Oxford Immunotec Global 10-Q 6 May 15 2015 Q1 Quarterly report Financial data

Document_And_Entity_Informatio

Document And Entity Information	3 Months Ended
	Mar. 31, 2015	Apr. 30, 2015
Entity Registrant Name	Oxford Immunotec Global PLC
Entity Central Index Key	1586049
Current Fiscal Year End Date	-19
Entity Filer Category	Accelerated Filer
Entity Current Reporting Status	Yes
Entity Voluntary Filers	No
Entity Well-known Seasoned Issuer	No
Entity Common Stock, Shares Outstanding (in shares)		22,513,782
Document Type	10-Q
Document Period End Date	31-Mar-15
Document Fiscal Year Focus	2015
Document Fiscal Period Focus	Q1
Amendment Flag	FALSE

Condensed_Consolidated_Balance

Condensed Consolidated Balance Sheets (Unaudited) (USD $)	Mar. 31, 2015	Dec. 31, 2014	Mar. 31, 2014
In Thousands, unless otherwise specified
Current assets:
Cash and cash equivalents	$94,027	$50,165	$67,630
Restricted cash		200
Accounts receivable, net	7,234	6,823
Inventory	5,757	6,425
Prepaid expenses and other assets	4,398	2,755
Total current assets	111,416	66,368
Restricted cash, non-current	192	192
Property and equipment, net	5,123	4,537
In-process research and development	2,128	2,399
Goodwill	44	50
Other intangible assets, net	250	273
Other assets	24	30
Total assets	119,177	73,849
Current liabilities:
Accounts payable	2,695	2,368
Accrued liabilities	4,622	7,070
Deferred income	1,886	1,993
Current portion of loans payable	131	137
Total current liabilities	9,334	11,568
Long-term portion of loans payable	418	454
Contingent purchase price consideration	1,126	1,218
Total liabilities	10,878	13,240
Commitments and contingencies (Note 2)
Shareholders’ equity:
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at March 31, 2015 and December 31, 2014, and 22,513,782 and 17,614,650 shares issued and outstanding at March 31, 2015 and December 31, 2014, respectively	242	192
Additional paid-in capital	241,416	186,816
Accumulated deficit	-128,140	-121,829
Accumulated other comprehensive loss	-5,219	-4,570
Total shareholders’ equity	108,299	60,609
Total liabilities and shareholders’ equity	$119,177	$73,849

Condensed_Consolidated_Balance1

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (GBP £)	Mar. 31, 2015	Jan. 29, 2015	Dec. 31, 2014
Ordinary shares, nominal value (in Great Britain Pound Sterling per share)	£ 0.006705	£ 0.006705	£ 0.006705
Ordinary shares, shares authorized (in shares)	36,183,293		36,183,293
Ordinary shares, shares issued (in shares)	22,513,782		17,614,650
Ordinary shares, shares outstanding (in shares)	22,513,782		17,614,650

Condensed_Consolidated_Stateme

Condensed Consolidated Statements of Operations (Unaudited) (USD $)	3 Months Ended
In Thousands, except Share data, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Revenue:
Product	$7,122	$6,825
Service	6,679	5,449
Total revenue	13,801	12,274
Cost of revenue:
Product	3,070	3,041
Service	3,585	2,971
Total cost of revenue	6,655	6,012
Gross profit	7,146	6,262
Operating expenses:
Research and development	2,359	724
Sales and marketing	7,441	4,565
General and administrative	3,867	3,912
Total operating expenses	13,667	9,201
Loss from operations	-6,521	-2,939
Other income (expense):
Interest expense, net	-15	-35
Foreign exchange gains (losses)	165	-145
Other income (expense)	107	-2
Loss before income taxes	-6,264	-3,121
Income tax expense	47	32
Net loss	($6,311)	($3,153)
Net loss per share attributable to ordinary shareholders—basic and diluted (in dollars per share)	($0.31)	($0.18)
Weighted-average shares used to compute net loss attributable to ordinary shareholders—basic and diluted (in shares)	20,331,411	17,264,135

Condensed_Consolidated_Stateme1

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Net loss	($6,311)	($3,153)
Other comprehensive (loss) income, net of taxes:
Foreign currency translation adjustment, net of taxes	-649	618
Other comprehensive (loss) income, net of taxes	-649	618
Total comprehensive loss	($6,960)	($2,535)

