Document_and_Entity_Informatio
Document and Entity Information Document | 3 Months Ended | |
Mar. 31, 2015 | 1-May-15 | |
Entity [Abstract] | ||
Entity Registrant Name | LDR HOLDING CORP | |
Entity Central Index Key | 1348324 | |
Current Fiscal Year End Date | -19 | |
Entity Filer Category | Accelerated Filer | |
Document Type | 10-Q | |
Document Period End Date | 31-Mar-15 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q1 | |
Amendment Flag | FALSE | |
Entity Common Stock, Shares Outstanding | 26,580,237 |
CONDENSED_CONSOLIDATED_BALANCE
CONDENSED CONSOLIDATED BALANCE SHEETS (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Current assets: | ||
Cash and cash equivalents | $65,410 | $73,883 |
Accounts receivable, net of allowance of $1,483 and $1,351 at March 31, 2015 and December 31, 2014, respectively | 27,132 | 26,484 |
Inventory, net | 25,969 | 24,996 |
Other current assets | 9,118 | 4,864 |
Prepaid expenses | 1,798 | 1,419 |
Deferred tax asset, current | 265 | 296 |
Total current assets | 129,692 | 131,942 |
Property and equipment, net of accumulated depreciation and amortization of $14,382 and $13,882 at March 31, 2015 and December 31, 2014, respectively | 20,122 | 19,025 |
Goodwill | 6,621 | 6,621 |
Intangible assets, net of accumulated amortization of $2,827 and $3,004 at March 31, 2015 and December 31, 2014, respectively | 3,588 | 3,858 |
Deferred tax assets | 192 | 192 |
Other assets | 167 | 171 |
Total assets | 160,382 | 161,809 |
Current liabilities: | ||
Accounts payable | 9,616 | 8,302 |
Accrued expenses | 21,519 | 19,366 |
Short-term financing | 4,010 | 4,343 |
Current portion of long-term debt | 801 | 1,009 |
Total current liabilities | 35,946 | 33,020 |
Line of credit, net of discount | 18,166 | 18,166 |
Long-term debt, net of discount and current portion | 1,114 | 1,422 |
Deferred tax liabilities | 661 | 740 |
Other long-term liabilities | 900 | 760 |
Total liabilities | 56,787 | 54,108 |
Commitments and contingencies | ||
Stockholders’ equity: | ||
Common stock; $0.001 par value; 107,000,000 shares authorized at March 31, 2015 and December 31, 2014; 26,562,365 shares issued and 26,562,016 shares outstanding at March 31, 2015; 26,457,516 shares issued and 26,457,167 shares outstanding at December 31, 2014 | 27 | 27 |
Treasury stock at cost | -8 | -8 |
Additional paid-in capital | 208,759 | 205,920 |
Accumulated other comprehensive loss | -7,261 | -3,500 |
Accumulated deficit | -97,922 | -94,738 |
Total stockholders’ equity | 103,595 | 107,701 |
Total liabilities and stockholders’ equity | $160,382 | $161,809 |
CONDENSED_CONSOLIDATED_BALANCE1
CONDENSED CONSOLIDATED BALANCE SHEETS (Parenthetical) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, except Share data, unless otherwise specified | ||
Statement of Financial Position [Abstract] | ||
Allowance for doubtful accounts receivable | $1 | $1,351 |
Accumulated depreciation and amortization | 14,382 | 13,882 |
Accumulated amortization | $2,827 | $3,004 |
Common Stock, Par Value Per Share (in dollars per share) | $0.00 | $0.00 |
Common Stock, Shares Authorized (in shares) | 107,000,000 | 107,000,000 |
Common Stock, Shares Issued (in shares) | 26,562,365 | 26,457,516 |
Common Stock, Shares Outstanding (in shares) | 26,562,016 | 26,457,167 |
CONDENSED_CONSOLIDATED_STATEME
CONDENSED CONSOLIDATED STATEMENTS OF COMPREHENSIVE LOSS (USD $) | 3 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Statement of Comprehensive Income [Abstract] | ||
Revenue | $39,115 | $31,068 |
Cost of goods sold | 6,443 | 5,256 |
Gross profit | 32,672 | 25,812 |
Operating expenses: | ||
Research and development | 3,013 | 3,394 |
Sales and marketing | 26,384 | 18,915 |
General and administrative | 8,536 | 6,522 |
Total operating expenses | 37,933 | 28,831 |
Operating loss | -5,261 | -3,019 |
Other operating income (expense): | ||
Other income (expense) | 2,844 | -41 |
Interest income | 1 | 0 |
Interest expense | -181 | -276 |
Accretion related to discounts on long-term debt | -4 | -6 |
Total other income (expense), net | 2,660 | -323 |
Loss before income taxes | -2,601 | -3,342 |
Income tax expense | -583 | -157 |
Net loss | -3,184 | -3,499 |
Other comprehensive loss: | ||
Foreign currency translation | -3,760 | -48 |
Comprehensive loss | ($6,944) | ($3,547) |
Net loss per common share: | ||
Basic and diluted (in dollars per share) | ($0.12) | ($0.15) |
Weighted average number of shares outstanding: | ||
Basic and diluted (in shares) | 26,770,071 | 24,083,796 |
CONDENSED_CONSOLIDATED_STATEME1
CONDENSED CONSOLIDATED STATEMENTS OF CASH FLOWS (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Operating activities: | ||
Net loss | ($3,184) | ($3,499) |
Adjustments to reconcile net loss to net cash used in operating activities: | ||
Bad debt expense | 210 | 202 |
Provision for excess and obsolete inventories | 84 | 424 |
Depreciation and amortization | 1,442 | 959 |
Stock-based compensation | 2,391 | 1,040 |
Amortization of debt issuance costs on the line of credit | 4 | 6 |
Deferred income tax expense | 0 | 92 |
Loss on disposal of assets | 8 | 105 |
Unrealized foreign currency gain | -2,514 | -53 |
Changes in operating assets and liabilities: | ||
Accounts receivable | -1,492 | -316 |
Prepaid expenses and other current assets | -4,920 | -1,138 |
Inventory | -2,393 | -3,523 |
Other assets | 0 | 3 |
Accounts payable | 421 | 1,027 |
Accrued expenses | 2,430 | -679 |
Other long-term liabilities | 200 | 0 |
Net cash used in operating activities | -7,313 | -5,350 |
Investing activities: | ||
Proceeds from sale of property and equipment | 30 | 0 |
Purchase of intangible assets | -211 | -179 |
Purchase of property and equipment | -1,452 | -695 |
