Document and Entity Information
Document and Entity Information - shares | 3 Months Ended | |
Mar. 31, 2018 | May 03, 2018 | |
Document And Entity Information [Abstract] | ||
Document Type | 10-Q | |
Amendment Flag | false | |
Document Period End Date | Mar. 31, 2018 | |
Document Fiscal Year Focus | 2,018 | |
Document Fiscal Period Focus | Q1 | |
Trading Symbol | JNP | |
Entity Registrant Name | JUNIPER PHARMACEUTICALS INC | |
Entity Central Index Key | 821,995 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Common Stock, Shares Outstanding | 11,101,007 |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Current assets: | ||
Cash and cash equivalents | $ 20,685 | $ 21,446 |
Accounts receivable, net | 8,737 | 4,734 |
Inventories | 6,318 | 6,326 |
Prepaid expenses and other current assets | 2,675 | 3,467 |
Total current assets | 38,415 | 35,973 |
Property and equipment, net | 15,880 | 15,229 |
Intangible assets, net | 698 | 744 |
Goodwill | 9,473 | 9,123 |
Other assets | 73 | 151 |
Total assets | 64,539 | 61,220 |
Liabilities and stockholders’ equity | ||
Accounts payable | 5,079 | 4,038 |
Accrued expenses and other | 3,916 | 5,615 |
Deferred revenue | 635 | 6,141 |
Current portion of long-term debt | 572 | 546 |
Total current liabilities | 10,202 | 16,340 |
Long-term debt, net of current portion | 3,232 | 3,253 |
Other non-current liabilities | 85 | 115 |
Total liabilities | 13,519 | 19,708 |
Stockholders’ equity: | ||
Common stock $0.01 par value; 150,000 shares authorized; 12,521 issued and 11,101 outstanding at March 31, 2018 and 12,257 issued and 10,844 outstanding at December 31, 2017 | 125 | 123 |
Additional paid-in capital | 294,061 | 292,108 |
Treasury stock (at cost), 1,420 shares at March 31, 2018 and 1,413 shares at December 31, 2017 | (8,661) | (8,601) |
Accumulated deficit | (232,288) | (238,961) |
Accumulated other comprehensive loss | (2,217) | (3,157) |
Total stockholders’ equity | 51,020 | 41,512 |
Total liabilities and stockholders’ equity | $ 64,539 | $ 61,220 |
Condensed Consolidated Balance3
Condensed Consolidated Balance Sheets (Parenthetical) - $ / shares | Mar. 31, 2018 | Dec. 31, 2017 |
Statement Of Financial Position [Abstract] | ||
Common stock, par value | $ 0.01 | $ 0.01 |
Common stock, shares authorized | 150,000,000 | 150,000,000 |
Common stock, shares issued | 12,521,000 | 12,257,000 |
Common stock, shares outstanding | 11,101,000 | 10,844,000 |
Purchase of treasury shares | 1,420,000 | 1,413,000 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | ||
Product revenues | $ 10,074,000 | $ 7,726,000 |
Service revenues | 5,450,000 | 3,521,000 |
Total revenues | 15,524,000 | 11,247,000 |
Cost of product revenues | 6,016,000 | 4,313,000 |
Cost of service revenues | 3,010,000 | 2,243,000 |
Total cost of revenues | 9,026,000 | 6,556,000 |
Gross profit | 6,498,000 | 4,691,000 |
Operating expenses | ||
Sales and marketing | 419,000 | 379,000 |
Research and development | 974,000 | 1,346,000 |
General and administrative | 4,089,000 | 4,421,000 |
Total operating expenses | 5,482,000 | 6,146,000 |
Income (loss) from operations | 1,016,000 | (1,455,000) |
Interest expense, net | (45,000) | (28,000) |
Other income, net | (199,000) | 42,000 |
Total non-operating (expense) income | (244,000) | 14,000 |
Income (loss) before income taxes | 772,000 | (1,441,000) |
Income tax (benefit) expense | 0 | 0 |
Net income (loss) | 772,000 | (1,441,000) |
Adjustments attributable to preferred stockholders | (7,000) | |
Net income (loss) available to common stockholders | $ 772,000 | $ (1,448,000) |
Basic net income (loss) per common share | $ 0.07 | $ (0.13) |
Diluted net income (loss) per common share | $ 0.06 | $ (0.13) |
Basic weighted average common shares outstanding | 10,943 | 10,803 |
Diluted weighted average common shares outstanding | 12,287 | 10,803 |
Condensed Consolidated Stateme5
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Statement Of Income And Comprehensive Income [Abstract] | ||
Net income (loss) | $ 772 | $ (1,441) |
Other comprehensive income (loss) components: | ||
Foreign currency translation | 940 | 228 |
Total other comprehensive income (loss) | 940 | 228 |
Comprehensive income (loss) | $ 1,712 | $ (1,213) |
Condensed Consolidated Stateme6
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Operating activities: | ||
Net income (loss) | $ 772 | $ (1,441) |
Reconciliation of net loss to net cash used in operating activities: | ||
Depreciation and amortization | 590 | 484 |
Stock-based compensation expense | 566 | 341 |
Changes in operating assets and liabilities: | ||
Accounts receivable | (3,799) | 2,107 |
Inventories | 8 | (72) |
Prepaid expenses and other current assets | 1,145 | 48 |
Accounts payable | 1,117 | (1,363) |
Accrued expenses and other | (1,675) | (1,039) |
Deferred rent | (11) | (9) |
Deferred revenue | 186 | 806 |