Condensed_Consolidated_Stateme2

Condensed Consolidated Statements of Cash Flows (Unaudited) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Cash flows from operating activities
Net loss	($6,311)	($3,153)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	453	351
Share-based compensation expense	875	265
Change in fair value of contingent purchase price consideration	47
Loss on change in fair value of warrants		10
Changes in operating assets and liabilities:
Accounts receivable, net	-627	-3,828
Inventory	457	-512
Prepaid expenses and other assets	-1,733	-1,605
Accounts payable	480	2,282
Accrued liabilities	-2,298	-3,240
Deferred income	-11	955
Net cash used in operating activities	-8,668	-8,475
Cash flows from investing activities
Purchases of property and equipment	-1,208	-581
Purchases of intangible assets		-17
Decrease in restricted cash	200	57
Net cash used in investing activities	-1,008	-541
Cash flows from financing activities
Proceeds from issuance of ordinary shares	53,770
Proceeds from exercise of share options and warrants	4	1
Payments on loan	-42	-42
Net cash provided by (used in) financing activities	53,732	-41
Effect of exchange rate changes on cash and cash equivalents	-194	193
Net increase (decrease) in cash and cash equivalents, excluding restricted cash	43,862	-8,864
Cash and cash equivalents at beginning of period	50,165	76,494
Cash and cash equivalents at end of period	$94,027	$67,630

Note_1_Business_and_Basis_of_P

Note 1 - Business and Basis of Presentation	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Basis of Presentation and Significant Accounting Policies [Text Block]	1	Business and basis of presentation
	Description of business
	Oxford Immunotec Global PLC (the “Company”), is a global, commercial-stage diagnostics company focused on developing and commercializing proprietary tests for the management of immune-regulated conditions. The Company’s proprietary T-SPOT
	®
	technology platform allows it to measure the responses of specific immune cells to inform the diagnosis, prognosis and monitoring of patients with immune-regulated conditions. Substantially all of the Company’s revenue is currently derived from the sale of its T-SPOT.
	TB
	test, which is sold in two formats: an
	in vitro
	diagnostic kit format (allowing customers to perform the test at their own institutions), and a service format (in which the Company performs the test on samples sent by customers to the Company’s own laboratory facilities). The Company markets its T-SPOT.
	TB
	test through a direct sales force in the United States, certain European countries, and Japan. The Company markets its test through distributors in other parts of the world.
	During the first quarter of 2015, the Company announced the availability in the United States of a new test that measures the strength of a patient's cellular immune response to cytomegalovirus, or CMV, infection. CMV can affect individuals with weaknesses in their T cell response and is therefore an important and common cause of morbidity and mortality in solid organ and hematopoietic stem cell transplant recipients. This T-SPOT.
	CMV
	test is available as a Laboratory Developed Test from the Company's Clinical Laboratory Improvements Amendment, or CLIA, certified and College of American Pathologists, or CAP, accredited service laboratory.
	Unaudited Interim Financial Statements
	The accompanying unaudited condensed consolidated financial statements have been prepared in accordance with generally accepted accounting principles for interim financial information and with the instructions to Form 10-Q and Article 10 of Regulation S-X. Accordingly, they do not include all of the information and footnotes required by generally accepted accounting principles for complete financial statements. In the opinion of management, the interim consolidated financial statements reflect all adjustments of a normal recurring nature necessary for a fair statement of the financial position at March 31, 2015, the results of operations for the three-month periods ended March 31, 2015 and 2014, and the cash flows for the three-month periods ended March 31, 2015 and 2014. Interim results are not necessarily indicative of results for a full year.
	The consolidated balance sheet presented as of December 31, 2014, has been derived from the audited consolidated financial statements as of that date. The consolidated financial statements and notes included in this report should be read in conjunction with the 2014 consolidated financial statements and notes included in the Company’s Annual Report on Form 10-K, as filed with the Securities and Exchange Commission on March 5, 2015 (the “Company’s 2014 Form 10-K”).
	Note 1 to the consolidated financial statements included in the Company’s 2014 Form 10-K describes the significant accounting estimates and policies used in preparation of the consolidated financial statements. There have been no material changes in the Company’s significant accounting policies during the three months ended March 31, 2015.
	Recent accounting pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update, or ASU, 2014-09,
	Revenue from Contracts with Customers
	, or ASU 2014-09 which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Under ASU 2014-09, a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The guidance allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating ASU 2014-09 and has not yet determined how it may impact the Company’s financial position or results of operations and related disclosures.
	In August 2014, the FASB issued ASU 2014-15,
	Presentation of Financial Statements - Going Concern
	, or ASU 2014-15.
	ASU 2014-15 will be effective for fiscal years and interim periods beginning after December 15, 2016 and early application is permitted. ASU 2014-15 requires that management evaluate at each annual and interim reporting period whether there is a substantial doubt about an entity’s ability to continue as a going concern within one year of the date that the financial statements are issued. The Company does not expect that the application of ASU 2014-15 will have an impact on the presentation of its results of operations, financial position or disclosures.
	In November 2014, the FASB issued ASU 2014-16,
	Derivatives and Hedging
	, or ASU 2014-16.
	The objective of ASU 2014-16 is to eliminate the existing diversity in practice in accounting for hybrid financial instruments issued in the form of a share. A hybrid financial instrument consists of a “host contract” into which one or more derivative terms have been embedded. ASU 2014-16 requires an entity to consider the terms and features of the entire financial instrument, including the embedded derivative features, in order to determine whether the nature of the host contract is more akin to debt or to equity. ASU 2014-16 is effective for fiscal years and interim periods beginning after December 15,
	2015, with early adoption permitted. A reporting entity should apply ASU 2014-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption. Retrospective application is permitted to all relevant prior periods. The adoption of ASU 2014-16 on January 1, 2015 had no impact on the Company’s presentation of its results of operations, financial position or disclosures.
	In January 2015, the FASB issued ASU 2015-01,
	Income Statement—Extraordinary and Unusual Items
	, or ASU 2015-01. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2015-01 on January 1, 2015 had no impact on the Company’s presentation of its results of operations, financial position or disclosures.
	Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies that become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We irrevocably elected not to avail ourselves of this exemption from new or revised accounting standards and, therefore, we are subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Note_2_Fair_Value_Measurement