Net cash used in investing activities | -1,633 | -874 |
Financing activities: | ||
Exercise of stock options | 688 | 211 |
Proceeds from Employee Stock Purchase Plan | 517 | 1,354 |
Payments on capital leases | -4 | -13 |
Net proceeds (payments) on short-term financings | -131 | -1,652 |
Payments on long-term debt | -268 | -470 |
Net cash provided by (used in) financing activities | 802 | -570 |
Effect of exchange rate on cash | -329 | -44 |
Net change in cash and cash equivalents | -8,473 | -6,838 |
Cash and cash equivalents, beginning of period | 73,883 | 56,678 |
Cash and cash equivalents, end of period | 65,410 | 49,840 |
Supplemental disclosure of interest and income taxes paid | ||
Cash paid for interest | 191 | 288 |
Cash paid for taxes | 373 | 403 |
Supplemental disclosure of non-cash investing and financing activities | ||
Capital lease related to purchase of fixed assets | 0 | 50 |
Increase (decrease) in purchase of property and equipment in accounts payable | ($1,636) | $792 |
Organization_and_Business_Desc
Organization and Business Description | 3 Months Ended |
Mar. 31, 2015 | |
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. (Spine), LDR Médical, S.A.S. (Médical) and LDR Brasil Comercio, Importacao e Exportacao Ltda. (LDR Brazil and 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. | |
Reclassifications | |
During the 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 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 first quarter of 2015, the Company corrected the presentation within the Consolidated Statements of Cash Flows for the quarter ended March 31, 2014 to correct amounts previously reported 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. For the three months ended March 31, 2014 there was an adjustment of $0.8 million to decrease cash flows from used in investing activities and increase cash flows used in operating activities. |
Significant_Accounting_Policie
Significant Accounting Policies | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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. | ||||||||
(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, 2014. | |||||||||
(c) Recent Accounting Pronouncements | |||||||||
In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 requires retrospective adoption and will be effective for the Company on January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 will have a material impact on its financial statements. | |||||||||
In May 2014, the 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 was originally effective for the Company on January 1, 2017, but the FASB has agreed to propose a one-year deferral for all entities. 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. | |||||||||
(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. | |||||||||
As of March 31, 2015 and December 31, 2014, the fair value of the Company’s long-term debt, short-term financing and borrowings under its revolving credit agreement were categorized as Level 2 in the fair value hierarchy and approximated their carrying value due to the relatively recent issuances and short maturities and based on prevailing market rates for borrowings with similar ratings and maturities. 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. | |||||||||
(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 March 31, 2015 and December 31, 2014 are as follows (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Finished goods | $ | 22,657 | $ | 21,337 | |||||
Work in process | 2,799 | 3,356 | |||||||
Raw materials | 513 | 303 | |||||||
Total | $ | 25,969 | $ | 24,996 | |||||
As of March 31, 2015 and December 31, 2014, inventory held by hospitals and sales agents on behalf of the Company was $8.1 million and $7.1 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 $4.1 million and $4.3 million as of March 31, 2015 and December 31, 2014, respectively. |
Concentration_of_Credit_Risk
Concentration of Credit Risk | 3 Months Ended |
Mar. 31, 2015 | |
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 receivables as of March 31, 2015 and December 31, 2014, or revenues for the three months ended March 31, 2015 and 2014. |
Accrued_Expenses
Accrued Expenses | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Accrued Expenses | Accrued Expenses | ||||||||
Accrued expenses consist of the following (in thousands): | |||||||||
March 31, 2015 | 31-Dec-14 | ||||||||
Compensation and other employee related costs | $ | 9,635 | $ | 10,960 | |||||
Contributions withheld for Employee Stock Purchase Plan | 611 | 94 | |||||||
Royalties | 2,219 | 1,575 | |||||||
Clinical and regulatory costs | 303 | 376 | |||||||
Government grants | 766 | 858 | |||||||
Rent | 1,770 | 1,841 | |||||||
Taxes | 4,863 | 2,479 | |||||||
Other | 1,352 | 1,183 | |||||||
$ | 21,519 | $ | 19,366 | ||||||
LongTerm_Debt
Long-Term Debt | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Long-Term Debt | Long-Term Debt | ||||||||
Long-term debt consists of the following (in thousands): | |||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Line of credit, net of discount | $ | 18,166 | $ | 18,166 | |||||
Short-term financing | 4,010 | 4,343 | |||||||
Various notes payable | 1,915 | 2,431 | |||||||
Total long-term debt | 24,091 | 24,940 | |||||||
Less current portion of long-term debt and short-term financing | (4,811 | ) | (5,352 | ) | |||||
Long-term debt and line of credit, net of discount and current portion | $ | 19,280 | $ | 19,588 | |||||
(a) Line of Credit | |||||||||
