Oxford Immunotec Global 10-Q 4 Aug 15 2015 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2015	Jul. 31, 2015
Entity Registrant Name	Oxford Immunotec Global PLC
Entity Central Index Key	1,586,049
Current Fiscal Year End Date	--12-31
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)		22,532,985
Document Type	10-Q
Document Period End Date	Jun. 30, 2015
Document Fiscal Year Focus	2,015
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Unaudited) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Current assets:
Cash and cash equivalents	$ 90,370	$ 50,165
Restricted cash		200
Accounts receivable, net	$ 7,647	6,823
Inventory	5,470	6,425
Prepaid expenses and other assets	3,668	2,755
Total current assets	107,155	66,368
Restricted cash, non-current	192	192
Property and equipment, net	5,300	4,537
In-process research and development	2,209	2,399
Goodwill	46	50
Other intangible assets, net	300	273
Other assets	19	30
Total assets	115,221	73,849
Current liabilities:
Accounts payable	2,544	2,368
Accrued liabilities	5,843	7,070
Deferred income	2,720	1,993
Current portion of loans payable	125	137
Total current liabilities	11,232	11,568
Long-term portion of loans payable	385	454
Contingent purchase price consideration	1,219	1,218
Total liabilities	$ 12,836	$ 13,240
Commitments and contingencies (Note 2)
Shareholders’ equity:
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at June 30, 2015 and December 31, 2014, and 22,532,344 and 17,614,650 shares issued and outstanding at June 30, 2015 and December 31, 2014, respectively	$ 242	$ 192
Additional paid-in capital	242,128	186,816
Accumulated deficit	(135,434)	(121,829)
Accumulated other comprehensive loss	(4,551)	(4,570)
Total shareholders’ equity	102,385	60,609
Total liabilities and shareholders’ equity	$ 115,221	$ 73,849

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) - £ / shares	Jun. 30, 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)	22,532,344		17,614,650
Ordinary shares, shares outstanding (in shares)	22,532,344		17,614,650

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Revenue:
Product	$ 6,613	$ 5,887	$ 13,735	$ 12,712
Service	7,639	5,901	14,318	11,350
Total revenue	14,252	11,788	28,053	24,062
Cost of revenue:
Product	2,885	2,822	5,955	5,863
Service	3,617	3,171	7,202	6,142
Total cost of revenue	6,502	5,993	13,157	12,005
Gross profit	7,750	5,795	14,896	12,057
Operating expenses:
Research and development	2,846	1,515	5,205	2,239
Sales and marketing	7,727	6,343	15,168	10,908
General and administrative	3,784	3,968	7,651	7,880
Total operating expenses	14,357	11,826	28,024	21,027
Loss from operations	(6,607)	(6,031)	(13,128)	(8,970)
Other income (expense):
Interest expense, net	(19)	(28)	(34)	(63)
Foreign exchange losses	(674)	(262)	(509)	(407)
Other income	7	81	114	79
Loss before income taxes	(7,293)	(6,240)	(13,557)	(9,361)
Income tax expense (benefit)	1	(6)	48	26
Net loss	$ (7,294)	$ (6,234)	$ (13,605)	$ (9,387)
Net loss per share attributable to ordinary shareholders—basic and diluted (in dollars per share)	$ (0.33)	$ (0.36)	$ (0.64)	$ (0.54)
Weighted-average shares used to compute net loss attributable to ordinary shareholders—basic and diluted (in shares)	22,245,682	17,292,251	21,293,835	17,284,330

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Net loss	$ (7,294)	$ (6,234)	$ (13,605)	$ (9,387)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of taxes	668	(320)	19	298
Other comprehensive income (loss), net of taxes	668	(320)	19	298
Total comprehensive loss	$ (6,626)	$ (6,554)	$ (13,586)	$ (9,089)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014
Cash flows from operating activities
Net loss	$ (13,605)	$ (9,387)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	936	760
Share-based compensation expense	1,588	$ 1,025
Change in fair value of contingent purchase price consideration	$ 96
Loss on change in fair value of warrants		$ 22
Changes in operating assets and liabilities:
Accounts receivable, net	$ (800)	(204)
Inventory	964	(1,111)
Prepaid expenses and other assets	(878)	(455)
Accounts payable	51	1,198
Accrued liabilities	(1,217)	(2,405)
Deferred income	692	822
Net cash used in operating activities	(12,173)	(9,735)
Cash flows from investing activities
Purchases of property and equipment	(1,582)	(1,469)
Purchases of intangible assets	(44)	(17)
Decrease in restricted cash	200	57
Net cash used in investing activities	(1,426)	$ (1,429)
Cash flows from financing activities
Proceeds from issuance of ordinary shares	53,762
Proceeds from exercise of share options and warrants	10	$ 9
Payments on loan	(77)	(73)
Net cash provided by (used in) financing activities	53,695	(64)
Effect of exchange rate changes on cash and cash equivalents	109	509
Net increase (decrease) in cash and cash equivalents, excluding restricted cash	40,205	(10,719)
Cash and cash equivalents at beginning of period	50,165	76,494
Cash and cash equivalents at end of period	$ 90,370	65,775
Noncash investing and financing activities:
Warrants liability reclassified to additional paid-in capital upon exercise of warrants		$ 318

