Oxford Immunotec Global 10-Q 2 Aug 16 2016 Q2 Quarterly report Financial data

Document And Entity Information

Document And Entity Information - shares	6 Months Ended
	Jun. 30, 2016	Jul. 27, 2016
Document Information [Line Items]
Entity Registrant Name	Oxford Immunotec Global PLC
Entity Central Index Key	1,586,049
Trading Symbol	oxfd
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)		22,569,881
Document Type	10-Q
Document Period End Date	Jun. 30, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q2
Amendment Flag	false

Condensed Consolidated Balance

Condensed Consolidated Balance Sheets (Current Period Unaudited) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Current assets:
Cash and cash equivalents	$ 63,965	$ 83,715
Accounts receivable, net	9,742	7,058
Inventory, net	8,641	7,099
Prepaid expenses and other assets	2,647	3,592
Total current assets	84,995	101,464
Restricted cash, non-current	80	80
Property and equipment, net	6,561	6,284
In-process research and development	1,814	1,782
Goodwill	46	45
Other intangible assets, net	143	179
Other assets	19	18
Total assets	93,658	109,852
Current liabilities:
Accounts payable	2,567	3,799
Accrued liabilities	8,751	9,949
Deferred income	92	1,654
Current portion of loans payable	81	79
Total current liabilities	11,491	15,481
Long-term portion of loans payable	344	386
Contingent purchase price consideration	1,428	1,293
Total liabilities	13,263	17,160
Shareholders' equity:
Ordinary shares, £0.006705 nominal value; 36,183,293 shares authorized at June 30, 2016 and December 31, 2015, and 22,569,104 and 22,549,488 shares issued and outstanding at June 30, 2016 and December 31, 2015, respectively	243	243
Additional paid-in capital	246,504	244,033
Accumulated deficit	(159,802)	(146,307)
Accumulated other comprehensive loss	(6,550)	(5,277)
Total shareholders’ equity	80,395	92,692
Total liabilities and shareholders’ equity	$ 93,658	$ 109,852

Condensed Consolidated Balance3

Condensed Consolidated Balance Sheets (Current Period Unaudited) (Parentheticals) - £ / shares	Jun. 30, 2016	Dec. 31, 2015	Jan. 29, 2015
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)	22,569,104	22,549,488
Ordinary shares, shares outstanding (in shares)	22,569,104	22,549,488

Condensed Consolidated Statemen

Condensed Consolidated Statements of Operations (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Revenue:
Product	$ 9,293	$ 6,613	$ 17,431	$ 13,735
Service	9,861	7,639	18,833	14,318
Total revenue	19,154	14,252	36,264	28,053
Cost of revenue:
Product	3,512	2,885	6,805	5,955
Service	5,094	3,617	9,966	7,202
Total cost of revenue	8,606	6,502	16,771	13,157
Gross profit	10,548	7,750	19,493	14,896
Operating expenses:
Research and development	3,341	2,846	6,417	5,205
Sales and marketing	9,391	7,727	17,871	15,168
General and administrative	5,151	3,784	9,734	7,651
Total operating expenses	17,883	14,357	34,022	28,024
Loss from operations	(7,335)	(6,607)	(14,529)	(13,128)
Other income (expense):
Interest expense, net	(17)	(19)	(34)	(34)
Foreign exchange gains (losses)	874	(674)	1,237	(509)
Other income (expense)	29	7	(137)	114
Loss before income taxes	(6,449)	(7,293)	(13,463)	(13,557)
Income tax (benefit) expense	(3)	1	32	48
Net loss	$ (6,446)	$ (7,294)	$ (13,495)	$ (13,605)
Net loss per share attributable to ordinary shareholders—basic and diluted (in dollars per share)	$ (0.29)	$ (0.33)	$ (0.60)	$ (0.64)
Weighted-average shares used to compute net loss attributable to ordinary shareholders—basic and diluted (in shares)	22,351,645	22,245,682	22,318,019	21,293,835

