Cover Page
Cover Page - USD ($) $ in Millions | 12 Months Ended | ||
Dec. 31, 2019 | Feb. 24, 2020 | Jun. 30, 2019 | |
Cover page. | |||
Document Type | 10-K | ||
Document Annual Report | true | ||
Document Period End Date | Dec. 31, 2019 | ||
Document Transition Report | false | ||
Entity File Number | 001-31822 | ||
Entity Registrant Name | ACCELERATE DIAGNOSTICS, INC. | ||
Entity Incorporation, State or Country Code | DE | ||
Entity Tax Identification Number | 84-1072256 | ||
Entity Address, Address Line One | 3950 South Country Club Road | ||
Entity Address, Address Line Two | Suite 470 | ||
Entity Address, City or Town | Tucson | ||
Entity Address, State or Province | AZ | ||
Entity Address, Postal Zip Code | 85714 | ||
City Area Code | 520 | ||
Local Phone Number | 365-3100 | ||
Title of 12(b) Security | Common Stock, $0.001 par value per share | ||
Trading Symbol | AXDX | ||
Security Exchange Name | NASDAQ | ||
Entity Well-known Seasoned Issuer | No | ||
Entity Voluntary Filers | No | ||
Entity Current Reporting Status | Yes | ||
Entity Interactive Data Current | Yes | ||
Entity Filer Category | Large Accelerated Filer | ||
Entity Small Business | false | ||
Entity Emerging Growth Company | false | ||
Entity Shell Company | false | ||
Entity Public Float | $ 714.1 | ||
Entity Common Stock, Shares Outstanding | 54,913,303 | ||
Documents Incorporated by Reference | Portions of the definitive proxy statement relating to the registrant’s 2020 Annual Meeting of Stockholders are incorporated by reference in Part III of this Form 10-K. | ||
Entity Central Index Key | 0000727207 | ||
Current Fiscal Year End Date | --12-31 | ||
Amendment Flag | false | ||
Document Fiscal Period Focus | FY | ||
Document Fiscal Year Focus | 2019 |
Consolidated Balance Sheets
Consolidated Balance Sheets - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Current assets: | ||
Cash and cash equivalents | $ 61,014 | $ 66,260 |
Investments | 47,437 | 100,218 |
Trade accounts receivable | 3,222 | 1,860 |
Inventory | 8,059 | 7,746 |
Prepaid expenses | 955 | 980 |
Other current assets | 1,165 | 576 |
Total current assets | 121,852 | 177,640 |
Property and equipment, net | 7,905 | 7,303 |
Right of use assets | 3,917 | |
Other non-current assets | 750 | 322 |
Total assets | 134,424 | 185,265 |
Current liabilities: | ||
Accounts payable | 2,351 | 1,322 |
Accrued liabilities | 3,828 | 4,962 |
Accrued interest | 1,262 | 1,262 |
Deferred revenue | 271 | 217 |
Current operating lease liability | 450 | |
Total current liabilities | 8,162 | 7,763 |
Non-current operating lease liability | 3,579 | |
Other non-current liabilities | 19 | 53 |
Convertible notes | 130,043 | 120,074 |
Total liabilities | 141,803 | 127,890 |
Commitments and contingencies | ||
Stockholders' equity (deficit): | ||
Preferred shares | 0 | 0 |
Common stock, $0.001 par value | 55 | 54 |
Contributed capital | 452,344 | 432,885 |
Treasury stock | (45,067) | (45,067) |
Accumulated deficit | (414,653) | (330,348) |
Accumulated other comprehensive loss | (58) | (149) |
Total stockholders' equity (deficit) | (7,379) | 57,375 |
Total liabilities and stockholders' equity (deficit) | $ 134,424 | $ 185,265 |
Consolidated Balance Sheets (Pa
Consolidated Balance Sheets (Parenthetical) - $ / shares | Dec. 31, 2019 | Dec. 31, 2018 |
Statement of Financial Position [Abstract] | ||
Preferred shares, par value (dollars per share) | $ 0.01 | $ 0.01 |
Preferred shares, shares authorized (shares) | 5,000,000 | 5,000,000 |
Preferred shares, shares issued (shares) | 0 | 0 |
Preferred shares, shares outstanding (shares) | 0 | 0 |
Common stock, par value (dollars per share) | $ 0.01 | $ 0.01 |
Common stock, shares authorized (shares) | 85,000,000 | 75,000,000 |
Common stock, shares issued (shares) | 54,708,792 | 54,231,876 |
Common stock, shares outstanding (shares) | 54,708,792 | 54,231,876 |
Consolidated Statements of Oper
Consolidated Statements of Operations and Comprehensive Loss - USD ($) shares in Thousands, $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Statement [Abstract] | |||
Net sales | $ 9,297 | $ 5,670 | $ 4,177 |
Cost of sales | 4,897 | 3,187 | 1,002 |
Gross profit | 4,400 | 2,483 | 3,175 |
Costs and expenses: | |||
Research and development | 25,345 | 27,638 | 22,301 |
Sales, general and administrative | 51,886 | 55,214 | 45,058 |
Total costs and expenses | 77,231 | 82,852 | 67,359 |
Loss from operations | (72,831) | (80,369) | (64,184) |
Other income (expense): | |||
Interest expense | (14,256) | (10,113) | 0 |
Foreign currency exchange loss | (124) | (450) | (75) |
Interest and dividend income | 2,809 | 2,845 | 908 |
Other expense, net | (14) | (28) | (184) |
Total other income (expense), net | (11,585) | (7,746) | 649 |
Net loss before income taxes | (84,416) | (88,115) | (63,535) |
Benefit (provision) for income taxes | 111 | (211) | (493) |
Net loss | $ (84,305) | $ (88,326) | $ (64,028) |
Basic and diluted net loss per share (dollars per share) | $ (1.55) | $ (1.62) | $ (1.18) |
Weighted average shares outstanding (shares) | 54,506 | 54,494 | 54,073 |
Other comprehensive loss: | |||
Net loss | $ (84,305) | $ (88,326) | $ (64,028) |
Net unrealized gain (loss) on available-for-sale investments | 193 | 23 | (117) |
Foreign currency translation adjustment | (102) | (172) | 321 |
Comprehensive loss | $ (84,214) | $ (88,475) | $ (63,824) |
Consolidated Statements of Stoc
Consolidated Statements of Stockholders' Equity (Deficit) - USD ($) $ in Thousands | Total | Common Stock | Contributed Capital | Accumulated Deficit | Treasury stock | Accumulated Other Comprehensive Income (Loss) |
Beginning balance (shares) at Dec. 31, 2016 | 51,516,000 | |||||
Beginning balance, amount at Dec. 31, 2016 | $ 77,816 | $ 52 | $ 255,257 | $ (177,289) | $ 0 | $ (204) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (64,028) | (64,028) | ||||
Issuance of common stock (shares) | 3,085,000 | |||||
Issuance of common stock | 83,224 | $ 3 | 83,221 | |||
Exercise of options, warrants and awards (shares) | 1,045,000 | |||||
Exercise of options, warrants and awards | 6,606 | $ 1 | 6,605 | |||
Issuance of common stock under employee purchase plan (shares) | 28,000 | |||||
Issuance of common stock under employee purchase plan | 597 | 597 | ||||
Unrealized loss on available-for-sale securities | (117) | (117) | ||||
Foreign currency translation adjustment | 321 | 321 | ||||
Equity-based compensation | 14,940 | 14,940 | ||||
Ending balance (shares) at Dec. 31, 2017 | 55,674,000 | |||||
Ending balance, amount at Dec. 31, 2017 | 118,704 | $ 56 | 360,620 | (241,972) | 0 | 0 |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | $ (88,326) | (88,326) | ||||
Exercise of options, warrants and awards (shares) | 357,373 | 382,000 | ||||
Exercise of options, warrants and awards | $ 3,749 | 3,749 | ||||
Issuance of common stock under employee purchase plan (shares) | 35,000 | |||||
Issuance of common stock under employee purchase plan | 583 | 583 | ||||
Unrealized loss on available-for-sale securities | 23 | 23 | ||||
Foreign currency translation adjustment | (172) | (172) | ||||
Repurchase of common stock under Prepaid Forward contract (shares) | (1,859,000) | |||||
Repurchase of common stock under Prepaid Forward contract | (45,069) | $ (2) | (45,067) | |||
Issuance of convertible note | 53,283 | 53,283 | ||||
Equity-based compensation | 14,650 | 14,650 | ||||
Ending balance (shares) at Dec. 31, 2018 | 54,232,000 | |||||
Ending balance, amount at Dec. 31, 2018 | 57,375 | $ 54 | 432,885 | (330,348) | (45,067) | (149) |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Net loss | (84,305) | (84,305) | ||||
Issuance of common stock (shares) | 56,000 | |||||
Issuance of common stock | $ 1,000 | 1,000 | ||||
Exercise of options, warrants and awards (shares) | 383,319 | 396,000 | ||||
Exercise of options, warrants and awards | $ 5,365 | $ 1 | 5,364 | |||
Issuance of common stock under employee purchase plan (shares) | 25,000 | |||||
Issuance of common stock under employee purchase plan | 458 | 458 | ||||
Unrealized loss on available-for-sale securities | 193 | 193 | ||||
Foreign currency translation adjustment | $ (102) | (102) | ||||
Repurchase of common stock under Prepaid Forward contract (shares) | (1,858,500) | |||||
Equity-based compensation | $ 12,637 | 12,637 | ||||
Ending balance (shares) at Dec. 31, 2019 | 54,709,000 | |||||
Ending balance, amount at Dec. 31, 2019 | $ (7,379) | $ 55 | $ 452,344 | $ (414,653) | $ (45,067) | $ (58) |
Consolidated Statement of Cash
Consolidated Statement of Cash Flows - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash flows from operating activities: | |||
Net loss | $ (84,305) | $ (88,326) | $ (64,028) |
Adjustments to reconcile net loss to net cash used in operating activities: | |||
Depreciation and amortization | 2,602 | 2,561 | 2,196 |
Amortization of investment discount | (427) | (621) | 326 |
Equity-based compensation expense | 12,618 | 14,422 | 13,933 |
Amortization of debt discount and issuance costs | 9,969 | 6,849 | 0 |
Loss on disposal of property and equipment | 837 | 678 | 240 |
(Increase) decrease in assets: | |||
Accounts receivable | (1,362) | 86 | (1,912) |
Inventory | (3,655) | (4,223) | (7,759) |
Prepaid expense and other assets | (752) | (250) | (459) |
Increase (decrease) in liabilities: | |||
Accounts payable | 988 | (748) | 1,064 |
Accrued liabilities | (1,327) | 1,426 | 596 |
Accrued interest | 0 | 1,262 | 0 |
Deferred revenue and income | 54 | (904) | 36 |
Deferred compensation | (34) | 32 | 21 |
Net cash used in operating activities | (64,794) | (67,756) | (55,746) |
Cash flows from investing activities: | |||
Purchases of equipment | (330) | (998) | (2,966) |
Purchase of marketable securities | (50,226) | (120,556) | (82,333) |
Proceeds from sales of marketable securities | 14,500 | 3,000 | 11,522 |
Maturities of marketable securities | 88,867 | 98,416 | 48,049 |
Net cash provided by (used in) investing activities | 52,811 | (20,138) | (25,728) |
Cash flows from financing activities: | |||
Proceeds from issuance of common stock | 1,458 | 583 | 83,821 |
Proceeds from exercise of options and warrants | 5,365 | 3,749 | 6,606 |
Proceeds from issuance of convertible note | 0 | 171,500 | 0 |
Prepayment of forward stock repurchase transaction | 0 | (45,069) | 0 |
Payment of debt issuance costs | 0 | (4,992) | 0 |
Net cash provided by financing activities | 6,823 | 125,771 | 90,427 |
Effect of exchange rate on cash | (86) | (130) | 316 |
Increase (decrease) in cash and cash equivalents | (5,246) | 37,747 | 9,269 |
Cash and cash equivalents, beginning of period | 66,260 | 28,513 | 19,244 |
Cash and cash equivalents, end of period | 61,014 | 66,260 | 28,513 |
Non-cash investing activities: | |||
Transfer of instruments from inventory to property and equipment | 3,361 | 4,767 | 0 |
Supplemental Cash Flow Information [Abstract] | |||
Interest paid | 4,288 | 2,001 | 0 |
Income taxes paid, net of refunds | $ 41 | $ 651 | $ 0 |
Organization and Nature of Busi
Organization and Nature of Business; Basis of Presentation; Principles of Consolidation | 12 Months Ended |
Dec. 31, 2019 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Organization and Nature of Business; Basis of Presentation; Principles of Consolidation | NOTE 1. ORGANIZATION AND NATURE OF BUSINESS; BASIS OF PRESENTATION; PRINCIPLES OF CONSOLIDATION Accelerate Diagnostics, Inc. (“we” or “us” or “our” or “Accelerate” or “the Company”) is an in vitro diagnostics company dedicated to providing solutions that improve patient outcomes and lower healthcare costs through the rapid diagnosis of serious infections. Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), regarding annual financial reporting. All amounts are rounded to the nearest thousand dollars unless otherwise indicated. Principles of Consolidation The consolidated financial statements include the accounts of the Company and its wholly-owned subsidiaries after elimination of intercompany transactions and balances. Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation and had no effect on our net income, stockholders’ equity (deficit) or cash flows. |
Summary of Significant Accounti
Summary of Significant Accounting Policies | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Summary of Significant Accounting Policies | NOTE 2. SUMMARY OF SIGNIFICANT ACCOUNTING POLICIES Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to accounts receivable, inventory, property and equipment, intangible assets, accrued liabilities, warranty liabilities, tax valuation accounts and equity–based compensation. Actual results could differ materially from those estimates. Estimated Fair Value of Financial Instruments The Company follows ASC 820 , Fair Value Measurement , which has defined fair value and requires the Company to establish a framework for measuring fair value and disclose fair value measurements. The framework requires the valuation of assets and liabilities subject to fair value measurements using a three tiered approach and fair value measurement be classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The carrying amounts of financial instruments such as cash and cash equivalents, trade accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, and other current liabilities approximate the related fair values due to the short-term maturities of these instruments. See Note 5, Fair Value of Financial Instruments , for further information and related disclosures regarding the Company’s fair value measurements. The estimated fair value of the Company’s long-term debt represents a Level 2 measurement. See Note 11, Convertible Notes for further detail on the Company’s long-term debt. Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less at time of purchase are considered to be cash equivalents. Cash and cash equivalents include overnight repurchase agreement accounts and other investments. As part of our cash management process, excess operating cash is invested in overnight repurchase agreements with our bank. Repurchase agreements and other investments classified as cash and cash equivalents are not deposits and are not insured by the U.S. Government, the FDIC or any other government agency and involve investment risk including possible loss of principal. We believe however, that the market risk arising from holding these financial instruments is minimal. Investments The Company invests in various investments which are primarily held in the custody of major financial institutions. Investments consist of certificates of deposit, U.S. government and agency securities, commercial paper, asset-backed securities, and corporate notes and bonds. Management classifies its investments as available-for-sale investments and records these investments in the consolidated balance sheet at fair value. The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs. Unrealized gains or losses for available-for-sale securities are included in accumulated other comprehensive income (loss), a component of stockholders’ equity (deficit). The Company classifies its investments as current based on the nature of the investments and their availability for use in current operations. The Company assesses whether an other-than-temporary impairment loss has occurred due to declines in fair value or other market conditions when an investment’s fair value remains less than its cost for more than twelve months. This assessment includes a determination of whether the investment is expected to recover in value and whether the Company has the intent and ability to hold the investment until the anticipated recovery in value occurs. When an investment is identified as having an other-than-temporary impairment loss, we adjust the cost basis of the investment down to fair value resulting in a realized loss. The new cost basis is not changed for subsequent recoveries in fair value and temporary future increases or decreases in fair value are included in other comprehensive income (loss) . Inventory Inventory is stated at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first out method. The Company estimates the recoverability of inventory by reference to internal estimates of future demands and product life cycles, including expiration. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value and records a charge to expense for such inventory as appropriate. Accounts Receivable Accounts receivable consist of amounts due to the Company for sales to customers and are recorded net of an allowance for doubtful accounts. Receivables are written off if reasonable collection efforts prove unsuccessful. The Company provides for allowances on a specific account basis by recording charges to bad debt expense reported in sales, general, and administrative expenses. No allowance was recorded at December 31, 2019 and 2018 . Property and Equipment Property and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. Gains and losses from retirement or replacement are included in costs and expenses. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the assets, ranging from one to seven years . Leasehold improvements are depreciated over the remaining life of the lease or the life of the asset, whichever is less. Instruments Classified as Property and Equipment Property and equipment includes Accelerate Pheno systems (also referred to as instruments) used for sales demonstrations, instruments under rental agreements and instruments used for research and development. Depreciation expense for instruments used for sales demonstrations is recorded as a component of sales, general and administrative expense. Depreciation expense for instruments placed at customer sites pursuant to reagent rental agreements is recorded as a component of cost of sales. Depreciation expense for instruments used in our laboratory and research is recorded as a component of research and development expense. The Company retains title to these instruments and depreciates them over five years . Losses from the retirement of returned instruments are included in costs and expenses. The Company evaluates the recoverability of the carrying amount of its instruments whenever events or changes in circumstances indicate that the carrying amount of the assets may not be recoverable, and at least annually. This evaluation is based on our estimate of future cash flows and the estimated fair value of such long-lived assets, and provides for impairment if such undiscounted cash flows or the estimated fair value are insufficient to recover the carrying amount of instruments. During 2019 , the Company identified potential impairment indicators related to instruments installed at customer sites under rental agreement that have not yet generated revenue and the length of time from when these instruments are installed to when revenue is initially generated. The Company’s evaluation for impairment included consideration of the cash flows of current revenue generating instruments, the length of time to recover the carrying value, the historical rate of returned instruments from customers and the Company’s ability to resell or repurpose used instruments. As a result of the Company’s evaluation, no impairment charges were recorded at December 31, 2019 and 2018 . See Note 8, Property and Equipment , for further information and related disclosures. Long-lived Assets Long-lived assets and certain identifiable intangibles to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company continuously evaluates the recoverability of its long-lived assets based on estimated future cash flows from and the estimated fair value of such long-lived assets, and provides for impairment if such undiscounted cash flows or the estimated fair value are insufficient to recover the carrying amount of the long-lived asset. Warranty Reserve Instruments are typically sold with a one year limited warranty, while kits and accessories are typically sold with a sixty days limited warranty. Accordingly, a provision for the estimated cost of the limited warranty repair is recorded at the time revenue is recognized. Our estimated warranty provision is based on our estimate of future repair events and the related estimated cost of repairs. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. The cost incurred for these provisions is included in cost of sales on the consolidated statements of operations and comprehensive loss. Product warranty reserve activity for the years ended December 31 is as follows (in thousands): 2019 2018 2017 Beginning balance $ 215 $ 192 $ 1 Provisions 411 420 331 Warranty cost incurred (223 ) (397 ) (140 ) $ 403 $ 215 $ 192 Convertible Notes We account for convertible debt instruments that may be settled in cash or equity upon conversion by separating the liability and equity components of the instruments in a manner that reflects our nonconvertible debt borrowing rate. We determined the carrying amount of the liability component of the Notes by using estimates and assumptions that market participants would use in pricing a debt instrument. These estimates and assumptions are judgmental in nature and could have a significant impact on the determination of the debt component, and the associated non-cash interest expense. The equity component is treated as a discount on the liability component of the Notes, which is amortized over the term of the Notes using the effective interest rate method. Debt issuance costs related to the Notes are allocated to the liability and equity components of the Notes based on their relative values. Debt issuance costs allocated to the liability component are amortized over the life of the Notes as additional non-cash interest expense. Transaction costs allocated to equity are netted with the equity component of the convertible debt instrument in stockholders’ equity (deficit). Revenue Recognition The Company recognizes revenue when control of the promised good or service is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales taxes are excluded from revenues. We determine revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations • Recognition of revenue as we satisfy a performance obligation Product revenue is derived from the sale or rental of our instruments and sales of related consumable products. When an instrument is sold, revenue is generally recognized upon installation of the unit consistent with contract terms, which do not include a right of return. When a consumable product is sold, revenue is generally recognized upon shipment. Invoices are generally issued when revenue is recognized. Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. Service revenue is derived from the sale of extended service agreements which are generally non-cancellable. This revenue is recognized on a straight-line basis over the contract term beginning on the effective date of the contract because the Company is standing ready to provide services. Invoices are generally issued annually and coincide with the beginning of individual service terms. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine relative standalone selling prices based on the price charged to customers for each individual performance obligation. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company has determined these costs would have an amortization period of less than one year and has elected to recognize them as an expense when incurred. Contract asset opening and closing balances were immaterial for the year ended December 31, 2019 . Cost of Sales Cost of sales includes cost of materials, direct labor, equity-based compensation, facility and other manufacturing overhead costs for consumable tests and instruments sold to customers. Cost of sales for instruments also includes depreciation on revenue generating instruments that have been placed with our customers under a reagent rental agreement. Cost of sales includes repair and maintenance cost for instruments covered by a service agreement or instruments covered by a reagent rental agreement. Cost of sales also includes warranty related costs. Shipping and Handling Shipping and handling costs billed to customers are included as a component of revenue. The corresponding expense incurred with third party carriers is included as a component of sales, general and administrative costs on the consolidated statements of operations and comprehensive loss. Most such billable shipping and handling costs are incurred in connection with consumable test kits. Unlike test kits, for instruments the Company typically pays for shipping and handling. Leases The Company accounts for leases in accordance with ASC 842, Leases, which was adopted on January 1, 2019. We determine if an arrangement is or contains a lease and the type of lease at inception. The Company classifies leases as finance leases (lessee) or sales-type leases (lessor) when there is either a transfer of ownership of the underlying asset by the end of the lease term, the lease contains an option to purchase the asset that we are reasonably certain will be exercised, the lease term is for the major part of the remaining economic life of the asset, the present value of the lease payments and any residual value guarantee equals or substantially exceeds all the fair value of the asset, or the asset is of such a specialized nature that it will have no alternative use to the lessor at the end of the lease term. Payments contingent on future events (i.e. based on usage) are considered variable and excluded from lease payments for the purposes of classification and initial measurement. Several of our leases include options to renew or extend the term upon mutual agreement of the parties and others include one-year extensions exercisable by the lessee. None of our leases contain residual value guarantees, restrictions, or covenants. To determine whether a contract contains a lease, the Company uses its judgment in assessing whether the lessor retains a material amount of economic benefit from an underlying asset, whether explicitly or implicitly identified, which party holds control over the direction and use of the asset, and whether any substantive substitution rights over the asset exist. Lessee Operating leases are included in right-of-use (“ROU”) assets and operating lease liabilities within our consolidated balance sheets. These assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and their related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Typically, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. We use the implicit rate when readily determinable. ROU assets are net of lease payments made and exclude lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term, which may include options to extend or terminate the lease when it is reasonably certain that we will exercise the option. As of adoption of ASC 842 and as of December 31, 2019 , the Company was not party to finance lease arrangements. Our leases consist primarily of leased office, factory, and laboratory space in the United States and office space in Europe, have between two and six-year terms, and typically contain penalizing, early-termination provisions. Lessor The Company leases instruments to customers under “reagent rental” agreements, whereby the customer agrees to purchase consumable products over a stated term, typically five years or less, for a volume-based price that includes an embedded rental for the instruments. When collectibility is probable, that amount is recognized as income at lease commencement for sales-type leases and as product is shipped, typically in a straight–line pattern, over the term for operating leases, which typically include a termination without cause or penalty provision given a short notice period. Consideration is allocated between lease and non-lease components based on stand-alone selling price in accordance with ASC 606, Revenue from Contracts with Customers. Net investment in sales-type leases are included within our consolidated balance sheets as a component of other current assets and other non-current assets, which include the present value of lease payments not yet received and the present value of the residual asset, which are determined using the information available at commencement, including the lease term, estimated useful life, rate implicit in the lease, and expected fair value of the instrument. See Note 19, Leases for further information. Equity-Based Compensation The Company may award stock options, restricted stock units (“RSUs”), performance-based options and other equity-based instruments to its employees, directors and consultants. Compensation cost related to equity-based instruments is based on the fair value of the instrument on the grant date, and is recognized over the requisite service period on a straight-line basis over the vesting period for each tranche (an accelerated attribution method) except for performance-based options. Performance-based stock options vest based on the achievement of performance targets. Compensation costs associated with performance-based option awards are recognized over the requisite service period based on probability of achievement. Performance-based stock options require management to make assumptions regarding the likelihood of achieving performance targets. The Company estimates the fair value of service based and performance based stock option awards, including modifications of stock option awards, using the Black-Scholes option pricing model. This model derives the fair value of stock options based on certain assumptions related to expected stock price volatility, expected option life, risk-free interest rate and dividend yield. • Volatility: The expected volatility is based on the historical volatility of the Company's stock price over the most recent period commensurate with the expected term of the stock option award. • Expected term: The estimated expected term for employee awards is based on the calculation published by the SEC in SAB110 for use when there is not a sufficient history of employee exercise patterns. For consultant awards, the estimated expected term is the same as the life of the award. • Risk-free interest rate: The risk-free interest rate is based on published U.S. Treasury rates for a term commensurate with the expected term. • Dividend yield: The dividend yield is estimated as zero as the Company has not paid dividends in the past and does not have any plans to pay any dividends in the foreseeable future. The Company records the fair value of RSUs or Stock Grants (“SGs”) based on published closing market price on the day before the grant date. The Company accounts for forfeitures as they occur rather than on an estimated basis. The Company also has an employee stock purchase program whereby eligible employees can elect payroll deductions that are subsequently used to purchase common stock at a discounted price. There is no compensation recorded for this program as (i) the purchase discount does not exceed the issuance costs that would have been incurred to raise a significant amount of capital by a public offering, (ii) substantially all employees that meet limited employment qualifications may participate on an equitable basis, and (iii) the plan doesn't incorporate option features that would require compensation to be recorded. See Note 16, Employee and Consultant Equity-Based Compensation for further information. Deferred Tax Assets Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets. The change in deferred tax assets and liabilities for the period represents the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws in deferred tax assets and liabilities are reflected as an adjustment to the tax provision or benefit in the period of enactment. The Company follows the provisions of ASC 740, Income Taxes, to account for any uncertainty in income taxes with respect to the accounting for all tax positions taken (or expected to be taken) on any income tax return. This guidance applies to all open tax periods in all tax jurisdictions in which the Company is required to file an income tax return. Under U.S. GAAP, in order to recognize an uncertain tax benefit the taxpayer must be more likely than not certain of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more likely than not to be realized upon resolution of the position. Interest and penalties, if any, would be recorded within tax expense. Foreign Currency Translation and Foreign Currency Transactions Adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive loss in the consolidated statements of stockholders’ equity (deficit). The Company has assets and liabilities, including receivables and payables, which are denominated in currencies other than their functional currency. These balance sheet items are subject to re-measurement, the impact of which is recorded in foreign currency exchange gain and loss, within the consolidated statement of operations and comprehensive loss. Loss Per Share Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Potentially dilutive common shares consist of shares issuable from stock options and unvested RSUs. Potentially dilutive common shares would also include common shares that would have been outstanding if notes convertible at the balance sheet date were converted. Diluted earnings are not presented when the effect of adding such additional common shares is antidilutive. See Note 15, Loss Per Share , for further information. Comprehensive Loss In addition to net loss, comprehensive loss includes all changes in equity during a period, except those resulting from investments by and distributions to owners. The Company holds investments classified as available-for-sale securities and records the change in fair market value as a component of comprehensive loss. The Company also has adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars which is included as a component of comprehensive loss. Recent Accounting Pronouncements Standards that were adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases, which together with subsequent amendments is included in ASC 842. ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. ASC 842 also addresses accounting and reporting by lessors, which is not significantly different from accounting and reporting under the prior standard, and further provides for qualitative and quantitative disclosures. We adopted ASC 842 on January 1, 2019 using the optional transition method allowed by ASU 2018-11. This optional transition method allowed the Company to apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. For contracts where we are the lessee, we recorded lease liabilities and right of use assets for contracts in effect on January 1, 2019 based on the facts and circumstances as of that date. The Company elected not to reassess whether any expired or existing contracts are or contain leases, not to reassess the lease classification for any expired or existing leases, not to reassess initial direct costs for any existing leases, and not to separate the lease components from the non-lease components for all classes of underlying assets. No cumulative-effect adjustment was recorded to the opening balance of retained earnings. We recognized right of use assets and lessee lease liabilities of $0.6 million with respect to operating leases where we are the lessee on January 1, 2019. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718); Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share-based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to ASC 718 upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The Company adopted ASU 2018-07 on January 1, 2019, which had no impact to our consolidated financial statements as all share-based awards granted to nonemployees are fully vested. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI). ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) that the FASB refers to as having been stranded in AOCI. The Company adopted ASU 2018-02 on January 1, 2019, which had no impact to our consolidated financial statements as no amounts were reclassified from accumulated other comprehensive income to retained earnings for tax effects resulting from the Tax Act. In March 2017, the FASB issued ASU 2017-08, Receivable - Nonrefundable Fees and Other Costs (Topic 310-20); Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendment requires premiums to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted ASU 2017-08 on January 1, 2019, which had no impact to our consolidated financial statements. Standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740); Simplifying the Accounting for Income Taxes. ASU 2019-12 reduces complexity in the accounting standard. This ASU is effective for us on January 1, 2021, with early adoption permitted. We are currently assessing the impact this will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820); Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removes, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. Level 3 fair value measurement disclosures should be applied prospectively while all other amendments should be applied retrospectively. This ASU is effective for us on January 1, 2020, with early adoption permitted. The Company does not expect the guidance to have a material impact on our consolidated financial statements, as the Company did not carry Level 3 fair value items at December 31, 2019 , and has not historically had transfers between levels. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. In November 2018, ASU 2018-19 was issued which amended the standard to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU 2019-04, 2019-05, 2019-10 and ASU 2019-11 to provide additional guidance on the credit losses standard. ASU 2016-13 amends the guidance on measuring credit losses on financial assets (including trade accounts receivable and available for sale debt securities) held at amortized cost. Currently, an “incurred loss” methodology is used for recognizing credit losses which delays recognition until it is probable a loss has been incurred. The amendment requires assets valued at amortized cost to be presented at the net amount expected to be collected using an allowance for credit losses. Reversal of credit losses on available for sale debt securities will be recorded in the current period net income. This ASU is effective for us on January 1, 2020, with early adoption permitted. The Company has identified available for sale debt securities, trade receivables, and investment in leases within the scope of ASU 2016-13. The Company is currently evaluating the impact of trade receivables and investments in leases at January 1, 2020, and believes the impact on available for sale debt securities will not have a material impact on the Company's consolidated financial statements at January 1, 2020. |
Concentration of Credit Risk
Concentration of Credit Risk | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Concentration of Credit Risk | NOTE 3. CONCENTRATION OF CREDIT RISK Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments and accounts receivable, including receivables from major customers. The Company has financial institutions for banking operations that hold 10% or more of the Company’s cash and cash equivalents. As of December 31, 2019 , two of the Company's financial institutions held 73% and 18% of the Company’s cash and cash equivalents, respectively. As of December 31, 2018 , two of the Company's financial institutions held 46% and 43% of the Company’s cash and cash equivalents, respectively. The Company grants credit to domestic and international clients in various industries. Exposure to losses on accounts receivable is principally dependent on each client's financial position. The Company had one customer that accounted for 11% of the Company’s net accounts receivable balance as of December 31, 2019 , and one customer that accounted for 10% of the Company's net accounts receivable balance as of December 31, 2018 . Customers who represented 10% or more of the Company’s total revenue consisted of the following at December 31 : 2019 2018 2017 Customer A * * 18% Customer B * * 13% * Less than 10% for the period indicated |
FDA Clearance
FDA Clearance | 12 Months Ended |
Dec. 31, 2019 | |
Research and Development [Abstract] | |
FDA Clearance | NOTE 4. FDA CLEARANCE On January 1, 2017 , the regulatory review process had progressed to a point that objective and persuasive evidence of approval was sufficiently probable and a future economic benefit existed. Inventory produced after that date has been capitalized, and before that date has been expensed. On February 23, 2017 , the U.S. Food and Drug Administration (“FDA”) granted Accelerate’s de novo request to market the Accelerate Pheno system and Accelerate PhenoTest BC kit for identification and antibiotic susceptibility testing of pathogens directly from positive blood culture samples. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | NOTE 5. FAIR VALUE OF FINANCIAL INSTRUMENTS The following tables represent the financial instruments measured at fair value on a recurring basis on the financial statements of the Company and the valuation approach applied to each class of financial instruments at December 31 (see Note 2, Summary of Significant Accounting Policies for further information): 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 43,745 $ — $ — $ 43,745 Commercial paper — 1,993 — 1,993 Corporate notes and bonds — 1,006 — 1,006 Total cash and cash equivalents $ 43,745 $ 2,999 $ — $ 46,744 Investments: Certificates of deposit — 5,663 — 5,663 US Treasury securities 12,579 — — 12,579 US Agency securities — 3,998 — 3,998 Commercial paper — 2,491 — 2,491 Corporate notes and bonds — 22,706 — 22,706 Total investments 12,579 34,858 — 47,437 Total assets measured at fair value $ 56,324 $ 37,857 $ — $ 94,181 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 38,444 $ — $ — $ 38,444 Commercial paper — 1,493 — 1,493 Total cash and cash equivalents $ 38,444 $ 1,493 $ — $ 39,937 Investments: Certificates of deposit — 10,787 — 10,787 US Treasury securities 22,120 — — 22,120 US Agency securities — 7,980 — 7,980 Commercial paper — 17,025 — 17,025 Asset-backed securities — 11,998 — 11,998 Corporate notes and bonds — 30,308 — 30,308 Total investments 22,120 78,098 — 100,218 Total assets measured at fair value $ 60,564 $ 79,591 $ — $ 140,155 Highly liquid investments with an original maturity of three months or less at time of purchase are included in cash and cash equivalents on the consolidated balance sheet. Level 1 assets are priced using quoted prices in active markets for identical assets which include money market funds and U.S. Treasury securities as these specific assets are liquid. Level 2 available-for-sale securities are priced using quoted market prices for similar instruments or nonbinding market prices that are corroborated by observable market data. The Company uses inputs such as actual trade data, benchmark yields, broker/dealer quotes, and other similar data, which are obtained from quoted market prices, independent pricing vendors, or other sources, to determine the ultimate fair value of these assets and liabilities. The Company uses such pricing data as the primary input to make its assessments and determinations as to the ultimate valuation of its investment portfolio and has not made, during the periods presented, any material adjustments to such inputs. There were no transfers between levels during the year ended December 31, 2019 . On March 27, 2018 , the Company issued $150 million aggregate principal amount of 2.50% Convertible Senior Notes due 2023 (“Notes”). In connection with the offering of the Notes, the Company granted the initial purchasers of the Notes a 13 -day option to purchase up to an additional $22.5 million aggregate principal amount of the Notes on the same terms and conditions. On April 4, 2018 the option was partially exercised, which resulted in $21.5 million of additional proceeds, for total proceeds of $171.5 million , as described in Note 11, Convertible Notes . As of December 31, 2019 and 2018 , the calculated fair value of the Notes were $133.8 million and $121.4 million , respectively. The Notes are highly correlated to the Company’s stock price and as a result, significant changes to the Company’s stock price will have a significant impact on the calculated fair value of the Notes. The fair value of the Notes are classified as Level 2 within the fair value hierarchy. For certain other financial assets and liabilities, including accounts receivable, accounts payable and other current liabilities, the carrying amounts approximate their fair value due to the relatively short maturity of these balances. |