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	6 Months Ended
	Jun. 30, 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, or 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 ® TB in vitro During the first quarter of 2015, the Company announced the availability in the United States of a new test, the T-SPOT. CMV CMV CMV 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 June 30, 2015, the results of operations for the three and six-month periods ended June 30, 2015 and 2014, and the cash flows for the six-month periods ended June 30, 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, or 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 and six-month periods ended June 30, 2015. Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers 8 Table Of Contents In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging 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 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory 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	6 Months Ended
	Jun. 30, 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 June 30, 2015 us ing (in thousands) June 30, 2015 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant nobservable i nputs Liabilities: Contingent purchase price consideration $ 1,219 $ — $ — $ 1,219 Total $ 1,219 $ — $ — $ 1,219 Fair v alue m easurements at December 31, 2014 us ing (in thousands) December 31, 2 014 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant nobservable i nputs Liabilities: Contingent purchase price consideration $ 1,218 $ — $ — $ 1,218 Total $ 1,218 $ — $ — $ 1,218 10 Table Of Contents 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 and six-month periods ended June 30, 2015: (in thousands) Three months ended June 30, 2015 Six months ended June 30, 2015 Balance – beginning $ 1,126 $ 1,218 Change in fair value of contingent purchase price consideration 49 96 Foreign currency adjustment 44 (95 ) Balance – ending $ 1,219 $ 1,219 The change in the fair value of the contingent purchase price consideration was due to the effect of the passage of time on the fair value measurement of future potential milestone payments related to the Boulder acquisition that is included in other income in the Company’s condensed consolidated statements of operations for the three and six month-periods ended June 30, 2015. Foreign currency adjustments are included in accumulated other comprehensive loss for the three and six-month periods ended June 30, 2015.

Note 3 - Accounts Receivable, N

Note 3 - Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Financing Receivables [Text Block]	3. Accounts receivable, net Accounts receivable, net, consisted of the following as of: (in thousands) June 30, 201 5 December 31, 201 4 Accounts receivable $ 7,791 $ 6,937 Less allowance for uncollectible accounts receivable (144 ) (114 ) Accounts receivable, net $ 7,647 $ 6,823

Note 4 - Inventory

Note 4 - Inventory	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . Inventory Inventory consisted of the following as of: (in thousands) June 30, 201 5 December 31, 201 4 Raw materials $ 2,734 $ 3,605 Finished goods 2,736 2,820 Inventory, net $ 5,470 $ 6,425

Note 5 - Accrued Liabilities

Note 5 - Accrued Liabilities	6 Months Ended
	Jun. 30, 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) June 30, 201 5 December 31, 201 4 Employee related expenses $ 3,583 $ 3,348 Royalties 1,233 2,458 Professional services 194 323 Inventory 94 88 Rent 57 196 Other accrued liabilities 682 657 Total accrued liabilities $ 5,843 $ 7,070