The Company is party to an amended loan agreement with a bank under which it may make periodic borrowings under a revolving line of credit (the 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. The bank has the right to reset the tangible net worth covenant annually, beginning February 28, 2015. | |||||||||
As of March 31, 2015 and December 31, 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% at March 31, 2015 and December 31, 2014. | |||||||||
(b) Short-Term Financing | |||||||||
Médical borrows funds from various financial institutions in France on a short-term basis with variable interest rates based on Euribor one-month rates. 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 March 31, 2015 and December 31, 2014 was 3.2%. | |||||||||
(c) Various Notes Payable | |||||||||
Médical has loan agreements with five different entities as of March 31, 2015 and December 31, 2014. The amounts of the outstanding loans vary from approximately $33,000 to $597,000 at March 31, 2015 and $55,000 to $729,000 at December 31, 2014, and bear interest at rates varying between 2.53% and 4.65% at March 31, 2015 and December 31, 2014. Maturity dates for these loans vary from 2015 to 2019, and the loans are secured by certain assets of Médical. |
StockBased_Compensation
Stock-Based Compensation | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 three months ended March 31, 2015 is as follows: | ||||||||||||||
Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(Years) | ($000's) | |||||||||||||
Outstanding - December 31, 2014 | 1,881,369 | $ | 19.3 | 8.21 | $ | 26,484 | ||||||||
Options granted | 263,850 | 35.15 | ||||||||||||
Options exercised | (87,214 | ) | 7.88 | |||||||||||
Options forfeited | (80,603 | ) | 18.69 | |||||||||||
Outstanding - March 31, 2015 | 1,977,402 | $ | 21.94 | 8.21 | $ | 29,166 | ||||||||
Options vested and expected to vest at March 31, 2015 | 1,908,889 | $ | 21.94 | 8.21 | $ | 28,474 | ||||||||
Options exercisable at March 31, 2015 | 813,494 | $ | 12.11 | 6.76 | $ | 19,958 | ||||||||
The aggregate intrinsic value in the table above represents the total pre-tax value of the options shown, calculated as the difference between the Company’s closing stock price on March 31, 2015 and the exercise prices of the options shown, multiplied by the number of in-the money options. This is the aggregate amount that would have been received by the option holders if they had all exercised their options on March 31, 2015 and sold the shares thereby received at the closing price of the Company’s stock on that date. This amount changes based on the closing price of the Company’s stock. | ||||||||||||||
Additional information regarding options is as follows (in thousands except for per share amounts): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Weighted-average grant date fair value per share of options granted during the period | $ | 14.4 | $ | 15.92 | ||||||||||
Aggregate intrinsic value of options exercised during the period | $ | 2,656 | $ | 2,937 | ||||||||||
The total intrinsic value of options exercised represents the total pre-tax intrinsic value that was received by the option holders who exercised their options during the fiscal year and is calculated as the difference between the stock price at the time of exercise and the exercise price multiplied by the number of options exercised. | ||||||||||||||
The unrecognized compensation expense related to unvested options and subject to recognition in future periods was approximately $12.9 million at March 31, 2015 and is expected to be recognized over a weighted-average period of 2 years. | ||||||||||||||
(b) Restricted Stock Unit Activity | ||||||||||||||
A summary of the restricted stock unit activity for the Company for the three months ended March 31, 2015 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, 2014 | 99,500 | $ | 27.06 | 2.94 | $ | 3,000 | ||||||||
Restricted stock units granted | 63,000 | 33.69 | ||||||||||||
Restricted stock units vested | (24,502 | ) | 34.48 | |||||||||||
Restricted stock units forfeited | — | — | ||||||||||||
Unvested - March 31, 2015 | 137,998 | $ | 30.08 | 2.93 | $ | 4,787 | ||||||||
The unrecognized compensation expense related to unvested restricted stock units was $3.8 million at March 31, 2015 and is expected to be recognized over a weighted-average period of approximately 3 years. | ||||||||||||||
(c) Performance-Based Restricted Stock Unit Activity | ||||||||||||||
In January 2015, the Company granted performance-based restricted stock units to certain employees of the Company. The number of awards converted to common stock will vary from 40,200 to 126,000 shares depending on the attainment of certain revenue targets. A summary of the performance-based restricted stock unit activity for the Company for the three months ended March 31, 2015 is as follows and is based on attainment of revenue at the target thresholds: | ||||||||||||||
Units | Weighted - Average Grant Date Fair Value Per Share | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(Years) | ($000's) | |||||||||||||
Unvested - December 31, 2015 | — | $ | — | 0 | $ | — | ||||||||
Performance-based restricted stock units granted | 80,400 | 32.78 | ||||||||||||
Performance-based restricted stock units vested | — | — | ||||||||||||
Performance-based restricted stock units forfeited | — | — | ||||||||||||
Unvested - March 31, 2015 | 80,400 | $ | 32.78 | 1.81 | $ | 2,789 | ||||||||
The unrecognized compensation expense related to unvested restricted stock units was $2.2 million at March 31, 2015 and is expected to be recognized over a weighted-average period of approximately 2 years. | ||||||||||||||
(d) Stock-Based Compensation | ||||||||||||||