Condensed Consolidated Stateme5

Condensed Consolidated Statements of Other Comprehensive Loss (Unaudited) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Net loss	$ (6,446)	$ (7,294)	$ (13,495)	$ (13,605)
Other comprehensive income (loss), net of taxes:
Foreign currency translation adjustment, net of taxes	(947)	668	(1,273)	19
Other comprehensive income (loss), net of taxes	(947)	668	(1,273)	19
Total comprehensive loss	$ (7,393)	$ (6,626)	$ (14,768)	$ (13,586)

Condensed Consolidated Stateme6

Condensed Consolidated Statements of Cash Flows (Unaudited) - USD ($) $ in Thousands	6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015
Cash flows from operating activities
Net loss	$ (13,495)	$ (13,605)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,205	936
Share-based compensation expense	2,459	1,588
Change in fair value of contingent purchase price consideration	112	96
Changes in operating assets and liabilities:
Accounts receivable, net	(3,097)	(800)
Inventory, net	(2,054)	964
Prepaid expenses and other assets	877	(878)
Accounts payable	(1,009)	51
Accrued liabilities	(920)	(1,217)
Deferred income	(1,506)	692
Net cash used in operating activities	(17,428)	(12,173)
Cash flows from investing activities
Purchases of property and equipment	(1,613)	(1,582)
Purchases of intangible assets		(44)
Decrease in restricted cash		200
Net cash used in investing activities	(1,613)	(1,426)
Cash flows from financing activities
Proceeds from issuance of ordinary shares		53,762
Proceeds from exercise of share options	12	10
Payments on loan	(39)	(77)
Net cash (used in) provided by financing activities	(27)	53,695
Effect of exchange rate changes on cash and cash equivalents	(682)	109
Net (decrease) increase in cash and cash equivalents, excluding restricted cash	(19,750)	40,205
Cash and cash equivalents at beginning of period	83,715	50,165
Cash and cash equivalents at end of period	$ 63,965	$ 90,370

Note 1 - Business and Basis of

Note 1 - Business and Basis of Presentation	6 Months Ended
	Jun. 30, 2016
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 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 TB Unaudited i nterim f inancial s tatements 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 condensed consolidated financial statements reflect all adjustments, of a normal recurring nature, necessary for a fair statement of the financial position at June 30, 2016, the results of operations for the three and six-month periods ended June 30, 2016 and 2015, and the cash flows for the six-month periods ended June 30, 2016 and 2015. Interim results are not necessarily indicative of results for a full year. The consolidated balance sheet presented as of December 31, 2015, 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 2015 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 1, 2016, or the Company’s 2015 Form 10-K. Note 1 to the consolidated financial statements included in the Company’s 2015 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, 2016. 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 April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting , or ASU 2016-11. ASU 2016-11 rescinds certain SEC Staff Observer comments that are codified in Topic 605, Revenue Recognition, and Topic 932, Extractive Activities — Oil and Gas, effective upon adoption of Topic 606, Revenue from Contracts with Customers. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: (a) Revenue and Expense Recognition for Freight Services in Process, (b) Accounting for Shipping and Handling Fees and Costs, (c) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor’s Products) and (d) Accounting for Gas-Balancing Arrangements (that is, use of the “entitlements method”). In addition, as a result of the amendments in Update 2014-16, the SEC staff is rescinding its SEC Staff Announcement, “Determining the Nature of a Host Contract Related to a Hybrid Instrument Issued in the Form of a Share under Topic 815,” effective concurrently with Update 2014-16. The Company is currently evaluating ASU 2016-11 and has not yet determined how it may impact the Company’s financial position or results of operations and related disclosures. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients , or ASU 2016-12. ASU 2016-12 amends guidance in Topic 606 on collectibility, presentation of sales taxes, noncash consideration and transition and are intended to address implementation issues that were raised by stakeholders and provide additional practical expedients. The effective date for this update is the same as the effective date for ASU 2014-09. The Company is currently evaluating ASU 2016-12 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 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 In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses 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. The Company irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, it is subject to the same new or revised accounting standards as public companies that are not emerging growth companies.