Note 6 - Share Option and Equit

Note 6 - Share Option and Equity Incentive Plan	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6 . Share option and equity incentive plan Net expense recognized related to share-based compensation was as follows: Three months ended June 30, Six m onths e nded June 3 0 , (in thousands) 201 5 201 4 20 15 201 4 Cost of revenue $ 122 $ 43 $ 239 $ 54 Research and development 56 4 110 10 Sales and marketing 106 262 423 351 General and administrative 429 451 816 610 Total share-based compensation $ 713 $ 760 $ 1,588 $ 1,025 In November 2013, in connection with the Company’s initial public offering, the Company adopted the 2013 Share Incentive Plan, or the 2013 Plan, which provides for the grant of share options, restricted shares, restricted share units, or RSUs, and other share-based awards to employees, officers, directors and consultants of the Company. During the three month period ended June 30, 2015, the Company granted to certain employees 263,619 share options with exercise prices ranging from $14.12 to $14.17 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 June 30, 2015 was $6.20 per share. During the six month period ended June 30, 2015, the Company granted to certain employees 670,150 share options with exercise prices ranging from $14.12 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 six month period ended June 30, 2015 was $6.41 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 month period ended June 30, 2015, the Company awarded to certain employees 81,185 RSUs with a weighted average grant date fair value of $14.13 per share under the 2013 Plan. During the six month period ended June 30, 2015, the Company awarded to certain employees 108,563 RSUs with a weighted average grant date fair value of $14.25 per share under the 2013 Plan. The RSUs 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 June 30, 2015, the Company incurred shared-based compensation expense related to share options and restricted shares/RSUs of $520,000 and $193,000, respectively. For the three month period ended June 30, 2014, the Company incurred shared-based compensation expense related to share options and restricted shares of $483,000 and $277,000, respectively. 12 Table Of Contents For the six month period ended June 30, 2015, the Company incurred shared-based compensation expense related to share options and restricted shares/RSUs of $1.1 million and $483,000, respectively. For the six month period ended June 30, 2014, the Company incurred shared-based compensation expense related to share options and restricted shares of $660,000 and $365,000, respectively. As of June 30, 2015, there was $7.3 million and $5.4 million of total unrecognized compensation cost related to unvested share options and restricted shares/RSUs, respectively. These costs are expected to be recognized over weighted-average periods of 2.7 years for share options and 3.0 years for restricted shares/RSUs.

Note 7 - Share Capital

Note 7 - Share Capital	6 Months Ended
	Jun. 30, 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, or 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, or the Offering, of 4,255,319 ordinary shares, nominal value £0.006705, or the Shares, at an offering price to the public of $11.75 per Share, or 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, or 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 six months of 2015, 24,078 ordinary shares were issued upon the exercise of options. As of June 30, 2015, there were 36,183,293 ordinary shares authorized and 22,532,344 ordinary shares issued and outstanding.

Note 8 - Restructuring

Note 8 - Restructuring	6 Months Ended
	Jun. 30, 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 of Excess Facilities Relocation Costs Severance Total Balance at December 31, 2014 $ 42 $ 28 $ — $ 70 (Credit) charge for restructuring — (9 ) 3 (6 ) Payments (42 ) (19 ) (3 ) (64 ) Balance at June 30, 2015 $ — $ — $ — $ —

Note 9 - Net Loss Per Share

Note 9 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2015
Notes to Financial Statements
Earnings Per Share [Text Block]	9 . Net loss per share The following numbers of outstanding ordinary share options and unvested restricted shares and unvested restricted share units 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 June 30, Six m onths e nded June 3 0 , 201 5 201 4 201 5 201 4 Options to purchase ordinary shares 1,125,351 1,189,782 1,125,816 1,202,161 Unvested restricted shares 253,740 254,700 253,740 254,700 Unvested restricted share units 108,563 — 108,563 —

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2015
Accounting Policies [Abstract]
New Accounting Pronouncements, Policy [Policy Text Block]	Recent accounting pronouncements In May 2014, the Financial Accounting Standards Board, or FASB, issued Accounting Standards Update, or ASU, 2014-09, Revenue from Contracts with Customers In August 2014, the FASB issued ASU 2014-15, Presentation of Financial Statements - Going Concern In November 2014, the FASB issued ASU 2014-16, Derivatives and Hedging 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 In April 2015, the FASB issued ASU 2015-05, Customer’s Accounting for Fees Paid in a Cloud Computing Arrangement In July 2015, the FASB issued ASU 2015-11, Simplifying the Measurement of Inventory 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 Measureme17

Note 2 - Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Fair v alue m easurements at December 31, 2014 us ing (in thousands) December 31, 2 014 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant nobservable i nputs Liabilities: Contingent purchase price consideration $ 1,218 $ — $ — $ 1,218 Total $ 1,218 $ — $ — $ 1,218 Fair v alue m easurements at June 30, 2015 us ing (in thousands) June 30, 2015 Quoted p rices in a ctive m arkets f or i dentical a ssets 1) Significant o ther o bservable i nputs Significant nobservable i nputs Liabilities: Contingent purchase price consideration $ 1,219 $ — $ — $ 1,219 Total $ 1,219 $ — $ — $ 1,219
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	(in thousands) Three months ended June 30, 2015 Six months ended June 30, 2015 Balance – beginning $ 1,126 $ 1,218 Change in fair value of contingent purchase price consideration 49 96 Foreign currency adjustment 44 (95 ) Balance – ending $ 1,219 $ 1,219