The Company’s stock-based compensation expense related to employee stock options, restricted stock units, performance stock units and ESPP awards for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | ||||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Research and development | $ | 94 | $ | 117 | ||||||||||
Sales and marketing | 1,022 | 585 | ||||||||||||
General and administrative | 1,275 | 338 | ||||||||||||
Total | $ | 2,391 | $ | 1,040 | ||||||||||
Income_Taxes
Income Taxes | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 months ended March 31, 2015 and 2014 (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Income tax expense | $ | 583 | $ | 157 | |||||
Effective tax rate | (22.4 | )% | (4.7 | )% | |||||
The provision for income taxes for the three months ended March 31, 2015 and 2014 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. The Company has established a full valuation allowance relating to substantially all of its U.S. net deferred tax assets due to uncertainties regarding the realization of the deferred tax assets based on the Company’s lack of earnings history in the U.S. | |||||||||
As of March 31, 2015 and December 31, 2014, 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 consolidated balance sheets. As of March 31, 2015 and December 31, 2014, the deferred income tax charge was $5.8 million and $2.7 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. The Company has not estimated the deferred tax liabilities associated with the Company’s permanently reinvested earnings as it is impracticable to do so. |
Net_Loss_Per_Share
Net Loss Per Share | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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, performance-based 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. The Company computes diluted net loss per common share after giving consideration to the dilutive effect of the Company’s stock options and warrants that are outstanding during the period, 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, performance-based restricted stock units, stock options and warrants are antidilutive. | |||||||||
Net loss per share for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | |||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net loss attributable to common stockholders | $ | (3,184 | ) | $ | (3,499 | ) | |||
Denominator | |||||||||
Weighted average shares outstanding - basic | 26,770 | 24,084 | |||||||
Dilutive effect of options and warrants | — | — | |||||||
Weighted average shares outstanding - diluted | 26,770 | 24,084 | |||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | 1,977 | 1,914 | |||||||
Commitments_and_Contingencies
Commitments and Contingencies | 3 Months Ended |
Mar. 31, 2015 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies |
On March 6, 2015, LDR Médical entered into a Commercial Lease agreement (the “Lease”) with CIRMAD Est. (the “Developer”), for an office, warehouse and logistics building being built by the Developer in Troyes, France (the “New Premises”). The Lease will commence following completion of the New Premises, which is anticipated in March 2016, at which time Médical will relocate its headquarters to the New Premises. The initial term of the Lease is ten years. Médical has the option to extend the Lease for an additional nine years, subject to Médical’s right to terminate the Lease on the third anniversary and the sixth anniversary of such extension. The New Premises are 83,250 square feet, and the annual base rent is €1,041,305, subject to increase based on the tertiary activities rent index published by the French National Institute for Statistics and Economic Studies. | |
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 | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 31,320 | $ | 23,162 | |||||
France | 3,330 | 3,320 | |||||||
Other Countries (1) | 4,465 | 4,586 | |||||||
Total | $ | 39,115 | $ | 31,068 | |||||
__________ | |||||||||
-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 March 31, | |||||||||
2015 | 2014 | ||||||||
Exclusive technology products | $ | 35,900 | $ | 26,672 | |||||
Traditional fusion products | 3,215 | 4,396 | |||||||
Total | $ | 39,115 | $ | 31,068 | |||||
The following table represents long-lived assets by geographic area (in thousands): | |||||||||
March 31, 2015 | December 31, 2014 | ||||||||
United States | $ | 15,080 | $ | 13,873 | |||||
France | 3,293 | 3,472 | |||||||
Other Countries (1) | 1,749 | 1,680 | |||||||
Total | $ | 20,122 | $ | 19,025 | |||||
__________ | |||||||||
-1 | No additional locations are individually significant. |
Significant_Accounting_Policie1
Significant Accounting Policies - (Policies) | 3 Months Ended |
Mar. 31, 2015 | |
Accounting Policies [Abstract] | |
Recent Accounting Pronouncements | Recent Accounting Pronouncements |
In April 2015, the Financial Accounting Standards Board, or FASB, issued ASU No. 2015-03, Simplifying the Presentation of Debt Issuance Costs (ASU 2015-03), which requires that debt issuance costs related to a recognized debt liability be presented in the balance sheet as a direct deduction from the carrying amount of that debt liability, consistent with debt discounts. ASU 2015-03 requires retrospective adoption and will be effective for the Company on January 1, 2016. Early adoption is permitted. The Company does not expect the adoption of ASU 2015-03 will have a material impact on its financial statements. | |
In May 2014, the 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 was originally effective for the Company on January 1, 2017, but the FASB has agreed to propose a one-year deferral for all entities. 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. | |