Investments
Investments | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | NOTE 6. INVESTMENTS The following tables summarize the Company’s available-for-sale investments at December 31 (in thousands): AVAILABLE-FOR-SALE INVESTMENTS 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 5,646 $ 17 $ — $ 5,663 US Treasury securities 12,564 16 (1 ) 12,579 US Agency securities 4,002 — (4 ) 3,998 Commercial paper 2,492 — (1 ) 2,491 Corporate notes and bonds 22,711 6 (11 ) 22,706 Total $ 47,415 $ 39 $ (17 ) $ 47,437 AVAILABLE-FOR-SALE INVESTMENTS 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 10,787 $ — $ — $ 10,787 US Treasury securities 22,185 1 (66 ) 22,120 US Agency securities 8,024 1 (45 ) 7,980 Commercial paper 17,025 — — 17,025 Asset-backed securities 12,007 — (9 ) 11,998 Corporate notes and bonds 30,361 — (53 ) 30,308 Total $ 100,389 $ 2 $ (173 ) $ 100,218 The following table summarizes the maturities of the Company’s available-for-sale securities at December 31 (in thousands): AVAILABLE-FOR-SALE INVESTMENT MATURITIES (in thousands) 2019 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than 1 year $ 43,627 $ 43,650 $ 83,030 $ 82,893 Due in 1-5 years 3,788 3,787 17,359 17,325 Total $ 47,415 $ 47,437 $ 100,389 $ 100,218 Proceeds from sales of marketable securities (including principal paydowns) for the years ended December 31, 2019 and 2018 were $14.5 million and $3.0 million , respectively. The Company determines gains and losses of marketable securities based on specific identification of the securities sold. There were no material realized gains or losses from sales of marketable securities for the years ended December 31, 2019 , 2018 and 2017 . No material balances were reclassified out of accumulated other comprehensive loss for the years ended December 31, 2019 , 2018 and 2017 . The Company monitors investments for other-than-temporary impairment. It was determined that unrealized gains and losses as of December 31, 2019 and 2018 are temporary in nature because the change in market value for those securities has resulted from fluctuating interest rates rather than a deterioration of the credit worthiness of the issuers. The Company does not intend to sell these investments and it is more likely than not that we will not be required to sell investments before recovering the amortized cost. Additional information regarding the fair value of our financial instruments is included in Note 5, Fair Value of Financial Instruments . |
Inventory
Inventory | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Inventory | NOTE 7. INVENTORY Inventories consisted of the following at December 31 (in thousands): 2019 2018 Raw materials $ 4,854 $ 4,064 Work in process 1,561 495 Finished goods 1,644 3,187 Inventory $ 8,059 $ 7,746 |
Property and Equipment
Property and Equipment | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | NOTE 8. PROPERTY AND EQUIPMENT Property and equipment are recorded at cost and consisted of the following at December 31 (in thousands). PROPERTY AND EQUIPMENT (in thousands) 2019 2018 Computer equipment $ 2,477 $ 2,700 Technical equipment 3,681 3,868 Facilities 3,883 4,037 Instruments 7,491 5,318 Capital projects in progress 238 91 Total property and equipment $ 17,770 $ 16,014 Accumulated depreciation (9,865 ) (8,711 ) Net property and equipment $ 7,905 $ 7,303 Depreciation expense for the years ended December 31, 2019 , 2018 and 2017 was $2.3 million , $2.5 million and $2.2 million , respectively. Gross assets where the Company is the lessor under operating leases is $4.6 million at December 31, 2019 . These gross assets are a component of instruments in the above table. The underlying accumulated depreciation for these instruments is $0.8 million at December 31, 2019 . During the year ended December 31, 2018 , $1.9 million of instruments in the field were reclassified out of inventory and into property and equipment, which included $0.1 million of instruments in the field as a component of inventory at December 31, 2017 . These transfers were the result of a change in the Company’s principal acquisition model of outright sales of instruments, to placing instruments with customers and recovering that cost through the sale of test kits pursuant to reagent rental agreements. The reclassification from inventory to property and equipment did not have an effect on prior period net income, and these instruments started being depreciated on the day they were reclassified. |
License Agreements and Grants
License Agreements and Grants | 12 Months Ended |
Dec. 31, 2019 | |
Research and Development [Abstract] | |
License Agreements and Grants | NOTE 9. LICENSE AGREEMENTS AND GRANTS National Institute of Health Grant In February 2015, the National Institute of Health awarded Denver Health and the Company a five -year, $5.0 million grant to develop a fast and reliable identification and categorical susceptibility test for carbapenem-resistant Enterobacteriaceae directly from whole blood. The cumulative award amount under these subawards is $1.3 million . The amounts invoiced for the years ended December 31, 2019 , 2018 and 2017 was $0.3 million , $0.2 million and $0.2 million , respectively. Arizona Commerce Authority Grant In August 2012, the Company entered into a Grant Agreement (the “Grant Agreement”) with the Arizona Commerce Authority, an agency of the State of Arizona (the “Authority”), pursuant to which the Authority provided certain state and county sponsored incentives for the Company to relocate its corporate headquarters to, and expand its business within, the State of Arizona (the “Project”). Pursuant to the Grant Agreement, the Authority agreed to provide a total grant in the amount of $1.0 million (the “Grant”) for the use by the Company in the advancement of the Project. The Grant is payable out of an escrow account in four installments, upon the achievement of the following milestones: • Milestone 1 – Relocation of Company’s operations and corporate headquarters to Arizona and creation of 15 Qualified Jobs (as defined below). • Milestone 2 – Creation of 30 Qualified Jobs (including Qualified Jobs under Milestone 1). • Milestone 3 – Creation of 40 Qualified Jobs (including Qualified Jobs under Milestones 1 and 2). • Milestone 4 – Creation of 65 Qualified Jobs (including Qualified Jobs under Milestones 1, 2 and 3) and capital investment of at least $4.5 million . For purposes of the Grant Agreement, a “Qualified Job” is a job that is permanent, full-time, new to Arizona, and for which the Company pays average (across all Qualified Jobs identified by the Company in its discretion) annual wages of at least $63,000 and offers health insurance benefits and pays at least 65% of the premiums associated with such benefits. The amount of each installment payment will be determined in accordance with a formula specified in the Grant Agreement. The Grant Agreement also contains other customary provisions, including representations, warranties and covenants of both parties. As of December 31, 2017 , the full amount was collected and recorded in current deferred revenue and income. In January 2018 , the full amount was recognized due to the economic development provisions of the grant being satisfied in full, with the “claw-back” provisions expiring. The $1.0 million was recognized as an offset to expense. |
Deferred Revenue, Income and Re
Deferred Revenue, Income and Remaining Performance Obligations | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue, Income and Remaining Performance Obligations | NOTE 10. DEFERRED REVENUE, INCOME AND REMAINING PERFORMANCE OBLIGATIONS Deferred revenue consists of amounts received for products or services not yet delivered or earned. Deferred income consists of amounts received for commitments not yet fulfilled. If we anticipate that the revenue or income will not be earned within the following twelve months, the amount is reported as long-term deferred income. A summary of the balances as of December 31 follows (in thousands): 2019 2018 Products and services not yet delivered $ 271 $ 217 Deferred revenue $ 271 $ 217 We recognized $200,000 and $26,000 of revenues during the years ended December 31, 2019 and December 31, 2018 , respectively, that were included in the contract liabilities balances at the beginning of the period. No material amount of revenue recognized during the current period was from performance obligations satisfied in prior periods. Transaction Price Allocated to Remaining Performance Obligations As of December 31, 2019 , $3.2 million of revenue is expected to be recognized from remaining performance obligations. This balance primarily relates to executed service contracts that begin as warranty periods expire. These service contracts typically provide for four-year terms and revenue is recognized on a straight-line basis. The balance also includes product shipments for reagent rental, sales-type lease agreements. These agreements have between two and four year terms and revenue is recognized as product is shipped, typically in a straight-line pattern. ASC 606, Revenue from Contracts with Customers, allows Companies to elect practical expedients. The Company elects not to disclose the value of unsatisfied performance obligations for (i) contracts with an expected length of one year or less and (ii) contracts for which we recognize revenue at the amount to which we have the right to invoice for services performed. |
Convertible Notes
Convertible Notes | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes | NOTE 11. CONVERTIBLE NOTES On March 27, 2018 , the Company issued $150.0 million aggregate principal amount of 2.50% Senior Convertible Notes due 2023. In connection with the offering of the Notes, the Company granted the initial purchasers of the Notes a 13 -day option to purchase up to an additional $22.5 million aggregate principal amount of the Notes on the same terms and conditions. On April 4, 2018 the option was partially exercised, which resulted in $21.5 million of additional proceeds, for total proceeds of $171.5 million . The Notes are the Company's senior unsecured obligations and mature on March 15, 2023 (the “Maturity Date”), unless earlier repurchased or converted into shares of common stock under certain circumstances described below. The Notes are convertible into shares of the Company’s common stock, can be repurchased for cash, or a combination thereof, at the Company’s election, at an initial conversion rate of 32.3428 shares of common stock per $1,000 principal amount of the Notes, which is equivalent to an initial conversion price of approximately $30.92 per share of common stock, subject to adjustment. The Company will pay interest on the Notes semi-annually in arrears on March 15 and September 15 of each year. The $171.5 million of proceeds received from the issuance of the Notes were allocated between long-term debt (the “liability component”) of $116.6 million and contributed capital (the “equity component”) of $54.9 million . The fair value of the liability component was measured using rates determined for similar debt instruments without a conversion feature. The carrying amount of the equity component, representing the conversion option, was determined by deducting the fair value of the liability component from the aggregate face value of the Notes. The liability component will be accreted up to the face value of the Notes of $171.5 million , which will result in additional non-cash interest expense being recognized through the Maturity Date. The equity component will not be remeasured as long as it continues to meet the conditions for equity classification. The Company incurred approximately $5.0 million of issuance costs related to the issuance of the Notes, of which $3.4 million and $1.6 million were recorded to long-term debt and contributed capital, respectively. The $3.4 million of issuance costs recorded as long-term debt on the consolidated balance sheet are being amortized over the five -year contractual term of the Notes using the effective interest method. The effective interest rate on the Notes, including accretion of the Notes to par and debt issuance cost amortization, is 11.52% . The Notes include customary terms and covenants, including certain events of default upon which the Notes may be due and payable immediately. Holders have the option to convert the Notes in multiples of $1,000 principal amount at any time prior to December 15, 2022, but only in the following circumstances: • if the Company’s stock price exceeds 130% of the conversion price for 20 of the last 30 trading days of any calendar quarter after June 30, 2018; • during the 5 business day period after any 5 consecutive trading day period in which the Notes’ trading price is less than 98% of the product of the common stock price times the conversion rate; or • the occurrence of certain corporate events, such as a change of control, merger or liquidation. At any time on or after December 15, 2022 , a holder may convert its Notes in multiples of $1,000 principal amount. Holders of the Notes who convert their Notes in connection with a make-whole fundamental change (as defined in the Indenture pursuant to which the Notes were issued) are, under certain circumstances, entitled to an increase in the conversion rate. In addition, in the event of a fundamental change or event of default prior to the Maturity Date, holders will, subject to certain conditions, have the right, at their option, to require the Company to repurchase for cash all or part of the Notes at a repurchase price equal to 100% of the principal amount of the Notes to be repurchased, plus accrued and unpaid interest up to, but excluding, the repurchase date. The Notes consisted of the following at December 31 (in thousands): 2019 2018 Outstanding principal $ 171,500 $ 171,500 Unamortized debt discount (39,042 ) (48,430 ) Unamortized debt issuance (2,415 ) (2,996 ) Net carrying amount of the liability component $ 130,043 $ 120,074 The Company recorded $4.3 million and $3.3 million for contractual coupon interest for the years ended December 31, 2019 and 2018 , respectively. The Company also recorded $0.6 million and $0.4 million for amortization of debt issuance for the years ended December 31, 2019 and 2018 , respectively. Amortization of the debt discount for the years ended December 31, 2019 and 2018 was $9.4 million and $6.5 million , respectively. As of December 31, 2019 , no Notes were convertible pursuant to their terms. In connection with the debt issuance, the Company entered into a prepaid forward stock repurchase transaction (“Prepaid Forward”) with a financial institution (“Forward Counterparty”). Pursuant to the Prepaid Forward, the Company used approximately $45.1 million of the net proceeds from its issuance of the Notes to fund the Prepaid Forward. The aggregate number of shares of the Company’s common stock underlying the Prepaid Forward was approximately 1,858,500 . The expiration date for the Prepaid Forward is March 15, 2023 , although it may be settled earlier in whole or in part. Upon settlement of the Prepaid Forward, at expiration or upon any early settlement, the Forward Counterparty will deliver to the Company the number of shares of common stock underlying the Prepaid Forward or the portion thereof being settled early. The shares purchased under the Prepaid Forward are treated as treasury stock and not outstanding for purposes of the calculation of basic and diluted earnings per share, but will remain outstanding for corporate law purposes, including for purposes of any future stockholders’ votes, until the Forward Counterparty delivers the shares underlying the Prepaid Forward to the Company. The Company’s Prepaid Forward hedge transaction exposes the Company to credit risk to the extent that its counterparty may be unable to meet the terms of the transaction. The Company mitigates this risk by limiting its counterparty to a major financial institution. |
Stock Purchase
Stock Purchase | 12 Months Ended |
Dec. 31, 2019 | |
Securities Financing Transactions Disclosures [Abstract] | |
Stock Purchase | NOTE 12. STOCK PURCHASE In 2012, we entered into a Securities Purchase Agreement with Abeja Ventures, LLC (“Abeja”), pursuant to which the Company agreed to sell and issue to Abeja at a purchase price of $1.03 per share for an aggregate purchase price of $14.4 million ; (i) 14.0 million shares of the Company’s common stock (“Common Stock”); (ii) a warrant to purchase 7.0 million shares of Common Stock at an exercise price of $1.03 per share (the “ $1.03 Warrant”); and (iii) another warrant to purchase 7.0 million shares of Common Stock at an exercise price of $2.00 per share (the “ $2.00 Warrant”), with each warrant exercisable prior to the fifth anniversary of the closing of the transactions contemplated by the Securities Purchase Agreement (collectively, the “Investment”). The purchase of Common Stock and warrants pursuant to the Investment, which was consummated in June 2012, qualified for equity treatment. The respective values of the warrants and Common Stock were calculated using their relative fair values and both are classified under Contributed Capital. The value therefore recorded for the warrants was $5.9 million and for the Common Stock was $8.5 million . Both warrants were exercisable until June 26, 2017 , which was the fifth anniversary of the date on which the warrants were issued. Prior to 2017 all of the $1.03 Warrant were exercised in full and none were outstanding. Of the $2.00 Warrant, 415,871 were outstanding at the beginning of 2017 , of which 370,307 were exercised in the same period. This exercise of the $2.00 Warrant in 2017 , resulted in proceeds of $0.7 million , which was recorded as common stock and contributed capital in the consolidated balance sheet. In 2017 , 45,564 of the $2.00 Warrant expired unexercised resulting in no outstanding warrants at December 31, 2019 , 2018 and 2017 . |
Public Offering
Public Offering | 12 Months Ended |
Dec. 31, 2019 | |
Equity [Abstract] | |
Public Offering | NOTE 13. PUBLIC OFFERING On May 15, 2017 , the Company closed an underwritten public offering (the “Public Offering”) of 2,750,000 shares of its common stock at a public offering price of $28.85 per share with underwriting discounts and commissions of $1.73 per share. In connection with the Public Offering, the Company granted the underwriters of the Public Offering a 30-day option to purchase up to an additional 412,500 shares of its common stock at the public offering price, less the underwriting discounts and commissions. On June 8, 2017 , the underwriters partially exercised their option to purchase an additional 335,484 shares of common stock. The underwriters’ partial exercise of their option to purchase additional shares resulted in a total of 3,085,484 shares of common stock sold in the Public Offering and total gross proceeds of $89.0 million less underwriting discounts, commissions and other costs of $5.8 million , for net proceeds of $83.2 million to the Company . |
Related Party Transaction
Related Party Transaction | 12 Months Ended |
Dec. 31, 2019 | |
Related Party Transactions [Abstract] | |
Related Party Transaction | NOTE 14. RELATED PARTY TRANSACTION As discussed in Note 11, Convertible Notes the Company issued Notes in March 2018. As part of this issuance, an entity controlled by one member of the Company's board of directors purchased an aggregate of $30.0 million of the Notes. In 2019, this affiliate purchased an additional $12.0 million of Notes on the open market. The affiliated entity is a Qualified Institutional Buyer which purchased and holds an aggregate of $42.0 million of the Notes at December 31, 2019 . On August 20, 2019, the Company and an entity affiliated with the Chief Operating Officer of the Company entered into a securities purchase agreement (the “Purchase Agreement”) for the issuance and sale by the Company of an aggregate of 55,586 shares of the Company’s common stock (the “Shares”) in an offering exempt from registration pursuant to Section 4(a)(2) of the Securities Act of 1933, as amended, and Rule 506 promulgated thereunder. The Shares were sold at a purchase price (determined in accordance with Nasdaq rules relating to the “market value” of the shares) of $17.99 per share, which was equal to the consolidated closing bid price reported by Nasdaq immediately preceding the time the Company entered into the Purchase Agreement. The $1.0 million of proceeds were recorded to contributed capital. |