Note 3 - Accounts Receivable,18

Note 3 - Accounts Receivable, Net (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands) June 30, 201 5 December 31, 201 4 Accounts receivable $ 7,791 $ 6,937 Less allowance for uncollectible accounts receivable (144 ) (114 ) Accounts receivable, net $ 7,647 $ 6,823

Note 4 - Inventory (Tables)

Note 4 - Inventory (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(in thousands) June 30, 201 5 December 31, 201 4 Raw materials $ 2,734 $ 3,605 Finished goods 2,736 2,820 Inventory, net $ 5,470 $ 6,425

Note 5 - Accrued Liabilities (T

Note 5 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(in thousands) June 30, 201 5 December 31, 201 4 Employee related expenses $ 3,583 $ 3,348 Royalties 1,233 2,458 Professional services 194 323 Inventory 94 88 Rent 57 196 Other accrued liabilities 682 657 Total accrued liabilities $ 5,843 $ 7,070

Note 6 - Share Option and Equ21

Note 6 - Share Option and Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block]	Three months ended June 30, Six m onths e nded June 3 0 , (in thousands) 201 5 201 4 20 15 201 4 Cost of revenue $ 122 $ 43 $ 239 $ 54 Research and development 56 4 110 10 Sales and marketing 106 262 423 351 General and administrative 429 451 816 610 Total share-based compensation $ 713 $ 760 $ 1,588 $ 1,025

Note 8 - Restructuring (Tables)

Note 8 - Restructuring (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Restructuring and Related Costs [Table Text Block]	(in thousands) Abandonment of Excess Facilities Relocation Costs Severance Total Balance at December 31, 2014 $ 42 $ 28 $ — $ 70 (Credit) charge for restructuring — (9 ) 3 (6 ) Payments (42 ) (19 ) (3 ) (64 ) Balance at June 30, 2015 $ — $ — $ — $ —

Note 9 - Net Loss Per Share (Ta

Note 9 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2015
Notes Tables
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block]	Three months ended June 30, Six m onths e nded June 3 0 , 201 5 201 4 201 5 201 4 Options to purchase ordinary shares 1,125,351 1,189,782 1,125,816 1,202,161 Unvested restricted shares 253,740 254,700 253,740 254,700 Unvested restricted share units 108,563 — 108,563 —

Note 2 - Fair Value Measureme24

Note 2 - Fair Value Measurement (Details Textual) $ in Millions	Jul. 31, 2014USD ($)
Boulder Diagnostics Inc [Member] | Milestone Payments [Member]
Business Combination, Contingent Consideration Arrangements, Range of Outcomes, Value, High	$ 6.1

Note 2 - Fair Value Measureme25

Note 2 - Fair Value Measurement - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Fair Value, Inputs, Level 3 [Member]
Contingent purchase price consideration	$ 1,219	$ 1,218
Total	1,219	1,218
Contingent purchase price consideration	1,219	1,218
Total	$ 1,219	$ 1,218

Note 2 - Fair Value Measureme26

Note 2 - Fair Value Measurement - Changes in the Fair Value of the Company's Level 3 Financial Liabilities (Details) - Jun. 30, 2015 - USD ($) $ in Thousands	Total	Total
Contingent Purchase Price Consideration [Member]
Change in fair value of contingent purchase price consideration	$ 49	$ 96
Balance – beginning	1,126	1,218
Foreign currency adjustment	44	(95)
Balance – ending	$ 1,219	$ 1,219

Note 3 - Accounts Receivable,27

Note 3 - Accounts Receivable, Net - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Accounts receivable	$ 7,791	$ 6,937
Less allowance for uncollectible accounts receivable	(144)	(114)
Accounts receivable, net	$ 7,647	$ 6,823

Note 4 - Inventory - Inventory

Note 4 - Inventory - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Raw materials	$ 2,734	$ 3,605
Finished goods	2,736	2,820
Inventory, net	$ 5,470	$ 6,425

Note 5 - Accrued Liabilities -

Note 5 - Accrued Liabilities - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2015	Dec. 31, 2014
Employee related expenses	$ 3,583	$ 3,348
Royalties	1,233	2,458
Professional services	194	323
Inventory	94	88
Rent	57	196
Other accrued liabilities	682	657
Total accrued liabilities	$ 5,843	$ 7,070

