NovoCure Limited (NVCR) 10-Q 10 May 16 2016 Q1 Quarterly report Financial data

Document and Entity Information

Document and Entity Information - shares	3 Months Ended
	Mar. 31, 2016	May. 06, 2016
Document Document And Entity Information [Abstract]
Document Type	10-Q
Amendment Flag	false
Document Period End Date	Mar. 31, 2016
Document Fiscal Year Focus	2,016
Document Fiscal Period Focus	Q1
Trading Symbol	NVCR
Entity Registrant Name	Novocure Ltd
Entity Central Index Key	1,645,113
Current Fiscal Year End Date	--12-31
Entity Filer Category	Non-accelerated Filer
Entity Common Stock, Shares Outstanding		84,519,932

CONDENSED INTERIM CONSOLIDATED

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS (Parenthetical) - $ / shares	3 Months Ended	12 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Statement Of Financial Position [Abstract]
Common stock, par value	$ 0	$ 0
Common stock, shares authorized	Unlimited	Unlimited
Common stock, shares issued	84,426,720	83,778,581
Common stock, shares outstanding	84,426,720	83,778,581

CONDENSED INTERIM CONSOLIDATED3

CONDENSED INTERIM CONSOLIDATED BALANCE SHEETS - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
CURRENT ASSETS:
Cash and cash equivalents	$ 115,932	$ 119,423
Short-term investments	119,842	150,001
Restricted cash	86	87
Receivables and prepaid expenses	11,335	10,799
Inventories	16,446	13,594
Total current assets	263,641	293,904
LONG-TERM ASSETS:
Property and equipment, net	7,090	6,552
Field equipment, net	7,211	6,029
Severance pay fund	84	79
Other long-term assets	992	772
Total long-term assets	15,377	13,432
TOTAL ASSETS	279,018	307,336
CURRENT LIABILITIES:
Trade payables	18,578	16,755
Other payables and accrued expenses	10,850	11,872
Total current liabilities	29,428	28,627
LONG-TERM LIABILITIES:
Long-term loan, net of discount and issuance costs	23,193	23,097
Employee benefit liabilities	2,823	2,057
Other long-term liabilities	3,148	2,735
Total long-term liabilities	29,164	27,889
TOTAL LIABILITIES	58,592	56,516
COMMITMENTS AND CONTINGENCIES	0	0
SHAREHOLDERS' EQUITY:
Ordinary shares no par value, unlimited shares authorized ; issued and outstanding: 84,426,720 shares and 83,778,581 shares at March 31, 2016 and December 31, 2015, respectively	0	0
Additional paid-in capital	645,919	640,406
Accumulated other comprehensive loss	(1,975)	(1,505)
Accumulated deficit	(423,518)	(388,081)
Total shareholders' equity	220,426	250,820
TOTAL LIABILITIES AND SHAREHOLDERS' EQUITY	$ 279,018	$ 307,336

CONDENSED INTERIM CONSOLIDATED4

CONDENSED INTERIM CONSOLIDATED STATEMENTS OF OPERATIONS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Income Statement [Abstract]
Net revenues	$ 13,053	$ 5,208	$ 33,087
Cost of revenues	7,982	3,897	20,610
Gross profit	5,071	1,311	12,477
Operating costs and expenses:
Research, development and clinical trials	11,445	9,927	43,748
Sales and marketing	13,308	6,355	38,861
General and administrative	12,256	6,975	33,864
Total operating costs and expenses	37,009	23,257	116,473
Operating loss	(31,938)	(21,946)	(103,996)
Financial expenses, net	549	591	3,151
Loss before income tax expense	(32,487)	(22,537)	(107,147)
Income tax expense	2,950	736	4,434
Net loss	$ (35,437)	$ (23,273)	$ (111,581)
Basic and diluted net loss per ordinary share	$ (0.42)	$ (1.77)	$ (3.67)
Weighted average number of ordinary shares used in computing basic and diluted net loss per share	84,397,164	13,140,321	30,401,603