Note 2 - Fair Value Measurement	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Fair Value Disclosures [Text Block]	2	Fair value measurement
	.
	As a basis for determining the fair value of certain of the Company’s financial instruments, the Company utilizes a three-tier value hierarchy, which prioritizes the inputs used in measuring fair value as follows:
	Level I—Observable inputs such as quoted prices in active markets for identical assets or liabilities.
	Level II—Observable inputs, other than Level I prices, 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 III—Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities.
	This hierarchy requires the Company to use observable market data, when available, and to minimize the use of unobservable inputs when determining fair value. The carrying amount of certain of the Company’s financial instruments, including cash, accounts receivable, prepaid expenses and other assets, accounts payable, and accrued liabilities approximate fair value due to their short maturities.
	Assets and liabilities measured at fair value are classified in their entirety based on the lowest level of input that is significant to the fair value measurement. The Company’s assessment of the significance of a particular input to the entire fair value measurement requires management to make judgments and consider factors specific to the asset or liability.
	The following tables present information about the balances of liabilities measured at fair value on a recurring basis and indicates the fair value hierarchy of the valuation techniques it utilized to determine such fair value. In general, fair values determined by Level 1 inputs utilize quoted prices (unadjusted) in active markets for identical assets or liabilities. Fair values determined by Level 2 inputs utilize data points that are observable such as quoted prices, interest rates, and yield curves. Fair values determined by Level 3 inputs are unobservable data points for the asset or liability, and include situations where there is little, if any, market activity for the asset or liability. The Company did not have any financial assets measured at fair value on a recurring basis.
						Fair
						v
						alue
						m
						easurements
						at
						March 31, 2015 us
						ing
	(in thousands)		31-Mar-15			Quoted		Significant		Significant
						p		o		u
						rices		ther		nobservable
						in		o		i
						a		bservable		nputs
						ctive		i		(Level 3)
						m		nputs
						arkets		(Level 2)
						f
						or
						i
						dentical
						a
						ssets
						(Level
						1)
	Liabilities:
	Contingent purchase price consideration		$	1,126		$	—	$	—	$	1,126
	Total		$	1,126		$	—	$	—	$	1,126
						Fair
						v
						alue
						m
						easurements
						at
						December 31, 2014 us
						ing
	(in thousands)		31-Dec-14			Quoted		Significant		Significant
						p		o		u
						rices		ther		nobservable
						in		o		i
						a		bservable		nputs
						ctive		i		(Level 3)
						m		nputs
						arkets		(Level 2)
						f
						or
						i
						dentical
						a
						ssets
						(Level
						1)
	Liabilities:
	Contingent purchase price consideration		$	1,218		$	—	$	—	$	1,218
	Total		$	1,218		$	—	$	—	$	1,218
	On July 31, 2014, the Company acquired substantially all of the assets of Boulder Diagnostics, Inc., or Boulder, a privately owned company developing immunology-based assays for autoimmune and inflammatory conditions/diseases. The terms of the purchase agreement included contingent purchase price consideration consisting of future potential milestone payments totaling up to $6.1 million at any time on or prior to July 31, 2024. The milestone payments consist of completion of studies related to acquired technologies, development of diagnostic test kits, patient enrollment in an Institutional Review Board approved study, issuance of patents, and approvals or clearances by the U.S. Food and Drug Administration, or FDA. The fair value of future potential milestone payments was determined based upon a probability weighted analysis of expected future milestone payments to be made to the seller, which are considered as Level 3 inputs.
The following table provides a summary of changes in the fair value of the Company's Level 3 financial liabilities for the three-month period ended March 31, 2015 (in thousands):
Balance – beginning		$	1,218
Change in fair value of contingent purchase price consideration			47
Foreign currency adjustment			(139	)
Balance – ending		$	1,126

