Cover Page
Cover Page - USD ($) | 12 Months Ended | ||
Dec. 31, 2020 | Feb. 22, 2021 | Jun. 30, 2020 | |
Cover [Abstract] | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2020 | ||
Document Transition Report | false | ||
Entity File Number | 001-34753 | ||
Entity Registrant Name | GenMark Diagnostics, Inc. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 27-2053069 | ||
Entity Address, Address Line One | 5964 La Place Court | ||
Entity Address, City or Town | Carlsbad | ||
Entity Address, State or Province | CA | ||
Entity Address, Postal Zip Code | 92008 | ||
City Area Code | (760) | ||
Local Phone Number | 448-4300 | ||
Title of 12(b) Security | Common Stock, par value $0.0001 per share | ||
Trading Symbol | GNMK | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
ICFR Auditor Attestation Flag | true | ||
Entity Shell Company | false | ||
Entity Public Float | $ 987,839,000 | ||
Entity Common Stock, Shares Outstanding (in shares) | 73,085,716 | ||
Entity Central Index Key | 0001487371 | ||
Current Fiscal Year End Date | --12-31 | ||
Document Fiscal Year Focus | 2020 | ||
Document Fiscal Period Focus | FY | ||
Amendment Flag | false |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Current assets | ||
Cash and cash equivalents | $ 40,572 | $ 44,360 |
Short-term marketable securities | 87,582 | 9,100 |
Accounts receivable, net of allowances of $372 and $376, respectively | 20,790 | 16,759 |
Inventories, net | 21,323 | 11,301 |
Prepaid expenses and other current assets | 2,695 | 1,877 |
Total current assets | 172,962 | 83,397 |
Property and equipment, net | 38,362 | 20,419 |
Intangible assets, net | 841 | 1,432 |
Restricted cash | 1,646 | 758 |
Operating lease, right-of-use asset | 8,676 | 4,642 |
Other long-term assets | 1,047 | 825 |
Total assets | 223,534 | 111,473 |
Current liabilities | ||
Accounts payable | 23,071 | 12,249 |
Accrued compensation | 12,716 | 7,493 |
Current operating lease liability | 3,093 | 1,842 |
Other current liabilities | 5,250 | 2,732 |
Total current liabilities | 44,130 | 24,316 |
Long-term debt | 71,297 | 69,145 |
Noncurrent operating lease liability | 12,749 | 5,796 |
Other noncurrent liabilities | 1,160 | 53 |
Total liabilities | 129,336 | 99,310 |
Stockholders’ equity | ||
Preferred stock, $0.0001 par value; 5,000 authorized, none issued | 0 | 0 |
Common stock, $0.0001 par value; 100,000 authorized; 71,960 and 60,255 shares issued and outstanding at December 31, 2020 and 2019, respectively | 7 | 6 |
Additional paid-in capital | 626,816 | 526,294 |
Accumulated deficit | (532,877) | (514,233) |
Accumulated other comprehensive income | 252 | 96 |
Total stockholders’ equity | 94,198 | 12,163 |
Total liabilities and stockholders’ equity | $ 223,534 | $ 111,473 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Statement of Financial Position [Abstract] | ||
Accounts receivable - net of allowance | $ 372 | $ 376 |
Preferred stock, par value | $ 0.0001 | $ 0.0001 |
Preferred stock, authorized | 5,000,000 | 5,000,000 |
Preferred stock, issued | 0 | 0 |
Common stock, par value | $ 0.0001 | $ 0.0001 |
Common stock, authorized | 100,000,000 | 100,000,000 |
Common stock, issued | 71,960,000 | 60,255,000 |
Common stock, outstanding | 71,960,000 | 60,255,000 |
Consolidated Statements of Comp
Consolidated Statements of Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Statement [Abstract] | |||
Product revenue | $ 169,148 | $ 86,821 | $ 69,935 |
Revenue | |||
Other revenue | 2,406 | 1,200 | 824 |
Total revenue | 171,554 | 88,021 | 70,759 |
Cost of revenue | 103,610 | 59,418 | 51,278 |
Gross profit | 67,944 | 28,603 | 19,481 |
Operating expenses | |||
Sales and marketing | 23,164 | 24,118 | 21,777 |
General and administrative | 25,572 | 19,159 | 17,545 |
Research and development | 30,259 | 27,140 | 27,931 |
Total operating expenses | 78,995 | 70,417 | 67,253 |
Operating loss | (11,051) | (41,814) | (47,772) |
Other income (expense) | |||
Interest income | 386 | 512 | 711 |
Interest expense | (7,907) | (5,961) | (3,108) |
Other income (expense) | 9 | (23) | (192) |
Total other expense | (7,512) | (5,472) | (2,589) |
Loss before income taxes | (18,563) | (47,286) | (50,361) |
Income tax expense | 81 | 64 | 139 |
Net loss | $ (18,644) | $ (47,350) | $ (50,500) |
Net loss per share—basic and diluted | $ (0.28) | $ (0.82) | $ (0.91) |
Weighted average number of shares outstanding—basic and diluted | 67,541 | 57,603 | 55,669 |
Other comprehensive income | |||
Foreign currency translation adjustments, net of tax | $ 147 | $ 11 | $ 44 |
Net unrealized gain on marketable securities, net of tax | 9 | 5 | 27 |
Total other comprehensive income | 156 | 16 | 71 |
Total comprehensive loss | $ (18,488) | $ (47,334) | $ (50,429) |
Revenue from Contract with Customer, Product and Service [Extensible List] | us-gaap:ProductMember |
Consolidated Statement of Stock
Consolidated Statement of Stockholders' Equity Statement - USD ($) $ in Thousands | Total | Common Stock | Additional Paid-in Capital | AOCI Attributable to Parent | Retained Earnings |
Beginning balance (in shares) at Dec. 31, 2017 | 55,066,000 | ||||
Beginning balance (in usd) at Dec. 31, 2017 | $ 71,157 | $ 6 | $ 487,525 | $ 9 | $ (416,383) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 11,697 | 11,697 | |||
Shares issued | 253,000 | ||||
Employee purchases | 1,061 | 1,061 | |||
Vesting of restricted stock units | 916,000 | ||||
Shares issued under stock-based compensation plans (in shares) | 5,000 | ||||
Shares issued under stock-based compensation plans (in usd) | 21 | 21 | |||
Reimbursement of offering expenses | 40 | 40 | |||
Net loss | (50,500) | (50,500) | |||
Foreign currency translation adjustments | 44 | 44 | |||
Unrealized gain on marketable securities | 27 | 27 | |||
Ending balance (in usd) at Dec. 31, 2018 | 33,547 | $ 6 | 500,344 | 80 | (466,883) |
Ending balance (in shares) at Dec. 31, 2018 | 56,240,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 12,046 | 12,046 | |||
Shares issued | 210,000 | ||||
Employee purchases | 962 | 962 | |||
Vesting of restricted stock units | 1,461,000 | ||||
Shares issued under stock-based compensation plans (in shares) | 81,000 | ||||
Shares issued under stock-based compensation plans (in usd) | 457 | 457 | |||
Issuance of common stock, net of offering costs (in shares) | 2,263,000 | ||||
Issuance of common stock, net of offering costs (in usd) | 12,485 | 12,485 | |||
Net loss | (47,350) | (47,350) | |||
Foreign currency translation adjustments | 11 | 11 | |||
Unrealized gain on marketable securities | 5 | 5 | |||
Ending balance (in usd) at Dec. 31, 2019 | 12,163 | $ 6 | 526,294 | 96 | (514,233) |
Ending balance (in shares) at Dec. 31, 2019 | 60,255,000 | ||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | |||||
Stock-based compensation expense | 12,796 | 12,796 | |||
Shares issued | 171,000 | ||||
Employee purchases | 1,068 | 1,068 | |||
Vesting of restricted stock units | 1,686,000 | ||||
Shares issued under stock-based compensation plans (in shares) | 1,143,000 | ||||
Shares issued under stock-based compensation plans (in usd) | $ 9,068 | 9,068 | |||
Issuance of common stock, net of offering costs (in shares) | 363,120 | 8,705,000 | |||
Issuance of common stock, net of offering costs (in usd) | $ 77,591 | $ 1 | 77,590 | ||
Net loss | (18,644) | (18,644) | |||
Foreign currency translation adjustments | 147 | 147 | |||
Unrealized gain on marketable securities | 9 | 9 | |||
Ending balance (in usd) at Dec. 31, 2020 | $ 94,198 | $ 7 | $ 626,816 | $ 252 | $ (532,877) |
Ending balance (in shares) at Dec. 31, 2020 | 71,960,000 |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Operating activities | |||
Net loss | $ (18,644) | $ (47,350) | $ (50,500) |
Adjustments to reconcile net loss to net cash provided by (used in) operating activities | |||
Depreciation and amortization | 7,066 | 7,268 | 7,088 |
Net amortization (accretion) of premiums/discounts on investments | 261 | (133) | (142) |
Amortization of deferred debt issuance costs | 2,253 | 1,740 | 938 |
Stock-based compensation | 12,796 | 12,046 | 11,697 |
Provision for bad debt, net of recoveries | 17 | 338 | 23 |
Non-cash inventory adjustments | 2,319 | 2,631 | 1,426 |
Other non-cash adjustments | 360 | 537 | 15 |
Changes in operating assets and liabilities | |||
Accounts receivable | (4,105) | (5,584) | (878) |
Inventories | (12,478) | (6,534) | (2,414) |
Prepaid expenses and other assets | (858) | (750) | 854 |
Accounts payable | 5,224 | 1,501 | (1,389) |
Accrued compensation | 4,945 | (885) | 1,059 |
Operating lease right-of-use assets and lease liabilities | 4,170 | 0 | 0 |
Other current and non-current liabilities | 2,808 | 249 | (289) |
Net cash provided by (used in) operating activities | 6,134 | (34,926) | (32,512) |
Investing activities | |||
Purchases of property and equipment | (17,776) | (2,092) | (2,575) |
Purchases of marketable securities | (114,186) | (32,135) | (29,778) |
Proceeds from sales of marketable securities | 1,193 | 0 | 0 |
Maturities of marketable securities | 34,260 | 32,055 | 66,300 |
Net cash provided by (used in) investing activities | (96,509) | (2,172) | 33,947 |
Financing activities | |||
Proceeds from issuance of common stock, net of offering costs | 78,659 | 13,447 | 1,061 |
Principal repayment of borrowings | (57) | (35,093) | (92) |
Proceeds from borrowings | 0 | 70,000 | 7,098 |
Payments associated with debt issuance | (100) | (3,638) | (20) |
Proceeds from stock option exercises | 9,068 | 457 | 22 |
Net cash provided by financing activities | 87,570 | 45,173 | 8,069 |
Effect of exchange rate changes on cash, cash equivalents, and restricted cash | (95) | (1) | 28 |
Net increase (decrease) in cash, cash equivalents, and restricted cash | (2,900) | 8,074 | 9,532 |
Cash, cash equivalents, and restricted cash at beginning of year | 45,118 | 37,044 | 27,512 |
Cash, cash equivalents, and restricted cash at end of year | 42,218 | 45,118 | 37,044 |
Non-cash investing and financing activities | |||
Transfer of systems to property and equipment from inventory | 137 | 2,846 | 1,689 |
Property and equipment included in accounts payable | 6,832 | 1,234 | 372 |
Right-of-use assets obtained in exchange for new operating lease liabilities | 4,689 | 0 | 0 |
Supplemental cash flow information | |||
Cash paid for interest, net | 5,684 | 3,946 | 2,028 |
Cash paid for income taxes, net | $ 91 | $ 155 | $ 165 |
Nature of Operations and Summar
Nature of Operations and Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Nature of Operations and Summary of Significant Accounting Policies | 1. Nature of Operations and Summary of Significant Accounting Policies Organization GenMark Diagnostics, Inc. (the “Company” or “GenMark”) is a leading provider of multiplex molecular diagnostic solutions designed to enhance patient care, improve key quality metrics, and reduce the total cost-of-care. The Company offers a sample-to-answer ePlex instrument and associated molecular diagnostic panels. The Company’s products also include the XT-8 instrument and related diagnostic and research tests, as well as certain custom manufactured reagents. The Company sells its products directly to customers in the U.S. and primarily via a network of distribution partners internationally. Summary of Significant Accounting Policies Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In June 2020, the Company made a policy election to reclassify freight revenue from product revenue to other revenue. The Company reclassified freight revenue of $0.7 million and $0.5 million for the years ended December 31, 2019 and 2018, respectively, from product revenue to other revenue to conform with the current year presentation. The reclassification had no impact to total revenue for the periods presented. The Company has experienced net losses since its inception and had an accumulated deficit of $532.9 million as of December 31, 2020. The Company’s ability to transition to profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure through expanding its product offerings and consequently increasing its product revenues. As of December 31, 2020, the Company had available cash, cash equivalents, and marketable securities of $128.2 million and working capital of $128.8 million available to fund future operations. The Company has prepared cash flow forecasts which indicate, based on the Company’s current cash resources available and working capital, that the Company will have sufficient resources to fund its operations for at least one year after the date the financial statements are issued. Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes thereto. The Company’s significant estimates included in the preparation of the financial statements are related to accounts receivable, inventories, property and equipment, leases, intangible assets, employee-related compensation accruals, warranty liabilities, tax valuation accounts, and stock-based compensation. Actual results could differ from those estimates. Segment Information The Company currently operates in one reportable business segment, which encompasses the development, manufacturing, sales and support of instruments and molecular tests based on its proprietary eSensor ® detection technology. Substantially all of the Company’s operations and assets are in the United States. Revenue The Company recognizes revenue from operations through the sale of products and other services. Product revenue comprises the sale of diagnostic tests and instruments. Other revenue primarily consists of freight revenue and revenue from extended service agreements. Revenue is recognized when control of products and services is transferred to the customer in an amount that reflects the consideration that the Company expects to receive from the customer in exchange for those products and services. This process involves identifying the contract with the customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. The Company recognizes revenue for satisfied performance obligations only when it determines there are no uncertainties regarding payment terms or transfer of control. Revenue from product sales is recognized generally upon shipment to the end customer, which is when control of the product is deemed to be transferred. Invoicing typically occurs upon shipment and the term between invoicing and when payment is due is not significant. Revenue from instrument services is recognized as the services are rendered, typically evenly over the contract term. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Employee sales commissions are recorded as sales and marketing expense when incurred or amortized over the estimated contract term when resulting from new contract acquisition efforts. The Company allocates contract price to each performance obligation in proportion to its stand-alone selling price. The stand-alone selling price is determined by the Company’s best estimate of stand-alone selling price using average selling prices over a rolling 12-month period along with a specific assessment of any unique circumstances of the contract. For those products for which there is limited sales history, the Company makes price determinations based on similar product sales data. The following table represents disaggregated revenue by source ( in thousands ): For the years ended December 31, 2020 2019 2018 Revenue Source ePlex product revenue $ 152,578 $ 59,799 $ 37,601 XT-8 product revenue 16,570 27,022 32,334 Total product revenue 169,148 86,821 69,935 License and other revenue 2,406 1,200 824 Total revenue $ 171,554 $ 88,021 $ 70,759 Cash, Cash Equivalents, and Marketable Securities Cash and cash equivalents consist of cash on deposit with banks, money market instruments, and certificates of deposit with original maturities of three months or less at the date of purchase. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. The Company evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. Impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before the recovery of its cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other income (expense) in the consolidated statements of comprehensive loss. The Company has the ability, if necessary, to liquidate any of its short-term debt securities to meet liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term investments on the consolidated balance sheets. Restricted Cash Restricted cash represents amounts designated for uses other than current operations and was $1.6 million and $0.8 million at December 31, 2020 and 2019, respectively, which represented an amount held as security for the Company’s facility lease agreements. The following table shows a reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheet to cash, cash equivalents, and restricted cash in the consolidated statement of cash flows as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 2019 Cash and cash equivalents $ 40,572 $ 44,360 Restricted cash 1,646 758 Total cash, cash equivalents, and restricted cash $ 42,218 $ 45,118 Fair Value of Financial Instruments The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: • Level 1 —Quoted prices in active markets for identical assets or liabilities. • Level 2 —Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate the related fair values due to the short-term maturities of these instruments. Receivables Accounts receivable consists of amounts due to the Company from the sale of products and services to customers. Accounts receivable is recognized at amortized cost and is recorded net of an allowance for credit losses. The Company views its accounts receivable as a single portfolio and considers the period of delinquency, historical collection rates, and customer specific-factors in determining its allowance for credit losses. The following table summarizes the composition of the allowance for credit losses ( in thousands ): For the years ended December 31, 2020 2019 2018 Beginning balance $ 376 $ 75 $ 2,754 Provision for credit losses, net 17 338 23 Write off of uncollectible accounts (21) (37) (2,702) Ending balance $ 372 $ 376 $ 75 Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and include direct labor, materials, and manufacturing overhead. The Company periodically reviews inventory for evidence of slow-moving or obsolete parts, and writes inventory down to net realizable value, as needed. This write-down is based on management’s review of inventories on hand, compared to estimated future usage and sales, shelf-life assumptions, and assumptions about the likelihood of obsolescence. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Inventory impairment charges establish a new cost basis for inventory and charges are not reversed subsequently to income, even if circumstances later suggest that increased carrying amounts are recoverable. Product Warranties The Company generally offers a one The following table summarizes warranty reserve activity ( in thousands ): For the years ended December 31, 2020 2019 2018 Beginning balance $ 279 $ 330 $ 470 Provision 1,508 1,275 1,355 Warranty expenses incurred (1,551) (1,326) (1,495) Ending balance $ 236 $ 279 $ 330 Property and Equipment, net Property, equipment, and leasehold improvements are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets, which are identified below. Repair and maintenance costs are expensed as incurred. Machinery and laboratory equipment 3 - 5 years Instruments 4 - 7 years Office equipment 3 - 7 years Leasehold improvements Over the shorter of the remaining life of the lease or the useful economic life of the asset Property and equipment includes diagnostic instruments used for sales demonstrations or placed with customers under several types of arrangements, including performance evaluation programs (“PEPs”) and reagent rental agreements. Instruments are placed with customers under PEPs for limited evaluation periods. Instruments are also placed with customers under reagent rental agreements, which generally require customers to purchase a minimum number of test cartridges over the term of the agreement. The Company retains title to the instrument under these arrangements. Maintenance and repair costs are expensed as incurred. Leased property meeting certain finance lease criteria is capitalized, and the net present value of the related lease payments is recorded as a liability. Amortization for assets noted as finance leases is recorded using the straight-line method over the shorter of the estimated useful lives or the lease terms. Intangible Assets Intangible assets consist of licenses or sublicenses to technology covered by patents owned by third parties, and are amortized on a straight-line basis over the expected useful lives of these assets, which is generally ten Impairment of Long-Lived Assets The Company assesses the recoverability of long-lived assets, including intangible assets, by periodically evaluating the carrying value whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If impairment is indicated, the Company writes down the carrying value of the asset to its estimated fair value. This fair value is primarily determined based on estimated discounted cash flows. The Company did not recognize any impairment of long-lived asset charges during the years ended December 31, 2020, 2019, and 2018. Other current liabilities The following table summarizes the composition of current liabilities ( in thousands ): December 31, 2020 2019 Accrued royalties $ 1,863 $ 882 Deferred revenue 508 323 Accrued interest 507 437 Accrued warranties 236 279 Other accrued liabilities 2,136 811 Total other current liabilities $ 5,250 $ 2,732 Employee Benefit Plan The Company has a 401(k) tax-deferred savings plan, whereby eligible employees may contribute a percentage of their eligible compensation. The Company makes matching contributions under the 401(k) plan to certain eligible employees. Leases The Company determines if an arrangement is a lease at inception. Operating leases are recorded in the consolidated balance sheets as operating lease right-of-use (“ROU”) assets and current and noncurrent operating lease liabilities. Finance leases are recorded in the consolidated balance sheets as other noncurrent assets and other current and noncurrent liabilities. ROU assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the Company’s lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of its lease payments. ROU assets are recognized at the commencement date based upon the initial measurement of the operating lease liability less any lease incentives received. The Company’s lease agreements can include both lease and non-lease components. The Company accounts for each lease component separately from the non-lease components within its lease agreements. Research and Development Costs The Company expenses all research and development costs in the periods in which they are incurred unless there is alternative future use that supports the capitalization of an asset. Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options, restricted stock units, market-based stock units, and shares purchased under the Company’s Amended and Restated 2013 Employee Stock Purchase Plan (“ESPP”) granted to employees, non-employees, and directors in exchange for services. The compensation expense is based on the fair value of the applicable award utilizing various assumptions regarding the underlying attributes of the award. The stock-based compensation expense is recorded in cost of revenues, sales and marketing, research and development, and/or general and administrative expenses based on the employee’s respective function. The estimated fair value of stock granted, net of forfeitures expected to occur during the vesting period, is amortized as compensation expense that approximates straight-line expense to reflect vesting as it occurs. The compensation expense related to the grant of restricted stock awards or units is calculated as the fair market value of the stock on the grant date as further adjusted to reflect expected forfeitures. The stock option expense is derived from the Black-Scholes option pricing model that uses several judgment-based variables to calculate the expense. The market-based stock expense is derived from the Monte Carlo Simulation Valuation. The inputs utilized in the valuation of the stock-based awards include the following factors: • Expected Term— Expected term represents the period that the stock-based awards are expected to be outstanding and is determined by using the simplified method. • Expected Volatility— Expected volatility represents the expected volatility in the Company’s stock price over the expected term of the option or market-based award and is determined by review of the Company’s and similar companies’ historical experience. • Expected Dividend— The valuation methods requires a single expected dividend yield as an input. The Company assumed no dividends as it has never paid dividends and has no current plans to do so. • Risk-Free Interest Rate— The risk-free interest rate is based on published U.S. Treasury rates in effect at the time of grant for periods corresponding with the expected term of the option or market-based award. Foreign Currency Translation The Company translates the assets and liabilities of the Company’s entities outside the U.S. into U.S. Dollars based on the foreign currency exchange rates at the end of each period. Gains or losses resulting from these foreign currency translations are recorded in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. Foreign currency translation impacts recorded in accumulated other comprehensive income for the years ended December 31, 2020, 2019, and 2018 were $147,000, $11,000, and $44,000, respectively. Income Taxes Current income tax expense is the amount of income taxes expected to be payable for the current year. A deferred income tax liability or asset is established for the expected future tax consequences resulting from the differences in financial reporting and tax bases of assets and liabilities. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. A full valuation allowance has been recorded against the Company’s net deferred tax assets due to the uncertainty surrounding the Company’s ability to utilize these assets in the future. The Company provides for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by the authoritative guidance on income taxes. Amounts for uncertain tax positions are adjusted in periods when new information becomes available or when positions are effectively settled. The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. A tax position that is more likely than not to be realized is measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority that has full knowledge of all relevant information. Measurement of a tax position that meets the more likely than not threshold considers the amounts and probabilities of the outcomes that could be realized upon settlement using the facts, circumstances and information available at the reporting date. Net Loss Per Common Share Basic net loss per share is calculated by dividing loss available to stockholders of the Company’s common stock (the numerator) by the weighted average number of shares of the Company’s common stock outstanding during the period (the denominator). Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. Diluted loss per share is calculated in a similar way to basic loss per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the dilutive potential shares had been issued, unless the effect would be anti-dilutive. The calculations of diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 did not include the effects of the following stock options and other equity awards which were outstanding as of the end of each period because the inclusion of these securities would have been anti-dilutive ( in thousands ): For the years ended December 31, 2020 2019 2018 Options outstanding to purchase common stock 843 2,037 2,440 Other unvested equity awards 3,173 3,124 2,994 Total 4,016 5,161 5,434 Concentration of Risk Financial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investment securities, and accounts receivable. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The Company has established guidelines to diversify its cash and investment securities and their maturities that are intended to secure safety and liquidity. For the years ended December 31, 2020, 2019, and 2018, revenue from one customer represented 10%, 14%, and 16%, respectively, of the Company’s total revenue. As of December 31, 2020, no customers accounted for more than 10% of net accounts receivable. As of December 31, 2019, two customers accounted for more than 10% of net accounts receivable, with such customers accounting for 24% and 11% of net accounts receivable. Comprehensive Loss The Company has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company’s comprehensive loss comprises net loss, unrealized gains and losses on available for sale securities, and foreign currency translation. Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments , which introduced a new methodology for recognizing credit losses on financial instruments. The new standard requires entities to measure financial instruments at their amortized cost basis, net of an allowance for credit losses. The allowance for credit losses must reflect an entity's current estimate of all expected credit losses. The new guidance also requires entities to present credit losses on debt securities accounted for under the available-for-sale method as an allowance rather than a write-down. The Company adopted the new standard in the first quarter of 2020. The adoption of ASU 2016-13 did not have a material impact on the Company’s consolidated financial statements for the year ended December 31, 2020. |
Inventories
Inventories | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | 2. Inventories The following table summarizes the composition of inventory on hand as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 2019 Raw materials $ 10,087 $ 3,408 Work-in-process 7,958 3,776 Finished goods 3,278 4,117 Total inventories $ 21,323 $ 11,301 |
Intangible Assets, Net
Intangible Assets, Net | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Intangible assets, net | 3. Intangible Assets, Net The following table summarizes the composition of intangible assets as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Licensed intellectual property $ 4,750 $ (3,909) $ 841 $ 4,750 $ (3,318) $ 1,432 Intellectual property licenses have a weighted average remaining amortization period of 1.4 years as of December 31, 2020. Amortization expense for these licenses was $0.6 million during both the years ended December 31, 2020 and 2019. Estimated future amortization expense for these licenses is as follows ( in thousands ): Fiscal Years Ending Future Amortization Expense 2021 $ 591 2022 250 Total $ 841 |
Property and Equipment, Net