CONSOLIDATED INTERIM STATEMENTS

CONSOLIDATED INTERIM STATEMENTS OF COMPREHENSIVE INCOME - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Sep. 30, 2015	Dec. 31, 2015
Statement Of Income And Comprehensive Income [Abstract]
Net loss	$ (35,437)	$ (23,273)	$ (111,581)
Other comprehensive loss, net of tax :
Pension benefit plan	(470)		(1,505)
Total comprehensive loss	$ (35,907)	$ (23,273)	$ (113,086)

CONDENSED INTERIM STATEMENTS OF

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY - USD ($) $ in Thousands	Total	Over-Allotment	[1]	Series J Preferred Stock	[2]	Ordinary Shares	Ordinary SharesOver-Allotment	Preferred Shares	Preferred SharesSeries J Preferred Stock	Additional Paid-in Capital	Additional Paid-in CapitalOver-Allotment	[1]	Additional Paid-in CapitalSeries J Preferred Stock	[2]	Accumulated Other Comprehensive Loss	Accumulated Deficit
Balance at Dec. 31, 2014	$ 97,875									$ 374,375						$ (276,500)
Balance (in shares) at Dec. 31, 2014						13,431,414		58,676,017
Share-based compensation to employees	11,860									11,860
Exercise of options and warrants	2,038									2,038
Exercise of options and warrants (in shares)						731,665
Issuance of shares, net		$ 157,534		$ 94,599							$ 157,534		$ 94,599
Issuance of shares, net (in shares)							7,876,195		4,068,500
Issuance of shares and options in respect of settlement, net of fair value of shares provided as indemnification (in shares)						(1,005,210)
Conversion of preferred shares to ordinary shares						62,744,517		(62,744,517)
Other comprehensive loss, net of tax benefit	(1,505)														$ (1,505)
Net loss	(111,581)															(111,581)
Balance at Dec. 31, 2015	250,820									640,406					(1,505)	(388,081)
Balance (in shares) at Dec. 31, 2015						83,778,581
Share-based compensation to employees	5,456									5,456
Exercise of options and warrants	57									57
Exercise of options and warrants (in shares)						648,139
Other comprehensive loss, net of tax benefit	(470)														(470)
Net loss	(35,437)															(35,437)
Balance at Mar. 31, 2016	$ 220,426									$ 645,919					$ (1,975)	$ (423,518)
Balance (in shares) at Mar. 31, 2016						84,426,720
[1]	Net of issuance expenses (including underwriter fees) of $15,742
[2]	Net of issuance expenses of $319

CONDENSED INTERIM STATEMENTS O7

CONDENSED INTERIM STATEMENTS OF CHANGES IN SHAREHOLDERS' EQUITY(Parenthetical) $ in Thousands	3 Months Ended
	Mar. 31, 2016USD ($)
Series J Preferred Stock
Share issuance expenses	$ 319
Over-Allotment
Share issuance expenses	$ 15,742

CONDENSED INTERIM CONSOLIDATED8

CONDENSED INTERIM CONSOLIDATED CASH FLOWS - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Cash flows from operating activities:
Net loss	$ (35,437)	$ (23,273)	$ (111,581)
Adjustments to reconcile net loss to net cash used in operating activities:
Depreciation and amortization	1,103	524	3,153
Asset write-downs and impairment	5	31	46
Accrued interest expense	637	412	672
Share-based compensation to employees	5,456	1,812	11,860
Amortization of discount (premium)	(17)	55	329
Increase in receivables and prepaid expenses	(536)	(947)	(5,088)
Increase in inventories	(2,852)	(3,732)	(10,148)
Increase in other long-term assets	(167)	(10)	(381)
Increase (decrease) in trade payables	1,823	(672)	6,961
Increase (decrease) in other payables and accrued expenses	(1,643)	(2,719)	3,579
Increase in employee benefit liabilities, net	238	7	133
Increase in other long-term liabilities	413	46	581
Net cash used in operating activities	(30,977)	(28,466)	(99,884)
Cash flows from investing activities:
Purchase of property and equipment	(1,002)	(609)	(4,667)
Purchase of field equipment	(1,826)	(1,038)	(5,604)
Decrease (increase) in restricted cash	1	(73)	(26)
Proceeds from maturity of short-term investments	150,000	45,000	104,000
Purchase of short-term investments	(119,728)	(21,997)	(208,998)
Net cash provided by (used in) investing activities	27,445	21,283	(115,295)
Cash flows from financing activities:
Proceeds from issuance of shares, net			252,133
Proceeds from long-term loan, net		23,806	22,886
Repayment of other long-term loan	(16)	(16)	(63)
Purchase of shares in respect of settlement		(5)	(5)
Exercise of options and warrants	57	3	2,038
Net cash provided by financing activities	41	23,788	276,989
Increase (decrease) in cash and cash equivalents	(3,491)	16,605	61,810
Cash and cash equivalents at the beginning of the period	119,423	57,613	57,613
Cash and cash equivalents at the end of the period	115,932	74,218	119,423
Cash paid during the period for:
Income taxes	1,582	95	1,489
Interest	$ 664	6	$ 1,688
Non-cash investing activity:
Long-term loan issuance costs and discount		$ 1,085