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. | |
As of March 31, 2015 and December 31, 2014, the fair value of the Company’s long-term debt, short-term financing and borrowings under its revolving credit agreement were categorized as Level 2 in the fair value hierarchy and approximated their carrying value due to the relatively recent issuances and short maturities and based on prevailing market rates for borrowings with similar ratings and maturities. 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. | |
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) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Accounting Policies [Abstract] | |||||||||
Schedule of the Components of inventory, Net of Allowance | The components of inventory, net of allowance, as of March 31, 2015 and December 31, 2014 are as follows (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Finished goods | $ | 22,657 | $ | 21,337 | |||||
Work in process | 2,799 | 3,356 | |||||||
Raw materials | 513 | 303 | |||||||
Total | $ | 25,969 | $ | 24,996 | |||||
Accrued_Expenses_Tables
Accrued Expenses - (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Payables and Accruals [Abstract] | |||||||||
Schedule of Accrued Expenses | Accrued expenses consist of the following (in thousands): | ||||||||
March 31, 2015 | 31-Dec-14 | ||||||||
Compensation and other employee related costs | $ | 9,635 | $ | 10,960 | |||||
Contributions withheld for Employee Stock Purchase Plan | 611 | 94 | |||||||
Royalties | 2,219 | 1,575 | |||||||
Clinical and regulatory costs | 303 | 376 | |||||||
Government grants | 766 | 858 | |||||||
Rent | 1,770 | 1,841 | |||||||
Taxes | 4,863 | 2,479 | |||||||
Other | 1,352 | 1,183 | |||||||
$ | 21,519 | $ | 19,366 | ||||||
LongTerm_Debt_Tables
Long-Term Debt - (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Debt Disclosure [Abstract] | |||||||||
Schedule of Long-term Debt | Long-term debt consists of the following (in thousands): | ||||||||
31-Mar-15 | 31-Dec-14 | ||||||||
Line of credit, net of discount | $ | 18,166 | $ | 18,166 | |||||
Short-term financing | 4,010 | 4,343 | |||||||
Various notes payable | 1,915 | 2,431 | |||||||
Total long-term debt | 24,091 | 24,940 | |||||||
Less current portion of long-term debt and short-term financing | (4,811 | ) | (5,352 | ) | |||||
Long-term debt and line of credit, net of discount and current portion | $ | 19,280 | $ | 19,588 | |||||
StockBased_Compensation_Tables
Stock-Based Compensation - (Tables) | 3 Months Ended | |||||||||||||
Mar. 31, 2015 | ||||||||||||||
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 three months ended March 31, 2015 is as follows: | |||||||||||||
Shares | Weighted - Average Exercise Price | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(Years) | ($000's) | |||||||||||||
Outstanding - December 31, 2014 | 1,881,369 | $ | 19.3 | 8.21 | $ | 26,484 | ||||||||
Options granted | 263,850 | 35.15 | ||||||||||||
Options exercised | (87,214 | ) | 7.88 | |||||||||||
Options forfeited | (80,603 | ) | 18.69 | |||||||||||
Outstanding - March 31, 2015 | 1,977,402 | $ | 21.94 | 8.21 | $ | 29,166 | ||||||||
Options vested and expected to vest at March 31, 2015 | 1,908,889 | $ | 21.94 | 8.21 | $ | 28,474 | ||||||||
Options exercisable at March 31, 2015 | 813,494 | $ | 12.11 | 6.76 | $ | 19,958 | ||||||||
Schedule of Grant Date Fair Value and Grant Date Intrinsic Value | Additional information regarding options is as follows (in thousands except for per share amounts): | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Weighted-average grant date fair value per share of options granted during the period | $ | 14.4 | $ | 15.92 | ||||||||||
Aggregate intrinsic value of options exercised during the period | $ | 2,656 | $ | 2,937 | ||||||||||
Schedule of Restricted Stock Units Activity | A summary of the performance-based restricted stock unit activity for the Company for the three months ended March 31, 2015 is as follows and is based on attainment of revenue at the target thresholds: | |||||||||||||
Units | Weighted - Average Grant Date Fair Value Per Share | Weighted - Average Remaining Contractual Term | Aggregate Intrinsic Value | |||||||||||
(Years) | ($000's) | |||||||||||||
Unvested - December 31, 2015 | — | $ | — | 0 | $ | — | ||||||||
Performance-based restricted stock units granted | 80,400 | 32.78 | ||||||||||||
Performance-based restricted stock units vested | — | — | ||||||||||||
Performance-based restricted stock units forfeited | — | — | ||||||||||||
Unvested - March 31, 2015 | 80,400 | $ | 32.78 | 1.81 | $ | 2,789 | ||||||||
A summary of the restricted stock unit activity for the Company for the three months ended March 31, 2015 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, 2014 | 99,500 | $ | 27.06 | 2.94 | $ | 3,000 | ||||||||
Restricted stock units granted | 63,000 | 33.69 | ||||||||||||
Restricted stock units vested | (24,502 | ) | 34.48 | |||||||||||
Restricted stock units forfeited | — | — | ||||||||||||
Unvested - March 31, 2015 | 137,998 | $ | 30.08 | 2.93 | $ | 4,787 | ||||||||
Schedule of Company's Stock-based Compensation Expense | The Company’s stock-based compensation expense related to employee stock options, restricted stock units, performance stock units and ESPP awards for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | |||||||||||||
Three Months Ended March 31, | ||||||||||||||
2015 | 2014 | |||||||||||||
Research and development | $ | 94 | $ | 117 | ||||||||||
Sales and marketing | 1,022 | 585 | ||||||||||||
General and administrative | 1,275 | 338 | ||||||||||||
Total | $ | 2,391 | $ | 1,040 | ||||||||||
Income_Taxes_Tables