Property and Equipment, Net | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment, Net | 4. Property and Equipment, Net The following table summarizes the composition of property and equipment as of December 31, 2020 and 2019 ( in thousands ) December 31, 2020 December 31, 2019 Property and equipment—at cost: Machinery and laboratory equipment $ 22,367 $ 16,551 Instruments 13,686 16,796 Office equipment 2,402 2,150 Leasehold improvements 29,280 11,896 Total property and equipment—at cost 67,735 47,393 Less: accumulated depreciation (29,373) (26,974) Property and equipment, net $ 38,362 $ 20,419 Depreciation expense was $5.5 million, $5.9 million, and $5.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. During the years ended December 31, 2020, 2019, and 2018, the Company disposed of certain assets no longer in use with a net book value of approximately $0.5 million in each year, recorded to cost of revenue, sales and marketing, research and development, or general and administrative expenses based on the asset’s respective use. |
Marketable Securities
Marketable Securities | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities | 5. Marketable Securities The following table summarizes the Company’s marketable securities as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds, short-term $ 22,294 $ 2 $ (2) $ 22,294 U.S. government and agency securities, short-term 14,496 5 — 14,501 International bonds, short-term 4,003 — (1) 4,002 Commercial paper, short-term 46,777 8 — 46,785 Total $ 87,570 $ 15 $ (3) $ 87,582 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds, short-term $ 9,099 $ 2 $ (1) $ 9,100 Total $ 9,099 $ 2 $ (1) $ 9,100 |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | 6. Fair Value of Financial Instruments The following table presents the financial instruments measured at fair value on a recurring basis and the valuation approach applied to each class of financial instruments as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Cash equivalents Money market funds $ 20,077 $ — $ — $ 20,077 Marketable securities Corporate notes and bonds — 22,294 — 22,294 U.S. government and agency securities — 14,501 — 14,501 International bonds — 4,002 — 4,002 Commercial paper — 46,785 — 46,785 Total short-term assets at fair value 20,077 87,582 — 107,659 Long-term marketable securities U.S. government and agency securities — — — — Total assets at fair value $ 20,077 $ 87,582 $ — $ 107,659 December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Cash equivalents Money market funds $ 19,647 $ — $ — $ 19,647 Marketable securities Corporate notes and bonds — 9,100 — 9,100 Total assets at fair value $ 19,647 $ 9,100 $ — $ 28,747 |
Long-Term Debt
Long-Term Debt | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Long-Term Debt | 7. Long-Term Debt Term Loans As of December 31, 2020 and 2019, long-term debt consisted of the following ( in thousands ): December 31, 2020 December 31, 2019 Term Loan 70,000 70,000 Final fee obligation 4,865 4,165 Unamortized issuance costs (3,568) (5,020) Total debt, net 71,297 69,145 Current portion of long-term debt — — Long-term debt $ 71,297 $ 69,145 On February 1, 2019 (the “Effective Date”), the Company entered into a Loan and Security Agreement (the “LSA”), with Solar Capital Ltd. and certain other financial institutions (collectively, the “Lenders”). Pursuant to the LSA, the Lenders have provided the Company with a total of $70.0 million in a series of term loans (collectively, the “Term Loans”), of which $50.0 million was funded on the Effective Date, and an additional $20.0 million was funded in December 2019 upon the Company’s achievement of a designated amount of product revenues on a trailing six-month basis. The Term Loans under the LSA accrue interest at a floating per annum rate in effect from time-to-time equal to (a) the greater of 2.51% or the one-month Intercontinental Exchange Benchmark Administration, Ltd. rate then in effect as of the applicable payment date, plus (b) 5.90% per annum. The Company is only required to make interest payments on amounts borrowed pursuant to the Term Loans from the applicable funding date until February 28, 2022 (the “Interest Only Period”). Following the Interest Only Period, monthly installments of principal and interest under the Term Loans will be due until the original principal amount and applicable interest is fully repaid by February 1, 2023. Due to the floating per annum rate, the fair value approximates the carrying value of our outstanding Term Loans. Under the LSA, the Company is required to comply with certain affirmative and negative covenants, including, without limitation, delivering reports and notices relating to the Company’s financial condition and certain regulatory events and intellectual property matters, as well as limiting the creation of liens, the incurrence of indebtedness, and the making of certain investments, dividends, payments and acquisitions, other than as specifically permitted by the LSA. As of December 31, 2020, the Company was in compliance with all covenants under the LSA. The LSA also contains customary events of default (subject, in certain instances, to specified cure periods), including, but not limited to, the failure to make payments of interest or premium when due, the failure to comply with certain covenants and agreements specified in the LSA, and the occurrence of a material adverse change, certain regulatory events, or certain insolvency events. Upon the occurrence of an event of default, the Lenders may declare all outstanding principal and accrued but unpaid interest under the LSA immediately due and payable and may exercise the other rights and remedies as set forth in the LSA. Debt Issuance Costs As of December 31, 2020 and 2019, the Company had $3.6 million and $5.0 million, respectively, of unamortized debt issuance discount, which is offset against borrowings in long-term and short-term debt. Amortization of debt issuance costs was $2.3 million, $1.7 million, and $0.9 million for the years ended December 31, 2020, 2019, and 2018, respectively. Amortization of debt issuance costs is included in interest expense in the Company’s consolidated statements of comprehensive loss for the periods presented. Letter of Credit The Company has provided an aggregate of $1.6 million in letters of credit to the landlords of certain of its leased facilities and maintains $42,000 in required minimum account balances with the financial institutions issuing such letters of credit. As a result, the Company maintains $1.6 million of restricted cash in connection with these lease agreements as of December 31, 2020. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | 8. Commitments and Contingencies Leases On July 2, 2020, the Company entered into a Single Tenant Industrial Triple Net Lease (the “Lease”), with Icon Owner Pool 1 West/Southwest, LLC, as landlord (the “Landlord”). Pursuant to the Lease, the Company has leased an approximately 73,000 square foot facility in Carlsbad, California (the “Facility”), which the Company may use for manufacturing, research and development, office, and/or distribution purposes. The original term of the Lease runs through June 30, 2031. In addition, subject to the terms and conditions of the Lease, the Landlord has granted the Company an ongoing right of first refusal to lease two additional buildings located adjacent to the Facility. Under the Lease, the Company will pay the Landlord base rent commencing on February 1, 2021 of approximately $0.1 million per month, which base rent amount will increase annually at a rate of 3%. The base rent amount payable by the Company is in addition to “triple net” operating expenses payable by the Company, as set forth in the Lease. In addition, the Company has provided the Landlord a standby letter of credit in the amount of approximately $0.8 million as security for the Company’s full performance of its obligations under the Lease. In connection with entering into the Lease, and subject to the terms and conditions set forth therein, the Landlord has agreed to provide the Company a tenant improvement allowance for the Facility in an amount up to $4.2 million. The Company has operating lease agreements for its office, manufacturing, warehousing and laboratory space. Rent and operating expenses charged under these arrangements was $2.5 million, $2.0 million, and $1.8 million for the years ended December 31, 2020, 2019, and 2018, respectively. The Company reported noncurrent operating lease ROU assets of $8.7 million and $4.6 million, current operating lease liabilities of $3.1 million and $1.8 million, and noncurrent operating lease liabilities of $12.7 million and $5.8 million, respectively, as of December 31, 2020 and 2019. The Company’s operating lease liabilities were measured at a weighted average discount rate of 11.4% and have a weighted average remaining term of 7.9 years. Maturities of our operating lease liabilities as of December 31, 2020 are as follows ( in thousands ): Fiscal Years Ending Operating Leases 2021 $ 3,293 2022 3,509 2023 3,415 2024 2,902 2025 2,266 Thereafter 9,491 Total 24,876 Less: imputed interest (9,034) Total operating lease liabilities $ 15,842 |
Stockholders' Equity
Stockholders' Equity | 12 Months Ended |
Dec. 31, 2020 | |
Stockholders' Equity Attributable to Parent [Abstract] | |
Stockholders' Equity | 9. Stockholders’ Equity On May 6, 2020, the Company entered into an Underwriting Agreement (the “Underwriting Agreement”), with Cowen and Company, LLC and William Blair & Company, LLC acting as joint book-running managers and as representatives of the underwriters named therein (collectively the “Underwriters”) relating to the issuance and sale of 7,253,886 shares of the Company’s common stock (the “Offering”). Under the terms of the Underwriting Agreement, the Company granted the Underwriters an option, exercisable for 30 days, to purchase up to an additional 1,088,082 shares of common stock. The Offering closed on May 11, 2020 and the Company sold 8,341,968 shares of common stock, including the full exercise of the Underwriters' option, at a public offering price of $9.65 per share before underwriting discounts and commissions. The Company raised $80.5 million in gross proceeds from the Offering and incurred $4.8 million in Underwriters’ discounts and commissions and $0.2 million in professional services related to the Offering. On August 5, 2019, the Company entered into an Equity Distribution Agreement (the “Distribution Agreement”) with Canaccord Genuity LLC (“Canaccord”), pursuant to which the Company may offer and sell, from time to time, shares of the Company’s common stock having an aggregate offering price of up to $35.0 million. Under the Distribution Agreement, Canaccord may sell shares by any method deemed to be an “at-the-market” offering as defined in Rule 415 under the U.S. Securities Act of 1933, as amended, or any other method permitted by law, including in privately negotiated transactions. The Company is not obligated to sell any shares under the Distribution Agreement. Canaccord is entitled to a commission of 3% of the aggregate gross proceeds from each sale of shares occurring pursuant to the Distribution Agreement. During the year ended December 31, 2020, the Company sold 363,120 shares of common stock under the Equity Distribution Agreement at a weighted average price per share of $6.13 resulting in aggregate gross proceeds of $2.2 million. The Company incurred $67,000 in commissions paid to Canaccord in connection with such sales. As of December 31, 2020, the Company may issue up to an additional $19.7 million of its common stock under the Distribution Agreement. |
Stock-Based Compensation
Stock-Based Compensation | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Stock-Based Compensation | 10. Stock-Based Compensation Equity awards may be granted at the discretion of the Compensation Committee of the Board of Directors under the Company's equity plans, in connection with the hiring or retention of personnel and are subject to certain conditions. In May 2020, the Company’s stockholders approved the Company’s 2020 Equity Incentive Plan (“2020 Plan”). Prior to the adoption of the 2020 Plan, the Company granted equity awards under its 2010 Equity Incentive Plan, as amended (“2010 Plan”), which expired in May 2020. The Company recognizes stock-based compensation expense related to stock options, restricted stock units, and market-based stock units granted to employees, directors, and non-employee advisors in exchange for services under the 2020 Plan and 2010 Plan (together the “Equity Plans”) and employee stock purchases under the ESPP. Employee participation in the Equity Plans is at the discretion of the Compensation Committee of the Board of Directors of the Company. Each equity award reduces the number of shares available for grant under the applicable Equity Plan. Stock-based compensation expense is recorded in cost of sales, sales and marketing, research and development, and general and administrative expense based on employees’ respective function. During the years ended December 31, 2020, 2019, and 2018 the Company recognized stock-based compensation expense of $12.8 million, $12.0 million, and $11.7 million, respectively. As of December 31, 2020, there were 4,569,567 shares available for future grant of awards under the 2020 Plan. Stock Options All stock options granted under the Equity Plans are exercisable at a per share price equal to the closing quoted market price of a share of the Company’s common stock on the NASDAQ stock market on the grant date and generally vest over a period of four ten The Company’s stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 2,037,132 $ 9.53 Exercised (1,178,431) $ 8.08 Cancelled (15,444) $ 12.07 Outstanding at December 31, 2020 843,257 $ 11.50 Vested and expected to vest at December 31, 2020 843,257 $ 11.50 Exercisable at December 31, 2020 843,257 $ 11.50 There were 843,257 stock options exercisable and outstanding as of December 31, 2020, all of which were granted under the 2010 Plan and which had a remaining weighted average contractual term of 3.4 years and an aggregate intrinsic value of $2.6 million. The Company has recognized all compensation expense related to stock options granted under the 2010 Plan. The Company did not grant any stock options under the 2020 Plan during the year ended December 31, 2020. The intrinsic value of stock options exercised during the years ended December 31, 2020, 2019, and 2018 was $4.8 million, $0.1 million, and $7,000, respectively. Restricted Stock Units Restricted stock units granted under the Equity Plans generally vest over a period of between one four The Company’s restricted stock unit activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 2,669,499 $ 6.42 Granted 2,022,136 $ 4.73 Vested (1,512,729) $ 6.48 Cancelled (477,941) $ 5.75 Outstanding at December 31, 2020 2,700,965 $ 5.24 As of December 31, 2020, there was $10.6 million of unrecognized compensation cost related to unvested restricted stock units, which is expected to be recognized over a weighted average period of 2.0 years. The total fair value of restricted stock units that vested during the years ended December 31, 2020, 2019, and 2018 was $15.1 million, $8.7 million, and $5.4 million, respectively. Market-Based Stock Units The Company granted market-based stock units in each of February 2020, 2019, and 2018, which may result in the recipient receiving shares of stock equal up to 200% of the target number of units granted. The vesting and issuance of Company stock pursuant to market-based stock units depends on the Company's stock performance as compared to the NASDAQ Composite Index over the three was $0.9 million of unrecognized stock-based compensation expense related to market-based stock unit awards, which is expected to be recognized over a weighted average period of 1.5 years. The total fair value of market-based stock units that vested during the years ended December 31, 2020, 2019, and 2018 was $1.0 million, $0.8 million, and $0.6 million, respectively. The Company’s market-based stock unit activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 454,229 $ 9.40 Granted 321,250 $ 4.39 Vested (189,167) $ 9.32 Cancelled (114,466) $ 8.53 Outstanding at December 31, 2020 471,846 $ 6.32 The fair value of these market-based stock units was estimated on the grant date using the Monte Carlo Simulation Valuation Model, which estimates the potential outcome of achieving the market conditions based on simulated future stock prices, with the following assumptions for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Expected volatility 62 % 64 % 65 % Risk-free interest rate 1.16 % 2.50 % 2.40 % Expected dividend — % — % — % Weighted average fair value $ 4.39 $ 10.22 $ 7.19 Employee Stock Purchase Plan The Company’s stockholders originally approved the ESPP in May 2013. In May 2018, the Company’s stockholders approved the amendment and restatement of the ESPP, which increased the shares authorized for issuance under the ESPP from 650,000 shares to 1,750,000 shares. The price at which stock is purchased under the ESPP is equal to 85% of the fair market value of the Company’s common stock on the first or the last day of the offering period, whichever is lower. Generally, each offering under the ESPP will be for a period of six months as determined by the Company’s Board of Directors; provided that no offering period may exceed 27 months. Employees may invest up to 10% of their qualifying gross compensation through payroll deductions. In no event may an employee purchase more than 1,500 shares of common stock during any six-month offering period. As of December 31, 2020, there were 559,336 shares of common stock available for issuance under the ESPP. The ESPP is a compensatory plan as defined by the authoritative guidance for stock compensation; therefore, stock-based compensation expense related to the ESPP has been recorded in each of the periods presented. The following table summarizes ESPP activity for the years ended December 31, 2020, 2019, and 2018 ( in thousands, except share and per share data ): Years Ended December 31, 2020 2019 2018 Shares issued 171,580 209,577 252,623 Weighted average fair value of shares issued $ 6.23 $ 4.59 $ 4.20 Employee purchases $ 1,068 $ 962 $ 1,061 The Company uses the Black-Scholes model to estimate the fair value on the grant date for ESPP purchase rights. The following table summarizes the assumptions used in the valuation for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Expected volatility 77.6% - 122.1% 40.0% - 50.0% 54.0% - 73.0% Expected life 6 months 6 months 6 months Risk free rate 0.1% - 0.2% 1.6% - 2.3% 2.1% - 2.6% Expected dividend yield —% —% —% Stock-Based Compensation Expense Recognition Stock-based compensation was recognized in the consolidated statements of comprehensive loss as follows ( in thousands ): Years Ended December 31, 2020 2019 2018 Cost of revenue 830 953 871 Sales and marketing 2,610 3,014 5,549 General and administrative 7,190 6,335 2,807 Research and development 2,166 1,744 2,470 Total stock-based compensation expense $ 12,796 $ 12,046 $ 11,697 The Company did not capitalize stock-based compensation expense during the periods presented and there was no unrecognized tax benefit related to stock-based compensation for any of the years ended December 31, 2020, 2019, or 2018. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | 11. Income Taxes The Company’s loss before provision for income taxes for the years ended December 31, 2020, 2019, and 2018, respectively, was generated in the following jurisdictions ( in thousands ): Years Ended December 31, 2020 2019 2018 Domestic $ (19,045) $ (47,807) $ (50,938) Foreign 482 521 577 Total loss before income taxes $ (18,563) $ (47,286) $ (50,361) The components of income tax expense were as follows for the years ended December 31, 2020, 2019, and 2018, respectively ( in thousands ): Years Ended December 31, 2020 2019 2018 Current expense U.S. Federal $ — $ 27 $ 4 State 16 29 43 Foreign 67 11 99 Total current expense 83 67 146 Deferred benefit U.S. Federal (2) (2) (5) State — (1) (2) Total deferred benefit (2) (3) (7) Provision for income taxes $ 81 $ 64 $ 139 The components of net deferred income taxes consisted of the following at December 31, 2020 and 2019, respectively ( in thousands ): December 31, 2020 2019 Deferred income tax assets: NOL and credit carryforwards $ 83,903 $ 84,362 Compensation accruals 4,589 4,669 Accruals and reserves 1,523 764 Operating lease liability 3,746 1,906 State tax provision 4 6 Inventory adjustments 1,722 881 Intangible assets 710 542 Other 2,386 2,031 Gross deferred tax assets 98,583 95,161 Less: valuation allowance (95,495) (92,717) Total deferred tax assets 3,088 2,444 Deferred income tax liabilities: Depreciation 677 951 Contract acquisition costs 359 334 Operating lease right-of-use assets 2,052 1,159 Total deferred tax liabilities 3,088 2,444 Net deferred tax assets (liabilities) $ — $ — A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized for the years ended December 31, 2020, 2019, and 2018, respectively, as follows: Years Ended December 31, 2020 2019 2018 U.S. Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Permanent differences (0.8) % (0.3) % (0.2) % State taxes 1.7 % 3.8 % 3.0 % Executive compensation limitation (8.8) % (0.9) % (0.5) % Tax reform — % — % 0.1 % Stock-based compensation 3.9 % (1.2) % (2.6) % Rate adjustment (3.1) % — % — % Other 0.5 % 0.1 % 0.1 % Valuation allowance (14.9) % (22.7) % (21.2) % Total tax provision (0.5) % (0.2) % (0.3) % The Company had pre-2018 federal net operating loss (“NOL”) carryforwards available of approximately $264.0 million as of December 31, 2020 after consideration of limitations under Section 382 of the Internal Revenue Code (“Section 382”), as further described below. The federal NOL carryforwards generated prior to 2018 will begin to expire in 2025. The NOLs generated in 2018 and 2019 of approximately $77.8 million will carry forward indefinitely and be available to offset up to 80% of future taxable income each year. Additionally, the Company had state NOL carryforwards available of approximately $243.7 million as of December 31, 2020. The state NOLs may be used to offset future taxable income and have begun to expire. The future utilization of the Company’s NOL carryforwards to offset future taxable income may be subject to a substantial annual limitation as a result of changes in ownership by stockholders that hold 5.0% or more of the Company’s common stock. An assessment of such ownership changes under Section 382 was completed through December 31, 2020. As a result of this assessment, the Company determined that it experienced multiple ownership changes through 2020 which will limit the future utilization of NOL carryforwards. The Company has reduced its deferred tax assets related to NOL carryovers that are anticipated to expire unused as a result of ownership changes. These tax attributes have been excluded from deferred tax assets with a corresponding reduction of the valuation allowance with no net effect on income tax expense or the effective tax rate. Additionally, future ownership changes may further impact the utilization of existing NOLs. The Company has established a full valuation allowance for its deferred tax assets due to uncertainties that preclude it from determining that it is more likely than not that the Company will be able to generate sufficient taxable income to realize such assets. Management assesses the available positive and negative evidence to estimate if sufficient future taxable income will be generated to utilize the existing deferred tax assets. A significant piece of objective negative evidence evaluated was the cumulative loss incurred over the three year period ended December 31, 2020. Such objective evidence limits the ability to consider other subjective evidence, such as the Company’s projections for future growth. Based on this evaluation, as of December 31, 2020, a valuation allowance of $95.5 million has been recorded in order to measure only the portion of the deferred tax asset that more likely than not will be realized. The amount of the deferred tax asset considered realizable, however, could be adjusted if objective negative evidence in the form of cumulative losses is no longer present and additional weight may be given to subjective evidence, such as estimates of future taxable income during carryforward periods and the Company’s projections for growth. The Company applies the two-step approach to recognizing and measuring uncertain tax positions. The first step is to evaluate the tax position for recognition by determining if the weight of available evidence indicates it is more likely than not that the position will be sustained on audit, including resolution of related appeals or litigation processes, if any. The second step is to measure the tax benefit as the largest amount, which is more than 50.0% likely of being realized upon ultimate settlement. Income tax positions must meet a more likely than not recognition threshold at the effective date to be recognized upon the adoption of ASC 740 and in subsequent periods. This interpretation also provides guidance on measurement, derecognition, classification, interest and penalties, accounting in interim periods, disclosure and transition. There were no unrecognized tax benefits for the years ended December 31, 2020, 2019, or 2018. At December 31, 2020 and 2019, the Company had not accrued any interest or penalties related to uncertain tax positions. The Company does not anticipate that there will be a significant change in the amount of unrecognized tax benefits over the next twelve months. The Company recognizes interest and penalties related to uncertain tax positions in income tax expense. The Company is subject to taxation in the United States and various state and foreign jurisdictions. The Company’s Federal and state tax returns since inception are subject to examination due to the carryover of net operating losses. As of December 31, 2020, the Company’s 2014 fiscal year tax return is subject to examination by the United Kingdom tax authorities. The statute of limitations for the assessment and collection of income taxes related to other foreign tax returns varies by country. In the foreign countries where the Company has operations, these time periods generally range from three to six years after the year for which the tax return is due or the tax is assessed. |
Quarterly Financial Data (Unaud
Quarterly Financial Data (Unaudited) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Data (Unaudited) | 12. Quarterly Financial Data (Unaudited) The following table sets forth selected quarterly financial data for the years ended December 31, 2020, 2019, and 2018 ( in thousands except per share data ): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 38,742 $ 40,086 $ 42,646 $ 50,080 Gross profit $ 16,152 $ 15,851 $ 16,543 $ 19,398 Loss from operations $ (5,005) $ (2,693) $ (1,266) $ (2,087) Net loss $ (7,008) $ (4,684) $ (3,228) $ (3,724) Net loss per share: Net loss per share—basic and diluted $ (0.12) $ (0.07) $ (0.05) $ (0.05) Weighted average number of shares outstanding—basic and diluted 60,666 66,528 71,103 71,781 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 21,533 $ 18,374 $ 20,918 $ 27,196 Gross profit $ 5,863 $ 6,573 $ 7,050 $ 9,117 Loss from operations $ (10,910) $ (11,910) $ (10,288) $ (8,706) Net loss $ (12,080) $ (13,308) $ (11,675) $ (10,287) Net loss per share: Net loss per share—basic and diluted $ (0.21) $ (0.23) $ (0.20) $ (0.17) Weighted average number of shares outstanding—basic and diluted 56,581 57,171 57,718 58,915 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 20,645 $ 14,941 $ 15,795 $ 19,378 Gross profit $ 4,165 $ 4,414 $ 5,630 $ 5,272 Loss from operations $ (10,790) $ (15,802) $ (10,568) $ (10,612) Net loss $ (11,423) $ (16,521) $ (10,993) $ (11,563) Net loss per share: Net loss per share—basic and diluted $ (0.21) $ (0.30) $ (0.20) $ (0.21) Weighted average number of shares outstanding—basic and diluted 55,205 55,547 55,847 56,065 |
Nature of Operations and Summ_2
Nature of Operations and Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation and Principles of Consolidation | Basis of Presentation and Principles of Consolidation The accompanying consolidated financial statements have been prepared in accordance with United States generally accepted accounting principles (“U.S. GAAP”) and applicable regulations of the U.S. Securities and Exchange Commission (“SEC”). These consolidated financial statements include the accounts of the Company and its wholly owned subsidiaries. All intercompany accounts and transactions have been eliminated in consolidation. In June 2020, the Company made a policy election to reclassify freight revenue from product revenue to other revenue. The Company reclassified freight revenue of $0.7 million and $0.5 million for the years ended December 31, 2019 and 2018, respectively, from product revenue to other revenue to conform with the current year presentation. The reclassification had no impact to total revenue for the periods presented. The Company has experienced net losses since its inception and had an accumulated deficit of $532.9 million as of December 31, 2020. The Company’s ability to transition to profitable operations is dependent upon achieving a level of revenues adequate to support its cost structure through expanding its product offerings and consequently increasing its product revenues. As of December 31, 2020, the Company had available cash, cash equivalents, and marketable securities of $128.2 million and working capital of $128.8 million available to fund future operations. The Company has prepared cash flow forecasts which indicate, based on the Company’s current cash resources available and working capital, that the Company will have sufficient resources to fund its operations for at least one year after the date the financial statements are issued. |
Use of Estimates | Use of Estimates The preparation of these consolidated financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements and the notes thereto. The Company’s significant estimates included in the preparation of the financial statements are related to accounts receivable, inventories, property and equipment, leases, intangible assets, employee-related compensation accruals, warranty liabilities, tax valuation accounts, and stock-based compensation. Actual results could differ from those estimates. |
Segment Information | Segment Information The Company currently operates in one reportable business segment, which encompasses the development, manufacturing, sales and support of instruments and molecular tests based on its proprietary eSensor ® detection technology. Substantially all of the Company’s operations and assets are in the United States. |