Net cash used in operating activities | (1,101) | (138) |
Investing activities: | ||
Purchases of property and equipment | (875) | (520) |
Net cash used in investing activities | (875) | (520) |
Financing activities: | ||
Proceeds from sale of common stock / exercise of options | 1,387 | |
Proceeds from equipment loans | 1,501 | |
Principal payments on debt | (138) | (79) |
Payments to satisfy employee taxes due on vesting of restricted awards | (60) | |
Dividends paid | (7) | |
Net cash provided by financing activities | 1,189 | 1,415 |
Effect of exchange rate changes on cash and cash equivalents | 26 | 8 |
Net (decrease) increase in cash and cash equivalents | (761) | 765 |
Cash and cash equivalents, beginning of period | 21,446 | 20,994 |
Cash and cash equivalents, end of period | 20,685 | 21,759 |
Supplemental cash flow information | ||
Cash paid for interest | 46 | 23 |
Supplemental noncash information | ||
Purchases of equipment through accounts payable and accrued expenses | $ 98 | $ 215 |
Interim Condensed Consolidated
Interim Condensed Consolidated Financial Statements | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Interim Condensed Consolidated Financial Statements | (1) Interim Condensed Consolidated Financial Statements The accompanying unaudited interim condensed consolidated financial statements have been prepared in accordance with accounting principles generally accepted in the United States (“U.S. GAAP”) for interim information and pursuant to the rules and regulations of the Securities and Exchange Commission (the “SEC”) for reporting on Form 10-Q. Accordingly, certain information and footnote disclosures required for complete financial statements are not included herein. It is recommended that these financial statements be read in conjunction with the consolidated financial statements and related notes that appear in the Annual Report on Form 10-K of Juniper Pharmaceuticals, Inc. (“Juniper” or the “Company”) for the year ended December 31, 2017 filed with the SEC on March 9, 2018 (the “2017 Annual Report”). In the opinion of the Company, the accompanying unaudited condensed consolidated financial statements contain all adjustments, consisting of only normal recurring adjustments, necessary for a fair statement of its financial position as of March 31, 2018, and its results of operations for the three months ended March 31, 2018 and 2017, and cash flows for the three months ended March 31, 2018 and 2017. The condensed consolidated balance sheet at December 31, 2017 was derived from audited annual financial statements, but does not contain all of the footnote disclosures from the annual financial statements. Results of operations for the three months ended March 31, 2018 are not necessarily indicative of the results for the year ending December 31, 2018 or any period thereafter. At March 31, 2018, cash and cash equivalents were $20.7 million. The Company’s future funding requirements depend on a number of factors, including the rate of market acceptance of its current and future products and services and the resources the Company devotes to developing and supporting the same. The Company believes that current cash and cash equivalents, as well as cash generated from operations, will be sufficient to meet anticipated cash needs for working capital and capital expenditures through the next twelve months from the date of the filing of this Form 10-Q. The Company may be dependent on its ability to raise additional capital to finance operations. If the Company is not able to raise additional capital on terms acceptable to it, or at all, as and when needed, it may be required to evaluate future anticipated capital or operational needs. Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures at the date of the financial statements during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition, allowance for doubtful accounts, inventory reserves, impairment analysis of goodwill and intangibles including their useful lives, research and development accruals, deferred tax assets, liabilities and valuation allowances, and fair value of stock options. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates. |
Inventories