Note_3_Accounts_Receivable_Net

Note 3 - Accounts Receivable, Net	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Financing Receivables [Text Block]	3	Accounts receivable, net
	Accounts receivable, net, consisted of the following as of:
	(in thousands)		March 31,			December 31,
			201			201
			5			4
	Accounts receivable		$	7,470		$	6,937
	Less allowance for uncollectible accounts receivable			(236	)		(114	)
	Accounts receivable, net		$	7,234		$	6,823

Note_4_Inventory

Note 4 - Inventory	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	4	Inventory
	.
	Inventory consisted of the following as of:
	(in thousands)		March 31,		December 31,
			201		201
			5		4
	Raw materials		$	3,150	$	3,605
	Finished goods			2,607		2,820
	Inventory, net		$	5,757	$	6,425

Note_5_Accrued_Liabilities

Note 5 - Accrued Liabilities	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Accounts Payable and Accrued Liabilities Disclosure [Text Block]	5	Accrued
	.	liabilities
	Accrued liabilities consisted of the following as of:
	(in thousands)		March 31,		December 31,
			201		201
			5		4
	Employee related expenses		$	2,878	$	3,348
	Royalties			429		2,458
	Inventory			298		88
	Professional services			252		323
	Rent			61		196
	Other accrued liabilities			704		657
	Total accrued liabilities		$	4,622	$	7,070

Note_6_Share_Option_and_Equity

Note 6 - Share Option and Equity Incentive Plan	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]
	6	Share option and equity incentive plan
	.
	Expense recognized related to share-based compensation was as follows:
			Three
			m
			onths
			e
			nded
			31-Mar
			,
	(in thousands)		201		201
			5		4
	Cost of revenue		$	117	$	11
	Research and development			54		6
	Sales and marketing			317		89
	General and administrative			387		159
	Total share-based compensation		$	875	$	265
	In November 2013, in connection with the Company’s initial public offering, the Company adopted the 2013 Share Incentive Plan (the “2013 Plan”), which provides for the grant of share options, restricted shares, RSUs and other share-based awards to employees, officers, directors and consultants of the Company.
	During the three-month period ended March 31, 2015, the Company granted to certain employees 406,531 share options with exercise prices ranging from $14.21 to $14.61 per share under the 2013 Plan. The weighted-average grant date fair value related to share options granted under the 2013 Plan during the three-month period ended March 31, 2015 was $6.55 per share. Share options generally vest based on the grantee’s continued service with the Company during a specified period following the vesting start date or, in rare instances, based on the achievement of performance or other conditions as determined by the Board of Directors, and expire after ten years.
	During the three months ended March 31, 2015, the Company awarded an employee 27,378 restricted share units with a grant date fair value equal to $14.61 per share under the 2013 Plan. The restricted shares vest based on the grantee’s continued service with the Company during a specified period following grant as follows: 40% on the second anniversary of the grant date; 30% on the third anniversary of the grant date; and 30% on the fourth anniversary of the grant date. Share-based compensation expense for these restricted shares is calculated based on the grant date market price of the shares and is being recognized over the vesting period.
	For the three-month period ended March 31, 2015, the Company incurred shared-based compensation expense related to share options and restricted shares/restricted share units of $585,000 and $290,000, respectively. For the three-month period ended March 31, 2014, the Company incurred shared-based compensation expense related to share options and restricted shares of $177,000 and $88,000, respectively.
	As of March 31, 2015, there was $6.6 million and $5.0 million of total unrecognized compensation cost related to unvested share options and restricted shares, respectively. These costs are expected to be recognized over weighted-average periods of 2.9 years for share options and 3.0 years for restricted shares.