Organization and Basis of Prese

Organization and Basis of Presentation	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Organization and Basis of Presentation	NOTE 1: ORGANIZATION AND BASIS OF PRESENTATION Organization . NovoCure Limited (including its consolidated subsidiaries, the “Company”) was incorporated in Jersey and is principally engaged in the development, manufacture and commercialization of TTFields for the treatment of solid tumors. Since inception, the Company has devoted substantially all of its efforts to developing a family of products to deliver TTFields for a variety of solid tumor indications, raising capital and recruiting personnel. The Company has regulatory approvals and clearances in certain countries for Optune, its first TTFields delivery system, to treat glioblastoma. The Company commenced marketing Optune in the United States at the end of 2011, in certain countries in Europe in 2014 and in Japan in 2015. Financial statement preparation . The accompanying condensed consolidated financial statements include the accounts of the Company and its consolidated subsidiaries, and intercompany accounts and transactions have been eliminated. In the opinion of the Company’s management, the condensed consolidated financial statements reflect all adjustments, which are normal and recurring in nature, necessary for fair financial statement presentation. The preparation of these condensed consolidated financial statements in conformity with U.S. generally accepted accounting principles (“GAAP”) requires management to make estimates and assumptions that affect the amounts reported in these condensed consolidated financial statements and accompanying notes. Actual results could differ materially from those estimates. These condensed consolidated financial statements and accompanying notes should be read in conjunction with the Company’s annual consolidated financial statements and the notes thereto included in the Company’s Annual Report on Form 10-K for the fiscal year ended December 31, 2015 (the “2015 10-K”) filed with the Securities and Exchange Commission (the “SEC”) on March 1, 2016. The significant accounting policies applied in the audited annual consolidated financial statements of the Company as disclosed in the 2015 10-K are applied consistently in these unaudited interim consolidated financial statements. Recently Issued Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02-Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Short Term Investments

Short Term Investments	3 Months Ended
	Mar. 31, 2016
Marketable Securities Current [Abstract]
Short Term Investments	NOTE 2: SHORT-TERM INVESTMENTS The Company invests in marketable U.S. Treasury Bills (“T-bills”) that are classified as held-to-maturity securities. The amortized cost and recorded basis of the T-bills are presented as short-term investments in the amount of $119,842 and $150,001 as of March 31, 2016 and December 31, 2015, respectively, and their estimated fair value as of March 31, 2016 and December 31, 2015 was $119,778 and $149,978, respectively.

Inventories

Inventories	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Inventories	NOTE 3: INVENTORIES Inventories are stated at the lower of cost or market. The weighted average methodology is applied to determine cost. As of March 31, 2016 and December 31, 2015, the Company’s inventories were composed of: March 31, December 31, 2016 2015 Unaudited Audited Raw materials $ 3,593 $ 3,518 Work in progress 6,138 4,618 Finished products 6,715 5,458 Total $ 16,446 $ 13,594

Commitments and Contingent Liab

Commitments and Contingent Liabilities	3 Months Ended
	Mar. 31, 2016
Commitments And Contingencies Disclosure [Abstract]
Commitments and Contingent Liabilities	NOTE 4: COMMITMENTS AND CONTINGENT LIABILITIES The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2023. The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2019. As of March 31, 2016 and December 31, 2015, the Company pledged bank deposits of $317 and $133, respectively, to cover bank guarantees in respect of its leases of operating facilities and obtained guarantees by the bank for the fulfillment of the Company’s lease commitments of $472 and $283, respectively.