Note 2 - Fair Value Measurement

Note 2 - Fair Value Measurement	6 Months Ended
	Jun. 30, 2016
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 indicate the fair value hierarchy of the valuation techniques 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, 2016 us ing (in thousands) June 30, 2016 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 $ 1,428 $ — $ — $ 1,428 Total $ 1,428 $ — $ — $ 1,428 Fair v alue m easurements at December 31, 2015 us ing (in thousands) December 31, 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 $ 1,293 $ — $ — $ 1,293 Total $ 1,293 $ — $ — $ 1,293 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 tables provide summaries of changes in the fair value of the Company's Level 3 financial liabilities for the three and six-month periods ended June 30, 2016: (in thousands) Three months ended June 30, 201 6 Six months ended June 30, 201 6 Balance – beginning $ 1,403 $ 1,293 Change in fair value of contingent purchase price consideration 57 112 Foreign currency adjustment (32 ) 23 Balance – ending $ 1,428 $ 1,428 (in thousands) Three months ended June 30, 201 5 Six months ended June 30, 201 5 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 fair value of the contingent purchase price consideration is included in research and development expense.

Note 3 - Accounts Receivable, N

Note 3 - Accounts Receivable, Net	6 Months Ended
	Jun. 30, 2016
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 6 December 31, 201 5 Accounts receivable $ 10,203 $ 7,372 Less allowance for uncollectible accounts receivable (461 ) (314 ) Accounts receivable, net $ 9,742 $ 7,058

Note 4 - Inventory, Net

Note 4 - Inventory, Net	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Inventory Disclosure [Text Block]	4 . Inventory , net Inventory, net consisted of the following as of: (in thousands) June 30, 201 6 December 31, 201 5 Raw materials $ 5,095 $ 3,925 Finished goods 3,546 3,174 Inventory, net $ 8,641 $ 7,099

Note 5 - Accrued Liabilities

Note 5 - Accrued Liabilities	6 Months Ended
	Jun. 30, 2016
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 6 December 31, 201 5 Employee related expenses $ 4,241 $ 4,478 Royalties 1,591 3,498 Clinical trials 1,215 442 Sales and use taxes payable 216 193 Inventory 203 85 Professional services 194 333 Rent 56 56 Other accrued liabilities 1,035 864 Total accrued liabilities $ 8,751 $ 9,949

Note 6 - Share Option and Equit

Note 6 - Share Option and Equity Incentive Plan	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Disclosure of Compensation Related Costs, Share-based Payments [Text Block]	6 . Share option and equity incentive plan The impact on the Company’s results of operations from share-based compensation was as follows: Three months ended June 30, Six m onths e nded June 3 0 , (in thousands) 201 6 201 5 20 16 201 5 Cost of revenue $ 39 $ 122 $ (13 ) $ 239 Research and development 107 56 232 110 Sales and marketing 469 106 895 423 General and administrative 740 429 1,345 816 Total share-based compensation $ 1,355 $ 713 $ 2,459 $ 1,588 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, 2016, the Company granted to certain employees 68,806 share options with exercise prices ranging from $8.65 to $11.04 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, 2016 was $3.61 per share. During the six month period ended June 30, 2016, the Company granted to certain employees 722,964 share options with exercise prices ranging from $8.65 to $11.86 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, 2016 was $4.47 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 March 31, 2016, the Company awarded to certain employees 108,361 RSUs with a weighted average grant date fair value of $10.21 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. No RSUs were awarded during the three-month period ended June 30, 2016. For the three month period ended June 30, 2016, the Company incurred shared-based compensation expense related to share options and restricted shares/RSUs of $851,000 and $504,000, respectively. 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 six month period ended June 30, 2016, the Company incurred shared-based compensation expense related to share options and restricted shares/RSUs of $1.6 million and $842,000, respectively. 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. As of June 30, 2016, there was $6.8 million and $4.4 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 2.3 years for restricted shares/RSUs.

Note 7 - Share Capital

Note 7 - Share Capital	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Stockholders' Equity Note Disclosure [Text Block]	7. Share capital On January 29, 2015, the Company entered into an underwriting agreement with a group of 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 an 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 total 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 aggregate offering expenses payable by the Company. The Offering closed on February 4, 2015. During the first six months of 2016, 19,616 ordinary shares were issued upon the exercise of options. As of June 30, 2016, there were 36,183,293 ordinary shares authorized and 22,569,104 ordinary shares issued and outstanding.