Revenue | Revenue The Company recognizes revenue from operations through the sale of products and other services. Product revenue comprises the sale of diagnostic tests and instruments. Other revenue primarily consists of freight revenue and revenue from extended service agreements. Revenue is recognized when control of products and services is transferred to the customer in an amount that reflects the consideration that the Company expects to receive from the customer in exchange for those products and services. This process involves identifying the contract with the customer, determining the performance obligations in the contract, determining the contract price, allocating the contract price to the distinct performance obligations in the contract, and recognizing revenue when the performance obligations have been satisfied. A performance obligation is considered distinct from other obligations in a contract when it provides a benefit to the customer either on its own or together with other resources that are readily available to the customer and is separately identified in the contract. The Company considers a performance obligation satisfied once it has transferred control of a good or service to the customer, meaning the customer has the ability to use and obtain the benefit of the good or service. The Company recognizes revenue for satisfied performance obligations only when it determines there are no uncertainties regarding payment terms or transfer of control. Revenue from product sales is recognized generally upon shipment to the end customer, which is when control of the product is deemed to be transferred. Invoicing typically occurs upon shipment and the term between invoicing and when payment is due is not significant. Revenue from instrument services is recognized as the services are rendered, typically evenly over the contract term. Revenue is recorded net of discounts and sales taxes collected on behalf of governmental authorities. Employee sales commissions are recorded as sales and marketing expense when incurred or amortized over the estimated contract term when resulting from new contract acquisition efforts. The Company allocates contract price to each performance obligation in proportion to its stand-alone selling price. The stand-alone selling price is determined by the Company’s best estimate of stand-alone selling price using average selling prices over a rolling 12-month period along with a specific assessment of any unique circumstances of the contract. For those products for which there is limited sales history, the Company makes price determinations based on similar product sales data. The following table represents disaggregated revenue by source ( in thousands ): For the years ended December 31, 2020 2019 2018 Revenue Source ePlex product revenue $ 152,578 $ 59,799 $ 37,601 XT-8 product revenue 16,570 27,022 32,334 Total product revenue 169,148 86,821 69,935 License and other revenue 2,406 1,200 824 Total revenue $ 171,554 $ 88,021 $ 70,759 |
Cash, Cash Equivalents and Marketable Securities | Cash, Cash Equivalents, and Marketable Securities Cash and cash equivalents consist of cash on deposit with banks, money market instruments, and certificates of deposit with original maturities of three months or less at the date of purchase. The Company classifies marketable securities as available-for-sale at the time of purchase and reevaluates such classification as of each balance sheet date. All marketable securities are recorded at estimated fair value. Unrealized gains and losses for available-for-sale securities are included in accumulated other comprehensive income, a component of stockholders’ equity. The Company evaluates its marketable securities to assess whether those with unrealized loss positions are other-than-temporarily impaired. Impairments are considered to be other-than-temporary if they are related to deterioration in credit risk or if it is likely that the Company will sell the securities before the recovery of its cost basis. Realized gains and losses and declines in value judged to be other-than-temporary are determined based on the specific identification method and are reported in other income (expense) in the consolidated statements of comprehensive loss. The Company has the ability, if necessary, to liquidate any of its short-term debt securities to meet liquidity needs in the next 12 months. Accordingly, those investments with contractual maturities greater than one year from the date of purchase are classified as short-term investments on the consolidated balance sheets. |
Restricted Cash | Restricted Cash Restricted cash represents amounts designated for uses other than current operations and was $1.6 million and $0.8 million at December 31, 2020 and 2019, respectively, which represented an amount held as security for the Company’s facility lease agreements. The following table shows a reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheet to cash, cash equivalents, and restricted cash in the consolidated statement of cash flows as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 2019 Cash and cash equivalents $ 40,572 $ 44,360 Restricted cash 1,646 758 Total cash, cash equivalents, and restricted cash $ 42,218 $ 45,118 |
Fair Value of Financial Instruments | Fair Value of Financial Instruments The Company uses a fair value hierarchy with three levels of inputs, of which the first two are considered observable and the last unobservable, to measure fair value: • Level 1 —Quoted prices in active markets for identical assets or liabilities. • Level 2 —Inputs, other than Level 1, that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. • Level 3 —Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The carrying amounts of financial instruments such as accounts receivable, prepaid expenses and other current assets, accounts payable, and accrued liabilities approximate the related fair values due to the short-term maturities of these instruments. |
Receivables | Receivables Accounts receivable consists of amounts due to the Company from the sale of products and services to customers. Accounts receivable is recognized at amortized cost and is recorded net of an allowance for credit losses. The Company views its accounts receivable as a single portfolio and considers the period of delinquency, historical collection rates, and customer specific-factors in determining its allowance for credit losses. |
Inventories | Inventories Inventories are stated at the lower of cost (first-in, first-out) or net realizable value and include direct labor, materials, and manufacturing overhead. The Company periodically reviews inventory for evidence of slow-moving or obsolete parts, and writes inventory down to net realizable value, as needed. This write-down is based on management’s review of inventories on hand, compared to estimated future usage and sales, shelf-life assumptions, and assumptions about the likelihood of obsolescence. If actual market conditions are less favorable than those projected by the Company, additional inventory write-downs may be required. Inventory impairment charges establish a new cost basis for inventory and charges are not reversed subsequently to income, even if circumstances later suggest that increased carrying amounts are recoverable. |
Product Warranties | Product Warranties The Company generally offers a one |
Property and Equipment, net | Property and Equipment, net Property, equipment, and leasehold improvements are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets, which are identified below. Repair and maintenance costs are expensed as incurred. Machinery and laboratory equipment 3 - 5 years Instruments 4 - 7 years Office equipment 3 - 7 years Leasehold improvements Over the shorter of the remaining life of the lease or the useful economic life of the asset Property and equipment includes diagnostic instruments used for sales demonstrations or placed with customers under several types of arrangements, including performance evaluation programs (“PEPs”) and reagent rental agreements. Instruments are placed with customers under PEPs for limited evaluation periods. Instruments are also placed with customers under reagent rental agreements, which generally require customers to purchase a minimum number of test cartridges over the term of the agreement. The Company retains title to the instrument under these arrangements. Maintenance and repair costs are expensed as incurred. |
Intangible Assets | Intangible Assets Intangible assets consist of licenses or sublicenses to technology covered by patents owned by third parties, and are amortized on a straight-line basis over the expected useful lives of these assets, which is generally ten |
Impairment of Long-Lived Assets | Impairment of Long-Lived Assets The Company assesses the recoverability of long-lived assets, including intangible assets, by periodically evaluating the carrying value whenever events or changes in circumstances indicate that the carrying amount may not be recoverable. If impairment is indicated, the Company writes down the carrying value of the asset to its estimated fair value. This fair value is primarily determined based on estimated discounted cash flows. The Company did not recognize any impairment of long-lived asset charges during the years ended December 31, 2020, 2019, and 2018. |
Employee Benefit Plan | Employee Benefit Plan The Company has a 401(k) tax-deferred savings plan, whereby eligible employees may contribute a percentage of their eligible compensation. The Company makes matching contributions under the 401(k) plan to certain eligible employees. |
Leases | Leases The Company determines if an arrangement is a lease at inception. Operating leases are recorded in the consolidated balance sheets as operating lease right-of-use (“ROU”) assets and current and noncurrent operating lease liabilities. Finance leases are recorded in the consolidated balance sheets as other noncurrent assets and other current and noncurrent liabilities. ROU assets represent the Company’s right to use an underlying asset over the lease term and lease liabilities represent the Company’s obligation to make lease payments arising from the lease. Operating lease liabilities are recognized at the commencement date based on the present value of the Company’s lease payments over the lease term. As most of the Company’s leases do not provide an implicit rate, the Company uses its incremental borrowing rate based on the information available at the commencement date to determine the present value of its lease payments. ROU assets are recognized at the commencement date based upon the initial measurement of the operating lease liability less any lease incentives received. The Company’s lease agreements can include both lease and non-lease components. The Company accounts for each lease component separately from the non-lease components within its lease agreements. |
Research and Development Costs | Research and Development CostsThe Company expenses all research and development costs in the periods in which they are incurred unless there is alternative future use that supports the capitalization of an asset. |
Stock-Based Compensation | Stock-Based Compensation The Company recognizes stock-based compensation expense related to stock options, restricted stock units, market-based stock units, and shares purchased under the Company’s Amended and Restated 2013 Employee Stock Purchase Plan (“ESPP”) granted to employees, non-employees, and directors in exchange for services. The compensation expense is based on the fair value of the applicable award utilizing various assumptions regarding the underlying attributes of the award. The stock-based compensation expense is recorded in cost of revenues, sales and marketing, research and development, and/or general and administrative expenses based on the employee’s respective function. The estimated fair value of stock granted, net of forfeitures expected to occur during the vesting period, is amortized as compensation expense that approximates straight-line expense to reflect vesting as it occurs. The compensation expense related to the grant of restricted stock awards or units is calculated as the fair market value of the stock on the grant date as further adjusted to reflect expected forfeitures. The stock option expense is derived from the Black-Scholes option pricing model that uses several judgment-based variables to calculate the expense. The market-based stock expense is derived from the Monte Carlo Simulation Valuation. The inputs utilized in the valuation of the stock-based awards include the following factors: • Expected Term— Expected term represents the period that the stock-based awards are expected to be outstanding and is determined by using the simplified method. • Expected Volatility— Expected volatility represents the expected volatility in the Company’s stock price over the expected term of the option or market-based award and is determined by review of the Company’s and similar companies’ historical experience. • Expected Dividend— The valuation methods requires a single expected dividend yield as an input. The Company assumed no dividends as it has never paid dividends and has no current plans to do so. • Risk-Free Interest Rate— The risk-free interest rate is based on published U.S. Treasury rates in effect at the time of grant for periods corresponding with the expected term of the option or market-based award. |
Foreign Currency Translation | Foreign Currency TranslationThe Company translates the assets and liabilities of the Company’s entities outside the U.S. into U.S. Dollars based on the foreign currency exchange rates at the end of each period. Gains or losses resulting from these foreign currency translations are recorded in accumulated other comprehensive income in the consolidated statement of stockholders’ equity. Foreign currency translation impacts recorded in accumulated other comprehensive income for the years ended December 31, 2020, 2019, and 2018 were $147,000, $11,000, and $44,000, respectively. |
Income Taxes | Income Taxes Current income tax expense is the amount of income taxes expected to be payable for the current year. A deferred income tax liability or asset is established for the expected future tax consequences resulting from the differences in financial reporting and tax bases of assets and liabilities. A valuation allowance is provided if it is more likely than not that some or all of the deferred tax assets will not be realized. A full valuation allowance has been recorded against the Company’s net deferred tax assets due to the uncertainty surrounding the Company’s ability to utilize these assets in the future. The Company provides for uncertain tax positions when such tax positions do not meet the recognition thresholds or measurement standards prescribed by the authoritative guidance on income taxes. Amounts for uncertain tax positions are adjusted in periods when new information becomes available or when positions are effectively settled. The Company recognizes accrued interest related to uncertain tax positions as a component of income tax expense. A tax position that is more likely than not to be realized is measured at the largest amount of tax benefit that is greater than 50% likely of being realized upon settlement with the taxing authority that has full knowledge of all relevant information. Measurement of a tax position that meets the more likely than not threshold considers the amounts and probabilities of the outcomes that could be realized upon settlement using the facts, circumstances and information available at the reporting date. |