Share Capital

Share Capital	3 Months Ended
	Mar. 31, 2016
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Share Capital	NOTE 5: SHARE CAPITAL In January 2016, warrants for a total of 975,644 ordinary shares with an exercise price of $18.09 per shares were cashlessly exercised, resulting in the issuance of 315,155 ordinary shares.

Equity Incentive Plan

Equity Incentive Plan	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Equity Incentive Plan	NOTE 6: EQUITY INCENTIVE PLAN In September 2015, the Company adopted the 2015 Omnibus Incentive Plan (the “2015 Plan”). The 2015 Plan replaced the 2013 Share Option Plan. Under the 2015 Plan, the Company can issue various types of equity compensation awards such as restricted shares, performance shares, restricted stock units, performance units, long-term cash award and other share-based awards. The options granted under the 2015 Plan generally have a four-year vesting period and expire ten years after the date of grant. Options granted under the 2015 Plan that are cancelled or forfeited before expiration become available for future grant. As of March 31, 2016, 13,260,713 ordinary shares were available for grant under the 2015 Plan. A summary of the status of the Company’s option plans as of March 31, 2016 and changes during the period then ended is presented below: Three months ended March 31, 2016 Unaudited Number of options Weighted average exercise price Outstanding at beginning of year 10,134,829 $ 8.20 Granted 1,711,575 14.45 Exercised (332,984 ) 0.17 Forfeited and cancelled (24,620 ) 16.54 Outstanding as of March 31, 2016 11,488,800 9.35 Exercisable options 5,871,196 4.18 Vested and expected to vest 11,303,362 $ 9.27 NOTE 6: EQUITY INCENTIVE PLAN (Cont.) The fair value of share-based awards was estimated using the Black-Scholes option-pricing model for all grants with the following underlying assumptions: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited Expected term (years) 6.25 6.25 6.25 Expected volatility 59.80%-60.19% 65.80 % 59.00%-65.80% Risk-free interest rate 1.52%-1.88% 1.90 % 1.74%-2.05% Dividend yield 0% 0% 0% The total non-cash share-based compensation expenses related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2016 and 2015 and the year ended December 31, 2015 were: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited Cost of revenues $ 141 $ 13 $ 174 Research, development and clinical trials 763 421 2,529 Sales and marketing 1,290 408 2,496 General and administrative 3,262 970 6,661 Total share-based compensation expense $ 5,456 $ 1,812 $ 11,860 In September 2015, the Company adopted an employee share purchase plan (“ESPP”) to encourage and enable eligible employees to acquire ownership of the Company’s ordinary shares purchased through accumulated payroll deductions on an after-tax basis. In the United States, the ESPP is intended to be an “employee stock purchase plan” within the meaning of Section 423 of the Internal Revenue Code and the provisions of the ESPP will be construed in a manner consistent with the requirements of such section. The Company intends to begin offerings under the ESPP in 2016. As of Mach 31, 2016, 1,667,785 ordinary shares were available to be purchased by eligible employees under the ESPP and no shares have been offered under the ESPP.

