restricted stock units, options, warrants and convertible debt | — | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 24,900 | 4,750 | 24,494 | 4,707 | |||||||||||||
The following common equivalent shares were excluded from the diluted net loss per share calculation as their inclusion would have been anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 2,038 | 1,277 | 2,038 | 1,277 | |||||||||||||
Restricted stock units | 100 | — | 100 | — | |||||||||||||
Redeemable convertible preferred stock | — | 4,451 | — | 4,451 | |||||||||||||
Convertible preferred stock | — | 6,527 | — | 6,527 | |||||||||||||
Common stock warrants | — | 604 | — | 604 | |||||||||||||
Preferred stock warrants | — | 23 | — | 23 | |||||||||||||
Commitments_and_Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2014 | |
Commitments and Contingencies Disclosure [Abstract] | ' |
Commitments and Contingencies | ' |
Commitments and Contingencies | |
From time to time, the Company may be involved in litigation relating to claims arising out of its ordinary course of business. Management believes that there are no claims or actions pending or threatened against the Company, the ultimate disposition of which would have a material impact on the Company’s financial position, results of operations or cash flows. |
Segment_and_Geographic_Informa
Segment and Geographic Information | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Segment and Geographic Information | ' | ||||||||||||||||
Segment and Geographic Information | |||||||||||||||||
Operating segments are defined as components of an enterprise for which separate financial information is available and evaluated regularly by the chief operating decision maker, or decision-making group, in deciding how to allocate resources and in assessing performance. The Company globally manages the business within one reportable segment. Segment information is consistent with how management reviews the business, makes investing and resource allocation decisions and assesses operating performance. The Company’s products are principally sold in the United States and France. | |||||||||||||||||
The following table represents total sales by geographic area, based on the location of the customer (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 26,341 | $ | 18,810 | $ | 49,503 | $ | 37,397 | |||||||||
France | 3,312 | 2,944 | 6,632 | 5,877 | |||||||||||||
Other Countries (1) | 5,099 | 4,825 | 9,685 | 9,147 | |||||||||||||
Total | $ | 34,752 | $ | 26,579 | $ | 65,820 | $ | 52,421 | |||||||||
__________ | |||||||||||||||||
-1 | No additional locations are individually significant. | ||||||||||||||||
The Company classifies its products into two categories: exclusive technology and traditional fusion products. The following table represents total sales by product category (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Exclusive technology products | $ | 30,395 | $ | 21,568 | $ | 57,067 | $ | 42,449 | |||||||||
Traditional fusion products | 4,357 | 5,011 | 8,753 | 9,972 | |||||||||||||
Total | $ | 34,752 | $ | 26,579 | $ | 65,820 | $ | 52,421 | |||||||||
The following table represents long-lived assets by geographic area (in thousands): | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
United States | $ | 8,639 | $ | 7,446 | |||||||||||||
France | 3,846 | 3,615 | |||||||||||||||
Other Countries (1) | 1,457 | 1,634 | |||||||||||||||
Total | $ | 13,942 | $ | 12,695 | |||||||||||||
__________ | |||||||||||||||||
-1 | No additional locations are individually significant. |
Significant_Accounting_Policie1
Significant Accounting Policies (Policies) | 6 Months Ended | |
Jun. 30, 2014 | ||
Accounting Policies [Abstract] | ' | |
Basis of Presentation | ' | |
Basis of Presentation | ||