Inventories | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Inventories | (2) Inventories Inventories are stated at the lower of cost or market, determined on a first-in, first-out method. The Company monitors standard costs on a monthly basis and updates them annually as necessary to reflect change in raw material costs and labor and overhead rates. Components of inventory cost include materials, labor and manufacturing overhead. Inventories consist of the following (in thousands): March 31, 2018 December 31, 2017 Raw materials $ 1,823 $ 1,921 Work in process 3,701 3,299 Finished goods 794 1,106 Total $ 6,318 $ 6,326 The Company provides inventory allowances when conditions indicate that the selling price could be less than cost due to physical deterioration, usage, obsolescence, reductions in estimated future demand and reductions in selling prices. The Company balances the need to maintain strategic inventory levels with the risk of obsolescence due to changing technology and customer demand levels. Unfavorable changes in market conditions may result in a need for additional inventory reserves that could adversely impact its gross margins. The inventory reserve balance at March 31, 2018 and December 31, 2017 was $0.5 million. During the three months ended March 31, 2018 and 2017, the Company recorded charges in the condensed consolidated statements of operations for excess and obsolete inventory of $11,000 and $0.1 million, respectively. |
Goodwill and Intangible Assets
Goodwill and Intangible Assets | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Goodwill and Intangible Assets | (3) Goodwill and Intangible Assets Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. The Company does not amortize its goodwill, but instead tests for impairment annually in the fourth quarter and more frequently whenever events or changes in circumstances indicate that fair value of the asset may be less than the carrying value of the asset. Changes to goodwill during the three months ended March 31, 2018 were as follows (in thousands): Total Balance—December 31, 2017 $ 9,123 Effects of foreign currency translation 350 Balance—March 31, 2018 $ 9,473 The Company capitalizes and includes in intangible assets the costs of trademark, developed technology and customer relationships. Intangible assets are recorded at fair value at the time of their acquisition and stated net of accumulated amortization. The Company amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from 3 to 7 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures, Intangible assets consist of the following at March 31, 2018 and December 31, 2017 (in thousands): Trademark Developed Technology Customer Relationships Total Gross carrying amount $ 300 $ 1,370 $ 1,240 $ 2,910 Foreign currency translation adjustment (53 ) (153 ) (138 ) (344 ) Accumulated amortization (247 ) (907 ) (714 ) (1,868 ) Balance—March 31, 2018 $ — $ 310 $ 388 $ 698 Trademark Developed Technology Customer Relationships Total Gross carrying amount $ 300 $ 1,370 $ 1,240 $ 2,910 Foreign currency translation adjustment (53 ) (198 ) (179 ) (430 ) Accumulated amortization (247 ) (839 ) (650 ) (1,736 ) Balance—December 31, 2017 $ — $ 333 $ 411 $ 744 Amortization expense for the three months ended March 31, 2018 and 2017 was $0.1 million. Amortization expense related to developed technology is classified as a component of cost of service revenues in the accompanying consolidated statements of operations. Amortization expense related to trademark and customer relationships is classified as a component of general and administrative expenses in the accompanying consolidated statements of operations. As of March 31, 2018, amortization expense remaining on existing intangible assets is as follows (in thousands): Year ending December 31, Total Remainder of 2018 $ 225 2019 272 2020 201 Total $ 698 |
Debt and Other Contractual Obli
Debt and Other Contractual Obligations | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Debt and Other Contractual Obligations | (4) Debt and Other Contractual Obligations In September 2013, Juniper assumed debt of $3.9 million in connection with its acquisition of Juniper Pharma Services (“JPS”). JPS had entered into a Business Loan Agreement (“Loan Agreement”) covering three loan facilities (collectively referred to as the “original agreements”) with Lloyds TSB Bank (“Lloyds”) as administrative agent. In May 2017, JPS repaid one of the existing loan facilities upon which JPS subsequently entered into a new loan facility with the same administrative agent for the same outstanding balance. The refinancing was accounted for as a modification with no resulting gain or loss. The remaining original agreements and the new agreement are collectively referred to as the “loan facilities”. As of March 31, 2018, the Company owed $2.5 million on the loan facilities. All facilities are due for repayment over periods ranging from 7-15 years from the date of drawdown. Two of the facilities bear interest at the Bank of England’s base rate plus 1.95%, and 2.55%, respectively. The weighted average interest rates at March 31, 2018 for these two facilities were 2.45% and 3.05%, respectively. The third facility is a fixed rate agreement bearing interest at 2.99% per annum. The weighted average interest rate for the three loan facilities for the three months ended March 31, 2018 was 2.76%. The loan facilities are secured by the mortgaged property and an unlimited lien on other assets of JPS. The loan facilities contain financial covenants that limit