Income Taxes (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Income Tax Disclosure [Abstract] | |||||||||
Schedule Summarizing Total Income Tax Expense | The following table summarizes the total income tax expense, and the related effective tax rate, for the three months ended March 31, 2015 and 2014 (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Income tax expense | $ | 583 | $ | 157 | |||||
Effective tax rate | (22.4 | )% | (4.7 | )% |
Net_Loss_Per_Share_Tables
Net Loss Per Share - (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Earnings Per Share [Abstract] | |||||||||
Schedule of Earnings Per Share, Basic and Diluted | Net loss per share for the three months ended March 31, 2015 and 2014 was as follows (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Numerator | |||||||||
Net loss attributable to common stockholders | $ | (3,184 | ) | $ | (3,499 | ) | |||
Denominator | |||||||||
Weighted average shares outstanding - basic | 26,770 | 24,084 | |||||||
Dilutive effect of options and warrants | — | — | |||||||
Weighted average shares outstanding - diluted | 26,770 | 24,084 | |||||||
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 March 31, | |||||||||
2015 | 2014 | ||||||||
Stock options | 1,977 | 1,914 | |||||||
Segment_and_Geographic_Informa1
Segment and Geographic Information - (Tables) | 3 Months Ended | ||||||||
Mar. 31, 2015 | |||||||||
Segment Reporting [Abstract] | |||||||||
Schedule of 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 March 31, | |||||||||
2015 | 2014 | ||||||||
United States | $ | 31,320 | $ | 23,162 | |||||
France | 3,330 | 3,320 | |||||||
Other Countries (1) | 4,465 | 4,586 | |||||||
Total | $ | 39,115 | $ | 31,068 | |||||
__________ | |||||||||
-1 | No additional locations are individually significant. | ||||||||
Schedule of Total Sales by Product Category | The following table represents total sales by product category (in thousands): | ||||||||
Three Months Ended March 31, | |||||||||
2015 | 2014 | ||||||||
Exclusive technology products | $ | 35,900 | $ | 26,672 | |||||
Traditional fusion products | 3,215 | 4,396 | |||||||
Total | $ | 39,115 | $ | 31,068 | |||||
Schedule of Long-lived Assets by Geographic Area | The following table represents long-lived assets by geographic area (in thousands): | ||||||||
March 31, 2015 | December 31, 2014 | ||||||||
United States | $ | 15,080 | $ | 13,873 | |||||
France | 3,293 | 3,472 | |||||||
Other Countries (1) | 1,749 | 1,680 | |||||||
Total | $ | 20,122 | $ | 19,025 | |||||
__________ | |||||||||
-1 | No additional locations are individually significant. |
Organization_and_Business_Desc1
Organization and Business Description - Narrative (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Class of Stock [Line Items] | ||
Net Cash Provided by (Used in) Investing Activities | ($1,633) | ($874) |
Immaterial Errors Related to the Presentation of Purchases of Property [Member] | Restatement Adjustment [Member] | ||
Class of Stock [Line Items] | ||
Net Cash Provided by (Used in) Investing Activities | $800 |
Significant_Accounting_Policie3
Significant Accounting Policies - Narrative (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
Significant Accounting Policies [Line Items] | ||
Inventory held by hospitals and sales agents | $25,969,000 | $24,996,000 |
Inventory Valuation Reserve [Member] | ||
Significant Accounting Policies [Line Items] | ||
Valuation Allowances and Reserves, Balance | 4,100,000 | 4,300,000 |
Inventory Held by Hospitals and Sales Agents [Member] | ||
Significant Accounting Policies [Line Items] | ||
Inventory held by hospitals and sales agents | $8,100,000 | $7,100,000 |
Significant_Accounting_Policie4
Significant Accounting Policies - Schedule of the Components of inventory, Net of Allowance (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Accounting Policies [Abstract] | ||
Finished goods | $22,657 | $21,337 |
Work in process | 2,799 | 3,356 |
Raw materials | 513 | 303 |
Total | $25,969 | $24,996 |
Accrued_Expenses_Schedule_of_A
Accrued Expenses - Schedule of Accrued Expenses(Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Payables and Accruals [Abstract] | ||
Compensation and other employee related costs | $9,635 | $10,960 |
Contributions withheld for Employee Stock Purchase Plan | 611 | 94 |
Royalties | 2,219 | 1,575 |
Clinical and regulatory costs | 303 | 376 |
Government grants | 766 | 858 |
Rent | 1,770 | 1,841 |
Taxes | 4,863 | 2,479 |
Other | 1,352 | 1,183 |
Accrued Liabilities | $21,519 | $19,366 |
LongTerm_Debt_Schedule_of_Long
Long-Term Debt - Schedule of Long-term Debt (Details) (USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Thousands, unless otherwise specified | ||
Debt Disclosure [Abstract] | ||
Line of credit, net of discount | $18,166 | $18,166 |
Short-term financing | 4,010 | 4,343 |
Various notes payable | 1,915 | 2,431 |
Total long-term debt | 24,091 | 24,940 |
Less current portion of long-term debt and short-term financing | -4,811 | -5,352 |
Long-term debt and line of credit, net of discount and current portion | $19,280 | $19,588 |
LongTerm_Debt_Narrative_Detail
Long-Term Debt - Narrative (Details) (USD $) | 3 Months Ended | 12 Months Ended | 1 Months Ended | |
Mar. 31, 2015 | Dec. 31, 2014 | 31-May-14 | Dec. 31, 2013 | |
Medical [Member] | ||||
Debt Instrument [Line Items] | ||||
Number of Entities in which the Entity has Loan Agreements | 5 | 5 | ||
Medical [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Stated interest rate minimum | 2.53% | 2.53% | ||
Stated interest rate maximum | 4.65% | 4.65% | ||
Medical [Member] | Short-term Debt [Member] | ||||
Debt Instrument [Line Items] | ||||
Short-term Debt, General Repayment Period | 90 days | |||