Supplemental Information

Supplemental Information	3 Months Ended
	Mar. 31, 2016
Geographic Areas Long Lived Assets [Abstract]
Supplemental Information	NOTE 7: SUPPLEMENTAL INFORMATION The Company operates in a single reportable segment. The following table presents long-lived assets by location: March 31, December 31, 2016 2015 Unaudited Audited United States $ 7,358 $ 6,600 Switzerland 4,770 4,204 Israel 1,775 1,376 Others 397 401 Total $ 14,300 $ 12,581 The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited United States $ 12,013 $ 4,974 $ 30,961 Europe, Japan and other markets 1,040 234 2,126 Total $ 13,053 $ 5,208 $ 33,087

Subsequent Events

Subsequent Events	3 Months Ended
	Mar. 31, 2016
Subsequent Events [Abstract]
Subsequent Events	NOTE 8: SUBSEQUENT EVENTS In April and May 2016, certain investors and employees exercised an aggregate of 1,349,489 warrants and options to purchase ordinary shares, resulting in the issuance of 1,096,752 ordinary shares. Warrants to purchase 888,219 ordinary shares were exercised cashlessly, resulting in the issuance of 635,482 ordinary shares. The total purchase price received by the Company related to the warrant and option exercises was $847.

Organization and Basis of Pre17

Organization and Basis of Presentation (Policies)	3 Months Ended
	Mar. 31, 2016
Organization Consolidation And Presentation Of Financial Statements [Abstract]
Recently Issued Accounting Pronouncement	Recently Issued Accounting Pronouncements . In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02-Leases (ASC 842), which sets out the principles for the recognition, measurement, presentation and disclosure of leases for both parties to a contract (i.e. lessees and lessors). The new standard requires lessees to apply a dual approach, classifying leases as either finance or operating leases based on the principle of whether or not the lease is effectively a financed purchase by the lessee. This classification will determine whether lease expense is recognized based on an effective interest method or on a straight line basis over the term of the lease, respectively. A lessee is also required to record a right-of-use asset and a lease liability for all leases with a term of greater than twelve months regardless of their classification. Leases with a term of twelve months or less will be accounted for similar to existing guidance for operating leases. The new standard requires lessors to account for leases using an approach that is substantially equivalent to existing guidance for sales-type leases, direct financing leases and operating leases. ASC 842 supersedes the previous leases standard, ASC 840. The standard is effective on January 1, 2019, with early adoption permitted. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements. In March 2016, the FASB issued ASU 2016-09, Compensation - Stock Compensation (Topic 718): Improvements to Employee Share-Based Payment Accounting. The amendments in ASU 2016-09 affect all entities that issue share-based payment awards to their employees and involve multiple aspects of the accounting for share-based payment transactions, including income tax consequences, classification of awards as either equity or liabilities, and classification on the statement of cash flows. ASU 2016-09 is effective for annual periods beginning after December 15, 2016, and interim periods within those annual periods. Early adoption is permitted in any interim or annual period. The Company is currently evaluating the impact of the adoption of this standard on its consolidated financial statements.

Inventories (Tables)

Inventories (Tables)	3 Months Ended
	Mar. 31, 2016
Inventory Disclosure [Abstract]
Schedule of Inventories	Inventories are stated at the lower of cost or market. The weighted average methodology is applied to determine cost. As of March 31, 2016 and December 31, 2015, the Company’s inventories were composed of: March 31, December 31, 2016 2015 Unaudited Audited Raw materials $ 3,593 $ 3,518 Work in progress 6,138 4,618 Finished products 6,715 5,458 Total $ 16,446 $ 13,594

Equity Incentive Plan (Tables)

Equity Incentive Plan (Tables)	3 Months Ended
	Mar. 31, 2016
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Schedule of Stock Option Plans	A summary of the status of the Company’s option plans as of March 31, 2016 and changes during the period then ended is presented below: Three months ended March 31, 2016 Unaudited Number of options Weighted average exercise price Outstanding at beginning of year 10,134,829 $ 8.20 Granted 1,711,575 14.45 Exercised (332,984 ) 0.17 Forfeited and cancelled (24,620 ) 16.54 Outstanding as of March 31, 2016 11,488,800 9.35 Exercisable options 5,871,196 4.18 Vested and expected to vest 11,303,362 $ 9.27
Schedule of Fair Value of Share Based Awards Using Black-Scholes Option Pricing Model	The fair value of share-based awards was estimated using the Black-Scholes option-pricing model for all grants with the following underlying assumptions: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited Expected term (years) 6.25 6.25 6.25 Expected volatility 59.80%-60.19% 65.80 % 59.00%-65.80% Risk-free interest rate 1.52%-1.88% 1.90 % 1.74%-2.05% Dividend yield 0% 0% 0%
Schedule of Non-cash Share-based Compensation Expense Related to Company's Equity-Based Awards	The total non-cash share-based compensation expenses related to all of the Company’s equity-based awards recognized for the three months ended March 31, 2016 and 2015 and the year ended December 31, 2015 were: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited Cost of revenues $ 141 $ 13 $ 174 Research, development and clinical trials 763 421 2,529 Sales and marketing 1,290 408 2,496 General and administrative 3,262 970 6,661 Total share-based compensation expense $ 5,456 $ 1,812 $ 11,860