the amount of indebtedness Juniper Pharma Services may incur, requires Juniper Pharma Services to maintain certain levels of net worth, and restricts Juniper Pharma Services’ ability to materially alter the character of its business. As of March 31, 2018, the Company is in compliance with all of the covenants under the loan facilities. As of March 31, 2018, the Company owed $1.4 million on its equipment loans. During the quarter ending March 31, 2017, the Company entered into two loans totaling $1.5 million with payments through March 2022 for equipment in its Nottingham, U.K. facility at an interest rate of 2.09%. The transactions were considered failed sales-leaseback arrangements as the Company will obtain title to the equipment at the end of the term of the financing for little or no consideration. These failed sale-leaseback arrangements have been recorded as a component of long-term debt on the Company’s condensed consolidated balance sheets. The initial terms of the loans are 60 months. In October 2015, the Company entered into an operating lease agreement for its corporate office in Boston, Massachusetts. The initial term of the lease agreement is approximately 39 months and ends in the first quarter of 2019, which includes a three-month free rent period. In December 2016, the Company entered into an API Supply Agreement for a manufacturer of progesterone under which the Company has agreed to annual minimum volume commitments until December 2019. The Company’s significant outstanding contractual obligations relate to operating leases for the Company’s facilities, loan agreements and minimum volume commitments. The Company’s facility leases are non-cancellable and contain renewal options. The Company’s future contractual obligations as of March 31, 2018 include the following (in thousands): Total Remainder of 2018 2019 2020 2021 2022 Thereafter Operating lease obligations $ 407 $ 333 $ 74 $ — $ — $ — $ — Loan principal repayments 2,453 193 251 258 265 273 1,213 Capital lease obligations 1,351 243 337 351 365 55 Minimum purchase obligation 5,062 3,203 1,859 — — — — Total $ 9,273 $ 3,972 $ 2,521 $ 609 $ 630 $ 328 $ 1,213 |
Intravaginal Ring Technology Li
Intravaginal Ring Technology License | 3 Months Ended |
Mar. 31, 2018 | |
Licensing Activities [Abstract] | |
Intravaginal Ring Technology License | (5) Intravaginal Ring Technology License In March 2015, the Company obtained an exclusive worldwide license (“License Agreement”) to the intellectual property rights for a novel segmented intravaginal ring (“IVR”) technology. Due to its novel polymer and segmentation composition, the Company believes the IVR has the potential to deliver one or more drugs, including hormones and larger molecules such as peptides, at different dosages and release rates within a single segmented ring. Drugs such as progesterone and leuprolide have already been tested using the technology and demonstrated sustained release for up to three weeks. This technology was developed by Dr. Robert Langer from the Massachusetts Institute of Technology (“MIT”) and Dr. William Crowley from Massachusetts General Hospital (“MGH”) and Harvard Medical School. Drs. Langer and Crowley each agreed to serve a three-year term, which ended in March 2018, as strategic advisors to the Company in exchange for an upfront one-time payment plus quarterly fees and equity compensation. Unless earlier terminated by the parties, the License Agreement will remain in effect until the later of (i) the date on which all issued patents and filed patent applications within the licensed patent rights have expired or been abandoned and (ii) one year after the last sale for which a royalty is due under the License Agreement or 10 years after such expiration or abandonment date referred to in (i), whichever is earlier. Juniper has the right to terminate the License Agreement by giving 90 days advance written notice to MGH. MGH has the right to terminate the License Agreement based on the Company’s failure to make payments due under the License Agreement, subject to a 15 day cure period, or the Company’s failure to maintain the insurance required by the License Agreement. MGH may also terminate the License Agreement based on Juniper’s non-financial default under the License Agreement, subject to a 60 day cure period. Pursuant to the terms of the License Agreement, Juniper has agreed to reimburse MGH for all costs associated with the preparation, filing, prosecution and maintenance of the licensed patent rights, and has agreed to pay MGH a $50,000 annual license fee on each of the first five year anniversaries of the effective date of the License Agreement, and a $100,000 annual license fee beginning on the sixth anniversary of the effective date of the License Agreement and on each subsequent anniversary thereafter. The annual license fee is creditable against