Note_7_Share_Capital

Note 7 - Share Capital	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7	Share capital
	On January 29, 2015, the Company entered into an underwriting agreement (the “Underwriting Agreement”) with J.P. Morgan Securities LLC and Piper Jaffray & Co., as representatives of the several underwriters named therein (collectively, the “Underwriters”), relating to the public offering (the “Offering”) of 4,255,319 ordinary shares, nominal value £0.006705 (the “Shares”), at an offering price to the public of $11.75 per Share (the “Offering Price”). The Underwriters agreed to purchase the Shares from the Company pursuant to the Underwriting Agreement at a price of $11.045 per share. Under the terms of the Underwriting Agreement, the Company granted the Underwriters a 30-day option to purchase up to an additional 638,297 Shares (the “Option Shares”) at the Offering Price, less underwriting discounts and commissions. On January 30, 2015, the Underwriters exercised their option to purchase the Option Shares in full. The gross proceeds to the Company from the sale of the Shares and the Option Shares were approximately $57.5 million and the Company received net proceeds of approximately $53.8 million after deducting underwriting discounts and commissions and estimated aggregate offering expenses payable by the Company. The Offering closed on February 4, 2015.
	During the first three months of 2015, 5,516 ordinary shares were issued upon the exercise of options. As of March 31, 2015, there were 36,183,293 ordinary shares authorized and 22,513,782 ordinary shares issued and outstanding.

Note_8_Restructuring

Note 8 - Restructuring	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Restructuring and Related Activities Disclosure [Text Block]	8	Restructuring
	During the fourth quarter of 2014, the Company closed the facilities that had been used by Boulder, terminated four employees, and consolidated the research and development activities that had been performed at those locations to the Company’s Abingdon, U.K. and Memphis, Tennessee facilities. As a result of these actions, the Company recorded a fourth quarter 2014 restructuring charge of $182,000 in research and development expense.
	The following table provides a rollforward of the liability balance for these restructuring actions.
	(in thousands)		Abandonment			Relocation			Severance			Total
			of Excess			Costs
			Facilities
	Balance at December 31, 2014		$	42		$	28		$	—		$	70
	(Credit) charge for restructuring			—			(9	)		3			(6	)
	Payments			(42	)		(19	)		(3	)		(64	)
	Balance at March 31, 2015		$	—		$	—		$	—		$	—

Note_9_Net_Loss_Per_Share

Note 9 - Net Loss Per Share	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	9	Net loss per share
	.
	The following numbers of outstanding ordinary share options, ordinary share warrants and unvested restricted shares were excluded from the computation of diluted net loss per share for the periods presented because their effect would have been anti-dilutive:
			Three months ended
			31-Mar
			,
			201		201
			5		4
	Options to purchase ordinary shares			1,144,240		1,245,151
	Ordinary share warrant			—		15,791
	Unvested restricted shares			275,500		254,700
	Unvested restricted share units			27,378		—

Note_10_Subsequent_Events

Note 10 - Subsequent Events	3 Months Ended
	Mar. 31, 2015
Notes to Financial Statements
Subsequent Events [Text Block]	10	Subsequent events
	.
	In April 2015, the T-SPOT.
	CMV
	test received a CE Mark approval in Europe. This test measures the strength of a patient's cellular immune response to CMV.
	In April 2015, the Company entered into a First Amendment to Distributorship Agreement (the “Amendment”) with Fosun Long March Medical Science Co. Ltd. and Shanghai Xin Chang Medical Device Co. Ltd. (collectively the “Distributors”). The Amendment amends the Distributorship Agreement between the parties dated October 8, 2013, pursuant to which the Distributors purchase T-SPOT.
	TB
	test kits from the Company for distribution in China (the “Agreement”). In accordance with the terms of the Amendment, the Company will provide the Distributors with a certain quantity of T-SPOT.
	TB
	test kits at no charge for use in the Distributors’ discount programs, subject to the achievement by the Distributors of certain minimum purchase requirements.