Loss Per Share
Loss Per Share | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Loss Per Share | NOTE 15. LOSS PER SHARE Basic net loss per common share was determined by dividing net loss applicable to common stockholders by the weighted average common shares outstanding during the period. Basic and diluted net loss per share are the same because all outstanding common stock equivalents have been excluded, as they are anti-dilutive due to the Company’s losses. The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses at of the following at December 31 (in thousands): 2019 2018 2017 Shares issuable upon the release of restricted stock awards 14 76 24 Shares issuable upon exercise of stock options 10,133 8,091 7,328 10,147 8,167 7,352 Potentially dilutive common shares would also include common shares that would be outstanding if Notes convertible at the balance sheet date were converted. As discussed in Note 11, Convertible Notes , the Company issued $171.5 million of Notes due 2023. The Notes are convertible into shares of the Company’s common stock, can be repurchased for cash, or a combination thereof, at the Company’s election, at an initial conversion rate of 32.3428 shares of common stock per $1,000 principal amount of the Notes. As of December 31, 2019 , no Notes were convertible pursuant to their terms. The maximum number of shares issuable upon conversion of the Notes is 5.5 million shares. In connection with the Notes, the Company entered into a prepaid forward stock repurchase transaction. The aggregate number of shares of the Company’s common stock underlying the Prepaid Forward was approximately 1,858,500 . The shares purchased under the Prepaid Forward are treated as treasury stock and not outstanding for purposes of the calculation of basic and diluted earnings per share, but will remain outstanding for corporate law purposes, including for purposes of any future stockholders’ votes, until the Forward Counterparty delivers the shares underlying the Prepaid Forward to the Company. |
Employee and Consultant Equity-
Employee and Consultant Equity-Based Compensation | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Employee and Consultant Equity-Based Compensation | NOTE 16. EMPLOYEE AND CONSULTANT EQUITY-BASED COMPENSATION The Company has three equity based compensation plans, which are discussed below: Non-Qualified Stock Option Plan The Non-Qualified Stock Option Plan was a stockholder-approved plan. As of December 31, 2019 , there were 280,000 options exercised during the life of the plan and 0 that remain outstanding. The Non-Qualified Stock Option Plan has been replaced by the 2012 Omnibus Equity Incentive Plan, so no further options are available for grant. 2004 Omnibus Stock Option Plan In December 2004, the Company’s stockholders approved the Omnibus Stock Option Plan. Authorized shares in this plan were 5,500,000 . As of December 31, 2019 , there were 813,644 options exercised during the life of the plan and 3,126,356 options remain outstanding. The 2004 Omnibus Stock Option Plan has been replaced by the 2012 Omnibus Equity Incentive Plan, so no further options are available for grant. 2012 Omnibus Equity Incentive Plan In December 2012, the Company’s stockholders approved the Company’s 2012 Omnibus Equity Incentive Plan to replace all prior plans (“Prior Plans”). The Prior Plans remain in effect until all awards granted under those plans have been exercised, forfeited, canceled, expired or otherwise terminated. In connection with the approval of such plan, all stock options, totaling 1,677,500 formerly available for new awards under the Prior Plans were transferred to the 2012 Omnibus Equity Incentive Plan. During the Company's Annual Meeting of Stockholders, stockholders approved amendments to the Company's 2012 Omnibus Equity Incentive Plan increasing the number of shares of Common Stock reserved and available for grant by 4,000,000 in May 2014, 2,000,000 in May 2017 and 3,000,000 in March 2019, resulting in a total of 10,677,500 reserved shares. Stock options granted under this plan vest either (i) upon achievement of a specified performance goal, (ii) immediately, (iii) one year after grant date, (iv) monthly over a one year period, (v) annually over a five year period, (vi) 50% two years after grant date and the remaining 50% monthly over the next two years, or (vii) 40% two years after grant date and the remaining 60% monthly over the next three years . The maximum term is ten years . RSUs granted under this plan vest either (i) immediately, (ii) annually over a three year period, (iii) annually over a five year period, or (iv) 40% two years after grant date and the remaining 60% monthly over the next three years . SGs granted under this plan vest immediately. As of December 31, 2019 , there were 1,207,258 options exercised and 54,329 RSUs and SGs issued, during the life of the plan. There were 7,020,538 shares remaining outstanding, leaving 2,395,375 available for grant. Combined Stock Option Plans The following table summarizes option activity under all plans during the years ending December 31, 2019 , and 2018 and shows the exercisable shares as of December 31, 2019 : Stock Option Activity Number of Shares Weighted Average Exercise Price per Share Options Outstanding January 1, 2018 7,328,131 $ 10.16 Granted 1,390,014 24.46 Forfeited (230,779 ) 21.47 Exercised (357,373 ) 10.49 Expired (39,357 ) 22.24 Options Outstanding December 31, 2018 8,090,636 12.22 Granted 3,067,888 14.52 Forfeited (533,503 ) 20.65 Exercised (383,319 ) 13.99 Expired (109,140 ) 23.86 Options Outstanding December 31, 2019 10,132,562 12.28 Exercisable December 31, 2019 6,231,099 9.17 The cash received from the exercise of options during the year ending December 31, 2019 was $5.4 million and the tax benefit realized was $0 for the same period. Upon exercise, shares are issued from shares authorized and held in reserve. The intrinsic value of options exercised was $2.3 million , $4.6 million and $12.1 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The total fair value of options vesting during the period was $9.9 million , $13.4 million , and $12.0 million for the years ended December 31, 2019 , 2018 and 2017 , respectively. The Company accounts for all option grants using the Black-Scholes option pricing model. The table below summarizes the inputs used to calculate the estimated fair value of options awarded for the years ended December 31 : Black-Scholes Assumptions for Options Granted 2019 2018 2017 Expected term (in years) 6.28 6.01 6.23 Volatility 60 % 66 % 77 % Expected dividends — — — Risk free interest rates 2.1 % 2.7 % 2.1 % Estimated forfeitures — % — % — % Weighted average fair value $ 8.33 $ 14.87 $ 16.24 In general, option awards have a requisite service period and unvested options are forfeited upon employee or consultant termination. In 2017, the Company implemented ASU 2016-09, Compensation-Stock Compensation (Topic 718); Improvements to Employee Share-Based Payment Accounting, and made a policy election to account for forfeitures as they occur. The following table shows summary information for outstanding options and options that are exercisable (vested) as of December 31, 2019 : Stock Option Supplemental Information Options Outstanding Options Exercisable Number of options 10,132,562 6,231,099 Weighted average remaining contractual term (in years) 5.64 3.75 Weighted average exercise price $ 12.28 $ 9.17 Weighted average fair value $ 8.10 $ 6.16 Aggregate intrinsic value (in millions) $ 64.2 $ 57.2 The aggregate intrinsic value in the table above represents the total pretax intrinsic value that would have been received by the option holders had all option holders exercised their options on that date. It is calculated as the difference between the Company’s closing stock price of $16.90 on the last trading day of 2019 and the exercise price multiplied by the number of shares for options where the exercise price is below the closing stock price. This amount changes based on the fair market value of the Company’s stock. The following table summarizes RSU and SG activity during the years ending December 31, 2019 and 2018 : RSU and SG Activity Number of Shares Weighted Average Grant Date Fair Value per Share RSUs & SGs Outstanding January 1, 2018 24,150 $ 20.91 Granted 76,000 17.33 Forfeited — — Vested/released (24,150 ) 16.58 RSUs & SGs outstanding December 31, 2018 76,000 18.70 Granted 11,000 20.32 Forfeited (60,500 ) 19.74 Vested/released (12,168 ) 17.43 RSUs & SGs outstanding December 31, 2019 14,332 16.66 The total fair value of RSUs and SGs vested and released during the period was $0.2 million , $0.4 million , and $0.4 million for the years ending December 31, 2019 , 2018 and 2017 , respectively. The Company records compensation cost based on the fair value of the award. The table below summarizes the weighted average fair value of RSUs and SGs awarded for the years ending December 31 : RSU and SG Grants 2019 2018 2017 Weighted average fair value $ 20.32 $ 17.33 $ 22.40 The expense and tax benefits recognized on the Company’s consolidated statements of operations and comprehensive loss related to options for the years ending December 31 (in thousands): Equity-Based Compensation Expenses and Tax Benefit (in thousands) 2019 2018 2017 Cost of Sales $ 277 $ 189 $ 99 Research and development 4,115 4,760 3,738 Sales, general and administrative 8,226 9,473 10,096 Total equity-based compensation expense $ 12,618 $ 14,422 $ 13,933 Recognized tax benefit $ — $ — $ — For years ended December 31, 2019 , 2018 and 2017 , $0.4 million , $0.5 million and $0.5 million of share-based compensation cost was capitalized to inventory or inventory transferred to property and equipment (also referred to as instruments), respectively. As of December 31, 2019 , unrecognized equity-based compensation cost related to unvested stock options, and unvested RSUs was $24.0 million and $0.1 million , respectively. This is expected to be recognized over the years 2020 through 2024 . Included in the above-noted stock option grants and stock compensation expense are performance-based stock options which vest only upon the achievement of certain targets. Performance-based options are generally granted at-the-money, contingently vest over a period of 1 to 2 years, depending on the nature of the performance goal, and have contractual lives of 10 years . These options were valued in the same manner as the time-based options, with the assumption that performance goals will be achieved. The inputs for expected volatility, expected dividends, and risk-free rate used in estimating those options’ fair value are the same as the time-based options issued under the plan. The expected term for performance-based options granted in 2018 is 5 to 6 years. However, the Company only recognizes stock compensation expense to the extent that the targets are determined to be probable of being achieved, which triggers the vesting of the performance options. In August 2018, the Company granted 225,000 performance based-options to certain employees. The performance obligations were met for 75,000 options and are exercisable as of as of December 31, 2019 . Of the 225,000 performance based-options granted 100,000 performance based-options were forfeited for the performance targets not being achieved. 125,000 performance based-options were outstanding as of December 31, 2019 , which included 50,000 performance based-options that had not achieved the performance targets or have started to be expensed. No performance based-options have been exercised as of December 31, 2019 . The Company recognized $0.1 million and $0.7 million of stock compensation expense for performance-based stock options for the years ended December 31, 2019 and 2018 , respectively. |
Income Taxes
Income Taxes | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | NOTE 17. INCOME TAXES The components of the pretax loss from operations for the years ended December 31 are as follows (in thousands): 2019 2018 2017 U.S. Domestic $ (70,452 ) $ (67,508 ) $ (46,849 ) Foreign (13,964 ) (20,607 ) (16,686 ) Net loss before income taxes $ (84,416 ) $ (88,115 ) $ (63,535 ) The components of the provision for income taxes for the years ended December 31 is presented in the following table: 2019 2018 2017 Current: Federal $ — $ — $ — State 8 14 — Foreign (119 ) 197 493 Total current provision (111 ) 211 493 Deferred: Federal — — — State — — — Foreign — — — Total deferred provision — — — Total (benefit) provision $ (111 ) $ 211 $ 493 Deferred income taxes reflect the net tax effects of temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for income tax purposes. Significant components of the Company’s net deferred income taxes for the years ended December 31 are as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss carryforward $ 66,319 $ 53,189 Property & equipment 403 648 Inventory 397 395 Stock options 13,217 11,473 Intangible assets, definite-lived 38 40 General business credit 11,306 9,300 Operating Lease Liability - ASC 842 908 — Other 59 47 Total deferred income tax assets 92,647 75,092 Valuation allowance (81,946 ) (63,060 ) Deferred tax assets $ 10,701 $ 12,032 Deferred income tax liabilities: Debt amortization $ (9,793 ) $ (12,032 ) Right of use asset $ (908 ) $ — Total deferred income tax liabilities $ (10,701 ) $ (12,032 ) Net deferred income taxes $ — $ — As of December 31, 2019 , the Company generated regular tax federal net operating losses of approximately $273.9 million . The Company's ability to realize tax benefit from the net operating loss is subject to annual limitation under Internal Revenue Code Section 382. The Company will never get the benefit of $4.2 million of the net operating losses generated prior to June 26, 2012. The deferred tax asset has been adjusted to reflect the Section 382 limitation. The net operating losses available for future use are approximately $269.8 million . As a result of the Tax Act, for U.S. income tax purposes, net operating losses generated prior to December 31, 2017 can still be carried forward for up to 20 years, but net operating losses generated after December 31, 2018 carry forward indefinitely, but are limited to 80% utilization against taxable income. Of our total federal net operating loss of $273.9 million , $170.6 million will begin to expire in 2023 and $103.3 million will not expire but will only offset 80 percent of future taxable income. As of December 31, 2019 , the Company has generated state net operating losses of approximately $253.9 million . The Company's state net operating losses will begin to expire in 2033. The net deferred tax asset valuation allowance is $81.9 million as of December 31, 2019 , compared to $63.1 million as of December 31, 2018 . The valuation allowance is based on management’s assessment that it is more likely than not that the Company will not have taxable income in the foreseeable future. Due to the Company's consolidated loss position, the Company maintains a valuation allowance against its net deferred tax assets. During 2018, the Company recognized $14.0 million of the initial deferred tax liability related to the 2018 convertible debt with an adjustment to equity in accordance with ASC 740. The establishment of the deferred tax liability resulted in the reduction of the Company's valuation allowance on existing deferred tax assets. The Company recorded the reduction of the valuation allowance as an offsetting adjustment in equity. As a result, no net entry to equity was recorded for the 2018 convertible debt in 2018. Subsequent changes in the deferred tax liability related to the convertible debt are recorded as a component of income tax expense or benefits. The Company began commercialization of its products in Europe in 2016 and has subsidiaries in the Netherlands, France, Germany, Italy, Spain, Russia, and the United Kingdom. The Company intends to treat earnings from its foreign subsidiaries as permanently reinvested. The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate for years ending December 31 is as follows: 2019 2018 2017 U.S. federal statutory income tax rate (21.00 )% (21.00 )% (34.00 )% State taxes, net of federal tax benefit (3.83 ) (3.07 ) (2.62 ) Permanent and other differences (0.25 ) (0.26 ) (2.31 ) Change in tax rates 0.16 (0.41 ) (1.02 ) Tax rate differential 3.28 4.92 8.99 Tax cuts and jobs act — — 38.46 Unrecognized tax benefits 0.79 0.81 1.20 Nondeductible equity and other compensation 1.12 (0.17 ) (4.31 ) Credit for increased research activities (2.80 ) (3.12 ) (4.42 ) Change in Valuation allowance 22.40 22.54 0.81 (0.13 )% 0.24 % 0.78 % The Company's uncertain tax positions at December 31 as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 2,983 $ 2,141 $ 1,101 Increases for prior positions 7 70 97 Increases for current year positions 724 775 943 Other increases — — — Decreases due to settlements — — — Expiration of the statute of limitations for the assessment of taxes — — — Other decreases (2 ) (3 ) — Balance at end of year $ 3,712 $ 2,983 $ 2,141 These uncertain positions are not expected to change within the next twelve months. Of the $3.7 million of uncertain tax positions, $0.1 million would impact the effective tax rate, if reversed. The Company accounts for interest on uncertain tax positions within tax expense. The Company's foreign subsidiaries are subject to applicable jurisdiction examination for all years of operations. The Company did not accrue interest or penalties for these uncertain tax positions as of December 31, 2019 . The Company incurred net operating losses since inception that are subject to adjustment under IRS and state examination. The Company has not experienced any adjustments to date and is not currently subject to audit in any jurisdiction. |
Commitments and Contingencies
Commitments and Contingencies | 12 Months Ended |
Dec. 31, 2019 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | NOTE 18. COMMITMENTS AND CONTINGENCIES Clinical Trial & Study Agreements The Company has entered into master agreements with clinical trial and study sites in which we typically pay a set amount for start-up costs and then pay for work performed. These agreements typically indemnify the clinical trial sites from any and all losses arising from third party claims as a result of the Company's negligence, willful misconduct or misrepresentation. The expenses for start-up costs and work performed for these trials and studies is recorded as research and development or sales, general and administrative expenses on the Company's consolidated statements of operations and comprehensive loss. No commitments were recorded in connection with indemnifying these sites for losses. |
Leases
Leases | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Leases | NOTE 19. LEASES The following presents supplemental information related to our leases in which we are the lessee for the year ended December 31, 2019 (in thousands): 2019 Cash paid for amounts included in lease liabilities Operating cash flows from operating leases $ 644 ROU assets obtained in exchange for lease obligations Operating leases 3,877 Lease Cost Operating leases 755 Short-term leases $ 727 The weighted average remaining lease term on our operating leases is 5.3 years . The weighted average discount rate on those leases is 7.0% . Rent expense including common area charges was $1.4 million and $1.3 million for the years ended December 31, 2018 and December 31, 2017 , respectively. The following presents maturities of operating lease liabilities in which we are the lessee as of December 31, 2019 (in thousands): 2019 2020 $ 698 2021 752 2022 879 2023 968 2024 1,055 Thereafter 612 Total lease payments 4,964 Less imputed interest (935 ) $ 4,029 The net investment in sales-type leases, where we are the lessor, is a component of other current assets and other non-current assets in our condensed consolidated balance sheet. As of December 31, 2019 , the total net investment in these leases was $1.0 million . The following presents maturities of lease receivables under sales-type leases as of December 31, 2019 (in thousands): 2019 2020 $ 375 2021 288 2022 231 2023 69 2024 25 Thereafter — Total undiscounted cash flows 988 Less imputed interest (2 ) Present value of lease payments $ 986 |
Leases | NOTE 19. LEASES The following presents supplemental information related to our leases in which we are the lessee for the year ended December 31, 2019 (in thousands): 2019 Cash paid for amounts included in lease liabilities Operating cash flows from operating leases $ 644 ROU assets obtained in exchange for lease obligations Operating leases 3,877 Lease Cost Operating leases 755 Short-term leases $ 727 The weighted average remaining lease term on our operating leases is 5.3 years . The weighted average discount rate on those leases is 7.0% . Rent expense including common area charges was $1.4 million and $1.3 million for the years ended December 31, 2018 and December 31, 2017 , respectively. The following presents maturities of operating lease liabilities in which we are the lessee as of December 31, 2019 (in thousands): 2019 2020 $ 698 2021 752 2022 879 2023 968 2024 1,055 Thereafter 612 Total lease payments 4,964 Less imputed interest (935 ) $ 4,029 The net investment in sales-type leases, where we are the lessor, is a component of other current assets and other non-current assets in our condensed consolidated balance sheet. As of December 31, 2019 , the total net investment in these leases was $1.0 million . The following presents maturities of lease receivables under sales-type leases as of December 31, 2019 (in thousands): 2019 2020 $ 375 2021 288 2022 231 2023 69 2024 25 Thereafter — Total undiscounted cash flows 988 Less imputed interest (2 ) Present value of lease payments $ 986 |