Supplemental Information (Table

Supplemental Information (Tables)	3 Months Ended
	Mar. 31, 2016
Geographic Areas Long Lived Assets [Abstract]
Schedule of Long-Lived Assets by Location	The following table presents long-lived assets by location: March 31, December 31, 2016 2015 Unaudited Audited United States $ 7,358 $ 6,600 Switzerland 4,770 4,204 Israel 1,775 1,376 Others 397 401 Total $ 14,300 $ 12,581
Schedule of Revenues by Geographic Region	The Company’s revenues by geographic region, based on the customer’s location, are summarized as follows: Three months ended March 31, Year ended December 31, 2016 2015 2015 Unaudited Audited United States $ 12,013 $ 4,974 $ 30,961 Europe, Japan and other markets 1,040 234 2,126 Total $ 13,053 $ 5,208 $ 33,087

Short Term Investments - Additi

Short Term Investments - Additional Information (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Investments Debt And Equity Securities [Abstract]
Short-term investments	$ 119,842	$ 150,001
Estimated fair value of short-term investments	$ 119,778	$ 149,978

Inventories - Schedule of Inven

Inventories - Schedule of Inventories (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Inventory Disclosure [Abstract]
Raw materials	$ 3,593	$ 3,518
Work in progress	6,138	4,618
Finished products	6,715	5,458
Total	$ 16,446	$ 13,594

Commitments and Contingent Li23

Commitments and Contingent Liabilities - Additional Information (Details) - USD ($) $ in Thousands	3 Months Ended
	Mar. 31, 2016	Dec. 31, 2015
Loss Contingencies [Line Items]
Operating lease expiration description	The facilities of the Company are leased under various operating lease agreements for periods ending no later than 2023.
Pledged bank deposits	$ 317	$ 133
Operating Lease Commitments	$ 472	$ 283
Motor Vehicles
Loss Contingencies [Line Items]
Operating lease expiration description	The Company also leases motor vehicles under various operating leases, which expire on various dates, the latest of which is in 2019.
Maximum
Loss Contingencies [Line Items]
Operating lease agreements, expiration year	2,023
Maximum | Motor Vehicles
Loss Contingencies [Line Items]
Operating lease agreements, expiration year	2,019

Share Capital - Additional Info

Share Capital - Additional Information (Details)	1 Months Ended
	Jan. 31, 2016$ / sharesshares
Share Based Compensation Allocation And Classification In Financial Statements [Abstract]
Warrants issued to purchase of ordinary shares	975,644
Warrants exercised to ordinary shares	315,155
Warrants exercise price | $ / shares	$ 18.09

Equity Incentive Plan - Additio

Equity Incentive Plan - Additional Information (Details)	3 Months Ended
	Mar. 31, 2016shares
ESPP
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Ordinary shares available for grants	1,667,785
Shares offered under plan	0
2015 Plan
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Option granted vesting period	4 years
Option granted expiration period	10 years
Ordinary shares available for grants	13,260,713