The Company prepared its interim condensed consolidated financial statements in conformity with United States of America generally accepted accounting principles, or GAAP, and the reporting regulations of the Securities and Exchange Commission, or the SEC. They do not include all of the information and footnotes required by GAAP for complete financial statements. The accompanying condensed consolidated financial statements include the Company’s accounts and the accounts of its wholly owned subsidiaries. The Company has eliminated all intercompany balances and transactions. | ||
The Company has made estimates and judgments affecting the amounts reported in its condensed consolidated financial statements and the accompanying notes. The actual results that the Company experiences may differ materially from the Company’s estimates. The accounting estimates that require the Company’s most significant, difficult and subjective judgments include: | ||
• | the valuation of inventory; | |
• | allowance for doubtful accounts and | |
• | stock-based compensation. | |
Recent Accounting Pronouncements | ' | |
Recent Accounting Pronouncements | ||
In May 2014, the Financial Accounting Standards Board, or FASB, issued ASU No. 2014-09, Revenue from Contracts with Customers (ASU 2014-09), which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. ASU 2014-09 will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective. The new standard is effective for the Company on January 1, 2017. Early application is not permitted. The standard permits the use of either the retrospective or cumulative effect transition method. The Company is evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures. The Company has not yet selected a transition method and it has not determined the effect of the standard on its ongoing financial reporting. | ||
In June 2014, the FASB issued ASU No. 2014-12, Accounting for Share-Based Payments When the Terms of an Award Provide That a Performance Target Could Be Achieved after the Requisite Service Period (ASU 2014-12). ASU 2014-12 requires that a performance target that affects vesting of share-based payment awards and that could be achieved after the requisite service period be treated as a performance condition. Compensation cost should be recognized in the period in which it becomes probable that the performance target will be achieved and should represent the compensation cost attributable to the periods for which the requisite service has already been rendered. If the performance target becomes probable of being achieved before the end of the requisite service period, the remaining unrecognized compensation cost should be recognized prospectively over the remaining requisite service period. The total amount of compensation cost recognized during and after the requisite service period should reflect the number of awards that are expected to vest and should be adjusted to reflect those awards that ultimately vest. The requisite service period ends when the employee can cease rendering service and still be eligible to vest in the award if the performance target is achieved. ASU 2014-12 is effective for all entities for interim and annual periods beginning after December 15, 2015, with early adoption permitted. An entity may apply the amendments in ASU 2014-12 either (i) prospectively to all awards granted or modified after the effective date or (ii) retrospectively to all awards with performance targets that are outstanding as of the beginning of the earliest annual period presented in the financial statements and to all new or modified awards thereafter. The adoption of ASU 2014-12 is not expected to have a material impact on the Company's consolidated financial condition or results of operations. | ||
Fair Value of Financial Instruments | ' | |
Fair Value of Financial Instruments | ||
The fair value of the Company’s financial instruments reflects the amounts that the Company estimates to receive in connection with the sale of an asset or paid in connection with the transfer of a liability in an orderly transaction between market participants at the measurement date (exit price). The fair value hierarchy that prioritizes the use of inputs used in valuation techniques is as follows: | ||