Short-term Debt, Weighted Average Interest Rate | 3.20% | 3.20% | ||
Minimum [Member] | Medical [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Payable | 33,000 | 55,000 | ||
Maximum [Member] | Medical [Member] | Loans Payable [Member] | ||||
Debt Instrument [Line Items] | ||||
Loans Payable | 597,000 | 729,000 | ||
Credit Facility Agreement [Member] | ||||
Debt Instrument [Line Items] | ||||
Line of Credit Facility, Maximum Borrowing Capacity | 25,000,000 | 19,000,000 | ||
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 | |||
Credit Facility Agreement [Member] | Prime Rate [Member] | Minimum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 0.25% | |||
Credit Facility Agreement [Member] | Prime Rate [Member] | Maximum [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.00% | |||
Credit Facility Agreement [Member] | London Interbank Offered Rate (LIBOR) [Member] | ||||
Debt Instrument [Line Items] | ||||
Basis spread on variable rate | 2.50% | |||
Line of Credit [Member] | ||||
Debt Instrument [Line Items] | ||||
Interest rate at the end of the period | 3.50% | 3.50% |
StockBased_Compensation_Narrat
Stock-Based Compensation - Narrative (Details) (USD $) | 3 Months Ended |
In Millions, except Share data, unless otherwise specified | Mar. 31, 2015 |
Employee Stock Option [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense for unvested restricted stock units | $12.90 |
Compensation cost not yet recognized, period for recognition | 2 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 | 3.8 |
Compensation cost not yet recognized, period for recognition | 3 years |
Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Unrecognized compensation expense for unvested restricted stock units | $2.20 |
Compensation cost not yet recognized, period for recognition | 2 years |
Minimum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amount of common stock issued upon conversion of units (in shares) | 40,200 |
Maximum [Member] | Performance Shares [Member] | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |
Amount of common stock issued upon conversion of units (in shares) | 126,000 |
StockBased_Compensation_Schedu
Stock-Based Compensation - Schedule of the Stock Option Activity and Schedule of Grant Date Fair Value and Grant Date Intrinsic Value (Details) (USD $) | 3 Months Ended | 12 Months Ended | |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding [Roll Forward] | |||
Options outstanding, beginning (in shares) | 1,881,369 | ||
Options granted (in shares) | 263,850 | ||
Options exercised (in shares) | -87,214 | ||
Options forfeited (in shares) | -80,603 | ||
Options outstanding, ending (in shares) | 1,977,402 | 1,881,369 | |
Options vested and expected to vest (in shares) | 1,908,889 | ||
Options exercisable (in shares) | 813,494 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Outstanding, Weighted Average Exercise Price [Abstract] | |||
Weighted Average Exercise Price - Shares Outstanding, Beginning (in dollars per share) | $19.30 | ||
Weighted Average Exercise Price - Shares Granted (in dollars per share) | $35.15 | ||
Weighted Average Exercise Price - Shares Exercised (in dollars per share) | $7.88 | ||
Weighted Average Exercise Price - Shares Forfeited (in dollars per share) | $18.69 | ||
Weighted Average Exercise Price - Shares Outstanding, Ending (in dollars per share) | $21.94 | $19.30 | |
Weighted Average Exercise Price - Shares Vested and expected to vest (in dollars per share) | $21.94 | ||
Weighted Average Exercise Price - Shares Exercisable (in dollars per share) | $12.11 | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Additional Disclosures [Abstract] | |||
Weighted Average Remaining Contractual Term - Shares Outstanding | 8 years 2 months 16 days | 8 years 2 months 16 days | |
Weighted Average Remaining Contractual Term - Shares Outstanding | 8 years 2 months 16 days | 8 years 2 months 16 days | |
Weighted Average Remaining Contractual Term - Shares Vested and expected to vest | 8 years 2 months 16 days | ||
Weighted Average Remaining Contractual Term - Shares Exercisable | 6 years 9 months 4 days | ||
Share-based Compensation Arrangement by Share-based Payment Award, Options, Vested and Expected to Vest [Abstract] | |||
Aggregate Intrinsic Value - Outstanding | $26,484 | ||
Aggregate Intrinsic Value - Outstanding | 29,166 | 26,484 | |
Aggregate Intrinsic Value - Options Vested and expected to vest | 28,474 | ||
Aggregate Intrinsic Value - Options Exercisable | 19,958 | ||
Weighted-average grant date fair value per share of options granted during the period (in dollars per share) | $14.40 | $15.92 | |
Aggregate intrinsic value of options exercised during the period | $2,656 | $2,937 |
StockBased_Compensation_Schedu1
Stock-Based Compensation - Schedule of Restricted Stock Units Activity (Details) (USD $) | 3 Months Ended | 12 Months Ended |
In Thousands, except Share data, unless otherwise specified | Mar. 31, 2015 | Dec. 31, 2014 |
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 (in shares) | 99,500 | |
Restricted stock units granted, Units (in shares) | 63,000 | |
Restricted stock units vested, Units (in shares) | -24,502 | |
Restricted stock units forfeited, Units (in shares) | 0 | |
Unvested - Ending, Units (in shares) | 137,998 | 99,500 |
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 (in dollars per share) | $27.06 | |
Restricted stock units granted, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $33.69 | |
Restricted stock units vested, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $34.48 | |
Restricted stock units forfeited, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $0 | |