Significant_Accounting_Policie

Significant Accounting Policies (Policies)	3 Months Ended
	Mar. 31, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements
	In May 2014, the Financial Accounting Standards Board (“FASB”), issued Accounting Standards Update, or ASU, 2014-09,
	Revenue from Contracts with Customers
	, or ASU 2014-09 which converges the FASB and the International Accounting Standards Board standard on revenue recognition. Under ASU 2014-09, a company should recognize revenue to depict the transfer of promised goods or services to customers in an amount that reflects the consideration to which the company expects to be entitled in exchange for those goods or services. This guidance will be effective for the Company for annual and interim periods beginning after December 15, 2016. Early adoption is not permitted. The guidance allows for either “full retrospective” adoption, meaning the standard is applied to all of the periods presented, or “modified retrospective” adoption, meaning the standard is applied only to the most current period presented in the financial statements. The Company is currently evaluating ASU 2014-09 and has not yet determined how it may impact the Company’s financial position or results of operations and related disclosures.
	In August 2014, the FASB issued ASU 2014-15,
	Presentation of Financial Statements - Going Concern
	, or ASU 2014-15.
	ASU 2014-15 will be effective for fiscal years and interim periods beginning after December 15, 2016 and early application is permitted. ASU 2014-15 requires that management evaluate at each annual and interim reporting period whether there is a substantial doubt about an entity’s ability to continue as a going concern within one year of the date that the financial statements are issued. The Company does not expect that the application of ASU 2014-15 will have an impact on the presentation of its results of operations, financial position or disclosures.
	In November 2014, the FASB issued ASU 2014-16,
	Derivatives and Hedging
	, or ASU 2014-16.
	The objective of ASU 2014-16 is to eliminate the existing diversity in practice in accounting for hybrid financial instruments issued in the form of a share. A hybrid financial instrument consists of a “host contract” into which one or more derivative terms have been embedded. ASU 2014-16 requires an entity to consider the terms and features of the entire financial instrument, including the embedded derivative features, in order to determine whether the nature of the host contract is more akin to debt or to equity. ASU 2014-16 is effective for fiscal years and interim periods beginning after December 15,
	2015, with early adoption permitted. A reporting entity should apply ASU 2014-16 using a modified retrospective approach by recording a cumulative-effect adjustment to equity as of the beginning of the annual period of adoption. Retrospective application is permitted to all relevant prior periods. The adoption of ASU 2014-16 on January 1, 2015 had no impact on the Company’s presentation of its results of operations, financial position or disclosures.
	In January 2015, the FASB issued ASU 2015-01,
	Income Statement—Extraordinary and Unusual Items
	, or ASU 2015-01. ASU 2015-01 eliminates from GAAP the concept of extraordinary items. However, the presentation and disclosure guidance for items that are unusual in nature or occur infrequently will be retained and will be expanded to include items that are both unusual in nature and infrequently occurring. The amendments in ASU 2015-01 are effective for fiscal years, and interim periods within those fiscal years, beginning after December 15, 2015. A reporting entity may apply the amendments prospectively. A reporting entity also may apply the amendments retrospectively to all prior periods presented in the financial statements. The adoption of ASU 2015-01 on January 1, 2015 had no impact on the Company’s presentation of its results of operations, financial position or disclosures.
	Under the U.S. Jumpstart our Business Startups Act, or the JOBS Act, emerging growth companies that become public can delay adopting new or revised accounting standards until such time as those standards apply to private companies. We irrevocably elected not to avail ourselves of this exemption from new or revised accounting standards and, therefore, we are subject to the same new or revised accounting standards as other public companies that are not emerging growth companies.

Note_2_Fair_Value_Measurement_

Note 2 - Fair Value Measurement (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]					Fair
					v
					alue
					m
					easurements
					at
					March 31, 2015 us
					ing
	(in thousands)	31-Mar-15			Quoted		Significant		Significant
					p		o		u
					rices		ther		nobservable
					in		o		i
					a		bservable		nputs
					ctive		i		(Level 3)
					m		nputs
					arkets		(Level 2)
					f
					or
					i
					dentical
					a
					ssets
					(Level
					1)
	Liabilities:
	Contingent purchase price consideration	$	1,126		$	—	$	—	$	1,126
	Total	$	1,126		$	—	$	—	$	1,126
					Fair
					v
					alue
					m
					easurements
					at
					December 31, 2014 us
					ing
	(in thousands)	31-Dec-14			Quoted		Significant		Significant
					p		o		u
					rices		ther		nobservable
					in		o		i
					a		bservable		nputs
					ctive		i		(Level 3)
					m		nputs
					arkets		(Level 2)
					f
					or
					i
					dentical
					a
					ssets
					(Level
					1)
	Liabilities:
	Contingent purchase price consideration	$	1,218		$	—	$	—	$	1,218
	Total	$	1,218		$	—	$	—	$	1,218
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	Balance – beginning	$	1,218
	Change in fair value of contingent purchase price consideration		47
	Foreign currency adjustment		(139	)
	Balance – ending	$	1,126