Level 1 – quoted prices in active markets for identical assets and liabilities; | ||
Level 2 – observable inputs other than quoted prices in active markets, such as quoted prices for similar assets and liabilities in active markets, quoted prices for identical or similar assets and liabilities in markets that are not active, or other inputs that are observable or can be corroborated by observable market data; and | ||
Level 3 – unobservable inputs reflecting management’s assumptions, consistent with reasonably available assumptions made by other market participants. These valuations require significant judgment. | ||
The carrying amounts of the Company’s financial instruments, which primarily include cash and cash equivalents, accounts receivable, accounts payable and accrued expenses, approximate their fair values due to their short maturities. The carrying amount of the Company’s long-term debt approximates its fair value due to the relatively recent issuances and short maturities. | ||
Inventory | ' | |
Inventory | ||
Inventory is carried at the lower of cost or market using the weighted average method, net of an allowance for excess and obsolete inventory. |
Significant_Accounting_Policie2
Significant Accounting Policies (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Accounting Policies [Abstract] | ' | ||||||||
Schedule of the Components of inventory, Net of Allowance | ' | ||||||||
The components of inventory, net of allowance, as of June 30, 2014 and December 31, 2013 are as follows (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Finished goods | $ | 18,496 | $ | 14,452 | |||||
Work in process | 4,375 | 2,737 | |||||||
Raw materials | 612 | 501 | |||||||
Total | $ | 23,483 | $ | 17,690 | |||||
Accrued_Expenses_Tables
Accrued Expenses (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Payables and Accruals [Abstract] | ' | ||||||||
Schedule of Accrued Expenses | ' | ||||||||
Accrued expenses consist of the following (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Compensation and other employee related costs | $ | 8,891 | $ | 8,715 | |||||
Contributions withheld for Employee Stock Purchase Plan | 72 | 976 | |||||||
Royalties | 1,438 | 1,184 | |||||||
Clinical and regulatory costs | 270 | 327 | |||||||
Government grants | 963 | 974 | |||||||
Rent | 1,960 | 1,893 | |||||||
Other | 3,043 | 2,255 | |||||||
$ | 16,637 | $ | 16,324 | ||||||
LongTerm_Debt_Tables
Long-Term Debt (Tables) | 6 Months Ended | ||||||||
Jun. 30, 2014 | |||||||||
Debt Disclosure [Abstract] | ' | ||||||||
Schedule of Long-term Debt | ' | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
30-Jun-14 | 31-Dec-13 | ||||||||
Short-term financing | $ | 2,073 | $ | 2,641 | |||||
Various notes payable | 3,534 | 4,521 | |||||||
Total long-term debt | 5,607 | 7,162 | |||||||
Less current portion of long-term debt and short-term financing | (3,521 | ) | (4,404 | ) | |||||
Long-term debt, net of current portion | $ | 2,086 | $ | 2,758 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Disclosure of Compensation Related Costs, Share-based Payments [Abstract] | ' | ||||||||||||||||
Schedule of the Stock Option Activity | ' | ||||||||||||||||
A summary of the stock option activity for the Company for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||
(Years) | ($000's) | ||||||||||||||||
Outstanding - December 31, 2013 | 1,572,626 | $ | 6.17 | 7.17 | $ | 27,413 | |||||||||||
Options granted | 659,444 | 30.26 | |||||||||||||||
Options exercised | (180,390 | ) | 2.9 | ||||||||||||||
Options forfeited | (14,159 | ) | 27.05 | ||||||||||||||
Outstanding - June 30, 2014 | 2,037,521 | $ | 14.13 | 8.06 | $ | 22,168 | |||||||||||
Options vested and expected to vest at June 30, 2014 | 1,944,770 | $ | 14.13 | 8.06 | $ | 21,810 | |||||||||||
Options exercisable at June 30, 2014 | 1,135,697 | $ | 5.37 | 8.06 | $ | 22,305 | |||||||||||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value and Grant Date Intrinsic Value | ' | ||||||||||||||||