Note 6 - Share Option and Equ30

Note 6 - Share Option and Equity Incentive Plan (Details Textual) - USD ($)	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
2013 Plan [Member] | Second Anniversary of Grant Date [Member] | Restricted Stock Units (RSUs) [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] | Restricted Stock Units (RSUs) [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] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Award Vesting Rights, Percentage			30.00%
2013 Plan [Member] | Restricted Stock Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period	81,185		108,563
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 14.13		$ 14.25
2013 Plan [Member] | Employee Stock Option [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Expiration Period			10 years
2013 Plan [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Gross	263,619		670,150
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 14.12		$ 14.12
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	14.17		14.61
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 6.20		$ 6.41
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 520,000	$ 483,000	$ 1,100,000	$ 660,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	7,300,000		$ 7,300,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			2 years 255 days
Restricted Stock and Restricted Stock Units (RSU's) [Member]
Allocated Share-based Compensation Expense	193,000	277,000	$ 483,000	365,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	5,400,000		$ 5,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition			3 years
Allocated Share-based Compensation Expense	$ 713,000	$ 760,000	$ 1,588,000	$ 1,025,000

Note 6 - Share Option and Equ31

Note 6 - Share Option and Equity Incentive Plans - Expense Recognized During the Year Related to Share-based Compensation Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Cost of Sales [Member]
Allocated Share-based Compensation Expense	$ 122	$ 43	$ 239	$ 54
Research and Development Expense [Member]
Allocated Share-based Compensation Expense	56	4	110	10
Selling and Marketing Expense [Member]
Allocated Share-based Compensation Expense	106	262	423	351
General and Administrative Expense [Member]
Allocated Share-based Compensation Expense	429	451	816	610
Allocated Share-based Compensation Expense	$ 713	$ 760	$ 1,588	$ 1,025

Note 7 - Share Capital (Details

Note 7 - Share Capital (Details Textual) $ / shares in Units, $ in Millions	Feb. 04, 2015USD ($)	Jan. 29, 2015£ / sharesshares	Jun. 30, 2015£ / sharesshares	Jan. 29, 2015$ / sharesshares	Dec. 31, 2014£ / sharesshares
Private Placement [Member]
Stock Issued During Period, Shares, New Issues		4,255,319
Shares Issued, Price Per Share | $ / shares				$ 11.75
Underwriters [Member]
Shares Issued, Price Per Share | $ / shares				$ 11.045
Common Stock, Shares, Outstanding			22,532,344		17,614,650
Common Stock, Par or Stated Value Per Share | £ / shares		£ 0.006705	£ 0.006705		£ 0.006705
Time Period for Underwriters to Exercise Share Grants from Date of Prospectus		30 days
Additional Shares Granted to Underwritten in Private Placement		638,297		638,297
Proceeds from Issuance of Private Placement, Gross | $	$ 57.5
Proceeds from Issuance of Private Placement | $	$ 53.8
Share-based Compensation Arrangement by Share-based Payment Award, Options, Exercises in Period			24,078
Common Stock, Shares Authorized			36,183,293		36,183,293
Common Stock, Shares, Issued			22,532,344		17,614,650

Note 8 - Restructuring (Details

Note 8 - Restructuring (Details Textual)	3 Months Ended	6 Months Ended
	Dec. 31, 2014USD ($)	Jun. 30, 2015USD ($)
Boulder Diagnostics Inc [Member]
Restructuring and Related Cost, Number of Positions Eliminated	4
Research and Development Expense [Member]
Restructuring Charges	$ 182,000
Restructuring Charges		$ (6,000)

Note 8 - Restructuring - Accrue

Note 8 - Restructuring - Accrued Restructuring Costs (Details) - USD ($)	6 Months Ended
	Jun. 30, 2015
Facility Closing [Member]
Balance at December 31, 2014	$ 42,000
(Credit) charge for restructuring	0
Payments	(42,000)
Balance at June 30, 2015	0
Employee Relocation [Member]
Balance at December 31, 2014	28,000
(Credit) charge for restructuring	(9,000)
Payments	(19,000)
Balance at June 30, 2015	0
Employee Severance [Member]
Balance at December 31, 2014	0
(Credit) charge for restructuring	3,000
Payments	(3,000)
Balance at June 30, 2015	0
Balance at December 31, 2014	70,000
(Credit) charge for restructuring	(6,000)
Payments	(64,000)
Balance at June 30, 2015	$ 0

Note 9 - Net Loss Per Share - A

Note 9 - Net Loss Per Share - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2015	Jun. 30, 2014	Jun. 30, 2015	Jun. 30, 2014
Employee Stock Option [Member]
Antidilutive Securities (in shares)	1,125,351	1,189,782	1,125,816	1,202,161
Restricted Stock [Member]
Antidilutive Securities (in shares)	253,740	254,700	253,740	254,700
Restricted Stock Units (RSUs) [Member]
Antidilutive Securities (in shares)	108,563		108,563