Industry, Geographic, and Reven
Industry, Geographic, and Revenue Disaggregation | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Industry, Geographic, and Revenue Disaggregation | NOTE 20. INDUSTRY, GEOGRAPHIC, AND REVENUE DISAGGREGATION The Company operates as one operating segment. Sales to customers outside the U.S. represented 28% , 27% and 28% of total revenue for the years ended December 31, 2019 , 2018 and 2017 , respectively. As of December 31, 2019 and 2018 , balances due from foreign customers, in U.S. dollars, were $2.1 million and $0.9 million , respectively. The following presents long-lived assets (excluding intangible assets) by geographic territory at December 31 (in thousands): 2019 2018 Domestic $ 7,244 $ 6,309 Foreign 661 994 $ 7,905 $ 7,303 The following presents total net sales by geographic territory for the years ended December 31 (in thousands): 2019 2018 2017 Domestic $ 6,705 $ 4,153 $ 3,016 Foreign 2,592 1,517 1,161 Net sales $ 9,297 $ 5,670 $ 4,177 The following presents total net sales by line of business for the years ended December 31 (in thousands): 2019 2018 2017 Accelerate Pheno™ revenue $ 9,132 $ 5,547 $ 4,057 Other revenue 165 123 120 Net sales $ 9,297 $ 5,670 $ 4,177 The following presents total net sales by products and services for the years ended December 31 (in thousands): 2019 2018 2017 Products $ 8,839 $ 5,576 $ 4,157 Services 458 94 20 Net sales $ 9,297 $ 5,670 $ 4,177 Lease income included in net sales for the year ended December 31, 2019 was $1.3 million , which does not represent revenues recognized from contracts with customers. Lease income included in net sales for the years ended December 31, 2018 and 2017 is immaterial. |
Supplemental Data (Unaudited)
Supplemental Data (Unaudited) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Supplemental Data (Unaudited) | NOTE 21. SUPPLEMENTAL DATA (UNAUDITED) The following is a summary of unaudited selected quarterly financial information for the three months ended 2019 (in thousands, except per share data): December 31, September 30, June 30, March 31, Revenue $ 3,470 $ 2,271 $ 1,806 $ 1,750 Gross profit $ 1,513 $ 1,154 $ 899 $ 834 Loss from operations $ (18,269 ) $ (17,653 ) $ (18,087 ) $ (18,822 ) Net loss $ (21,335 ) $ (20,434 ) $ (20,815 ) $ (21,721 ) Basic and diluted net loss per share $ (0.40 ) $ (0.37 ) $ (0.38 ) $ (0.40 ) The following is a summary of unaudited selected quarterly financial information for the three months ended 2018 (in thousands, except per share data): December 31, September 30, June 30, March 31, Revenue $ 1,822 $ 1,355 $ 1,692 $ 801 Gross profit $ 524 $ 675 $ 975 $ 309 Loss from operations $ (19,759 ) $ (19,369 ) $ (20,415 ) $ (20,826 ) Net loss $ (22,191 ) $ (22,098 ) $ (23,225 ) $ (20,812 ) Basic and diluted net loss per share $ (0.41 ) $ (0.41 ) $ (0.43 ) $ (0.37 ) |
Summary of Significant Accoun_2
Summary of Significant Accounting Policies (Policies) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Basis of Presentation | Basis of Presentation The accompanying consolidated financial statements have been prepared in accordance with U.S. generally accepted accounting principles, (“U.S. GAAP”), and applicable rules and regulations of the United States Securities and Exchange Commission (“SEC”), regarding annual financial reporting. All amounts are rounded to the nearest thousand dollars unless otherwise indicated. |
Principles of Consolidation | Principles of Consolidation |
Reclassification | Reclassification Certain prior year amounts have been reclassified for consistency with the current year presentation and had no effect on our net income, stockholders’ equity (deficit) or cash flows. |
Use of Estimates | Use of Estimates The preparation of the Company’s consolidated financial statements requires the Company to make estimates and assumptions that affect the reported amounts of assets and liabilities and the related disclosure of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. The more significant areas requiring the use of management estimates and assumptions relate to accounts receivable, inventory, property and equipment, intangible assets, accrued liabilities, warranty liabilities, tax valuation accounts and equity–based compensation. Actual results could differ materially from those estimates. |
Estimated Fair Value of Financial Instruments | Estimated Fair Value of Financial Instruments The Company follows ASC 820 , Fair Value Measurement , which has defined fair value and requires the Company to establish a framework for measuring fair value and disclose fair value measurements. The framework requires the valuation of assets and liabilities subject to fair value measurements using a three tiered approach and fair value measurement be classified and disclosed in one of the following three categories: • Level 1: Unadjusted quoted prices in active markets that are accessible at the measurement date for identical, unrestricted assets or liabilities; • Level 2: Quoted prices for similar assets and liabilities in active markets, quoted prices in markets that are not active, or inputs that are observable, either directly or indirectly, for substantially the full term of the asset or liability; • Level 3: Prices or valuation techniques that require inputs that are both significant to the fair value measurement and unobservable (i.e. supported by little or no market activity). The carrying amounts of financial instruments such as cash and cash equivalents, trade accounts receivable, prepaid expenses, other current assets, accounts payable, accrued liabilities, and other current liabilities approximate the related fair values due to the short-term maturities of these instruments. |
Cash and Cash Equivalents | Cash and Cash Equivalents All highly liquid investments with an original maturity of three months or less at time of purchase are considered to be cash equivalents. Cash and cash equivalents include overnight repurchase agreement accounts and other investments. As part of our cash management process, excess operating cash is invested in overnight repurchase agreements with our bank. Repurchase agreements and other investments classified as cash and cash equivalents are not deposits and are not insured by the U.S. Government, the FDIC or any other government agency and involve investment risk including possible loss of principal. We believe however, that the market risk arising from holding these financial instruments is minimal. |
Investments | Investments The Company invests in various investments which are primarily held in the custody of major financial institutions. Investments consist of certificates of deposit, U.S. government and agency securities, commercial paper, asset-backed securities, and corporate notes and bonds. Management classifies its investments as available-for-sale investments and records these investments in the consolidated balance sheet at fair value. The Company considers all available-for-sale securities, including those with maturity dates beyond 12 months, as available to support current operational liquidity needs. Unrealized gains or losses for available-for-sale securities are included in accumulated other comprehensive income (loss), a component of stockholders’ equity (deficit). The Company classifies its investments as current based on the nature of the investments and their availability for use in current operations. The Company assesses whether an other-than-temporary impairment loss has occurred due to declines in fair value or other market conditions when an investment’s fair value remains less than its cost for more than twelve months. This assessment includes a determination of whether the investment is expected to recover in value and whether the Company has the intent and ability to hold the investment until the anticipated recovery in value occurs. When an investment is identified as having an other-than-temporary impairment loss, we adjust the cost basis of the investment down to fair value resulting in a realized loss. The new cost basis is not changed for subsequent recoveries in fair value and temporary future increases or decreases in fair value are included in other comprehensive income (loss) . |
Inventory | Inventory Inventory is stated at the lower of cost or net realizable value. The Company determines the cost of inventory using the first-in, first out method. The Company estimates the recoverability of inventory by reference to internal estimates of future demands and product life cycles, including expiration. The Company periodically analyzes its inventory levels to identify inventory that may expire prior to expected sale or has a cost basis in excess of its estimated realizable value and records a charge to expense for such inventory as appropriate. |
Accounts Receivable | Accounts Receivable |
Property and Equipment | Property and Equipment Property and equipment are recorded at cost. Maintenance and repairs are charged to expense as incurred and expenditures for major improvements are capitalized. Gains and losses from retirement or replacement are included in costs and expenses. Depreciation of property and equipment is computed using the straight-line method over the estimated useful life of the assets, ranging from one to seven years . Leasehold improvements are depreciated over the remaining life of the lease or the life of the asset, whichever is less. Instruments Classified as Property and Equipment Property and equipment includes Accelerate Pheno systems (also referred to as instruments) used for sales demonstrations, instruments under rental agreements and instruments used for research and development. Depreciation expense for instruments used for sales demonstrations is recorded as a component of sales, general and administrative expense. Depreciation expense for instruments placed at customer sites pursuant to reagent rental agreements is recorded as a component of cost of sales. Depreciation expense for instruments used in our laboratory and research is recorded as a component of research and development expense. The Company retains title to these instruments and depreciates them over five years |
Long-lived Assets | Long-lived Assets Long-lived assets and certain identifiable intangibles to be held and used by the Company are reviewed for impairment whenever events or changes in circumstances indicate that the carrying amount of an asset may not be recoverable. The Company continuously evaluates the recoverability of its long-lived assets based on estimated future cash flows from and the estimated fair value of such long-lived assets, and provides for impairment if such undiscounted cash flows or the estimated fair value are insufficient to recover the carrying amount of the long-lived asset. |
Warranty Reserve | Warranty Reserve Instruments are typically sold with a one year limited warranty, while kits and accessories are typically sold with a sixty days limited warranty. Accordingly, a provision for the estimated cost of the limited warranty repair is recorded at the time revenue is recognized. Our estimated warranty provision is based on our estimate of future repair events and the related estimated cost of repairs. The Company periodically assesses the adequacy of the warranty reserve and adjusts the amount as necessary. The cost incurred for these provisions is included in cost of sales on the consolidated statements of operations and comprehensive loss. |
Revenue Recognition, Cost of Sales and Shipping and Handling | Revenue Recognition The Company recognizes revenue when control of the promised good or service is transferred to our customers, in an amount that reflects the consideration we expect to be entitled to in exchange for those goods or services. Sales taxes are excluded from revenues. We determine revenue recognition through the following steps: • Identification of the contract with a customer • Identification of the performance obligations in the contract • Determination of the transaction price • Allocation of the transaction price to the performance obligations • Recognition of revenue as we satisfy a performance obligation Product revenue is derived from the sale or rental of our instruments and sales of related consumable products. When an instrument is sold, revenue is generally recognized upon installation of the unit consistent with contract terms, which do not include a right of return. When a consumable product is sold, revenue is generally recognized upon shipment. Invoices are generally issued when revenue is recognized. Our payment terms vary by the type and location of our customer and the products or services offered. The term between invoicing and when payment is due is not significant. Service revenue is derived from the sale of extended service agreements which are generally non-cancellable. This revenue is recognized on a straight-line basis over the contract term beginning on the effective date of the contract because the Company is standing ready to provide services. Invoices are generally issued annually and coincide with the beginning of individual service terms. Our contracts with customers may include multiple performance obligations. For such arrangements, we allocate revenue to each performance obligation based on its relative standalone selling price. We generally determine relative standalone selling prices based on the price charged to customers for each individual performance obligation. Sales commissions earned by our sales force are considered incremental and recoverable costs of obtaining a contract with a customer. The Company has determined these costs would have an amortization period of less than one year and has elected to recognize them as an expense when incurred. Contract asset opening and closing balances were immaterial for the year ended December 31, 2019 . Cost of Sales Cost of sales includes cost of materials, direct labor, equity-based compensation, facility and other manufacturing overhead costs for consumable tests and instruments sold to customers. Cost of sales for instruments also includes depreciation on revenue generating instruments that have been placed with our customers under a reagent rental agreement. Cost of sales includes repair and maintenance cost for instruments covered by a service agreement or instruments covered by a reagent rental agreement. Cost of sales also includes warranty related costs. Shipping and Handling Shipping and handling costs billed to customers are included as a component of revenue. The corresponding expense incurred with third party carriers is included as a component of sales, general and administrative costs on the consolidated statements of operations and comprehensive loss. Most such billable shipping and handling costs are incurred in connection with consumable test kits. Unlike test kits, for instruments the Company typically pays for shipping and handling. |
Leases | Leases The Company accounts for leases in accordance with ASC 842, Leases, which was adopted on January 1, 2019. We determine if an arrangement is or contains a lease and the type of lease at inception. The Company classifies leases as finance leases (lessee) or sales-type leases (lessor) when there is either a transfer of ownership of the underlying asset by the end of the lease term, the lease contains an option to purchase the asset that we are reasonably certain will be exercised, the lease term is for the major part of the remaining economic life of the asset, the present value of the lease payments and any residual value guarantee equals or substantially exceeds all the fair value of the asset, or the asset is of such a specialized nature that it will have no alternative use to the lessor at the end of the lease term. Payments contingent on future events (i.e. based on usage) are considered variable and excluded from lease payments for the purposes of classification and initial measurement. Several of our leases include options to renew or extend the term upon mutual agreement of the parties and others include one-year extensions exercisable by the lessee. None of our leases contain residual value guarantees, restrictions, or covenants. To determine whether a contract contains a lease, the Company uses its judgment in assessing whether the lessor retains a material amount of economic benefit from an underlying asset, whether explicitly or implicitly identified, which party holds control over the direction and use of the asset, and whether any substantive substitution rights over the asset exist. Lessee Operating leases are included in right-of-use (“ROU”) assets and operating lease liabilities within our consolidated balance sheets. These assets represent our right to use an underlying asset for the lease term and lease liabilities represent our obligation to make lease payments arising from the lease. ROU assets and their related liabilities are recognized at commencement date based on the present value of lease payments over the lease term. Typically, we use our incremental borrowing rate based on the information available at commencement in determining the present value of lease payments. We use the implicit rate when readily determinable. ROU assets are net of lease payments made and exclude lease incentives. Lease expense for lease payments is recognized on a straight-line basis over the lease term, which may include options to extend or terminate the lease when it is reasonably certain that we will exercise the option. As of adoption of ASC 842 and as of December 31, 2019 , the Company was not party to finance lease arrangements. Our leases consist primarily of leased office, factory, and laboratory space in the United States and office space in Europe, have between two and six-year terms, and typically contain penalizing, early-termination provisions. Lessor The Company leases instruments to customers under “reagent rental” agreements, whereby the customer agrees to purchase consumable products over a stated term, typically five years or less, for a volume-based price that includes an embedded rental for the instruments. When collectibility is probable, that amount is recognized as income at lease commencement for sales-type leases and as product is shipped, typically in a straight–line pattern, over the term for operating leases, which typically include a termination without cause or penalty provision given a short notice period. Consideration is allocated between lease and non-lease components based on stand-alone selling price in accordance with ASC 606, Revenue from Contracts with Customers. Net investment in sales-type leases are included within our consolidated balance sheets as a component of other current assets and other non-current assets, which include the present value of lease payments not yet received and the present value of the residual asset, which are determined using the information available at commencement, including the lease term, estimated useful life, rate implicit in the lease, and expected fair value of the instrument. |
Equity-Based Compensation | Equity-Based Compensation The Company may award stock options, restricted stock units (“RSUs”), performance-based options and other equity-based instruments to its employees, directors and consultants. Compensation cost related to equity-based instruments is based on the fair value of the instrument on the grant date, and is recognized over the requisite service period on a straight-line basis over the vesting period for each tranche (an accelerated attribution method) except for performance-based options. Performance-based stock options vest based on the achievement of performance targets. Compensation costs associated with performance-based option awards are recognized over the requisite service period based on probability of achievement. Performance-based stock options require management to make assumptions regarding the likelihood of achieving performance targets. The Company estimates the fair value of service based and performance based stock option awards, including modifications of stock option awards, using the Black-Scholes option pricing model. This model derives the fair value of stock options based on certain assumptions related to expected stock price volatility, expected option life, risk-free interest rate and dividend yield. • Volatility: The expected volatility is based on the historical volatility of the Company's stock price over the most recent period commensurate with the expected term of the stock option award. • Expected term: The estimated expected term for employee awards is based on the calculation published by the SEC in SAB110 for use when there is not a sufficient history of employee exercise patterns. For consultant awards, the estimated expected term is the same as the life of the award. • Risk-free interest rate: The risk-free interest rate is based on published U.S. Treasury rates for a term commensurate with the expected term. • Dividend yield: The dividend yield is estimated as zero as the Company has not paid dividends in the past and does not have any plans to pay any dividends in the foreseeable future. The Company records the fair value of RSUs or Stock Grants (“SGs”) based on published closing market price on the day before the grant date. The Company accounts for forfeitures as they occur rather than on an estimated basis. The Company also has an employee stock purchase program whereby eligible employees can elect payroll deductions that are subsequently used to purchase common stock at a discounted price. There is no compensation recorded for this program as (i) the purchase discount does not exceed the issuance costs that would have been incurred to raise a significant amount of capital by a public offering, (ii) substantially all employees that meet limited employment qualifications may participate on an equitable basis, and (iii) the plan doesn't incorporate option features that would require compensation to be recorded. |