Additional information regarding options follows (in thousands except for per share amounts): | |||||||||||||||||
Six Months Ended June 30, | |||||||||||||||||
2014 | 2013 | ||||||||||||||||
Weighted-average grant date fair value per share of options granted during the period | $ | 14.67 | $ | 3.28 | |||||||||||||
Aggregate intrinsic value of options exercised during the period | $ | 3,988 | $ | 262 | |||||||||||||
Schedule of Restricted Stock Units Activity | ' | ||||||||||||||||
Restricted Stock Unit Activity | |||||||||||||||||
A summary of the restricted stock unit activity for the Company for the six months ended June 30, 2014 is as follows: | |||||||||||||||||
Units | Weighted - Average Grant Date Fair Value Per Share | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | ||||||||||||||
(Years) | ($000's) | ||||||||||||||||
Unvested - December 31, 2013 | — | $ | — | 0 | $ | — | |||||||||||
Restricted stock units granted | 99,500 | 27.06 | |||||||||||||||
Restricted stock units vested | — | — | |||||||||||||||
Restricted stock units forfeited | — | — | |||||||||||||||
Unvested - June 30, 2014 | 99,500 | $ | 27.06 | 3.85 | $ | 2,488 | |||||||||||
Schedule of Company's Stock-based Compensation Expense | ' | ||||||||||||||||
The Company’s stock-based compensation expense related to employee stock options, restricted stock units and ESPP awards for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Research and development | $ | 148 | $ | 14 | $ | 265 | $ | 28 | |||||||||
Sales and marketing | 741 | 47 | 1,326 | 79 | |||||||||||||
General and administrative | 454 | 21 | 792 | 41 | |||||||||||||
Total | $ | 1,343 | $ | 82 | $ | 2,383 | $ | 148 | |||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Income Tax Disclosure [Abstract] | ' | ||||||||||||||||
Components of the Provision for Income Taxes | ' | ||||||||||||||||
The following table summarizes the total income tax expense, and the related effective tax rate, for the three and six months ended June 30, 2014 and 2013 (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Income tax expense | $ | 404 | $ | 380 | $ | 561 | $ | 668 | |||||||||
Effective tax rate | (21.0 | )% | (14.7 | )% | (10.7 | )% | (16.0 | )% |
Net_Loss_Per_Share_Tables
Net Loss Per Share (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Earnings Per Share [Abstract] | ' | ||||||||||||||||
Schedule of Earnings Per Share, Basic and Diluted | ' | ||||||||||||||||
Net loss per share for the three and six months ended June 30, 2014 and 2013 was as follows (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Numerator | |||||||||||||||||
Net loss attributable to common stockholders | $ | (2,328 | ) | $ | (2,959 | ) | $ | (5,827 | ) | $ | (4,846 | ) | |||||
Denominator | |||||||||||||||||
Weighted average shares outstanding - basic | 24,900 | 4,750 | 24,494 | 4,707 | |||||||||||||
Dilutive effect of preferred stock, restricted stock units, options, warrants and convertible debt | — | — | — | — | |||||||||||||
Weighted average shares outstanding - diluted | 24,900 | 4,750 | 24,494 | 4,707 | |||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share | ' | ||||||||||||||||
The following common equivalent shares were excluded from the diluted net loss per share calculation as their inclusion would have been anti-dilutive (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Stock options | 2,038 | 1,277 | 2,038 | 1,277 | |||||||||||||
Restricted stock units | 100 | — | 100 | — | |||||||||||||
Redeemable convertible preferred stock | — | 4,451 | — | 4,451 | |||||||||||||
Convertible preferred stock | — | 6,527 | — | 6,527 | |||||||||||||
Common stock warrants | — | 604 | — | 604 | |||||||||||||
Preferred stock warrants | — | 23 | — | 23 | |||||||||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information (Tables) | 6 Months Ended | ||||||||||||||||
Jun. 30, 2014 | |||||||||||||||||
Segment Reporting [Abstract] | ' | ||||||||||||||||