Note_3_Accounts_Receivable_Net1

Note 3 - Accounts Receivable, Net (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands)	March 31,			December 31,
		201			201
		5			4
	Accounts receivable	$	7,470		$	6,937
	Less allowance for uncollectible accounts receivable		(236	)		(114	)
	Accounts receivable, net	$	7,234		$	6,823

Note_4_Inventory_Tables

Note 4 - Inventory (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(in thousands)	March 31,		December 31,
		201		201
		5		4
	Raw materials	$	3,150	$	3,605
	Finished goods		2,607		2,820
	Inventory, net	$	5,757	$	6,425

Note_5_Accrued_Liabilities_Tab

Note 5 - Accrued Liabilities (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(in thousands)	March 31,		December 31,
		201		201
		5		4
	Employee related expenses	$	2,878	$	3,348
	Royalties		429		2,458
	Inventory		298		88
	Professional services		252		323
	Rent		61		196
	Other accrued liabilities		704		657
	Total accrued liabilities	$	4,622	$	7,070

Note_6_Share_Option_and_Equity1

Note 6 - Share Option and Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]		Three
		m
		onths
		e
		nded
		31-Mar
		,
	(in thousands)	201		201
		5		4
	Cost of revenue	$	117	$	11
	Research and development		54		6
	Sales and marketing		317		89
	General and administrative		387		159
	Total share-based compensation	$	875	$	265

Note_8_Restructuring_Tables

Note 8 - Restructuring (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	(in thousands)	Abandonment			Relocation			Severance			Total
		of Excess			Costs
		Facilities
	Balance at December 31, 2014	$	42		$	28		$	—		$	70
	(Credit) charge for restructuring		—			(9	)		3			(6	)
	Payments		(42	)		(19	)		(3	)		(64	)
	Balance at March 31, 2015	$	—		$	—		$	—		$	—

Note_9_Net_Loss_Per_Share_Tabl

Note 9 - Net Loss Per Share (Tables)	3 Months Ended
	Mar. 31, 2015
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]		Three months ended
		31-Mar
		,
		201		201
		5		4
	Options to purchase ordinary shares		1,144,240		1,245,151
	Ordinary share warrant		—		15,791
	Unvested restricted shares		275,500		254,700
	Unvested restricted share units		27,378		—

Note_2_Fair_Value_Measurement_1

Note 2 - Fair Value Measurement (Details Textual) (Boulder Diagnostics Inc [Member], Milestone Payments [Member], USD $)	Jul. 31, 2014
In Millions, unless otherwise specified
Boulder Diagnostics Inc [Member] | Milestone Payments [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$6.10

Note_2_Fair_Value_Measurement_2

Note 2 - Fair Value Measurement - Liabilities Measured at Fair Value on Recurring Basis (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Contingent purchase price consideration	$1,126	$1,218
Total	1,126	1,218
Fair Value, Inputs, Level 3 [Member]
Contingent purchase price consideration	1,126	1,218
Total	$1,126	$1,218

Note_2_Fair_Value_Measurement_3

Note 2 - Fair Value Measurement - Changes in the Fair Value of the Company's Level 3 Financial Liabilities (Details) (USD $)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015
Balance – beginning	$1,218
Foreign currency adjustment	-139
Balance – ending	1,126
Ordinary Share Warrants [Member]
Change in fair value of contingent purchase price consideration	$47

Note_3_Accounts_Receivable_Net2

Note 3 - Accounts Receivable, Net - Accounts Receivable, Net (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Accounts receivable	$7,470	$6,937
Less allowance for uncollectible accounts receivable	-236	-114
Accounts receivable, net	$7,234	$6,823

Note_4_Inventory_Inventory_Det

Note 4 - Inventory - Inventory (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Raw materials	$3,150	$3,605
Finished goods	2,607	2,820
Inventory, net	$5,757	$6,425