Note 8 - Net Loss Per Share

Note 8 - Net Loss Per Share	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Earnings Per Share [Text Block]	8 . Net loss per share The following numbers of outstanding ordinary share options and unvested restricted shares and unvested RSUs 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 6 201 5 201 6 201 5 Options to purchase ordinary shares 1,072,431 1,125,351 1,075,216 1,125,816 Unvested restricted shares 153,981 253,740 153,981 253,740 Unvested restricted share units 212,901 108,563 212,901 108,563

Note 9 - Subsequent Event

Note 9 - Subsequent Event	6 Months Ended
	Jun. 30, 2016
Notes to Financial Statements
Subsequent Events [Text Block]	9 . Subsequent event On July 1, 2016, the Company completed its acquisition of substantially all of the assets of Imugen, a privately owned Massachusetts corporation focused on the development and performance of tests for tick-borne diseases. The assets acquired primarily relate to Imugen’s proprietary testing technology and its Clinical Laboratory Improvements Amendment, or CLIA, approved and College of American Pathologists, or CAP, approved laboratory in Norwood, Massachusetts. The consideration for the acquisition of Imugen consisted of $22.2 million in cash. A portion of the purchase price has been placed in escrow for a period of 12 months to serve as security for potential indemnification claims. The Company intends to file the required financial statements (including pro forma financial statements) relating to the acquisition on a Form 8-K/A no later than September 16, 2016.

Significant Accounting Policies

Significant Accounting Policies (Policies)	6 Months Ended
	Jun. 30, 2016
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 April 2016, the FASB issued ASU 2016-10, Identifying Performance Obligations and Licensing In May 2016, the FASB issued ASU 2016-11, Rescission of SEC Guidance Because of Accounting Standards Updates 2014-09 and 2014-16 Pursuant to Staff Announcements at the March 3, 2016 EITF Meeting , or ASU 2016-11. ASU 2016-11 rescinds certain SEC Staff Observer comments that are codified in Topic 605, Revenue Recognition, and Topic 932, Extractive Activities — Oil and Gas, effective upon adoption of Topic 606, Revenue from Contracts with Customers. Specifically, registrants should not rely on the following SEC Staff Observer comments upon adoption of Topic 606: (a) Revenue and Expense Recognition for Freight Services in Process, (b) Accounting for Shipping and Handling Fees and Costs, (c) Accounting for Consideration Given by a Vendor to a Customer (including Reseller of the Vendor’s Products) and (d) Accounting for Gas-Balancing Arrangements (that is, use of the “entitlements method”). In addition, as a result of the amendments in Update 2014-16, the SEC staff is rescinding its SEC Staff Announcement, “Determining the Nature of a Host Contract Related to a Hybrid Instrument Issued in the Form of a Share under Topic 815,” effective concurrently with Update 2014-16. The Company is currently evaluating ASU 2016-11 and has not yet determined how it may impact the Company’s financial position or results of operations and related disclosures. In May 2016, the FASB issued ASU 2016-12, Narrow-Scope Improvements and Practical Expedients , or ASU 2016-12. ASU 2016-12 amends guidance in Topic 606 on collectibility, presentation of sales taxes, noncash consideration and transition and are intended to address implementation issues that were raised by stakeholders and provide additional practical expedients. The effective date for this update is the same as the effective date for ASU 2014-09. The Company is currently evaluating ASU 2016-12 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 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 In February 2016, the FASB issued ASU 2016-02, Leases In March 2016, the FASB issued ASU 2016-09, Improvements to Employee Share-Based Payment Accounting In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses 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. The Company irrevocably elected not to avail itself of this exemption from new or revised accounting standards and, therefore, it is subject to the same new or revised accounting standards as public companies that are not emerging growth companies.