Net Loss Per Common Share | Net Loss Per Common Share Basic net loss per share is calculated by dividing loss available to stockholders of the Company’s common stock (the numerator) by the weighted average number of shares of the Company’s common stock outstanding during the period (the denominator). Shares issued during the period and shares reacquired during the period are weighted for the portion of the period that they were outstanding. Diluted loss per share is calculated in a similar way to basic loss per share except that the denominator is increased to include the number of additional shares that would have been outstanding if the dilutive potential shares had been issued, unless the effect would be anti-dilutive. The calculations of diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 did not include the effects of the following stock options and other equity awards which were outstanding as of the end of each period because the inclusion of these securities would have been anti-dilutive ( in thousands ): For the years ended December 31, 2020 2019 2018 Options outstanding to purchase common stock 843 2,037 2,440 Other unvested equity awards 3,173 3,124 2,994 Total 4,016 5,161 5,434 |
Concentration of Risk | Concentration of RiskFinancial instruments which potentially subject the Company to concentrations of credit risk consist primarily of cash, cash equivalents, short-term investment securities, and accounts receivable. The Company limits its exposure to credit loss by placing its cash with high credit quality financial institutions. The Company has established guidelines to diversify its cash and investment securities and their maturities that are intended to secure safety and liquidity. |
Comprehensive Loss | Comprehensive LossThe Company has the option to present the total of comprehensive income, the components of net income, and the components of other comprehensive income either in a single continuous statement of comprehensive income or in two separate but consecutive statements. The Company’s comprehensive loss comprises net loss, unrealized gains and losses on available for sale securities, and foreign currency translation. |
Recent Accounting Pronouncements | Recently Adopted Accounting Pronouncements In June 2016, the FASB issued ASU 2016-13, Measurement of Credit Losses on Financial Instruments |
Nature of Operations and Summ_3
Nature of Operations and Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Disaggregation of Revenue | The following table represents disaggregated revenue by source ( in thousands ): For the years ended December 31, 2020 2019 2018 Revenue Source ePlex product revenue $ 152,578 $ 59,799 $ 37,601 XT-8 product revenue 16,570 27,022 32,334 Total product revenue 169,148 86,821 69,935 License and other revenue 2,406 1,200 824 Total revenue $ 171,554 $ 88,021 $ 70,759 |
Schedule of Cash and Cash Equivalents | The following table shows a reconciliation of the Company’s cash and cash equivalents in the consolidated balance sheet to cash, cash equivalents, and restricted cash in the consolidated statement of cash flows as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 2019 Cash and cash equivalents $ 40,572 $ 44,360 Restricted cash 1,646 758 Total cash, cash equivalents, and restricted cash $ 42,218 $ 45,118 |
Accounts Receivable, Allowance for Credit Loss | The following table summarizes the composition of the allowance for credit losses ( in thousands ): For the years ended December 31, 2020 2019 2018 Beginning balance $ 376 $ 75 $ 2,754 Provision for credit losses, net 17 338 23 Write off of uncollectible accounts (21) (37) (2,702) Ending balance $ 372 $ 376 $ 75 |
Accrued warranty | The following table summarizes warranty reserve activity ( in thousands ): For the years ended December 31, 2020 2019 2018 Beginning balance $ 279 $ 330 $ 470 Provision 1,508 1,275 1,355 Warranty expenses incurred (1,551) (1,326) (1,495) Ending balance $ 236 $ 279 $ 330 |
Estimated Useful Lives Of Property And Equipment | Property, equipment, and leasehold improvements are recorded at cost and depreciated using the straight-line method over the estimated useful lives of the assets, which are identified below. Repair and maintenance costs are expensed as incurred. Machinery and laboratory equipment 3 - 5 years Instruments 4 - 7 years Office equipment 3 - 7 years Leasehold improvements Over the shorter of the remaining life of the lease or the useful economic life of the asset |
Other Current Liabilities | The following table summarizes the composition of current liabilities ( in thousands ): December 31, 2020 2019 Accrued royalties $ 1,863 $ 882 Deferred revenue 508 323 Accrued interest 507 437 Accrued warranties 236 279 Other accrued liabilities 2,136 811 Total other current liabilities $ 5,250 $ 2,732 |
Schedule of Earnings Per Share, Basic and Diluted | The calculations of diluted net loss per share for the years ended December 31, 2020, 2019, and 2018 did not include the effects of the following stock options and other equity awards which were outstanding as of the end of each period because the inclusion of these securities would have been anti-dilutive ( in thousands ): For the years ended December 31, 2020 2019 2018 Options outstanding to purchase common stock 843 2,037 2,440 Other unvested equity awards 3,173 3,124 2,994 Total 4,016 5,161 5,434 |
Inventories (Tables)
Inventories (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Inventory Disclosure [Abstract] | |
Inventories | The following table summarizes the composition of inventory on hand as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 2019 Raw materials $ 10,087 $ 3,408 Work-in-process 7,958 3,776 Finished goods 3,278 4,117 Total inventories $ 21,323 $ 11,301 |
Intangible Assets, Net (Tables)
Intangible Assets, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Summary of intangible assets | The following table summarizes the composition of intangible assets as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 December 31, 2019 Gross Carrying Amount Accumulated Amortization Net Carrying Amount Gross Carrying Amount Accumulated Amortization Net Carrying Amount Licensed intellectual property $ 4,750 $ (3,909) $ 841 $ 4,750 $ (3,318) $ 1,432 |
Summary of estimated future amortization expense | Estimated future amortization expense for these licenses is as follows ( in thousands ): Fiscal Years Ending Future Amortization Expense 2021 $ 591 2022 250 Total $ 841 |
Property and Equipment, Net (Ta
Property and Equipment, Net (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Property, Plant and Equipment [Abstract] | |
Property, Plant and Equipment | The following table summarizes the composition of property and equipment as of December 31, 2020 and 2019 ( in thousands ) December 31, 2020 December 31, 2019 Property and equipment—at cost: Machinery and laboratory equipment $ 22,367 $ 16,551 Instruments 13,686 16,796 Office equipment 2,402 2,150 Leasehold improvements 29,280 11,896 Total property and equipment—at cost 67,735 47,393 Less: accumulated depreciation (29,373) (26,974) Property and equipment, net $ 38,362 $ 20,419 |
Marketable Securities (Tables)
Marketable Securities (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Investments, Debt and Equity Securities [Abstract] | |
Marketable securities, gross unrealized gains/losses | The following table summarizes the Company’s marketable securities as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds, short-term $ 22,294 $ 2 $ (2) $ 22,294 U.S. government and agency securities, short-term 14,496 5 — 14,501 International bonds, short-term 4,003 — (1) 4,002 Commercial paper, short-term 46,777 8 — 46,785 Total $ 87,570 $ 15 $ (3) $ 87,582 December 31, 2019 Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Estimated Fair Value Corporate notes and bonds, short-term $ 9,099 $ 2 $ (1) $ 9,100 Total $ 9,099 $ 2 $ (1) $ 9,100 |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Fair Value Disclosures [Abstract] | |
Assets measured at fair value on a recurring basis | The following table presents the financial instruments measured at fair value on a recurring basis and the valuation approach applied to each class of financial instruments as of December 31, 2020 and 2019 ( in thousands ): December 31, 2020 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Cash equivalents Money market funds $ 20,077 $ — $ — $ 20,077 Marketable securities Corporate notes and bonds — 22,294 — 22,294 U.S. government and agency securities — 14,501 — 14,501 International bonds — 4,002 — 4,002 Commercial paper — 46,785 — 46,785 Total short-term assets at fair value 20,077 87,582 — 107,659 Long-term marketable securities U.S. government and agency securities — — — — Total assets at fair value $ 20,077 $ 87,582 $ — $ 107,659 December 31, 2019 Quoted Prices in Active Markets for Identical Assets Significant Other Observable Inputs Significant Unobservable Inputs Total Cash equivalents Money market funds $ 19,647 $ — $ — $ 19,647 Marketable securities Corporate notes and bonds — 9,100 — 9,100 Total assets at fair value $ 19,647 $ 9,100 $ — $ 28,747 |
Long-Term Debt (Tables)
Long-Term Debt (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Debt Disclosure [Abstract] | |
Schedule of long-term debt instruments | As of December 31, 2020 and 2019, long-term debt consisted of the following ( in thousands ): December 31, 2020 December 31, 2019 Term Loan 70,000 70,000 Final fee obligation 4,865 4,165 Unamortized issuance costs (3,568) (5,020) Total debt, net 71,297 69,145 Current portion of long-term debt — — Long-term debt $ 71,297 $ 69,145 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Commitments and Contingencies Disclosure [Abstract] | |
Maturities of Operating Lease Liabilities | Maturities of our operating lease liabilities as of December 31, 2020 are as follows ( in thousands ): Fiscal Years Ending Operating Leases 2021 $ 3,293 2022 3,509 2023 3,415 2024 2,902 2025 2,266 Thereafter 9,491 Total 24,876 Less: imputed interest (9,034) Total operating lease liabilities $ 15,842 |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Share-based Payment Arrangement [Abstract] | |
Schedule of share-based compensation, stock options, activity | The Company’s stock option activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Exercise Price Outstanding at December 31, 2019 2,037,132 $ 9.53 Exercised (1,178,431) $ 8.08 Cancelled (15,444) $ 12.07 Outstanding at December 31, 2020 843,257 $ 11.50 Vested and expected to vest at December 31, 2020 843,257 $ 11.50 Exercisable at December 31, 2020 843,257 $ 11.50 |
Schedule of share-based compensation, restricted stock units, activity | The Company’s restricted stock unit activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 2,669,499 $ 6.42 Granted 2,022,136 $ 4.73 Vested (1,512,729) $ 6.48 Cancelled (477,941) $ 5.75 Outstanding at December 31, 2020 2,700,965 $ 5.24 |
Schedule of share-based compensation, market based stock units, activity | The Company’s market-based stock unit activity for the year ended December 31, 2020 was as follows: Number of Shares Weighted Average Grant Date Fair Value Outstanding at December 31, 2019 454,229 $ 9.40 Granted 321,250 $ 4.39 Vested (189,167) $ 9.32 Cancelled (114,466) $ 8.53 Outstanding at December 31, 2020 471,846 $ 6.32 |
Schedule of share-based compensation, market based stock units, valuation assumptions | The fair value of these market-based stock units was estimated on the grant date using the Monte Carlo Simulation Valuation Model, which estimates the potential outcome of achieving the market conditions based on simulated future stock prices, with the following assumptions for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Expected volatility 62 % 64 % 65 % Risk-free interest rate 1.16 % 2.50 % 2.40 % Expected dividend — % — % — % Weighted average fair value $ 4.39 $ 10.22 $ 7.19 |
Schedule of Share-based Compensation, Employee Stock Purchase Plan, Activity | The following table summarizes ESPP activity for the years ended December 31, 2020, 2019, and 2018 ( in thousands, except share and per share data ): Years Ended December 31, 2020 2019 2018 Shares issued 171,580 209,577 252,623 Weighted average fair value of shares issued $ 6.23 $ 4.59 $ 4.20 Employee purchases $ 1,068 $ 962 $ 1,061 |
Schedule of Share-based Payment Award, Employee Stock Purchase Plan, Valuation Assumptions | The following table summarizes the assumptions used in the valuation for the years ended December 31, 2020, 2019, and 2018: Years Ended December 31, 2020 2019 2018 Expected volatility 77.6% - 122.1% 40.0% - 50.0% 54.0% - 73.0% Expected life 6 months 6 months 6 months Risk free rate 0.1% - 0.2% 1.6% - 2.3% 2.1% - 2.6% Expected dividend yield —% —% —% |
Schedule of employee service share-based compensation, allocation of recognized period costs | Stock-based compensation was recognized in the consolidated statements of comprehensive loss as follows ( in thousands ): Years Ended December 31, 2020 2019 2018 Cost of revenue 830 953 871 Sales and marketing 2,610 3,014 5,549 General and administrative 7,190 6,335 2,807 Research and development 2,166 1,744 2,470 Total stock-based compensation expense $ 12,796 $ 12,046 $ 11,697 |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Income Tax Disclosure [Abstract] | |
Schedule of Income before Income Tax, Domestic and Foreign | The Company’s loss before provision for income taxes for the years ended December 31, 2020, 2019, and 2018, respectively, was generated in the following jurisdictions ( in thousands ): Years Ended December 31, 2020 2019 2018 Domestic $ (19,045) $ (47,807) $ (50,938) Foreign 482 521 577 Total loss before income taxes $ (18,563) $ (47,286) $ (50,361) |
Schedule of Components of Income Tax Expense (Benefit) | The components of income tax expense were as follows for the years ended December 31, 2020, 2019, and 2018, respectively ( in thousands ): Years Ended December 31, 2020 2019 2018 Current expense U.S. Federal $ — $ 27 $ 4 State 16 29 43 Foreign 67 11 99 Total current expense 83 67 146 Deferred benefit U.S. Federal (2) (2) (5) State — (1) (2) Total deferred benefit (2) (3) (7) Provision for income taxes $ 81 $ 64 $ 139 |
Schedule of Deferred Tax Assets and Liabilities | The components of net deferred income taxes consisted of the following at December 31, 2020 and 2019, respectively ( in thousands ): December 31, 2020 2019 Deferred income tax assets: NOL and credit carryforwards $ 83,903 $ 84,362 Compensation accruals 4,589 4,669 Accruals and reserves 1,523 764 Operating lease liability 3,746 1,906 State tax provision 4 6 Inventory adjustments 1,722 881 Intangible assets 710 542 Other 2,386 2,031 Gross deferred tax assets 98,583 95,161 Less: valuation allowance (95,495) (92,717) Total deferred tax assets 3,088 2,444 Deferred income tax liabilities: Depreciation 677 951 Contract acquisition costs 359 334 Operating lease right-of-use assets 2,052 1,159 Total deferred tax liabilities 3,088 2,444 Net deferred tax assets (liabilities) $ — $ — |
Schedule of Effective Income Tax Rate Reconciliation | A reconciliation of income tax expense to the amount computed by applying the statutory federal income tax rate to the loss from operations is summarized for the years ended December 31, 2020, 2019, and 2018, respectively, as follows: Years Ended December 31, 2020 2019 2018 U.S. Federal statutory income tax rate 21.0 % 21.0 % 21.0 % Permanent differences (0.8) % (0.3) % (0.2) % State taxes 1.7 % 3.8 % 3.0 % Executive compensation limitation (8.8) % (0.9) % (0.5) % Tax reform — % — % 0.1 % Stock-based compensation 3.9 % (1.2) % (2.6) % Rate adjustment (3.1) % — % — % Other 0.5 % 0.1 % 0.1 % Valuation allowance (14.9) % (22.7) % (21.2) % Total tax provision (0.5) % (0.2) % (0.3) % |