Revenue from External Customers by Geographic Areas | ' | ||||||||||||||||
The following table represents total sales by geographic area, based on the location of the customer (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
United States | $ | 26,341 | $ | 18,810 | $ | 49,503 | $ | 37,397 | |||||||||
France | 3,312 | 2,944 | 6,632 | 5,877 | |||||||||||||
Other Countries (1) | 5,099 | 4,825 | 9,685 | 9,147 | |||||||||||||
Total | $ | 34,752 | $ | 26,579 | $ | 65,820 | $ | 52,421 | |||||||||
__________ | |||||||||||||||||
-1 | No additional locations are individually significant. | ||||||||||||||||
Total Sales by Product Category | ' | ||||||||||||||||
The Company classifies its products into two categories: exclusive technology and traditional fusion products. The following table represents total sales by product category (in thousands): | |||||||||||||||||
Three Months Ended June 30, | Six Months Ended June 30, | ||||||||||||||||
2014 | 2013 | 2014 | 2013 | ||||||||||||||
Exclusive technology products | $ | 30,395 | $ | 21,568 | $ | 57,067 | $ | 42,449 | |||||||||
Traditional fusion products | 4,357 | 5,011 | 8,753 | 9,972 | |||||||||||||
Total | $ | 34,752 | $ | 26,579 | $ | 65,820 | $ | 52,421 | |||||||||
Schedule of Long-lived Assets by Geographic Area | ' | ||||||||||||||||
The following table represents long-lived assets by geographic area (in thousands): | |||||||||||||||||
30-Jun-14 | 31-Dec-13 | ||||||||||||||||
United States | $ | 8,639 | $ | 7,446 | |||||||||||||
France | 3,846 | 3,615 | |||||||||||||||
Other Countries (1) | 1,457 | 1,634 | |||||||||||||||
Total | $ | 13,942 | $ | 12,695 | |||||||||||||
__________ | |||||||||||||||||
-1 | No additional locations are individually significant. |
Organization_and_Business_Desc1
Organization and Business Description (Details) (USD $) | 6 Months Ended | 2 Months Ended | 0 Months Ended | 2 Months Ended | 0 Months Ended | 2 Months Ended | |
Jun. 30, 2014 | Jun. 30, 2014 | Oct. 15, 2013 | Jun. 30, 2014 | Oct. 15, 2013 | Oct. 15, 2013 | Jun. 30, 2014 | |
Secondary Public Offering [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Common Stock [Member] | Underwriters [Member] | ||
IPO [Member] | Equity Option [Member] | Secondary Public Offering [Member] | |||||
Class of Stock [Line Items] | ' | ' | ' | ' | ' | ' | ' |
Issuance of common stock (in shares) | ' | 1,495,000 | ' | ' | 5,750,000 | 750,000 | 195,000 |
Share Price | ' | ' | $15 | $24.50 | ' | ' | ' |
Issuance of common stock in a public offering | $36,628,000 | ' | $77,500,000 | $34,000,000 | ' | ' | ' |
Underwriting discounts and expenses | ' | ' | $8,700,000 | $2,600,000 | ' | ' | ' |
Significant_Accounting_Policie3
Significant Accounting Policies Narrative (Details) (USD $) | 6 Months Ended | 3 Months Ended | 9 Months Ended | 12 Months Ended | ||||
Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | Jun. 30, 2014 | Dec. 31, 2013 | Mar. 31, 2014 | Sep. 30, 2013 | Dec. 31, 2013 | |
Inventory Held by Hospitals and Sales Agents [Member] | Inventory Held by Hospitals and Sales Agents [Member] | Immaterial Errors Related to the Presentation of Purchases of Property [Member] | Immaterial Errors Related to the Presentation of Purchases of Property [Member] | Immaterial Errors Related to the Presentation of Purchases of Property [Member] | ||||
Restatement Adjustment [Member] | Restatement Adjustment [Member] | Restatement Adjustment [Member] | ||||||
Significant Accounting Policies [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' |
Net Cash Provided by (Used in) Investing Activities | $3,232,000 | $1,456,000 | ' | ' | ' | $800,000 | $600,000 | $200,000 |
Net Cash Provided by (Used in) Operating Activities | -3,988,000 | -3,095,000 | ' | ' | ' | 800,000 | 600,000 | 200,000 |
Inventory held by hospitals and sales agents | 23,483,000 | ' | 17,690,000 | 6,200,000 | 5,800,000 | ' | ' | ' |
Inventory Valuation Reserves | $3,800,000 | ' | $3,500,000 | ' | ' | ' | ' | ' |
Significant_Accounting_Policie4