Note 2 - Fair Value Measureme17

Note 2 - Fair Value Measurement (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Fair Value, Liabilities Measured on Recurring Basis [Table Text Block]	Fair v alue m easurements at June 30, 2016 us ing (in thousands) June 30, 2016 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 $ 1,428 $ — $ — $ 1,428 Total $ 1,428 $ — $ — $ 1,428 Fair v alue m easurements at December 31, 2015 us ing (in thousands) December 31, 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 $ 1,293 $ — $ — $ 1,293 Total $ 1,293 $ — $ — $ 1,293
Fair Value, Liabilities Measured on Recurring Basis, Unobservable Input Reconciliation [Table Text Block]	(in thousands) Three months ended June 30, 201 6 Six months ended June 30, 201 6 Balance – beginning $ 1,403 $ 1,293 Change in fair value of contingent purchase price consideration 57 112 Foreign currency adjustment (32 ) 23 Balance – ending $ 1,428 $ 1,428 (in thousands) Three months ended June 30, 201 5 Six months ended June 30, 201 5 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, 2016
Notes Tables
Schedule of Accounts, Notes, Loans and Financing Receivable [Table Text Block]	(in thousands) June 30, 201 6 December 31, 201 5 Accounts receivable $ 10,203 $ 7,372 Less allowance for uncollectible accounts receivable (461 ) (314 ) Accounts receivable, net $ 9,742 $ 7,058

Note 4 - Inventory, Net (Tables

Note 4 - Inventory, Net (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Inventory, Current [Table Text Block]	(in thousands) June 30, 201 6 December 31, 201 5 Raw materials $ 5,095 $ 3,925 Finished goods 3,546 3,174 Inventory, net $ 8,641 $ 7,099

Note 5 - Accrued Liabilities (T

Note 5 - Accrued Liabilities (Tables)	6 Months Ended
	Jun. 30, 2016
Notes Tables
Schedule of Accrued Liabilities [Table Text Block]	(in thousands) June 30, 201 6 December 31, 201 5 Employee related expenses $ 4,241 $ 4,478 Royalties 1,591 3,498 Clinical trials 1,215 442 Sales and use taxes payable 216 193 Inventory 203 85 Professional services 194 333 Rent 56 56 Other accrued liabilities 1,035 864 Total accrued liabilities $ 8,751 $ 9,949

Note 6 - Share Option and Equ21

Note 6 - Share Option and Equity Incentive Plan (Tables)	6 Months Ended
	Jun. 30, 2016
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 6 201 5 20 16 201 5 Cost of revenue $ 39 $ 122 $ (13 ) $ 239 Research and development 107 56 232 110 Sales and marketing 469 106 895 423 General and administrative 740 429 1,345 816 Total share-based compensation $ 1,355 $ 713 $ 2,459 $ 1,588

Note 8 - Net Loss Per Share (Ta

Note 8 - Net Loss Per Share (Tables)	6 Months Ended
	Jun. 30, 2016
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 6 201 5 201 6 201 5 Options to purchase ordinary shares 1,072,431 1,125,351 1,075,216 1,125,816 Unvested restricted shares 153,981 253,740 153,981 253,740 Unvested restricted share units 212,901 108,563 212,901 108,563

Note 2 - Fair Value Measureme23

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

Note 2 - Liabilities Measured a

Note 2 - Liabilities Measured at Fair Value on Recurring Basis (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Fair Value, Inputs, Level 3 [Member]
Contingent purchase price consideration	$ 1,428	$ 1,293
Total	1,428	1,293
Contingent purchase price consideration	1,428	1,293
Total	$ 1,428	$ 1,293

Note 2 - Changes in the Fair Va

Note 2 - Changes in the Fair Value of the Company's Level 3 Financial Liabilities (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Contingent Purchase Price Consideration [Member]
Change in fair value	$ 57	$ 49	$ 112	$ 96
Balance	1,403	1,126	1,293	1,218
Foreign currency adjustment	(32)	44	23	(95)
Balance	$ 1,428	$ 1,219	$ 1,428	$ 1,219

Note 3 - Accounts Receivable,26

Note 3 - Accounts Receivable, Net (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Accounts receivable	$ 10,203	$ 7,372
Less allowance for uncollectible accounts receivable	(461)	(314)
Accounts receivable, net	$ 9,742	$ 7,058

Note 4 - Inventory (Details)

Note 4 - Inventory (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Raw materials	$ 5,095	$ 3,925
Finished goods	3,546	3,174
Inventory, net	$ 8,641	$ 7,099