Equity Incentive Plan - Schedul

Equity Incentive Plan - Schedule of Stock Option Plan (Details)	3 Months Ended
	Mar. 31, 2016$ / sharesshares
Number of options
Number of options, Outstanding at beginning of year | shares	10,134,829
Number of options, Granted | shares	1,711,575
Number of options, Exercised | shares	(332,984)
Number of options, Forfeited and cancelled | shares	(24,620)
Number of options, Outstanding at ending of year | shares	11,488,800
Number of options, Exercisable options | shares	5,871,196
Number of options, Vested and expected to vest | shares	11,303,362
Weighted average exercise price
Weighted average exercise price, Outstanding at beginning of year | $ / shares	$ 8.20
Weighted average exercise price, Granted | $ / shares	14.45
Weighted average exercise price, Exercised | $ / shares	0.17
Weighted average exercise price, Forfeited and cancelled | $ / shares	16.54
Weighted average exercise price, Outstanding at end of year | $ / shares	9.35
Weighted average exercise price, Exercisable options | $ / shares	4.18
Weighted average exercise price, Vested and expected to vest | $ / shares	$ 9.27

Equity Incentive Plan - Sched27

Equity Incentive Plan - Schedule of Fair Value of Share Based Awards Using Black-Scholes Option Pricing Model (Details)	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract]
Expected term (years)	6 years 3 months	6 years 3 months	6 years 3 months
Expected volatility, minimum	59.80%		59.00%
Expected volatility, maximum	60.19%		65.80%
Risk-free interest rate, minimum	1.52%		1.74%
Risk-free interest rate, maximum	1.88%		2.05%
Dividend yield	0.00%	0.00%	0.00%
Expected volatility		65.80%
Risk-free interest rate		1.90%

Equity Incentive Plan - Sched28

Equity Incentive Plan - Schedule of Non-cash Share-Based Compensation Expenses Related to Company's Equity-Based Awards (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 5,456	$ 1,812	$ 11,860
Cost of Revenues
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	141	13	174
Research, Development and Clinical Trials
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	763	421	2,529
Sales and Marketing
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	1,290	408	2,496
General and Administrative
Share Based Compensation Arrangement By Share Based Payment Award [Line Items]
Total share-based compensation expense	$ 3,262	$ 970	$ 6,661

Supplemental Information - Sche

Supplemental Information - Schedule of Long-Lived Assets by Location (Details) - USD ($) $ in Thousands	Mar. 31, 2016	Dec. 31, 2015
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	$ 14,300	$ 12,581
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	7,358	6,600
Switzerland
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	4,770	4,204
Israel
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	1,775	1,376
Others
Revenues From External Customers And Long Lived Assets [Line Items]
Long-lived assets	$ 397	$ 401

Supplemental Information - Sc30

Supplemental Information - Schedule of Revenues by Geographic Region (Details) - USD ($) $ in Thousands	3 Months Ended		12 Months Ended
	Mar. 31, 2016	Mar. 31, 2015	Dec. 31, 2015
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	$ 13,053	$ 5,208	$ 33,087
United States
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	12,013	4,974	30,961
Europe, Japan and other markets
Revenues From External Customers And Long Lived Assets [Line Items]
Net revenues	$ 1,040	$ 234	$ 2,126

Subsequent Events - Additional

Subsequent Events - Additional Information (Details) - USD ($) $ in Thousands	1 Months Ended
	May. 31, 2016	Apr. 30, 2016	Jan. 31, 2016
Subsequent Event [Line Items]
Warrants issued to purchase of ordinary shares			975,644
Warrants exercised to ordinary shares			315,155
Scenario, Forecast [Member]
Subsequent Event [Line Items]
Exercise of options and warrants (in shares)	1,349,489
Subsequent
Subsequent Event [Line Items]
Exercise of options and warrants (in shares)		1,349,489
Warrant | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Conversion of preferred shares to ordinary shares	1,096,752
Warrants issued to purchase of ordinary shares	888,219
Warrants exercised to ordinary shares	635,482
Warrant | Subsequent
Subsequent Event [Line Items]
Conversion of preferred shares to ordinary shares		1,096,752
Warrants issued to purchase of ordinary shares		888,219
Warrants exercised to ordinary shares		635,482
Options And Warrants | Scenario, Forecast [Member]
Subsequent Event [Line Items]
Proceeds from warrant and option exercises	$ 847
Options And Warrants | Subsequent
Subsequent Event [Line Items]
Proceeds from warrant and option exercises		$ 847