Significant Accounting Policies Schedule of Inventory (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ' | ' |
Finished goods | $18,496 | $14,452 |
Work in process | 4,375 | 2,737 |
Raw materials | 612 | 501 |
Total | $23,483 | $17,690 |
Accrued_Expenses_Details
Accrued Expenses (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ' | ' |
Compensation and other employee related costs | $8,891 | $8,715 |
Contributions withheld for Employee Stock Purchase Plan | 72 | 976 |
Royalties | 1,438 | 1,184 |
Clinical and regulatory costs | 270 | 327 |
Government grants | 963 | 974 |
Rent | 1,960 | 1,893 |
Other | 3,043 | 2,255 |
Accrued Liabilities | $16,637 | $16,324 |
Line_of_Credit_Details
Line of Credit (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 | Jun. 30, 2014 | Mar. 31, 2014 | Mar. 31, 2014 | Jun. 30, 2014 | Jun. 30, 2014 | Mar. 31, 2014 | Jun. 30, 2014 |
Line of Credit [Member] | Line of Credit [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Minimum [Member] | Maximum [Member] | Prime Rate [Member] | Prime Rate [Member] | London Interbank Offered Rate (LIBOR) [Member] | |
Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | Credit Facility Agreement [Member] | |||||
Line of Credit Facility [Line Items] | ' | ' | ' | ' | ' | ' | ' | ' | ' |
Basis spread on variable rate | ' | ' | ' | ' | ' | ' | 0.25% | 2.00% | 2.50% |
Line of credit, maximum borrowing capacity | ' | ' | ' | ' | $19,000,000 | $25,000,000 | ' | ' | ' |
Line of Credit Facility, Credit Agreement, Alternative Interest Rate if Earnings Before Interest, Taxes, Depreciation, and Amortization (EBITDA) Exceeds Threshold Amount, EBITDA Amount | ' | ' | 5,000,000 | ' | ' | ' | ' | ' | ' |
Minimum Net Worth Required for Compliance | ' | ' | ' | 12,500,000 | ' | ' | ' | ' | ' |
Tangible Net Worth Required for Compliance With Credit Agreement | ' | ' | 50,000,000 | ' | ' | ' | ' | ' | ' |
Compensating Balance, Amount | ' | ' | $20,000,000 | ' | ' | ' | ' | ' | ' |
Interest rate at the end of the period | 3.50% | 5.25% | ' | ' | ' | ' | ' | ' | ' |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt Schedule of Long-term Debt (Details) (USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ' | ' |
Short-term financing | $2,073 | $2,641 |
Various notes payable | 3,534 | 4,521 |
Total long-term debt | 5,607 | 7,162 |
Less current portion of long-term debt and short-term financing | -3,521 | -4,404 |
Long-term debt, net of discount and current portion | $2,086 | $2,758 |
LongTerm_Debt_ShortTerm_Financ
Long-Term Debt Short-Term Financing and Various Notes Payable Narrative (Details) (Medical [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Debt Instrument [Line Items] | ' | ' |
Number of Entities in which the Entity has Loan Agreements | 6 | 6 |
Loans Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Stated interest rate minimum | 2.53% | 2.53% |
Stated interest rate maximum | 4.65% | 4.65% |
Minimum [Member] | Loans Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable | 36 | 109 |
Maximum [Member] | Loans Payable [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Loans Payable | 1,000 | 1,100 |
Short-term Debt [Member] | ' | ' |
Debt Instrument [Line Items] | ' | ' |
Short-term Debt, General Repayment Period | '90 days | ' |
Short-term Debt, Weighted Average Interest Rate | 4.80% | 4.80% |
StockBased_Compensation_Summar
Stock-Based Compensation Summary of the Stock Option Activity (Details) (USD $) | 6 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | ' | ' | ' |
Shares Outstanding, Beginning | 1,572,626 | ' | ' |
Shares Granted | 659,444 | ' | ' |
Shares Exercised | -180,390 | ' | ' |
Shares Forfeited | -14,159 | ' | ' |
Shares Outstanding, Ending | 2,037,521 | ' | 1,572,626 |
Shares Vested and Expected to Vest | 1,944,770 | ' | ' |
Shares Exercisable | 1,135,697 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | ' | ' | ' |
Weighted Average Exercise Price - Shares Outstanding, Beginning | $6.17 | ' | ' |
Weighted Average Exercise Price - Shares Granted | $30.26 | ' | ' |