Quarterly Financial Data (Una_2
Quarterly Financial Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2020 | |
Quarterly Financial Data [Abstract] | |
Quarterly Financial Information | The following table sets forth selected quarterly financial data for the years ended December 31, 2020, 2019, and 2018 ( in thousands except per share data ): 2020 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 38,742 $ 40,086 $ 42,646 $ 50,080 Gross profit $ 16,152 $ 15,851 $ 16,543 $ 19,398 Loss from operations $ (5,005) $ (2,693) $ (1,266) $ (2,087) Net loss $ (7,008) $ (4,684) $ (3,228) $ (3,724) Net loss per share: Net loss per share—basic and diluted $ (0.12) $ (0.07) $ (0.05) $ (0.05) Weighted average number of shares outstanding—basic and diluted 60,666 66,528 71,103 71,781 2019 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 21,533 $ 18,374 $ 20,918 $ 27,196 Gross profit $ 5,863 $ 6,573 $ 7,050 $ 9,117 Loss from operations $ (10,910) $ (11,910) $ (10,288) $ (8,706) Net loss $ (12,080) $ (13,308) $ (11,675) $ (10,287) Net loss per share: Net loss per share—basic and diluted $ (0.21) $ (0.23) $ (0.20) $ (0.17) Weighted average number of shares outstanding—basic and diluted 56,581 57,171 57,718 58,915 2018 First Quarter Second Quarter Third Quarter Fourth Quarter Total revenue $ 20,645 $ 14,941 $ 15,795 $ 19,378 Gross profit $ 4,165 $ 4,414 $ 5,630 $ 5,272 Loss from operations $ (10,790) $ (15,802) $ (10,568) $ (10,612) Net loss $ (11,423) $ (16,521) $ (10,993) $ (11,563) Net loss per share: Net loss per share—basic and diluted $ (0.21) $ (0.30) $ (0.20) $ (0.21) Weighted average number of shares outstanding—basic and diluted 55,205 55,547 55,847 56,065 |
Nature of Operations and Summ_4
Nature of Operations and Summary of Significant Accounting Policies - Revenue disaggregation (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue | |||||||||||||||
Product revenue | $ 169,148 | $ 86,821 | $ 69,935 | ||||||||||||
License and other revenue | 2,406 | 1,200 | 824 | ||||||||||||
Total revenue | $ 50,080 | $ 42,646 | $ 40,086 | $ 38,742 | $ 27,196 | $ 20,918 | $ 18,374 | $ 21,533 | $ 19,378 | $ 15,795 | $ 14,941 | $ 20,645 | 171,554 | 88,021 | 70,759 |
ePlex Revenue | |||||||||||||||
Disaggregation of Revenue | |||||||||||||||
Product revenue | 152,578 | 59,799 | 37,601 | ||||||||||||
XT-8 Revenue | |||||||||||||||
Disaggregation of Revenue | |||||||||||||||
Product revenue | $ 16,570 | $ 27,022 | $ 32,334 |
Nature of Operations and Summ_5
Nature of Operations and Summary of Significant Accounting Policies - Receivables (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Accounts Receivable, Allowance for Credit Loss [Roll Forward] | |||
Beginning balance | $ 376 | $ 75 | $ 2,754 |
Provision for bad debt, net of recoveries | 17 | 338 | 23 |
Write off of uncollectible accounts | (21) | (37) | (2,702) |
Ending balance | $ 372 | $ 376 | $ 75 |
Nature of Operations and Summ_6
Nature of Operations and Summary of Significant Accounting Policies - Product Warranties (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 279 | $ 330 | $ 470 |
Provision | 1,508 | 1,275 | 1,355 |
Warranty expenses incurred | (1,551) | (1,326) | (1,495) |
Ending balance | $ 236 | $ 279 | $ 330 |
Nature of Operations and Summ_7
Nature of Operations and Summary of Significant Accounting Policies - Property and equipment (Details) | 12 Months Ended |
Dec. 31, 2020 | |
Machinery and laboratory equipment | Minimum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 3 years |
Machinery and laboratory equipment | Maximum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 5 years |
Instruments | Minimum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 4 years |
Instruments | Maximum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 7 years |
Office equipment | Minimum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 3 years |
Office equipment | Maximum | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | 7 years |
Leasehold improvements | |
Property and Equipment | |
Property, plant and equipment, estimated useful lives | Over the shorter of the remaining life of the lease or the useful economic life of the asset |
Nature of Operations and Summ_8
Nature of Operations and Summary of Significant Accounting Policies - Net Loss Per Common Share (Details) - shares shares in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from calculation | 4,016 | 5,161 | 5,434 |
Employee Stock Option | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from calculation | 843 | 2,037 | 2,440 |
Restricted Stock Awards | |||
Earnings Per Share, Diluted, by Common Class, Including Two Class Method [Line Items] | |||
Antidilutive securities excluded from calculation | 3,173 | 3,124 | 2,994 |
Nature of Operations and Summ_9
Nature of Operations and Summary of Significant Accounting Policies - Concentration Risk (Details) - customer | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Concentration Risk [Line Items] | |||
Number of customers | 0 | 2 | |
Revenue Benchmark | Customer Concentration Risk | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 10.00% | 14.00% | 16.00% |
Accounts Receivable | Customer Concentration Risk | Customer A | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 24.00% | ||
Accounts Receivable | Customer Concentration Risk | Customer B | |||
Concentration Risk [Line Items] | |||
Concentration risk, percentage | 11.00% |
Nature of Operations and Sum_10
Nature of Operations and Summary of Significant Accounting Policies - Additional information (Details Textual) $ in Thousands | 12 Months Ended | |||
Dec. 31, 2020USD ($)segment | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) | Dec. 31, 2017USD ($) | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | ||||
Prior period reclassification adjustment | $ 700 | $ 500 | ||
Accumulated deficit | $ (532,877) | (514,233) | ||
Cash, cash equivalents, and marketable securities | 128,200 | |||
Working capital | $ 128,800 | |||
Sufficient capital to fund its operations | one | |||
Number of reportable segments | segment | 1 | |||
Restricted cash | $ 1,646 | 758 | ||
Cash and cash equivalents | 40,572 | 44,360 | ||
Total cash, cash equivalents, and restricted cash | $ 42,218 | 45,118 | 37,044 | $ 27,512 |
Warranty coverage period, instruments | 1 year | |||
Warranty coverage period, consumable goods | 60 days | |||
Finite-lived intangible asset, useful life | 10 years | |||
Accrued royalties | $ 1,863 | 882 | ||
Deferred revenue | 508 | 323 | ||
Accrued interest | 507 | 437 | ||
Accrued warranties | 236 | 279 | ||
Other accrued liabilities | 2,136 | 811 | ||
Total other current liabilities | 5,250 | 2,732 | ||
Foreign currency translation adjustments, net of tax | $ 147 | $ 11 | $ 44 |
Inventories (Details)
Inventories (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Summary of inventory on hand | ||
Raw materials | $ 10,087 | $ 3,408 |
Work-in-process | 7,958 | 3,776 |
Finished goods | 3,278 | 4,117 |
Total inventories | $ 21,323 | $ 11,301 |
Intangible Assets, Net - Compon
Intangible Assets, Net - Components of gross and net intangible asset balances (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Finite-lived intangible assets | ||
Net carrying amount | $ 841 | |
Finite-lived intangible assets, remaining amortization period | 1 year 4 months 24 days | |
Amortization of intangible assets | $ 600 | $ 600 |
Intellectual Property | ||
Finite-lived intangible assets | ||
Gross carrying amount | 4,750 | 4,750 |
Accumulated amortization | (3,909) | (3,318) |
Net carrying amount | $ 841 | $ 1,432 |
Intangible Assets, Net - Future
Intangible Assets, Net - Future amortization expense (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Summary of estimated future amortization expense | |
2021 | $ 591 |
2022 | 250 |
Net carrying amount | $ 841 |
Property and Equipment, Net (De
Property and Equipment, Net (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Property and Equipment | ||
Property and equipment | $ 67,735 | $ 47,393 |
Less: accumulated depreciation | (29,373) | (26,974) |
Property and equipment, net | 38,362 | 20,419 |
Machinery and laboratory equipment | ||
Property and Equipment | ||
Property and equipment | 22,367 | 16,551 |
Instruments | ||
Property and Equipment | ||
Property and equipment | 13,686 | 16,796 |
Office equipment | ||
Property and Equipment | ||
Property and equipment | 2,402 | 2,150 |
Leasehold improvements | ||
Property and Equipment | ||
Property and equipment | $ 29,280 | $ 11,896 |
Property and Equipment, Net (Na
Property and Equipment, Net (Narrative) (Details) - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Property, Plant and Equipment [Abstract] | |||
Depreciation | $ 5.5 | $ 5.9 | $ 5.9 |
Property, plant and equipment, disposals | $ 0.5 | $ 0.5 | $ 0.5 |
Marketable Securities - Gross u
Marketable Securities - Gross unrealized gains/losses (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Marketable securities | ||
Amortized Cost | $ 87,570 | |
Gross Unrealized Gains | 15 | |
Gross Unrealized Losses | (3) | |
Estimated Fair Value | 87,582 | |
Due in one year or less | ||
Marketable securities | ||
Amortized Cost | $ 9,099 | |
Gross Unrealized Gains | 2 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 9,100 | |
Corporate notes and bonds, short-term | ||
Marketable securities | ||
Estimated Fair Value | 22,294 | 9,100 |
Corporate notes and bonds, short-term | Due in one year or less | ||
Marketable securities | ||
Amortized Cost | 22,294 | 9,099 |
Gross Unrealized Gains | 2 | 2 |
Gross Unrealized Losses | (2) | (1) |
Estimated Fair Value | 22,294 | $ 9,100 |
US Government Corporations and Agencies Securities | ||
Marketable securities | ||
Estimated Fair Value | 0 | |
US Government Corporations and Agencies Securities | Due in one year or less | ||
Marketable securities | ||
Amortized Cost | 14,496 | |
Gross Unrealized Gains | 5 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | 14,501 | |
International bonds | ||
Marketable securities | ||
Estimated Fair Value | 4,002 | |
International bonds | Due in one year or less | ||
Marketable securities | ||
Amortized Cost | 4,003 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (1) | |
Estimated Fair Value | 4,002 | |
Commercial Paper | ||
Marketable securities | ||
Estimated Fair Value | 46,785 | |
Commercial Paper | Due in one year or less | ||
Marketable securities | ||
Amortized Cost | 46,777 | |
Gross Unrealized Gains | 8 | |
Gross Unrealized Losses | 0 | |
Estimated Fair Value | $ 46,785 |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Fair value hierarchy (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Fair value, assets measured on a recurring basis | ||
Marketable securities | $ 87,582 | |
Total short-term assets at fair value | 107,659 | |
Total assets, fair value | 107,659 | $ 28,747 |
Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 9,100 | |
Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Total short-term assets at fair value | 20,077 | |
Total assets, fair value | 20,077 | 19,647 |
Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Total short-term assets at fair value | 87,582 | |
Total assets, fair value | 87,582 | 9,100 |
Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Total short-term assets at fair value | 0 | |
Total assets, fair value | 0 | 0 |
Money Market Funds | ||
Fair value, assets measured on a recurring basis | ||
Cash equivalents | 20,077 | 19,647 |
Money Market Funds | Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Cash equivalents | 20,077 | 19,647 |
Money Market Funds | Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Cash equivalents | 0 | 0 |
Money Market Funds | Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Cash equivalents | 0 | 0 |
Corporate notes and bonds, short-term | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 22,294 | 9,100 |
Corporate notes and bonds, short-term | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 22,294 | 9,100 |
Corporate notes and bonds, short-term | Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | 0 |
Corporate notes and bonds, short-term | Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 22,294 | 9,100 |
Corporate notes and bonds, short-term | Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | $ 0 |
US Government Corporations and Agencies Securities | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
US Government Corporations and Agencies Securities | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 14,501 | |
US Government Corporations and Agencies Securities | Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
US Government Corporations and Agencies Securities | Level 1 | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
US Government Corporations and Agencies Securities | Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
US Government Corporations and Agencies Securities | Level 2 | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 14,501 | |
US Government Corporations and Agencies Securities | Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
US Government Corporations and Agencies Securities | Level 3 | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
International bonds | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 4,002 | |
International bonds | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 4,002 | |
International bonds | Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
International bonds | Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 4,002 | |
International bonds | Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
Commercial Paper | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 46,785 | |
Commercial Paper | Due in one year or less | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 46,785 | |
Commercial Paper | Level 1 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 0 | |
Commercial Paper | Level 2 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | 46,785 | |
Commercial Paper | Level 3 | ||
Fair value, assets measured on a recurring basis | ||
Marketable securities | $ 0 |
Long-Term Debt - Term loans and
Long-Term Debt - Term loans and line of credit (Details) - USD ($) | 12 Months Ended | |||||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | Jul. 02, 2020 | Dec. 16, 2019 | Feb. 01, 2019 | |
Debt Instrument | ||||||
Final fee obligation | $ 4,865,000 | $ 4,165,000 | ||||
Unamortized issuance costs | (3,568,000) | (5,020,000) | ||||
Long-term debt | $ 71,297,000 | 69,145,000 | ||||
Term loans, debt facility, maximum borrowing capacity | $ 70,000,000 | |||||
Debt instrument, maturity date | Feb. 1, 2023 | |||||
Amortization of deferred debt issuance costs | $ 2,253,000 | 1,740,000 | $ 938,000 | |||
Letters of credit outstanding, amount | 1,600,000 | $ 800,000 | ||||
Restricted cash requirement | 42,000 | |||||
Restricted cash | $ 1,646,000 | 758,000 | ||||
Base Rate [Member] | ||||||
Debt Instrument | ||||||
Debt instrument, basis spread on variable rate | 2.51% | |||||
London Interbank Offered Rate (LIBOR) [Member] | ||||||
Debt Instrument | ||||||
Debt instrument, basis spread on variable rate | 5.90% | |||||
Term Loans | ||||||
Debt Instrument | ||||||
Amortization of deferred debt issuance costs | $ 2,300,000 | 1,700,000 | $ 900,000 | |||
Term Loan | ||||||
Debt Instrument | ||||||
Term Loan | 70,000,000 | 70,000,000 | ||||
Total debt, net | 70,000,000 | 70,000,000 | ||||
Total debt, net | ||||||
Debt Instrument | ||||||
Term Loan | 71,297,000 | 69,145,000 | ||||
Total debt, net | 71,297,000 | 69,145,000 | ||||