Deferred Tax Assets | Deferred Tax Assets Deferred tax assets and liabilities are recorded for the estimated future tax effects of temporary differences between the tax basis of assets and liabilities and amounts reported in the accompanying balance sheets. The change in deferred tax assets and liabilities for the period represents the deferred tax provision or benefit for the period. Effects of changes in enacted tax laws in deferred tax assets and liabilities are reflected as an adjustment to the tax provision or benefit in the period of enactment. The Company follows the provisions of ASC 740, Income Taxes, to account for any uncertainty in income taxes with respect to the accounting for all tax positions taken (or expected to be taken) on any income tax return. This guidance applies to all open tax periods in all tax jurisdictions in which the Company is required to file an income tax return. Under U.S. GAAP, in order to recognize an uncertain tax benefit the taxpayer must be more likely than not certain of sustaining the position, and the measurement of the benefit is calculated as the largest amount that is more likely than not to be realized upon resolution of the position. Interest and penalties, if any, would be recorded within tax expense. |
Foreign Currency Translation and Foreign Currency Transactions | Foreign Currency Translation and Foreign Currency Transactions Adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars are included in the foreign currency translation adjustment, a component of accumulated other comprehensive loss in the consolidated statements of stockholders’ equity (deficit). The Company has assets and liabilities, including receivables and payables, which are denominated in currencies other than their functional currency. These balance sheet items are subject to re-measurement, the impact of which is recorded in foreign currency exchange gain and loss, within the consolidated statement of operations and comprehensive loss. |
Loss Per Share | Loss Per Share Basic loss per share includes no dilution and is computed by dividing loss available to common stockholders by the weighted average number of common shares outstanding for the period. Potentially dilutive common shares consist of shares issuable from stock options and unvested RSUs. Potentially dilutive common shares would also include common shares that would have been outstanding if notes convertible at the balance sheet date were converted. Diluted earnings are not presented when the effect of adding such additional common shares is antidilutive. |
Comprehensive Loss | Comprehensive Loss In addition to net loss, comprehensive loss includes all changes in equity during a period, except those resulting from investments by and distributions to owners. The Company holds investments classified as available-for-sale securities and records the change in fair market value as a component of comprehensive loss. The Company also has adjustments resulting from translating foreign functional currency financial statements into U.S. Dollars which is included as a component of comprehensive loss. |
Recent Accounting Pronouncements | Recent Accounting Pronouncements Standards that were adopted In February 2016, the Financial Accounting Standards Board (“FASB”) issued Accounting Standards Update (“ASU”) 2016-02, Leases, which together with subsequent amendments is included in ASC 842. ASC 842 requires a lessee to recognize a liability to make lease payments and an asset with respect to its right to use the underlying asset for the lease term. ASC 842 also addresses accounting and reporting by lessors, which is not significantly different from accounting and reporting under the prior standard, and further provides for qualitative and quantitative disclosures. We adopted ASC 842 on January 1, 2019 using the optional transition method allowed by ASU 2018-11. This optional transition method allowed the Company to apply the new leases standard at the adoption date and recognize a cumulative-effect adjustment to the opening balance of retained earnings in the period of adoption. For contracts where we are the lessee, we recorded lease liabilities and right of use assets for contracts in effect on January 1, 2019 based on the facts and circumstances as of that date. The Company elected not to reassess whether any expired or existing contracts are or contain leases, not to reassess the lease classification for any expired or existing leases, not to reassess initial direct costs for any existing leases, and not to separate the lease components from the non-lease components for all classes of underlying assets. No cumulative-effect adjustment was recorded to the opening balance of retained earnings. We recognized right of use assets and lessee lease liabilities of $0.6 million with respect to operating leases where we are the lessee on January 1, 2019. In June 2018, the FASB issued ASU 2018-07, Compensation - Stock Compensation (Topic 718); Improvements to Nonemployee Share-Based Payment Accounting. ASU 2018-07 simplifies the accounting for share-based payments made to nonemployees so the accounting for such payments is substantially the same as those made to employees. Under this ASU, share-based awards to nonemployees will be measured at fair value on the grant date of the awards, entities will need to assess the probability of satisfying performance conditions if any are present, and awards will continue to be classified according to ASC 718 upon vesting, which eliminates the need to reassess classification upon vesting, consistent with awards granted to employees. The Company adopted ASU 2018-07 on January 1, 2019, which had no impact to our consolidated financial statements as all share-based awards granted to nonemployees are fully vested. In February 2018, the FASB issued ASU 2018-02, Income Statement - Reporting Comprehensive Income (Topic 220); Reclassification of Certain Tax Effects from Accumulated Other Comprehensive Income (AOCI). ASU 2018-02 allows a reclassification from accumulated other comprehensive income to retained earnings for tax effects resulting from the Tax Cuts and Jobs Act (the “Tax Act”) that the FASB refers to as having been stranded in AOCI. The Company adopted ASU 2018-02 on January 1, 2019, which had no impact to our consolidated financial statements as no amounts were reclassified from accumulated other comprehensive income to retained earnings for tax effects resulting from the Tax Act. In March 2017, the FASB issued ASU 2017-08, Receivable - Nonrefundable Fees and Other Costs (Topic 310-20); Premium Amortization on Purchased Callable Debt Securities. ASU 2017-08 shortens the amortization period for certain callable debt securities held at a premium. Specifically, the amendment requires premiums to be amortized to the earliest call date. The amendments do not require an accounting change for securities held at a discount; the discount continues to be amortized to maturity. The amendments should be applied on a modified retrospective basis, with a cumulative-effect adjustment directly to retained earnings as of the beginning of the period of adoption. The Company adopted ASU 2017-08 on January 1, 2019, which had no impact to our consolidated financial statements. Standards not yet adopted In December 2019, the FASB issued ASU 2019-12, Income Taxes (Topic 740); Simplifying the Accounting for Income Taxes. ASU 2019-12 reduces complexity in the accounting standard. This ASU is effective for us on January 1, 2021, with early adoption permitted. We are currently assessing the impact this will have on our consolidated financial statements. In August 2018, the FASB issued ASU 2018-13, Fair Value Measurement (Topic 820); Disclosure Framework - Changes to the Disclosure Requirements for Fair Value Measurement. ASU 2018-13 modifies, among other things, the disclosures required for Level 3 fair value measurements, including the range and weighted average of significant unobservable inputs. The guidance removes, among other things, the disclosure requirement to disclose transfers between Levels 1 and 2. Level 3 fair value measurement disclosures should be applied prospectively while all other amendments should be applied retrospectively. This ASU is effective for us on January 1, 2020, with early adoption permitted. The Company does not expect the guidance to have a material impact on our consolidated financial statements, as the Company did not carry Level 3 fair value items at December 31, 2019 , and has not historically had transfers between levels. In June 2016, the FASB issued ASU 2016-13, Financial Instruments-Credit Losses (Topic 326); Measurement of Credit Losses on Financial Instruments. In November 2018, ASU 2018-19 was issued which amended the standard to clarify that receivables arising from operating leases are within the scope of lease accounting standards. Further, the FASB issued ASU 2019-04, 2019-05, 2019-10 and ASU 2019-11 to provide additional guidance on the credit losses standard. ASU 2016-13 amends the guidance on measuring credit losses on financial assets (including trade accounts receivable and available for sale debt securities) held at amortized cost. Currently, an “incurred loss” methodology is used for recognizing credit losses which delays recognition until it is probable a loss has been incurred. The amendment requires assets valued at amortized cost to be presented at the net amount expected to be collected using an allowance for credit losses. Reversal of credit losses on available for sale debt securities will be recorded in the current period net income. This ASU is effective for us on January 1, 2020, with early adoption permitted. The Company has identified available for sale debt securities, trade receivables, and investment in leases within the scope of ASU 2016-13. The Company is currently evaluating the impact of trade receivables and investments in leases at January 1, 2020, and believes the impact on available for sale debt securities will not have a material impact on the Company's consolidated financial statements at January 1, 2020. |
Concentration of Credit Risk | Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, short-term investments and accounts receivable, including receivables from major customers. |
Summary of Significant Accoun_3
Summary of Significant Accounting Policies (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Accounting Policies [Abstract] | |
Schedule of Warranty Reserve | Product warranty reserve activity for the years ended December 31 is as follows (in thousands): 2019 2018 2017 Beginning balance $ 215 $ 192 $ 1 Provisions 411 420 331 Warranty cost incurred (223 ) (397 ) (140 ) $ 403 $ 215 $ 192 |
Concentration of Credit Risk (T
Concentration of Credit Risk (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Risks and Uncertainties [Abstract] | |
Schedule of Customer Concentration | Customers who represented 10% or more of the Company’s total revenue consisted of the following at December 31 : 2019 2018 2017 Customer A * * 18% Customer B * * 13% * Less than 10% for the period indicated |
Fair Value of Financial Instr_2
Fair Value of Financial Instruments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Fair Value Disclosures [Abstract] | |
Fair Value Measurement | The following tables represent the financial instruments measured at fair value on a recurring basis on the financial statements of the Company and the valuation approach applied to each class of financial instruments at December 31 (see Note 2, Summary of Significant Accounting Policies for further information): 2019 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 43,745 $ — $ — $ 43,745 Commercial paper — 1,993 — 1,993 Corporate notes and bonds — 1,006 — 1,006 Total cash and cash equivalents $ 43,745 $ 2,999 $ — $ 46,744 Investments: Certificates of deposit — 5,663 — 5,663 US Treasury securities 12,579 — — 12,579 US Agency securities — 3,998 — 3,998 Commercial paper — 2,491 — 2,491 Corporate notes and bonds — 22,706 — 22,706 Total investments 12,579 34,858 — 47,437 Total assets measured at fair value $ 56,324 $ 37,857 $ — $ 94,181 2018 (in thousands) Quoted Prices in Active Markets for Identical Assets (Level 1) Significant Other Observable Inputs (Level 2) Significant Unobservable Inputs (Level 3) Total Assets: Cash and cash equivalents: Money market funds $ 38,444 $ — $ — $ 38,444 Commercial paper — 1,493 — 1,493 Total cash and cash equivalents $ 38,444 $ 1,493 $ — $ 39,937 Investments: Certificates of deposit — 10,787 — 10,787 US Treasury securities 22,120 — — 22,120 US Agency securities — 7,980 — 7,980 Commercial paper — 17,025 — 17,025 Asset-backed securities — 11,998 — 11,998 Corporate notes and bonds — 30,308 — 30,308 Total investments 22,120 78,098 — 100,218 Total assets measured at fair value $ 60,564 $ 79,591 $ — $ 140,155 |
Investments (Tables)
Investments (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Investments, Debt and Equity Securities [Abstract] | |
Summary of Available-for-sale Investments | The following tables summarize the Company’s available-for-sale investments at December 31 (in thousands): AVAILABLE-FOR-SALE INVESTMENTS 2019 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 5,646 $ 17 $ — $ 5,663 US Treasury securities 12,564 16 (1 ) 12,579 US Agency securities 4,002 — (4 ) 3,998 Commercial paper 2,492 — (1 ) 2,491 Corporate notes and bonds 22,711 6 (11 ) 22,706 Total $ 47,415 $ 39 $ (17 ) $ 47,437 AVAILABLE-FOR-SALE INVESTMENTS 2018 (in thousands) Amortized Cost Gross Unrealized Gains Gross Unrealized Losses Fair Value Certificates of deposit $ 10,787 $ — $ — $ 10,787 US Treasury securities 22,185 1 (66 ) 22,120 US Agency securities 8,024 1 (45 ) 7,980 Commercial paper 17,025 — — 17,025 Asset-backed securities 12,007 — (9 ) 11,998 Corporate notes and bonds 30,361 — (53 ) 30,308 Total $ 100,389 $ 2 $ (173 ) $ 100,218 |
Summary of Maturities of Available-for-sale Investments | The following table summarizes the maturities of the Company’s available-for-sale securities at December 31 (in thousands): AVAILABLE-FOR-SALE INVESTMENT MATURITIES (in thousands) 2019 2018 Amortized Cost Fair Value Amortized Cost Fair Value Due in less than 1 year $ 43,627 $ 43,650 $ 83,030 $ 82,893 Due in 1-5 years 3,788 3,787 17,359 17,325 Total $ 47,415 $ 47,437 $ 100,389 $ 100,218 |
Inventory (Tables)
Inventory (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Inventory Disclosure [Abstract] | |
Schedule of Components of Inventories | Inventories consisted of the following at December 31 (in thousands): 2019 2018 Raw materials $ 4,854 $ 4,064 Work in process 1,561 495 Finished goods 1,644 3,187 Inventory $ 8,059 $ 7,746 |
Property and Equipment (Tables)
Property and Equipment (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Property, Plant and Equipment [Abstract] | |
Property and Equipment | Property and equipment are recorded at cost and consisted of the following at December 31 (in thousands). PROPERTY AND EQUIPMENT (in thousands) 2019 2018 Computer equipment $ 2,477 $ 2,700 Technical equipment 3,681 3,868 Facilities 3,883 4,037 Instruments 7,491 5,318 Capital projects in progress 238 91 Total property and equipment $ 17,770 $ 16,014 Accumulated depreciation (9,865 ) (8,711 ) Net property and equipment $ 7,905 $ 7,303 |
Deferred Revenue, Income and _2
Deferred Revenue, Income and Remaining Performance Obligations (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Deferred Revenue Disclosure [Abstract] | |
Deferred Revenue and Income Summary | A summary of the balances as of December 31 follows (in thousands): 2019 2018 Products and services not yet delivered $ 271 $ 217 Deferred revenue $ 271 $ 217 The following presents total net sales by line of business for the years ended December 31 (in thousands): 2019 2018 2017 Accelerate Pheno™ revenue $ 9,132 $ 5,547 $ 4,057 Other revenue 165 123 120 Net sales $ 9,297 $ 5,670 $ 4,177 The following presents total net sales by products and services for the years ended December 31 (in thousands): 2019 2018 2017 Products $ 8,839 $ 5,576 $ 4,157 Services 458 94 20 Net sales $ 9,297 $ 5,670 $ 4,177 |
Convertible Notes (Tables)
Convertible Notes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Debt Disclosure [Abstract] | |
Convertible Notes | The Notes consisted of the following at December 31 (in thousands): 2019 2018 Outstanding principal $ 171,500 $ 171,500 Unamortized debt discount (39,042 ) (48,430 ) Unamortized debt issuance (2,415 ) (2,996 ) Net carrying amount of the liability component $ 130,043 $ 120,074 |
Loss Per Share (Tables)
Loss Per Share (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Earnings Per Share [Abstract] | |
Schedule of Potentially Issuable Common Shares Excluded from Computation of Diluted Net Loss Per Share | The following potentially issuable common shares were not included in the computation of diluted net loss per share because they would have an anti-dilutive effect due to net losses at of the following at December 31 (in thousands): 2019 2018 2017 Shares issuable upon the release of restricted stock awards 14 76 24 Shares issuable upon exercise of stock options 10,133 8,091 7,328 10,147 8,167 7,352 |
Employee and Consultant Equit_2
Employee and Consultant Equity-Based Compensation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Share-based Payment Arrangement [Abstract] | |
Stock Option Activity | The following table summarizes option activity under all plans during the years ending December 31, 2019 , and 2018 and shows the exercisable shares as of December 31, 2019 : Stock Option Activity Number of Shares Weighted Average Exercise Price per Share Options Outstanding January 1, 2018 7,328,131 $ 10.16 Granted 1,390,014 24.46 Forfeited (230,779 ) 21.47 Exercised (357,373 ) 10.49 Expired (39,357 ) 22.24 Options Outstanding December 31, 2018 8,090,636 12.22 Granted 3,067,888 14.52 Forfeited (533,503 ) 20.65 Exercised (383,319 ) 13.99 Expired (109,140 ) 23.86 Options Outstanding December 31, 2019 10,132,562 12.28 Exercisable December 31, 2019 6,231,099 9.17 |
Black-Scholes Assumptions for Option Granted | The table below summarizes the inputs used to calculate the estimated fair value of options awarded for the years ended December 31 : Black-Scholes Assumptions for Options Granted 2019 2018 2017 Expected term (in years) 6.28 6.01 6.23 Volatility 60 % 66 % 77 % Expected dividends — — — Risk free interest rates 2.1 % 2.7 % 2.1 % Estimated forfeitures — % — % — % Weighted average fair value $ 8.33 $ 14.87 $ 16.24 |
Stock Option Supplemental Information | The following table shows summary information for outstanding options and options that are exercisable (vested) as of December 31, 2019 : Stock Option Supplemental Information Options Outstanding Options Exercisable Number of options 10,132,562 6,231,099 Weighted average remaining contractual term (in years) 5.64 3.75 Weighted average exercise price $ 12.28 $ 9.17 Weighted average fair value $ 8.10 $ 6.16 Aggregate intrinsic value (in millions) $ 64.2 $ 57.2 |
Restricted Stock Activity | The following table summarizes RSU and SG activity during the years ending December 31, 2019 and 2018 : RSU and SG Activity Number of Shares Weighted Average Grant Date Fair Value per Share RSUs & SGs Outstanding January 1, 2018 24,150 $ 20.91 Granted 76,000 17.33 Forfeited — — Vested/released (24,150 ) 16.58 RSUs & SGs outstanding December 31, 2018 76,000 18.70 Granted 11,000 20.32 Forfeited (60,500 ) 19.74 Vested/released (12,168 ) 17.43 RSUs & SGs outstanding December 31, 2019 14,332 16.66 |
Weighted Average Fair Value of RSU's and SG's Awarded | The table below summarizes the weighted average fair value of RSUs and SGs awarded for the years ending December 31 : RSU and SG Grants 2019 2018 2017 Weighted average fair value $ 20.32 $ 17.33 $ 22.40 |
Equity-Based Compensation Expense and Tax Benefit | The expense and tax benefits recognized on the Company’s consolidated statements of operations and comprehensive loss related to options for the years ending December 31 (in thousands): Equity-Based Compensation Expenses and Tax Benefit (in thousands) 2019 2018 2017 Cost of Sales $ 277 $ 189 $ 99 Research and development 4,115 4,760 3,738 Sales, general and administrative 8,226 9,473 10,096 Total equity-based compensation expense $ 12,618 $ 14,422 $ 13,933 Recognized tax benefit $ — $ — $ — |
Income Taxes (Tables)
Income Taxes (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Pretax Loss from Operations | The components of the pretax loss from operations for the years ended December 31 are as follows (in thousands): 2019 2018 2017 U.S. Domestic $ (70,452 ) $ (67,508 ) $ (46,849 ) Foreign (13,964 ) (20,607 ) (16,686 ) Net loss before income taxes $ (84,416 ) $ (88,115 ) $ (63,535 ) |
Schedule of Provision for Income Taxes | The components of the provision for income taxes for the years ended December 31 is presented in the following table: 2019 2018 2017 Current: Federal $ — $ — $ — State 8 14 — Foreign (119 ) 197 493 Total current provision (111 ) 211 493 Deferred: Federal — — — State — — — Foreign — — — Total deferred provision — — — Total (benefit) provision $ (111 ) $ 211 $ 493 |