Weighted Average Exercise Price - Shares Exercised | $2.90 | ' | ' |
Weighted Average Exercise Price - Shares Forfeited | $27.05 | ' | ' |
Weighted Average Exercise Price - Shares Outstanding, Ending | $14.13 | ' | $6.17 |
Weighted Average Exercise Price - Shares Vested and expected to vest | $14.13 | ' | ' |
Weighted Average Exercise Price - Shares Exercisable | $5.37 | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | ' | ' | ' |
Weighted Average Remaining Contractual Term - Shares Outstanding | '8 years 22 days | ' | '7 years 2 months 1 day |
Weighted Average Remaining Contractual Term - Shares Outstanding | '8 years 22 days | ' | '7 years 2 months 1 day |
Weighted Average Remaining Contractual Term - Shares Vested and expected to vest | '8 years 22 days | ' | ' |
Weighted Average Remaining Contractual Term - Shares Exercisable | '8 years 22 days | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | ' | ' | ' |
Aggregate Intrinsic Value - Shares Outstanding | $27,413 | ' | ' |
Aggregate Intrinsic Value - Shares Outstanding | 22,168 | ' | 27,413 |
Aggregate Intrinsic Value - Shares Vested and expected to vest | 21,810 | ' | ' |
Aggregate Intrinsic Value - Shares Exercisable | 22,305 | ' | ' |
Weighted-average grant date fair value per share of options granted during the period | $14.67 | $3.28 | ' |
Aggregate intrinsic value of options exercised during the period | $3,988 | $262 | ' |
StockBased_Compensation_Schedu
Stock-Based Compensation Schedule of Restricted Stock Units Activity (Details) (Restricted Stock Units (RSUs) [Member], USD $) | 6 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ' | ' |
Unvested - Beginning, Units | 0 | ' |
Restricted stock units granted, Units | 99,500 | ' |
Restricted stock units vested, Units | 0 | ' |
Restricted stock units forfeited, Units | 0 | ' |
Unvested - Ending, Units | 99,500 | 0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Weighted Average Grant Date Fair Value [Abstract] | ' | ' |
Unvested - Beginning, Weighted - Average Grant Date Fair Value Per Share | $0 | ' |
Restricted stock units granted, Weighted - Average Grant Date Fair Value Per Share | $27.06 | ' |
Restricted stock units vested, Weighted - Average Grant Date Fair Value Per Share | $0 | ' |
Restricted stock units forfeited, Weighted - Average Grant Date Fair Value Per Share | $0 | ' |
Unvested - Ending, Weighted - Average Grant Date Fair Value Per Share | $27.06 | $0 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ' | ' |
Unvested - Beginning, Weighted - Average Remaining Contractual Term | '3 years 10 months 6 days | '0 years |
Unvested - Ending, Weighted - Average Remaining Contractual Term | '3 years 10 months 6 days | '0 years |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ' | ' |
Unvested - Beginning, Aggregate Intrinsic Value | $0 | ' |
Unvested - Ending, Aggregate Intrinsic Value | $2,488 | $0 |
StockBased_Compensation_Compan
Stock-Based Compensation Company’s Stock-Based Compensation Expense (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | $1,343 | $82 | $2,383 | $148 |
Research and Development Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | 148 | 14 | 265 | 28 |
Selling and Marketing Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | 741 | 47 | 1,326 | 79 |
General and Administrative Expense [Member] | ' | ' | ' | ' |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ' | ' | ' | ' |
Stock option expense | $454 | $21 | $792 | $41 |
StockBased_Compensation_Narrat
Stock-Based Compensation Narrative (Details) (USD $) | 6 Months Ended | |
In Millions, unless otherwise specified | Jun. 30, 2014 | Dec. 31, 2013 |
Employee Stock Option [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense for unvested options | $9.70 | $2.80 |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' |
Restricted Stock Units (RSUs) [Member] | ' | ' |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ' | ' |
Unrecognized compensation expense for unvested restricted stock units | $1.90 | ' |