Current portion of long-term debt | 0 | 0 | ||||
Long-term debt | $ 71,297,000 | $ 69,145,000 | ||||
Tranche 1 Loan | ||||||
Debt Instrument | ||||||
Term loans, debt facility, maximum borrowing capacity | $ 50,000,000 | |||||
Debt instrument, interest only period end | Feb. 28, 2022 | |||||
Tranche 2 Loan | ||||||
Debt Instrument | ||||||
Term loans, debt facility, maximum borrowing capacity | $ 20,000,000 |
Commitments and Contingencies -
Commitments and Contingencies - Future minimum lease payments (Details) $ in Thousands | Dec. 31, 2020USD ($) |
Schedule of future minimum lease payments | |
2021 | $ 3,293 |
2022 | 3,509 |
2023 | 3,415 |
2024 | 2,902 |
2025 | 2,266 |
Thereafter | 9,491 |
Total | 24,876 |
Less: imputed interest | (9,034) |
Total operating lease liabilities | $ 15,842 |
Commitments and Contingencies_2
Commitments and Contingencies - Additional information (Details) ft² in Thousands, $ in Thousands | Jul. 02, 2020USD ($) | Dec. 31, 2020USD ($)ft²Rate | Dec. 31, 2019USD ($) | Dec. 31, 2018USD ($) |
Commitments and Contingencies Disclosure [Abstract] | ||||
Operating lease, square feet | ft² | 73 | |||
Operating lease, cost | $ 100 | |||
Operating lease, annual rent increase | 3.00% | |||
Letters of credit outstanding, amount | $ 800 | $ 1,600 | ||
Payments for (proceeds from) tenant allowance | $ 4,200 | |||
Lease, cost | 2,500 | $ 2,000 | $ 1,800 | |
Operating lease, right-of-use asset | 8,676 | 4,642 | ||
Operating lease, liability, current | 3,093 | 1,842 | ||
Operating lease, liability, noncurrent | $ 12,749 | $ 5,796 | ||
Operating lease, weighted average discount rate, percent | Rate | 11.40% | |||
Operating lease, weighted average remaining lease term | 7 years 10 months 24 days |
Stockholders' Equity (Details)
Stockholders' Equity (Details) - USD ($) $ / shares in Units, $ in Thousands | May 11, 2020 | May 06, 2020 | Dec. 31, 2020 | Aug. 05, 2020 |
Type of Issuance Cost [Line Items] | ||||
Issuance of common stock, net of offering costs (in shares) | 363,120 | |||
Shares issued, price per share (in dollars per share) | $ 9.65 | |||
Proceeds from issuance or sale of equity | $ 80,500 | |||
Payments of stock issuance costs | $ 67 | |||
Maximum atm offering amount | $ 35,000 | |||
Underwriters commission | 3.00% | |||
Weighted average price per share (in dollars per share) | $ 6.13 | |||
Gross proceeds from issuance of common stock | $ 2,200 | |||
Common stock available for future issuance | $ 19,700 | |||
Public Offering Shares Excluding Underwriters' Option | ||||
Type of Issuance Cost [Line Items] | ||||
Issuance of common stock, net of offering costs (in shares) | 7,253,886 | |||
Shares Attributable to Underwriters' Option | ||||
Type of Issuance Cost [Line Items] | ||||
Issuance of common stock, net of offering costs (in shares) | 1,088,082 | |||
Public Offering Shares, Including Underwriters' Option | ||||
Type of Issuance Cost [Line Items] | ||||
Issuance of common stock, net of offering costs (in shares) | 8,341,968 | |||
Issuance Costs Due To Underwriters | ||||
Type of Issuance Cost [Line Items] | ||||
Payments of stock issuance costs | $ 4,800 | |||
Issuance Costs Due to Additional Parties | ||||
Type of Issuance Cost [Line Items] | ||||
Payments of stock issuance costs | $ 200 |
Stock-Based Compensation - Stoc
Stock-Based Compensation - Stock Options Activity (Details) - 2010 Equity Incentive Plan - Employee Stock Option | 12 Months Ended |
Dec. 31, 2020$ / sharesshares | |
Stock Appreciation Rights Activity | |
Options, outstanding at December 31, 2019, weighted average exercise price | shares | 2,037,132 |
Options, exercised, shares | shares | (1,178,431) |
Options, cancelled, shares | shares | (15,444) |
Options, outstanding at December 31, 2020, shares | shares | 843,257 |
Options, vested and expected to vest, shares | shares | 843,257 |
Weighted Average Grant Date Fair Value | |
Options, outstanding at December 31, 2019, weighted average exercise price | $ / shares | $ 9.53 |
Options, exercised, weighted average exercise price | $ / shares | 8.08 |
Options, cancelled, weighted average exercise price | $ / shares | 12.07 |
Options, outstanding at December 31, 2020, weighted average exercise price | $ / shares | 11.50 |
Options, vested and expected to vest, weighted average exercise price | $ / shares | $ 11.50 |
Options, exercisable, shares | shares | 843,257 |
Options, exercisable, weighted average exercise price | $ / shares | $ 11.50 |
Stock-Based Compensation - Rest
Stock-Based Compensation - Restricted Stock Units (Details) - 2010 Equity Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Grant Date Fair Value | |||
Vested, weighted average grant date fair value | $ 6.23 | $ 4.59 | $ 4.20 |
Restricted Stock Units (RSUs) | |||
Stock Appreciation Rights Activity | |||
Outstanding at December 31, 2019, shares | 2,669,499 | ||
Granted, shares | 2,022,136 | ||
Vested, shares | (1,512,729) | ||
Cancelled, shares | (477,941) | ||
Outstanding at December 31, 2020, shares | 2,700,965 | 2,669,499 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, 2019, weighted average grant date fair value | $ 6.42 | ||
Granted, weighted average grant date fair value | 4.73 | ||
Vested, weighted average grant date fair value | 6.48 | ||
Cancelled, weighted average grant date fair value | 5.75 | ||
Outstanding at December 31, 2020, weighted average grant date fair value | $ 5.24 | $ 6.42 |
Stock-Based Compensation - Mark
Stock-Based Compensation - Market-Based Stock Unit Activity (Details) - 2010 Equity Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Weighted Average Grant Date Fair Value | |||
Vested, weighted average grant date fair value | $ 6.23 | $ 4.59 | $ 4.20 |
Market-based share unit | |||
Stock Appreciation Rights Activity | |||
Outstanding at December 31, 2019, shares | 454,229 | ||
Granted, shares | 321,250 | ||
Vested, shares | (189,167) | ||
Cancelled, shares | (114,466) | ||
Outstanding at December 31, 2020, shares | 471,846 | 454,229 | |
Weighted Average Grant Date Fair Value | |||
Outstanding at December 31, 2019, weighted average grant date fair value | $ 9.40 | ||
Granted, weighted average grant date fair value | 4.39 | $ 10.22 | $ 7.19 |
Vested, weighted average grant date fair value | 9.32 | ||
Cancelled, weighted average grant date fair value | 8.53 | ||
Outstanding at December 31, 2020, weighted average grant date fair value | $ 6.32 | $ 9.40 |
Stock-Based Compensation - Valu
Stock-Based Compensation - Valuation Assumptions (Details) - Market-based share unit - 2010 Equity Incentive Plan - $ / shares | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 62.00% | 64.00% | 65.00% |
Risk-free interest rate | 1.16% | 2.50% | 2.40% |
Expected dividend | 0.00% | 0.00% | 0.00% |
Weighted average fair value | $ 4.39 | $ 10.22 | $ 7.19 |
Stock-Based Compensation - Empl
Stock-Based Compensation - Employee Stock Purchase Plan (Details) - USD ($) $ / shares in Units, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Employee purchases | $ 1,068 | $ 962 | $ 1,061 |
2010 Equity Incentive Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Shares issued | 171,580 | 209,577 | 252,623 |
Weighted average fair value of shares issued | $ 6.23 | $ 4.59 | $ 4.20 |
Employee purchases | $ 1,068 | $ 962 | $ 1,061 |
2013 Employee Stock Purchase Plan | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected life | 6 months | 6 months | 6 months |
Expected dividend | 0.00% | 0.00% | 0.00% |
2013 Employee Stock Purchase Plan | Minimum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 77.60% | 40.00% | 54.00% |
Risk-free interest rate | 0.10% | 1.60% | 2.10% |
2013 Employee Stock Purchase Plan | Maximum | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expected volatility | 122.10% | 50.00% | 73.00% |
Risk-free interest rate | 0.20% | 2.30% | 2.60% |
Stock-Based Compensation - Expe
Stock-Based Compensation - Expense recognition (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Total stock-based compensation expense | $ 12,796 | $ 12,046 | $ 11,697 |
2010 Equity Incentive Plan | Cost of revenue | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 830 | 953 | 871 |
2010 Equity Incentive Plan | Sales and marketing | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 2,610 | 3,014 | 5,549 |
2010 Equity Incentive Plan | General and administrative | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | 7,190 | 6,335 | 2,807 |
2010 Equity Incentive Plan | Research and development | |||
Share-based Compensation Arrangement by Share-based Payment Award, Compensation Cost [Line Items] | |||
Allocated share-based compensation expense | $ 2,166 | $ 1,744 | $ 2,470 |
Stock-Based Compensation - Narr
Stock-Based Compensation - Narrative (Details) - USD ($) | 12 Months Ended | |||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | May 22, 2013 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Stock-based compensation | $ 12,796,000 | $ 12,046,000 | $ 11,697,000 | |
Number of shares available for grant | 4,569,567 | |||
Options, outstanding, intrinsic value | $ 4,800,000 | 100,000 | 7,000 | |
Equity award other than options, vested in period, fair value | $ 1,000,000 | 800,000 | 600,000 | |
2010 Equity Incentive Plan | Market-based share unit | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 3 years | |||
Nonvested award, compensation cost not yet recognized | $ 900,000 | |||
Nonvested award, compensation cost not yet recognized, weighted average period for recognition | 1 year 6 months | |||
Maximum msu payout percentage | 200.00% | |||
2010 Equity Incentive Plan | Restricted Stock Units (RSUs) | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Nonvested award, compensation cost not yet recognized | $ 10,600,000 | |||
Nonvested award, compensation cost not yet recognized, weighted average period for recognition | 2 years | |||
Equity award other than options, vested in period, fair value | $ 15,100,000 | $ 8,700,000 | $ 5,400,000 | |
2010 Equity Incentive Plan | Restricted Stock Units (RSUs) | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 1 year | |||
2010 Equity Incentive Plan | Restricted Stock Units (RSUs) | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
2010 Equity Incentive Plan | Employee Stock Option | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Award vesting period | 4 years | |||
Award expiration period | 10 years | |||
Options, outstanding at December 31, 2020, weighted average exercise price | 843,257 | 2,037,132 | ||
Options, outstanding, weighted average remaining contractual term | 3 years 4 months 24 days | |||
Options, outstanding, intrinsic value | $ 2,600,000 | |||
2013 Employee Stock Purchase Plan | Employee stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares available for grant | 559,336 | |||
Number of shares authorized | 650,000 | |||
Discount from market price, offering date | 85.00% | |||
Maximum employee subscription rate | 10.00% | |||
Maximum number of shares per employee | 1,500 | |||
2013 Employee Stock Purchase Plan | Employee stock | Minimum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Offering period | 6 months | |||
2013 Employee Stock Purchase Plan | Employee stock | Maximum | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Offering period | 27 months | |||
2013 Employee Stock Purchase Plan Amended and Restated | Employee stock | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Number of shares authorized | 1,750,000 |
Income Taxes - Jurisdiction (De
Income Taxes - Jurisdiction (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
Domestic | $ (19,045) | $ (47,807) | $ (50,938) |
Foreign | 482 | 521 | 577 |
Loss before income taxes | $ (18,563) | $ (47,286) | $ (50,361) |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Current expense | |||
U.S. Federal | $ 0 | $ 27 | $ 4 |
State | 16 | 29 | 43 |
Foreign | 67 | 11 | 99 |
Total current expense | 83 | 67 | 146 |
Deferred benefit | |||
U.S. Federal | (2) | (2) | (5) |
State | 0 | (1) | (2) |
Total deferred benefit | (2) | (3) | (7) |
Provision for income taxes | $ 81 | $ 64 | $ 139 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes (Details) - USD ($) $ in Thousands | Dec. 31, 2020 | Dec. 31, 2019 |
Deferred income tax assets: | ||
NOL and credit carryforwards | $ 83,903 | $ 84,362 |
Compensation accruals | 4,589 | 4,669 |
Accruals and reserves | 1,523 | 764 |
Operating lease liability | 3,746 | 1,906 |
State tax provision | 4 | 6 |
Inventory adjustments | 1,722 | 881 |
Intangible assets | 710 | 542 |
Other | 2,386 | 2,031 |
Gross deferred tax assets | 98,583 | 95,161 |
Less: valuation allowance | (95,495) | (92,717) |
Total deferred tax assets | 3,088 | 2,444 |
Deferred income tax liabilities: | ||
Depreciation | 677 | 951 |
Contract acquisition costs | 359 | 334 |
Operating lease right-of-use assets | 2,052 | 1,159 |
Total deferred tax liabilities | 3,088 | 2,444 |
Net deferred tax assets (liabilities) | $ 0 | $ 0 |
Income Taxes - Reconciliation (
Income Taxes - Reconciliation (Details) | 12 Months Ended | ||
Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Income Tax Disclosure [Abstract] | |||
U.S. Federal statutory income tax rate | 21.00% | 21.00% | 21.00% |
Permanent differences | (0.80%) | (0.30%) | (0.20%) |
State taxes | 1.70% | 3.80% | 3.00% |
Executive compensation limitation | (8.80%) | (0.90%) | (0.50%) |
Tax reform | 0.00% | 0.00% | 0.10% |
Stock-based compensation | 3.90% | (1.20%) | (2.60%) |
Rate adjustment | (3.10%) | 0.00% | 0.00% |
Other | 0.50% | 0.10% | 0.10% |
Valuation allowance | (14.90%) | (22.70%) | (21.20%) |
Total tax provision | (0.50%) | (0.20%) | (0.30%) |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2020 | Dec. 31, 2019 | |
Operating Loss Carryforwards [Line Items] | ||
Less: valuation allowance | $ 95,495 | $ 92,717 |
Probability of realization of income tax upon settlement | 50.00% | |
State and Local Jurisdiction | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 243,700 | |
Pre-2018 NOL | Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | 264,000 | |
Post-2018 NOL | Domestic Tax Authority | ||
Operating Loss Carryforwards [Line Items] | ||
Operating loss carryforwards | $ 77,800 |
Quarterly Financial Data (Una_3
Quarterly Financial Data (Unaudited) (Details) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||||||
Dec. 31, 2020 | Sep. 30, 2020 | Jun. 30, 2020 | Mar. 31, 2020 | Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2020 | Dec. 31, 2019 | Dec. 31, 2018 | |
Quarterly Financial Data [Abstract] | |||||||||||||||
Total revenue | $ 50,080 | $ 42,646 | $ 40,086 | $ 38,742 | $ 27,196 | $ 20,918 | $ 18,374 | $ 21,533 | $ 19,378 | $ 15,795 | $ 14,941 | $ 20,645 | $ 171,554 | $ 88,021 | $ 70,759 |
Gross profit | 19,398 | 16,543 | 15,851 | 16,152 | 9,117 | 7,050 | 6,573 | 5,863 | 5,272 | 5,630 | 4,414 | 4,165 | 67,944 | 28,603 | 19,481 |
Loss from operations | (2,087) | (1,266) | (2,693) | (5,005) | (8,706) | (10,288) | (11,910) | (10,910) | (10,612) | (10,568) | (15,802) | (10,790) | (11,051) | (41,814) | (47,772) |
Net loss | $ (3,724) | $ (3,228) | $ (4,684) | $ (7,008) | $ (10,287) | $ (11,675) | $ (13,308) | $ (12,080) | $ (11,563) | $ (10,993) | $ (16,521) | $ (11,423) | $ (18,644) | $ (47,350) | $ (50,500) |
Net loss per share—basic and diluted | $ (0.05) | $ (0.05) | $ (0.07) | $ (0.12) | $ (0.17) | $ (0.20) | $ (0.23) | $ (0.21) | $ (0.21) | $ (0.20) | $ (0.30) | $ (0.21) | $ (0.28) | $ (0.82) | $ (0.91) |
Weighted average number of shares outstanding—basic and diluted | 71,781 | 71,103 | 66,528 | 60,666 | 58,915 | 57,718 | 57,171 | 56,581 | 56,065 | 55,847 | 55,547 | 55,205 | 67,541 | 57,603 | 55,669 |