Note 5 - Accrued Liabilities (D

Note 5 - Accrued Liabilities (Details) - USD ($) $ in Thousands	Jun. 30, 2016	Dec. 31, 2015
Employee related expenses	$ 4,241	$ 4,478
Royalties	1,591	3,498
Clinical trials	1,215	442
Sales and use taxes payable	216	193
Inventory	203	85
Professional services	194	333
Rent	56	56
Other accrued liabilities	1,035	864
Total accrued liabilities	$ 8,751	$ 9,949

Note 6 - Share Option and Equ29

Note 6 - Share Option and Equity Incentive Plan (Details Textual) - USD ($)	3 Months Ended			6 Months Ended
	Jun. 30, 2016	Mar. 31, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
2013 Plan [Member] | Restricted Stock Units (RSUs) [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] | Restricted Stock Units (RSUs) [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] | Restricted Stock Units (RSUs) [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 Units (RSUs) [Member]
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period		108,361		0
Share-based Compensation Arrangement by Share-based Payment Award, Equity Instruments Other than Options, Grants in Period, Weighted Average Grant Date Fair Value		$ 10.21
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	68,806			722,964
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Lower Range Limit	$ 8.65			$ 8.65
Share-based Compensation, Shares Authorized under Stock Option Plans, Exercise Price Range, Upper Range Limit	11.04			11.86
Share-based Compensation Arrangement by Share-based Payment Award, Options, Grants in Period, Weighted Average Grant Date Fair Value	$ 3.61			$ 4.47
Employee Stock Option [Member]
Allocated Share-based Compensation Expense	$ 851,000		$ 520,000	$ 1,600,000	$ 1,100,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	6,800,000			$ 6,800,000
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	504,000		$ 193,000	$ 842,000	$ 483,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized	$ 4,400,000			$ 4,400,000
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition				2 years 109 days

Note 6 - Expense Recognized Dur

Note 6 - Expense Recognized During the Year Related to Share-based Compensation Transactions (Details) - USD ($) $ in Thousands	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Cost of Revenue [Member]
Share-based compensation	$ 39	$ 122	$ (13)	$ 239
Research and Development Expense [Member]
Share-based compensation	107	56	232	110
Selling and Marketing Expense [Member]
Share-based compensation	469	106	895	423
General and Administrative Expense [Member]
Share-based compensation	740	429	1,345	816
Share-based compensation	$ 1,355	$ 713	$ 2,459	$ 1,588

Note 7 - Share Capital (Details

Note 7 - Share Capital (Details Textual) $ / shares in Units, $ in Millions	Jan. 30, 2015USD ($)	Jan. 29, 2015£ / sharesshares	Jan. 29, 2015£ / sharesshares	Jun. 30, 2016£ / sharesshares	Dec. 31, 2015£ / sharesshares	Jan. 29, 2015$ / 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				22,569,104	22,549,488
Common Stock, Par or Stated Value Per Share | £ / shares		£ 0.006705	£ 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			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				19,616
Common Stock, Shares Authorized				36,183,293	36,183,293
Common Stock, Shares, Issued				22,569,104	22,549,488

Note 8 - Antidilutive Securitie

Note 8 - Antidilutive Securities (Details) - shares	3 Months Ended		6 Months Ended
	Jun. 30, 2016	Jun. 30, 2015	Jun. 30, 2016	Jun. 30, 2015
Employee Stock Option [Member]
Antidilutive securities (in shares)	1,072,431	1,125,351	1,075,216	1,125,816
Restricted Stock [Member]
Antidilutive securities (in shares)	153,981	253,740	153,981	253,740
Restricted Stock Units (RSUs) [Member]
Antidilutive securities (in shares)	212,901	108,563	212,901	108,563

Note 9 - Subsequent Event (Deta

Note 9 - Subsequent Event (Details Textual) - Subsequent Event [Member] - Imugen Corporation [Member] $ in Millions	Jul. 01, 2016USD ($)
Payments to Acquire Businesses, Gross	$ 22.2
Escrow Deposit Period for Potential Indemnification Claims	1 year