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | '4 years | ' |
Income_Taxes_Income_Taxes_Deta
Income Taxes Income Taxes (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Income Tax Disclosure [Abstract] | ' | ' | ' | ' |
Income Tax Expense (Benefit) | $404 | $380 | $561 | $668 |
Effective Income Tax Rate Reconciliation, Percent | -21.00% | -14.70% | -10.70% | -16.00% |
Income_Taxes_Narrative_Details
Income Taxes Narrative (Details) (Other Current Assets [Member], France [Member], USD $) | Jun. 30, 2014 | Dec. 31, 2013 |
In Millions, unless otherwise specified | ||
Other Current Assets [Member] | France [Member] | ' | ' |
Operating Loss Carryforwards [Line Items] | ' | ' |
International | $3 | $1.50 |
Net_Loss_Per_Share_Details
Net Loss Per Share (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Numerator | ' | ' | ' | ' |
Net loss attributable to common stockholders | ($2,328) | ($2,959) | ($5,827) | ($4,846) |
Denominator | ' | ' | ' | ' |
Weighted average shares outstanding - basic | 24,900 | 4,750 | 24,494 | 4,707 |
Dilutive effect of preferred stock, restricted stock units, options, warrants and convertible debt | 0 | 0 | 0 | 0 |
Weighted average shares outstanding - diluted | 24,900 | 4,750 | 24,494 | 4,707 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Employee Stock Option [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 2,038 | 1,277 | 2,038 | 1,277 |
Restricted Stock Units (RSUs) [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 100 | 0 | 100 | 0 |
Redeemable Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 4,451 | 0 | 4,451 |
Convertible Preferred Stock [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 6,527 | 0 | 6,527 |
Common Stock [Member] | Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 604 | 0 | 604 |
Preferred Stock [Member] | Warrant [Member] | ' | ' | ' | ' |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ' | ' | ' | ' |
Antidilutive securities excluded from computation of earnings per share | 0 | 23 | 0 | 23 |
Segment_and_Geographic_Informa2
Segment and Geographic Information Revenues from External Customers and Long-Lived Assets (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||||||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 | Dec. 31, 2013 | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||
Revenue | $34,752 | $26,579 | $65,820 | $52,421 | ' | |||
Long-Lived Assets | 13,942 | ' | 13,942 | ' | 12,695 | |||
United States [Member] | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||
Revenue | 26,341 | 18,810 | 49,503 | 37,397 | ' | |||
Long-Lived Assets | 8,639 | ' | 8,639 | ' | 7,446 | |||
France [Member] | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||
Revenue | 3,312 | 2,944 | 6,632 | 5,877 | ' | |||
Long-Lived Assets | 3,846 | ' | 3,846 | ' | 3,615 | |||
Other Countries [Member] | ' | ' | ' | ' | ' | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | ' | ' | ' | ' | ' | |||
Revenue | 5,099 | 4,825 | 9,685 | 9,147 | ' | |||
Long-Lived Assets | $1,457 | [1] | ' | $1,457 | [1] | ' | $1,634 | [1] |
[1] | No additional locations are individually significant. |
Segment_and_Geographic_Informa3
Segment and Geographic Information Revenue by Products (Details) (USD $) | 3 Months Ended | 6 Months Ended | ||
In Thousands, unless otherwise specified | Jun. 30, 2014 | Jun. 30, 2013 | Jun. 30, 2014 | Jun. 30, 2013 |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $34,752 | $26,579 | $65,820 | $52,421 |
Exclusive Technology Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | 30,395 | 21,568 | 57,067 | 42,449 |
Traditional Fusion Products [Member] | ' | ' | ' | ' |
Revenue from External Customer [Line Items] | ' | ' | ' | ' |
Revenue | $4,357 | $5,011 | $8,753 | $9,972 |
Segment_and_Geographic_Informa4
Segment and Geographic Information Narrative (Details) | 6 Months Ended |
Jun. 30, 2014 | |
Segment | |
Segment Reporting [Abstract] | ' |
Number of reportable segments | 1 |
Number of operating categories | 2 |