Unvested - Ending, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $30.08 | $27.06 |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Additional Disclosures [Abstract] | ||
Unvested - Beginning, Weighted - Average Remaining Contractual Term | 2 years 11 months 5 days | 2 years 11 months 8 days |
Unvested - Ending, Weighted - Average Remaining Contractual Term | 2 years 11 months 5 days | 2 years 11 months 8 days |
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Aggregate Intrinsic Value [Abstract] | ||
Unvested - Beginning, Aggregate Intrinsic Value | $3,000 | |
Unvested - Ending, Aggregate Intrinsic Value | 4,787 | 3,000 |
Performance Shares [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Nonvested, Number of Shares [Roll Forward] | ||
Unvested - Beginning, Units (in shares) | 0 | |
Restricted stock units granted, Units (in shares) | 80,400 | |
Restricted stock units vested, Units (in shares) | 0 | |
Restricted stock units forfeited, Units (in shares) | 0 | |
Unvested - Ending, Units (in shares) | 80,400 | 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 (in dollars per share) | $0 | |
Restricted stock units granted, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $32.78 | |
Restricted stock units vested, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $0 | |
Restricted stock units forfeited, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $0 | |
Unvested - Ending, Weighted - Average Grant Date Fair Value Per Share (in dollars per share) | $32.78 | $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 | 1 year 9 months 22 days | 0 years |
Unvested - Ending, Weighted - Average Remaining Contractual Term | 1 year 9 months 22 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 | $2,789 | $0 |
StockBased_Compensation_Schedu2
Stock-Based Compensation - Schedule of Company's Stock-based Compensation Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock option expense | $2,391 | $1,040 |
Research and Development Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock option expense | 94 | 117 |
Selling and Marketing Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock option expense | 1,022 | 585 |
General and Administrative Expense [Member] | ||
Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Line Items] | ||
Stock option expense | $1,275 | $338 |
Income_Taxes_Schedule_Summariz
Income Taxes - Schedule Summarizing Total Income Tax Expense (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Income Tax Disclosure [Abstract] | ||
Income tax expense | $583 | $157 |
Effective tax rate | -22.40% | -4.70% |
Income_Taxes_Narrative_Details
Income Taxes - Narrative (Details) (France [Member], Other Current Assets [Member], USD $) | Mar. 31, 2015 | Dec. 31, 2014 |
In Millions, unless otherwise specified | ||
France [Member] | Other Current Assets [Member] | ||
Operating Loss Carryforwards [Line Items] | ||
International | $5.80 | $2.70 |
Net_Loss_Per_Share_Schedule_of
Net Loss Per Share - Schedule of Earnings Per Share, Basic and Diluted (Details) (USD $) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Numerator | ||
Net loss attributable to common stockholders | ($3,184) | ($3,499) |
Denominator | ||
Weighted average shares outstanding - basic (in shares) | 26,770 | 24,084 |
Dilutive effect of options and warrants (in shares) | 0 | 0 |
Weighted average shares outstanding - diluted (in shares) | 26,770 | 24,084 |
Net_Loss_Per_Share_Schedule_of1
Net Loss Per Share - Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share (Details) (Employee Stock Option [Member]) | 3 Months Ended | |
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 |
Employee Stock Option [Member] | ||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | ||
Antidilutive securities excluded from computation of earnings per share (in shares) | 1,977 | 1,914 |
Commitments_and_Contingencies_
Commitments and Contingencies (Narrative) (Details) (Commercial Lease Agreement [Member], CIRMAD Est [Member], Office, Warehouse, and Logistics Building [Member], EUR €) | 0 Months Ended | |
Mar. 06, 2015 | Mar. 06, 2015 | |
sqft | ||
Commercial Lease Agreement [Member] | CIRMAD Est [Member] | Office, Warehouse, and Logistics Building [Member] | ||
Operating Leased Assets [Line Items] | ||
The initial term of lease | 10 years | |
The renewal term of lease | 9 years | |
Square feet leased | 83,250 | 83,250 |
Annual base rent | € 1,041,305 |
Segment_and_Geographic_Informa2
Segment and Geographic Information - Narrative (Details) | 3 Months Ended |
Mar. 31, 2015 | |
Segment | |
Segment Reporting [Abstract] | |
Number of reportable segments | 1 |
Number of operating categories | 2 |
Segment_and_Geographic_Informa3
Segment and Geographic Information - Schedules of Revenue from External Customers by Geographic Areas, Total Sales by Product Category, and Long-lived Assets by Geographic Area (Details) (USD $) | 3 Months Ended | ||
In Thousands, unless otherwise specified | Mar. 31, 2015 | Mar. 31, 2014 | Dec. 31, 2014 |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $39,115 | $31,068 | |
Long-Lived Assets | 20,122 | 19,025 | 19,025 |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 31,320 | 23,162 | |
Long-Lived Assets | 15,080 | 13,873 | |
France [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 3,330 | 3,320 | |
Long-Lived Assets | 3,293 | 3,472 | |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 4,465 | 4,586 | |
Long-Lived Assets | 1,749 | 1,680 | |
Exclusive Technology Products [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | 35,900 | 26,672 | |
Traditional Fusion Products [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Revenue | $3,215 | $4,396 |