Deferred Income Tax Components | Significant components of the Company’s net deferred income taxes for the years ended December 31 are as follows (in thousands): 2019 2018 Deferred tax assets: Net operating loss carryforward $ 66,319 $ 53,189 Property & equipment 403 648 Inventory 397 395 Stock options 13,217 11,473 Intangible assets, definite-lived 38 40 General business credit 11,306 9,300 Operating Lease Liability - ASC 842 908 — Other 59 47 Total deferred income tax assets 92,647 75,092 Valuation allowance (81,946 ) (63,060 ) Deferred tax assets $ 10,701 $ 12,032 Deferred income tax liabilities: Debt amortization $ (9,793 ) $ (12,032 ) Right of use asset $ (908 ) $ — Total deferred income tax liabilities $ (10,701 ) $ (12,032 ) Net deferred income taxes $ — $ — |
Effective Tax Rate | The difference between the U.S. federal statutory income tax rate and the Company’s effective tax rate for years ending December 31 is as follows: 2019 2018 2017 U.S. federal statutory income tax rate (21.00 )% (21.00 )% (34.00 )% State taxes, net of federal tax benefit (3.83 ) (3.07 ) (2.62 ) Permanent and other differences (0.25 ) (0.26 ) (2.31 ) Change in tax rates 0.16 (0.41 ) (1.02 ) Tax rate differential 3.28 4.92 8.99 Tax cuts and jobs act — — 38.46 Unrecognized tax benefits 0.79 0.81 1.20 Nondeductible equity and other compensation 1.12 (0.17 ) (4.31 ) Credit for increased research activities (2.80 ) (3.12 ) (4.42 ) Change in Valuation allowance 22.40 22.54 0.81 (0.13 )% 0.24 % 0.78 % |
Uncertain Tax Positions | The Company's uncertain tax positions at December 31 as follows (in thousands): 2019 2018 2017 Balance at beginning of year $ 2,983 $ 2,141 $ 1,101 Increases for prior positions 7 70 97 Increases for current year positions 724 775 943 Other increases — — — Decreases due to settlements — — — Expiration of the statute of limitations for the assessment of taxes — — — Other decreases (2 ) (3 ) — Balance at end of year $ 3,712 $ 2,983 $ 2,141 |
Leases (Tables)
Leases (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Leases [Abstract] | |
Assets And Liabilities | The following presents supplemental information related to our leases in which we are the lessee for the year ended December 31, 2019 (in thousands): 2019 Cash paid for amounts included in lease liabilities Operating cash flows from operating leases $ 644 ROU assets obtained in exchange for lease obligations Operating leases 3,877 Lease Cost Operating leases 755 Short-term leases $ 727 |
Lease Costs | The following presents supplemental information related to our leases in which we are the lessee for the year ended December 31, 2019 (in thousands): 2019 Cash paid for amounts included in lease liabilities Operating cash flows from operating leases $ 644 ROU assets obtained in exchange for lease obligations Operating leases 3,877 Lease Cost Operating leases 755 Short-term leases $ 727 |
Maturities of Lease Liabilities | The following presents maturities of operating lease liabilities in which we are the lessee as of December 31, 2019 (in thousands): 2019 2020 $ 698 2021 752 2022 879 2023 968 2024 1,055 Thereafter 612 Total lease payments 4,964 Less imputed interest (935 ) $ 4,029 |
Sales-type Lease Receivable Maturity | The following presents maturities of lease receivables under sales-type leases as of December 31, 2019 (in thousands): 2019 2020 $ 375 2021 288 2022 231 2023 69 2024 25 Thereafter — Total undiscounted cash flows 988 Less imputed interest (2 ) Present value of lease payments $ 986 |
Industry, Geographic, and Rev_2
Industry, Geographic, and Revenue Disaggregation (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Segment Reporting [Abstract] | |
Long-lived Assets by Geographic Territory | The following presents long-lived assets (excluding intangible assets) by geographic territory at December 31 (in thousands): 2019 2018 Domestic $ 7,244 $ 6,309 Foreign 661 994 $ 7,905 $ 7,303 |
Total Net Sales by Geographic Territory | The following presents total net sales by geographic territory for the years ended December 31 (in thousands): 2019 2018 2017 Domestic $ 6,705 $ 4,153 $ 3,016 Foreign 2,592 1,517 1,161 Net sales $ 9,297 $ 5,670 $ 4,177 |
Disaggregation of Revenue | A summary of the balances as of December 31 follows (in thousands): 2019 2018 Products and services not yet delivered $ 271 $ 217 Deferred revenue $ 271 $ 217 The following presents total net sales by line of business for the years ended December 31 (in thousands): 2019 2018 2017 Accelerate Pheno™ revenue $ 9,132 $ 5,547 $ 4,057 Other revenue 165 123 120 Net sales $ 9,297 $ 5,670 $ 4,177 The following presents total net sales by products and services for the years ended December 31 (in thousands): 2019 2018 2017 Products $ 8,839 $ 5,576 $ 4,157 Services 458 94 20 Net sales $ 9,297 $ 5,670 $ 4,177 |
Supplemental Data (Unaudited) (
Supplemental Data (Unaudited) (Tables) | 12 Months Ended |
Dec. 31, 2019 | |
Quarterly Financial Information Disclosure [Abstract] | |
Quarterly Financial Information | The following is a summary of unaudited selected quarterly financial information for the three months ended 2019 (in thousands, except per share data): December 31, September 30, June 30, March 31, Revenue $ 3,470 $ 2,271 $ 1,806 $ 1,750 Gross profit $ 1,513 $ 1,154 $ 899 $ 834 Loss from operations $ (18,269 ) $ (17,653 ) $ (18,087 ) $ (18,822 ) Net loss $ (21,335 ) $ (20,434 ) $ (20,815 ) $ (21,721 ) Basic and diluted net loss per share $ (0.40 ) $ (0.37 ) $ (0.38 ) $ (0.40 ) The following is a summary of unaudited selected quarterly financial information for the three months ended 2018 (in thousands, except per share data): December 31, September 30, June 30, March 31, Revenue $ 1,822 $ 1,355 $ 1,692 $ 801 Gross profit $ 524 $ 675 $ 975 $ 309 Loss from operations $ (19,759 ) $ (19,369 ) $ (20,415 ) $ (20,826 ) Net loss $ (22,191 ) $ (22,098 ) $ (23,225 ) $ (20,812 ) Basic and diluted net loss per share $ (0.41 ) $ (0.41 ) $ (0.43 ) $ (0.37 ) |
Summary of Significant Accoun_4
Summary of Significant Accounting Policies (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Jan. 01, 2019 | |
Property, Plant and Equipment [Line Items] | ||
Lessor term of contract | 5 years | |
Instrument warranty term | 1 year | |
Kits and accessories warranty term | 60 days | |
Dividend yield (percent) | 0.00% | |
Right of use assets | $ 3,917 | |
Lessee lease liabilities | $ 4,029 | |
Minimum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 1 year | |
Operating leases term | 2 years | |
Maximum | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 7 years | |
Operating leases term | 6 years | |
Diagnostic instruments | ||
Property, Plant and Equipment [Line Items] | ||
Property and equipment, useful life | 5 years | |
ASU 2016-02 | ||
Property, Plant and Equipment [Line Items] | ||
Right of use assets | $ 600 | |
Lessee lease liabilities | $ 600 |
Summary of Significant Accoun_5
Summary of Significant Accounting Policies Warranty Reserve (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Movement in Standard Product Warranty Accrual [Roll Forward] | |||
Beginning balance | $ 215 | $ 192 | $ 1 |
Provisions | 411 | 420 | 331 |
Warranty cost incurred | (223) | (397) | (140) |
Ending balance | $ 403 | $ 215 | $ 192 |
Concentration of Credit Risk (D
Concentration of Credit Risk (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Total Revenue | One Customer | |||
Concentration Risk [Line Items] | |||
Risk concentration | 28.00% | 27.00% | 28.00% |
Customer Concentration | Accounts Receivable | One Customer | |||
Concentration Risk [Line Items] | |||
Risk concentration | 11.00% | 10.00% | |
Customer Concentration | Total Revenue | Customer A | |||
Concentration Risk [Line Items] | |||
Risk concentration | 18.00% | ||
Customer Concentration | Total Revenue | Customer B | |||
Concentration Risk [Line Items] | |||
Risk concentration | 13.00% | ||
Financial Institution A | Concentration of Credit Risk | Cash and Cash Equivalents | |||
Concentration Risk [Line Items] | |||
Risk concentration | 73.00% | 46.00% | |
Financial Institution B | Concentration of Credit Risk | Cash and Cash Equivalents | |||
Concentration Risk [Line Items] | |||
Risk concentration | 18.00% | 43.00% |
Fair Value of Financial Instr_3
Fair Value of Financial Instruments - Schedule of Fair Value Measurement (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Total investments | $ 47,437 | $ 100,218 |
Recurring | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 46,744 | 39,937 |
Total investments | 47,437 | 100,218 |
Total assets measured at fair value | 94,181 | 140,155 |
Recurring | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 43,745 | 38,444 |
Total investments | 12,579 | 22,120 |
Total assets measured at fair value | 56,324 | 60,564 |
Recurring | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 2,999 | 1,493 |
Total investments | 34,858 | 78,098 |
Total assets measured at fair value | 37,857 | 79,591 |
Recurring | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Total investments | 0 | 0 |
Total assets measured at fair value | 0 | 0 |
Recurring | Certificates of deposit | ||
Investment [Line Items] | ||
Total investments | 5,663 | 10,787 |
Recurring | Certificates of deposit | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Certificates of deposit | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 5,663 | 10,787 |
Recurring | Certificates of deposit | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | US Treasury securities | ||
Investment [Line Items] | ||
Total investments | 12,579 | 22,120 |
Recurring | US Treasury securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 12,579 | 22,120 |
Recurring | US Treasury securities | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | US Treasury securities | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | US Agency securities | ||
Investment [Line Items] | ||
Total investments | 3,998 | 7,980 |
Recurring | US Agency securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | US Agency securities | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 3,998 | 7,980 |
Recurring | US Agency securities | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Commercial paper | ||
Investment [Line Items] | ||
Total investments | 2,491 | 17,025 |
Recurring | Commercial paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Commercial paper | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 2,491 | 17,025 |
Recurring | Commercial paper | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Asset-backed securities | ||
Investment [Line Items] | ||
Total investments | 11,998 | |
Recurring | Asset-backed securities | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 0 | |
Recurring | Asset-backed securities | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 11,998 | |
Recurring | Asset-backed securities | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | |
Recurring | Corporate notes and bonds | ||
Investment [Line Items] | ||
Total investments | 22,706 | 30,308 |
Recurring | Corporate notes and bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Corporate notes and bonds | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total investments | 22,706 | 30,308 |
Recurring | Corporate notes and bonds | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total investments | 0 | 0 |
Recurring | Money market funds | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 43,745 | 38,444 |
Recurring | Money market funds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 43,745 | 38,444 |
Recurring | Money market funds | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Recurring | Money market funds | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Recurring | Commercial paper | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 1,993 | 1,493 |
Recurring | Commercial paper | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | 0 |
Recurring | Commercial paper | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 1,993 | 1,493 |
Recurring | Commercial paper | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | $ 0 |
Recurring | Corporate notes and bonds | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 1,006 | |
Recurring | Corporate notes and bonds | Quoted Prices in Active Markets for Identical Assets (Level 1) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 0 | |
Recurring | Corporate notes and bonds | Significant Other Observable Inputs (Level 2) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | 1,006 | |
Recurring | Corporate notes and bonds | Significant Unobservable Inputs (Level 3) | ||
Investment [Line Items] | ||
Total cash and cash equivalents | $ 0 |
Fair Value of Financial Instr_4
Fair Value of Financial Instruments - Narrative (Details) - USD ($) | Apr. 04, 2018 | Mar. 27, 2018 | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Instrument [Line Items] | ||||
Over-allotment option, term | 13 days | |||
Over-allotment option | $ 22,500,000 | |||
Additional proceeds | $ 21,500,000 | |||
Unsecured Obligations | 2.50% Convertible Notes due 2023 | ||||
Debt Instrument [Line Items] | ||||
Aggregate principal amount | $ 171,500,000 | $ 150,000,000 | ||
Interest rate | 2.50% | |||
Fair value | $ 133,800,000 | $ 121,400,000 |
Investments - Schedule of Avail
Investments - Schedule of Available-for-sale Securities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Investment [Line Items] | ||
Total | $ 47,415 | $ 100,389 |
Gross Unrealized Gains | 39 | 2 |
Gross Unrealized Losses | (17) | (173) |
Fair Value | 47,437 | 100,218 |
Certificates of deposit | ||
Investment [Line Items] | ||
Total | 5,646 | 10,787 |
Gross Unrealized Gains | 17 | 0 |
Gross Unrealized Losses | 0 | 0 |
Fair Value | 5,663 | 10,787 |
US Treasury securities | ||
Investment [Line Items] | ||
Total | 12,564 | 22,185 |
Gross Unrealized Gains | 16 | 1 |
Gross Unrealized Losses | (1) | (66) |
Fair Value | 12,579 | 22,120 |
US Agency securities | ||
Investment [Line Items] | ||
Total | 4,002 | 8,024 |
Gross Unrealized Gains | 0 | 1 |
Gross Unrealized Losses | (4) | (45) |
Fair Value | 3,998 | 7,980 |
Commercial paper | ||
Investment [Line Items] | ||
Total | 2,492 | 17,025 |
Gross Unrealized Gains | 0 | 0 |
Gross Unrealized Losses | (1) | 0 |
Fair Value | 2,491 | 17,025 |
Asset-backed securities | ||
Investment [Line Items] | ||
Total | 12,007 | |
Gross Unrealized Gains | 0 | |
Gross Unrealized Losses | (9) | |
Fair Value | 11,998 | |
Corporate notes and bonds | ||
Investment [Line Items] | ||
Total | 22,711 | 30,361 |
Gross Unrealized Gains | 6 | 0 |
Gross Unrealized Losses | (11) | (53) |
Fair Value | $ 22,706 | $ 30,308 |
Investments - Schedule of Ava_2
Investments - Schedule of Available-For-Sale Investment Maturities (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Amortized Cost | ||
Due in less than 1 year | $ 43,627 | $ 83,030 |
Due in 1-5 years | 3,788 | 17,359 |
Total | 47,415 | 100,389 |
Fair Value | ||
Due in less than 1 year | 43,650 | 82,893 |
Due in 1-5 years | 3,787 | 17,325 |
Total | $ 47,437 | $ 100,218 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Investments, Debt and Equity Securities [Abstract] | |||
Proceeds from sales of marketable securities | $ 14,500 | $ 3,000 | $ 11,522 |
Inventory (Details)
Inventory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Inventory Disclosure [Abstract] | ||
Raw materials | $ 4,854 | $ 4,064 |
Work in process | 1,561 | 495 |
Finished goods | 1,644 | 3,187 |
Inventory, net | $ 8,059 | $ 7,746 |
Property and Equipment (Details
Property and Equipment (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | $ 17,770 | $ 16,014 | |
Accumulated depreciation | (9,865) | (8,711) | |
Net property and equipment | 7,905 | 7,303 | |
Instruments reclassified from inventory | 1,900 | ||
Depreciation expense | 2,300 | 2,500 | $ 2,200 |
Inventory transfers | |||
Property, Plant and Equipment [Line Items] | |||
Instruments reclassified from inventory | 100 | ||
Computer equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 2,477 | 2,700 | |
Technical equipment | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,681 | 3,868 | |
Facilities | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 3,883 | 4,037 | |
Instruments | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 7,491 | 5,318 | |
Capital projects in progress | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 238 | $ 91 | |
Assets leased to others | |||
Property, Plant and Equipment [Line Items] | |||
Total property and equipment | 4,600 | ||
Accumulated depreciation | $ (800) |
License Agreements and Grants -
License Agreements and Grants - National Institute of Health Grant (Details) - National Institute of Health Grant - USD ($) $ in Millions | 1 Months Ended | 12 Months Ended | 35 Months Ended | ||
Feb. 28, 2015 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2017 | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | |||||
Length of project (years) | 5 years | ||||
Total grant funding | $ 5 | $ 0.3 | $ 0.2 | $ 0.2 | |
Cumulative sub-award | $ 1.3 |
License Agreements and Grants_2
License Agreements and Grants - Arizona Commerce Authority Grant and R&D Refundable Tax Credit Program (Details) | 1 Months Ended | |
Jan. 31, 2018USD ($) | Aug. 31, 2012USD ($)jobmilestone | |
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Arizona commerce authority grant | $ | $ 1,000,000 | |
Number of milestones | milestone | 4 | |
Qualified jobs created, milestone 1 | job | 15 | |
Qualified jobs created, milestone 2 | job | 30 | |
Qualified jobs created, milestone 3 | job | 40 | |
Qualified jobs created, milestone 4 | job | 65 | |
Minimum | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Capital investment milestone | $ | $ 4,500,000 | |
Grant related minimum annual wages | $ | $ 63,000 | |
Percent of company paid premiums | 65.00% | |
Arizona Commerce Authority | ||
Research and Development Arrangement, Contract to Perform for Others [Line Items] | ||
Deferred revenue recognized | $ | $ 1,000,000 |
Deferred Revenue, Income and _3
Deferred Revenue, Income and Remaining Performance Obligations (Details) - USD ($) $ in Thousands | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2018 | |
Disaggregation of Revenue [Line Items] | ||
Current deferred revenue and income | $ 271 | $ 217 |
Revenues recognized included in contract liabilities balances | 200 | 26 |
Revenue expected to be recognized from remaining performance obligations | $ 3,200 | |
Contact period | The service contracts typically provide for four-year terms and revenue is recognized on a straight-line basis. The bundled lease agreements have between two and four year terms and revenue is recognized as product is shipped, typically in a straight-line pattern. | |
Products and services not yet delivered | ||
Disaggregation of Revenue [Line Items] | ||
Current deferred revenue and income | $ 271 | $ 217 |
Convertible Notes - Narrative (
Convertible Notes - Narrative (Details) | Apr. 06, 2018USD ($) | Apr. 04, 2018USD ($)day | Mar. 27, 2018USD ($)$ / shares | Dec. 31, 2019USD ($)shares | Dec. 31, 2018USD ($) |
Debt Instrument [Line Items] | |||||
Over-allotment option, term | 13 days | ||||
Over-allotment option | $ 22,500,000 | ||||
Additional proceeds | $ 21,500,000 | ||||
Conversion ratio | 0.0323428 | ||||
Outstanding principal | $ 171,500,000 | $ 171,500,000 | |||
Unamortized debt issuance | 2,415,000 | 2,996,000 | |||
Stock price conversion threshold, percentage | 130.00% | ||||
Consecutive trading days | day | 20 | ||||
Threshold trading days | 30 | ||||
Trading price threshold, percentage | 98.00% | ||||
Repurchase principal balance, percent | 100.00% | ||||
Interest expense | 4,300,000 | 3,300,000 | |||
Amortization of debt issuance costs | 600,000 | 400,000 | |||
Amortization of the debt discount | $ 9,400,000 | $ 6,500,000 | |||
Net proceeds from notes to fund Prepaid Forward | $ 45,100,000 | ||||
Aggregate number of shares | shares | 1,858,500 | ||||
Unsecured Obligations | 2.50% Convertible Notes due 2023 | |||||
Debt Instrument [Line Items] | |||||
Aggregate principal amount | $ 171,500,000 | $ 150,000,000 | |||
Interest rate | 2.50% | ||||
Proceeds from issuance of notes | 171,500,000 | ||||
Conversion multiple | 1,000 | ||||
Initial conversion price (usd per share) | $ / shares | $ 30.92 | ||||
Outstanding principal | 116,600,000 | ||||
Equity component | (54,900,000) | ||||
Unamortized debt issuance | $ 5,000,000 | ||||
Contractual term | 5 years | ||||
Effective interest rate | 11.52% | ||||
Unsecured Obligations | 2.50% Convertible Notes due 2023 | Long-Term Debt | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance | $ 3,400,000 | ||||
Unsecured Obligations | 2.50% Convertible Notes due 2023 | Contributed Capital | |||||
Debt Instrument [Line Items] | |||||
Unamortized debt issuance | $ 1,600,000 |
Convertible Notes - Schedule of
Convertible Notes - Schedule of Convertible Notes (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Debt Disclosure [Abstract] | ||
Outstanding principal | $ 171,500 | $ 171,500 |
Unamortized debt discount | (39,042) | (48,430) |
Unamortized debt issuance | (2,415) | (2,996) |
Net carrying amount of the liability component | $ 130,043 | $ 120,074 |
Stock Purchase (Details)
Stock Purchase (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||||
Dec. 31, 2019 | Dec. 31, 2012 | Dec. 31, 2017 | Jun. 26, 2017 | Jan. 01, 2017 | Dec. 31, 2013 | |
Class of Warrant or Right [Line Items] | ||||||
Value of warrants | $ 5.9 | |||||
Value of common stock | $ 8.5 | |||||
$1.03 Warrant | ||||||
Class of Warrant or Right [Line Items] | ||||||
Price per share (dollars per share) | $ 1.03 | |||||
Stock and warrants purchase price | $ 14.4 | |||||
Shares of common stock (shares) | 14,000,000 | |||||
Exercise price (dollars per share) | $ 1.03 | $ 1.03 | ||||
$2.00 Warrant | ||||||