Note_5_Accrued_Liabilities_Acc

Note 5 - Accrued Liabilities - Accrued Liabilities (Details) (USD $)	Mar. 31, 2015	Dec. 31, 2014
In Thousands, unless otherwise specified
Employee related expenses	$2,878	$3,348
Royalties	429	2,458
Inventory	298	88
Professional services	252	323
Rent	61	196
Other accrued liabilities	704	657
Total accrued liabilities	$4,622	$7,070

Note_6_Share_Option_and_Equity2

Note 6 - Share Option and Equity Incentive Plan (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Allocated Share-based Compensation Expense	$875,000	$265,000
2013 Plan [Member] | Second Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	40.00%
2013 Plan [Member] | Third Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	30.00%
2013 Plan [Member] | Fourth Anniversary of Grant Date [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage	30.00%
2013 Plan [Member] | Restricted Stock [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	27,378
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$14.61
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	406,531
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$14.21
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	$14.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$6.55
Restricted Stock [Member]
Allocated Share-based Compensation Expense	290,000	88,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	5,000,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	3 years
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	585,000	177,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$6,600,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition	2 years 328 days

Note_6_Share_Option_and_Equity3

Note 6 - Share Option and Equity Incentive Plans - Expense Recognized During the Year Related to Share-based Compensation Transactions (Details) (USD $)	3 Months Ended
	Mar. 31, 2015	Mar. 31, 2014
Allocated Share-based Compensation Expense	$875,000	$265,000
Cost of Sales [Member]
Allocated Share-based Compensation Expense	117,000	11,000
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	54,000	6,000
Selling and Marketing Expense [Member]
Allocated Share-based Compensation Expense	317,000	89,000
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	$387,000	$159,000

Note_7_Share_Capital_Details_T

Note 7 - Share Capital (Details Textual)	0 Months Ended		3 Months Ended		0 Months Ended
	Jan. 29, 2015	Feb. 04, 2015	Mar. 31, 2015	Dec. 31, 2014	Jan. 29, 2015	Jan. 29, 2015
	GBP (£)	USD ($)	GBP (£)	GBP (£)	Private Placement [Member]	Underwriters [Member]
					USD ($)	USD ($)
Common Stock, Shares, Outstanding			22,513,782	17,614,650
Common Stock, Par or Stated Value Per Share	£ 0.006705		£ 0.006705	£ 0.006705
Stock Issued During Period, Shares, New Issues					4,255,319
Shares Issued, Price Per Share					$11.75	$11.04
Time Period for Underwriters to Exercise Share Grants from Date of Prospectus	30 days
Additional Shares Granted to Underwritten in Private Placement	638,297
Proceeds from Issuance of Private Placement, Gross		$57.50
Proceeds from Issuance of Private Placement		$53.80
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			5,516
Common Stock, Shares Authorized			36,183,293	36,183,293
Common Stock, Shares, Issued			22,513,782	17,614,650

Note_8_Restructuring_Details_T

Note 8 - Restructuring (Details Textual) (USD $)	3 Months Ended
	Mar. 31, 2015	Dec. 31, 2014
Restructuring Charges	($6,000)
Boulder Diagnostics Inc [Member]
Restructuring and Related Cost, Number of Positions Eliminated		4
Research and Development Expense [Member]
Restructuring Charges		182,000

Note_8_Restructuring_Accrued_R

Note 8 - Restructuring - Accrued Restructuring Costs (Details) (USD $)	3 Months Ended
	Mar. 31, 2015
Balance at December 31, 2014	$70,000
(Credit) charge for restructuring	-6,000
Payments	-64,000
Balance at March 31, 2015	0
Facility Closing [Member]
Balance at December 31, 2014	42,000
(Credit) charge for restructuring	0
Payments	-42,000
Balance at March 31, 2015	0
Employee Relocation [Member]
Balance at December 31, 2014	28,000
(Credit) charge for restructuring	-9,000
Payments	-19,000
Balance at March 31, 2015	0
Employee Severance [Member]
Balance at December 31, 2014	0
(Credit) charge for restructuring	3,000
Payments	-3,000
Balance at March 31, 2015	$0

Note_9_Net_Loss_Per_Share_Anti

Note 9 - Net Loss Per Share - Antidilutive Securities (Details)	3 Months Ended
In Thousands, unless otherwise specified	Mar. 31, 2015	Mar. 31, 2014
Equity Option [Member]
Antidilutive Securities (in shares)	1,144,240	1,245,151
Warrant [Member]
Antidilutive Securities (in shares)		15,791
Restricted Stock [Member]
Antidilutive Securities (in shares)	275,500	254,700
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	27,378