Class of Warrant or Right [Line Items] | ||||||
Warrants to purchase common stock (shares) | 7,000,000 | |||||
Exercise price (dollars per share) | $ 2 | |||||
Additional warrant to purchase common stock (shares) | 7,000,000 | |||||
Additional exercised warrant per purchase agreement (shares) | 370,307 | |||||
Proceeds from warrants | $ 0.7 | |||||
Unexercised warrants (shares) | 45,564 | 415,871 |
Public Offering (Details)
Public Offering (Details) - USD ($) $ / shares in Units, $ in Millions | Jun. 08, 2017 | May 15, 2017 | Dec. 31, 2019 | Dec. 31, 2017 | Aug. 19, 2019 | May 09, 2017 |
Class of Stock [Line Items] | ||||||
Public offering price (dollars per share) | $ 17.99 | |||||
Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock and warrants (shares) | 56,000 | 3,085,000 | ||||
Shares to the Public | ||||||
Class of Stock [Line Items] | ||||||
Sale of stock (shares) | 3,085,484 | 2,750,000 | ||||
Public Offering | ||||||
Class of Stock [Line Items] | ||||||
Public offering price (dollars per share) | $ 28.85 | |||||
Underwriting discounts and commissions (dollars per share) | $ 1.73 | |||||
Gross proceeds from sale of common stock | $ 89 | |||||
Underwriting discounts, commissions and other costs | 5.8 | |||||
Net proceeds | $ 83.2 | |||||
Underwriters | ||||||
Class of Stock [Line Items] | ||||||
Sale of stock (shares) | 335,484 | |||||
Underwriters | Common Stock | ||||||
Class of Stock [Line Items] | ||||||
Issuance of common stock and warrants (shares) | 412,500 |
Related Party Transaction (Deta
Related Party Transaction (Details) - USD ($) | Aug. 20, 2019 | Dec. 31, 2019 | Aug. 19, 2019 | Mar. 31, 2018 |
Related Party Transaction [Line Items] | ||||
Share price (dollars per share) | $ 17.99 | |||
Proceeds from issuance of common stock | $ 1,000,000 | |||
Director | Note holder | ||||
Related Party Transaction [Line Items] | ||||
Aggregate principal amount | $ 42,000,000 | $ 30,000,000 | ||
Director | Additional purchases | ||||
Related Party Transaction [Line Items] | ||||
Aggregate principal amount | $ 12,000,000 | |||
Chief Operating Officer | ||||
Related Party Transaction [Line Items] | ||||
Issuance of common stock (shares) | 55,586 |
Loss Per Share (Details)
Loss Per Share (Details) | Mar. 27, 2018USD ($) | Dec. 31, 2019shares | Dec. 31, 2018shares | Dec. 31, 2017shares | Apr. 04, 2018USD ($) |
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive common stock instruments outstanding (shares) | 10,147,000 | 8,167,000 | 7,352,000 | ||
Conversion ratio | 0.0323428 | ||||
Shares issued (shares) | 0 | ||||
Repurchase of common stock under prepaid forward contract (shares) | 1,858,500 | ||||
Shares issuable upon the release of restricted stock awards | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive common stock instruments outstanding (shares) | 14,000 | 76,000 | 24,000 | ||
Shares issuable upon exercise of stock options | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Antidilutive common stock instruments outstanding (shares) | 10,133,000 | 8,091,000 | 7,328,000 | ||
Maximum | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Shares issued (shares) | 5,500,000 | ||||
Unsecured Obligations | 2.50% Convertible Notes due 2023 | |||||
Antidilutive Securities Excluded from Computation of Earnings Per Share [Line Items] | |||||
Aggregate principal amount | $ | $ 150,000,000 | $ 171,500,000 | |||
Conversion multiple | $ | $ 1,000 |
Employee and Consultant Equit_3
Employee and Consultant Equity-Based Compensation - Non-Qualified Stock Option Plan (Details) - shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Exercise of options (shares) | 383,319 | 357,373 | |
Outstanding (shares) | 10,132,562 | 8,090,636 | 7,328,131 |
Non-Qualified Stock Option Plan | Shares Issuable Upon Exercise of Stock Options | |||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||
Expiration period | 10 years | ||
Exercise of options (shares) | 280,000 | ||
Outstanding (shares) | 0 | ||
Options available (shares) | 0 |
Employee and Consultant Equit_4
Employee and Consultant Equity-Based Compensation - 2004 Omnibus Stock Option Plan (Details) - shares | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Jul. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Exercise of options (shares) | 383,319 | 357,373 | ||
Outstanding (shares) | 10,132,562 | 8,090,636 | 7,328,131 | |
2004 Omnibus Stock Option Plan | Shares Issuable Upon Exercise of Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Shares authorized (shares) | 5,500,000 | |||
Exercise of options (shares) | 813,644 | |||
Outstanding (shares) | 3,126,356 | |||
Options available (shares) | 0 |
Employee and Consultant Equit_5
Employee and Consultant Equity-Based Compensation - 2012 Omnibus Equity Incentive Plan (Details) - shares | 1 Months Ended | 12 Months Ended | |||||
Mar. 31, 2019 | May 30, 2017 | May 31, 2014 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options exercised (shares) | 383,319 | 357,373 | |||||
Outstanding (shares) | 10,132,562 | 8,090,636 | 7,328,131 | ||||
RSU's and SG's | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Released (shares) | 12,168 | 24,150 | |||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options available (shares) | 10,677,500 | 1,677,500 | |||||
Additional shares authorized (shares) | 3,000,000 | 2,000,000 | 4,000,000 | ||||
Expiration period | 10 years | ||||||
Options exercised (shares) | 1,207,258 | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Vesting terms (i), cliff vesting | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Vesting terms (ii), monthly vesting | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 1 year | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Vesting terms (iv), annual vesting | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 5 years | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Vesting terms (iv), two years after grant date | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 2 years | ||||||
Vesting percentage | 40.00% | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Share-based Compensation Award, Tranche Five [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting period | 3 years | ||||||
Vesting percentage | 60.00% | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Vesting terms (iv), monthly over next three years | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
2012 Omnibus Equity Incentive Plan | Shares Issuable Upon Exercise of Stock Options | Share-based Compensation Award, Tranche Six, Next Two Years [Member] | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Vesting percentage | 50.00% | ||||||
2012 Omnibus Equity Incentive Plan | RSU's and SG's | |||||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||||
Options available (shares) | 2,395,375 | ||||||
Released (shares) | 54,329 | ||||||
Outstanding (shares) | 7,020,538 |
Employee and Consultant Equit_6
Employee and Consultant Equity-Based Compensation - Stock Option Activity (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Outstanding, beginning balance (shares) | 8,090,636 | 7,328,131 | |
Granted (shares) | 3,067,888 | 1,390,014 | |
Forfeited (shares) | (533,503) | (230,779) | |
Exercised (shares) | (383,319) | (357,373) | |
Expired (shares) | (109,140) | (39,357) | |
Outstanding, ending balance (shares) | 10,132,562 | 8,090,636 | 7,328,131 |
Exercisable, ending balance (shares) | 6,231,099 | ||
Weighted Average Exercise Price per Share | |||
Outstanding, beginning balance (dollars per share) | $ 12.22 | $ 10.16 | |
Granted (dollars per share) | 14.52 | 24.46 | |
Forfeited (dollars per share) | 20.65 | 21.47 | |
Exercised (dollars per share) | 13.99 | 10.49 | |
Expired (dollars per share) | 23.86 | 22.24 | |
Outstanding, ending balance (dollars per share) | 12.28 | $ 12.22 | $ 10.16 |
Exercisable, ending balance (dollars per share) | $ 9.17 | ||
Cash received from the exercise of options | $ 5,400,000 | ||
Tax benefit from share-based compensation | 0 | ||
Intrinsic value of options exercised | 2,300,000 | $ 4,600,000 | $ 12,100,000 |
Fair value of shares vesting | $ 9,900,000 | $ 13,400,000 | $ 12,000,000 |
Employee and Consultant Equit_7
Employee and Consultant Equity-Based Compensation - Black-Scholes Assumptions for Option Granted (Details) - USD ($) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Payment Arrangement [Abstract] | |||
Expected term (in years) | 6 years 3 months 10 days | 6 years 3 days | 6 years 2 months 23 days |
Volatility | 60.00% | 66.00% | 77.00% |
Expected dividends | $ 0 | $ 0 | $ 0 |
Risk free interest rates | 2.10% | 2.70% | 2.10% |
Estimated forfeitures | 0.00% | 0.00% | 0.00% |
Weighted average fair value (in dollars per share) | $ 8.33 | $ 14.87 | $ 16.24 |
Employee and Consultant Equit_8
Employee and Consultant Equity-Based Compensation - Stock Option Supplemental Information (Details) - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |
Dec. 31, 2019 | Dec. 31, 2012 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Aggregate intrinsic value (in millions) | $ 5.9 | |
Share price (dollars per share) | $ 16.90 | |
Options Outstanding | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options (shares) | 10,132,562 | |
Weighted average remaining contractual term (in years) | 5 years 7 months 20 days | |
Weighted average exercise price (dollars per share) | $ 12.28 | |
Weighted average fair value (dollars per share) | $ 8.10 | |
Aggregate intrinsic value (in millions) | $ 64.2 | |
Options Exercisable | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Number of options (shares) | 6,231,099 | |
Weighted average remaining contractual term (in years) | 3 years 9 months | |
Weighted average exercise price (dollars per share) | $ 9.17 | |
Weighted average fair value (dollars per share) | $ 6.16 | |
Aggregate intrinsic value (in millions) | $ 57.2 |
Employee and Consultant Equit_9
Employee and Consultant Equity-Based Compensation - RSU and SG Activity (Details) - RSU's and SG's - $ / shares | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Number of Shares | |||
Beginning balance (shares) | 76,000 | 24,150 | |
Granted (shares) | 11,000 | 76,000 | |
Forfeited (shares) | (60,500) | 0 | |
Vested/Released (shares) | (12,168) | (24,150) | |
Ending balance (shares) | 14,332 | 76,000 | 24,150 |
Weighted Average Grant Date Fair Value per Share | |||
Beginning balance (dollars per share) | $ 18.70 | $ 20.91 | |
Granted (dollars per share) | 20.32 | 17.33 | $ 22.40 |
Forfeited (dollars per share) | 19.74 | 0 | |
Vested/released (dollars per share) | 17.43 | 16.58 | |
Ending balance (dollars per share) | $ 16.66 | $ 18.70 | $ 20.91 |
Employee and Consultant Equi_10
Employee and Consultant Equity-Based Compensation - Weighted Average Fair Value of RSU's and SG's Awarded (Details) - RSU's and SG's - USD ($) $ / shares in Units, $ in Millions | 12 Months Ended | |||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Granted (dollars per share) | $ 20.32 | $ 17.33 | $ 22.40 | |
Fair value of units released | $ 0.2 | $ 0.4 | $ 0.4 |
Employee and Consultant Equi_11
Employee and Consultant Equity-Based Compensation - Equity-Based Compensation Expense and Tax Benefit and Narrative (Details) - USD ($) $ in Thousands | 1 Months Ended | 12 Months Ended | ||
Aug. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 12,618 | $ 14,422 | $ 13,933 | |
Recognized tax benefit | 0 | 0 | 0 | |
Unrecognized equity-based compensation cost | 24,000 | |||
RSU's | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Unrecognized equity-based compensation cost | 100 | |||
Performance-Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 100 | 700 | ||
Contractual life | 10 years | |||
Granted (shares) | 225,000 | |||
Vested (shares) | 75,000 | |||
Forfeited (shares) | (100,000) | |||
Outstanding (shares) | 125,000 | |||
Shares outstanding not achieved performance targets or expensed (shares) | 50,000 | |||
Cost of Sales | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 277 | 189 | 99 | |
Research and development | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | 4,115 | 4,760 | 3,738 | |
Sales, general and administrative | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | 8,226 | 9,473 | 10,096 | |
Capitalized inventory | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Equity-based compensation expense | $ 400 | $ 500 | $ 500 | |
Minimum | Performance-Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 1 year | |||
Maximum | Performance-Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 2 years | |||
Granted in 2018 | Minimum | Performance-Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 5 years | |||
Granted in 2018 | Maximum | Performance-Based Stock Options | ||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||||
Vesting period | 6 years |
Income Taxes - Components of th
Income Taxes - Components of the Pretax Loss From Operations (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. Domestic | $ (70,452) | $ (67,508) | $ (46,849) |
Foreign | (13,964) | (20,607) | (16,686) |
Net loss before income taxes | $ (84,416) | $ (88,115) | $ (63,535) |
Income Taxes - Provision for In
Income Taxes - Provision for Income Taxes (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Current: | |||
Federal | $ 0 | $ 0 | $ 0 |
State | 8 | 14 | 0 |
Foreign | (119) | 197 | 493 |
Total current provision | (111) | 211 | 493 |
Deferred: | |||
Federal | 0 | 0 | 0 |
State | 0 | 0 | 0 |
Foreign | 0 | 0 | 0 |
Total deferred provision | 0 | 0 | 0 |
Total (benefit) provision | $ (111) | $ 211 | $ 493 |
Income Taxes - Deferred Income
Income Taxes - Deferred Income Taxes Components (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Deferred tax assets: | ||
Net operating loss carryforward | $ 66,319 | $ 53,189 |
Property & equipment | 403 | 648 |
Inventory | 397 | 395 |
Stock options | 13,217 | 11,473 |
Intangible assets, definite-lived | 38 | 40 |
General business credit | 11,306 | 9,300 |
Operating Lease Liability - ASC 842 | 908 | |
Other | 59 | 47 |
Total deferred income tax assets | 92,647 | 75,092 |
Valuation allowance | (81,946) | (63,060) |
Deferred tax assets | 10,701 | 12,032 |
Deferred income tax liabilities: | ||
Debt amortization | (9,793) | (12,032) |
Right of use asset | (908) | |
Total deferred income tax liabilities | (10,701) | (12,032) |
Net deferred income taxes | $ 0 | $ 0 |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | Dec. 31, 2016 |
Operating Loss Carryforwards [Line Items] | ||||
Valuation allowance | $ 81,946 | $ 63,060 | ||
Initial deferred tax liability related to 2018 convertible debt | 9,793 | 12,032 | ||
Unrecognized tax benefits | 3,712 | 2,983 | $ 2,141 | $ 1,101 |
Uncertain tax positions that would impact the effective tax rate | 100 | |||
Domestic Tax Authority | Internal Revenue Service (IRS) | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | 273,900 | |||
Operating loss carryforwards, Sec. 382 limitation | 4,200 | |||
Net operating loss carryforwards | 269,800 | |||
Operating loss carryforwards, subject to expiration | 170,600 | |||
Operating loss carryforwards, not subject to expiration | 103,300 | |||
State and Local Jurisdiction | Arizona Department of Revenue | ||||
Operating Loss Carryforwards [Line Items] | ||||
Operating loss carryforwards | $ 253,900 | |||
Convertible Debt | ||||
Operating Loss Carryforwards [Line Items] | ||||
Initial deferred tax liability related to 2018 convertible debt | $ 14,000 |
Income Taxes - Effective Tax Ra
Income Taxes - Effective Tax Rate (Details) | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Income Tax Disclosure [Abstract] | |||
U.S. federal statutory income tax rate | (21.00%) | (21.00%) | (34.00%) |
State taxes, net of federal tax benefit | (3.83%) | (3.07%) | (2.62%) |
Permanent and other differences | (0.25%) | (0.26%) | (2.31%) |
Change in tax rates | 0.16% | (0.41%) | (1.02%) |
Tax rate differential | 3.28% | 4.92% | 8.99% |
Tax cuts and jobs act | 0 | 0 | 0.3846 |
Unrecognized tax benefits | 0.79% | 0.81% | 1.20% |
Nondeductible equity and other compensation | 1.12% | (0.17%) | (4.31%) |
Credit for increased research activities | (2.80%) | (3.12%) | (4.42%) |
Change in Valuation allowance | 22.40% | 22.54% | 0.81% |
Effective tax rate | (0.13%) | 0.24% | 0.78% |
Income Taxes - Uncertain Tax Po
Income Taxes - Uncertain Tax Positions (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Uncertain Tax Positions | |||
Balance at beginning of year | $ 2,983 | $ 2,141 | $ 1,101 |
Increases for prior positions | 7 | 70 | 97 |
Increases for current year positions | 724 | 775 | 943 |
Other increases | 0 | 0 | 0 |
Decreases due to settlements | 0 | 0 | 0 |
Expiration of the statute of limitations for the assessment of taxes | 0 | 0 | 0 |
Other decreases | (2) | (3) | 0 |
Balance at end of year | $ 3,712 | $ 2,983 | $ 2,141 |
Leases - Assets and Liabilities
Leases - Assets and Liabilities (Details) - USD ($) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Cash paid for amounts included in lease liabilities | |||
Operating cash flows from operating leases | $ 644 | ||
ROU assets obtained in exchange for lease obligations | |||
Operating leases | 3,877 | ||
Lease Cost | |||
Operating leases | 755 | ||
Short-term leases | $ 727 | ||
Weighted average remaining lease term (years) | 5 years 3 months 18 days | ||
Weighted average discount rate (%) | 7.00% | ||
Rent expense | $ 1,400 | $ 1,300 |
Leases - Maturities of Lease Li
Leases - Maturities of Lease Liabilities (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
2020 | $ 698 |
2021 | 752 |
2022 | 879 |
2023 | 968 |
2024 | 1,055 |
Thereafter | 612 |
Total lease payments | 4,964 |
Less imputed interest | (935) |
Lessee lease liabilities | $ 4,029 |
Leases - Sales-type Lease Recei
Leases - Sales-type Lease Receivable Maturity (Details) $ in Thousands | Dec. 31, 2019USD ($) |
Leases [Abstract] | |
Total net investment in leases | $ 1,000 |
2020 | 375 |
2021 | 288 |
2022 | 231 |
2023 | 69 |
2024 | 25 |
Thereafter | 0 |
Total undiscounted cash flows | 988 |
Less imputed interest | (2) |
Present value of lease payments | $ 986 |
Industry, Geographic, and Rev_3
Industry, Geographic, and Revenue Disaggregation - Narrative (Details) $ in Thousands | 12 Months Ended | ||
Dec. 31, 2019USD ($)segment | Dec. 31, 2018USD ($) | Dec. 31, 2017 | |
Segment Reporting [Abstract] | |||
Number of operating segments | segment | 1 | ||
Concentration Risk [Line Items] | |||
Trade accounts receivable | $ 3,222 | $ 1,860 | |
Lease income | $ 1,300 | ||
Total Revenue | One Customer | |||
Concentration Risk [Line Items] | |||
Risk concentration | 28.00% | 27.00% | 28.00% |
Accounts Receivable | Geographic Concentration | Outside the U.S. | |||
Concentration Risk [Line Items] | |||
Trade accounts receivable | $ 2,100 | $ 900 |
Industry, Geographic, and Rev_4
Industry, Geographic, and Revenue Disaggregation - Long-lived Assets and Total Net Revenue by Geographic Territory (Details) - USD ($) $ in Thousands | Dec. 31, 2019 | Dec. 31, 2018 |
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | $ 7,905 | $ 7,303 |
Geographic Concentration | Long-lived assets | ||
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | 7,905 | 7,303 |
Geographic Concentration | Domestic | Long-lived assets | ||
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | 7,244 | 6,309 |
Geographic Concentration | Foreign | Long-lived assets | ||
Geographic Areas, Long-Lived Assets [Abstract] | ||
Long-lived assets | $ 661 | $ 994 |
Industry, Geographic, and Rev_5
Industry, Geographic, and Revenue Disaggregation - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 3,470 | $ 2,271 | $ 1,806 | $ 1,750 | $ 1,822 | $ 1,355 | $ 1,692 | $ 801 | $ 9,297 | $ 5,670 | $ 4,177 |
Accelerate Pheno™ revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 9,132 | 5,547 | 4,057 | ||||||||
Other revenue | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 165 | 123 | 120 | ||||||||
Products | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 8,839 | 5,576 | 4,157 | ||||||||
Services | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 458 | 94 | 20 | ||||||||
Domestic | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | 6,705 | 4,153 | 3,016 | ||||||||
Foreign | |||||||||||
Disaggregation of Revenue [Line Items] | |||||||||||
Net sales | $ 2,592 | $ 1,517 | $ 1,161 |
Supplemental Data (Unaudited)_2
Supplemental Data (Unaudited) (Details) - USD ($) $ / shares in Units, $ in Thousands | 3 Months Ended | 12 Months Ended | |||||||||
Dec. 31, 2019 | Sep. 30, 2019 | Jun. 30, 2019 | Mar. 31, 2019 | Dec. 31, 2018 | Sep. 30, 2018 | Jun. 30, 2018 | Mar. 31, 2018 | Dec. 31, 2019 | Dec. 31, 2018 | Dec. 31, 2017 | |
Quarterly Financial Information Disclosure [Abstract] | |||||||||||
Revenue | $ 3,470 | $ 2,271 | $ 1,806 | $ 1,750 | $ 1,822 | $ 1,355 | $ 1,692 | $ 801 | $ 9,297 | $ 5,670 | $ 4,177 |
Gross profit | 1,513 | 1,154 | 899 | 834 | 524 | 675 | 975 | 309 | 4,400 | 2,483 | 3,175 |
Loss from operations | (18,269) | (17,653) | (18,087) | (18,822) | (19,759) | (19,369) | (20,415) | (20,826) | (72,831) | (80,369) | (64,184) |
Net loss | $ (21,335) | $ (20,434) | $ (20,815) | $ (21,721) | $ (22,191) | $ (22,098) | $ (23,225) | $ (20,812) | $ (84,305) | $ (88,326) | $ (64,028) |
Basic and diluted net loss per share (dollars per share) | $ (0.40) | $ (0.37) | $ (0.38) | $ (0.40) | $ (0.41) | $ (0.41) | $ (0.43) | $ (0.37) |
Uncategorized Items - axdx-1231
Label | Element | Value |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (50,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (655,000) |
Retained Earnings [Member] | ||
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | (50,000) |
Cumulative Effect of New Accounting Principle in Period of Adoption | us-gaap_CumulativeEffectOfNewAccountingPrincipleInPeriodOfAdoption | $ (655,000) |