any royalties or sublicense income payable in each calendar year. Under the terms of the License Agreement, Juniper has agreed to use commercially reasonable efforts to develop and commercialize at least one product and/or process related to the IVR technology, which efforts will include the making of certain minimum annual expenditures in each of the first five years following the effective date of the License Agreement. Juniper has also agreed to pay MGH certain milestone payments totaling up to $1.2 million tied to the Company’s achievement of certain development and commercialization milestones, and certain annual royalty payments based on net sales of any such patented products or processes developed by Juniper. On April 24, 2018, Juniper entered into an Exclusive License Agreement with Daré Bioscience, Inc. (“Daré”), the “Daré License Agreement”) pursuant to which the Company granted Daré (a) an exclusive worldwide license under certain patent rights (i) owned by the Company and (ii) exclusively licensed to the Company under the License Agreement dated as of March 25, 2015 by and between Juniper and The General Hospital Corporation, as amended, to make, have made, use, have used, sell, have sold, import and have imported products and processes; and (b) a non-exclusive worldwide license under certain technological information owned by the Company to make, have made, use, have used, sell, have sold, import and have imported products and processes. Daré is also entitled to sublicense the rights granted to it under the Daré License Agreement. |
Segments and Geographic Informa
Segments and Geographic Information | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Segments and Geographic Information | (6) Segments and Geographic Information The Company and its subsidiaries currently operate in two segments, product and service. The product segment oversees the supply chain and manufacturing of Crinone, the Company’s sole commercialized product. The service segment includes product development, clinical trial manufacturing, and advanced analytical and consulting services for the Company’s customers as well as characterizing and developing pharmaceutical product candidates for the Company’s internal programs. The Company conducts its advanced formulation, analytical and consulting services through its subsidiary, Juniper Pharma Services, the Company’s UK-based provider of pharmaceutical development, clinical trial manufacturing and advanced analytical and consulting services to the pharmaceuticals industry. The Company has integrated its supply chain management for Crinone into those operations and has therefore sought to capture synergies by transferring all operational activities related to its historic business. The Company owns certain plant and equipment physically located at third-party contractor facilities in the United Kingdom and Switzerland. The Company’s largest customer, Merck KGaA, utilizes a Switzerland-based subsidiary to acquire product from the Company, which it then sells throughout the world, excluding the United States. The following tables show selected information by geographic area (in thousands): Revenues: Three Months Ended March 31, 2018 2017 United States $ 3,542 $ 1,628 Switzerland 10,278 7,757 United Kingdom 793 949 Other countries 911 913 Total $ 15,524 $ 11,247 Total assets: March 31, 2018 December 31, 2017 United States $ 21,233 $ 21,683 Switzerland 4,916 1,366 United Kingdom 38,371 38,129 Other countries 19 42 Total $ 64,539 $ 61,220 Long-lived assets: March 31, 2018 December 31, 2017 United States $ 396 $ 523 Switzerland 536 535 United Kingdom 15,717 15,064 Other countries 2 2 Total $ 16,651 $ 16,124 Long-lived assets include fixed assets, intangibles and other assets. No other individual country represented greater than 10% of total revenues, total assets or long-lived assets for any period presented. For the three months ended March 31, 2018 and 2017, Merck KGaA accounted for 100% of the product segment revenue. At March 31, 2018 and December 31, 2017, Merck KGaA made up 100% of the product segment accounts receivable. For the three months ended March 31, 2018 and 2017, the same customer accounted for 33% and 17% of the service segment total revenue, respectively. No additional customers accounted for 10% or more of the service segment total revenue for the three months ended March 31, 2018 and 2017. At March 31, 2018 and December 31, 2017, one customer accounted for 44% and 53% of total service segment accounts receivable, respectively. The following summarizes other information by segment for the three months ended March 31, 2018 (in thousands): Product Service Total Revenues Product revenues $ 10,074 $ — $ 10,074 Service revenues — 5,450 5,450 Total revenues $ 10,074 $ 5,450 $ 15,524 Cost of product revenues $ 6,016 $ — $ 6,016 Cost of service revenues — 3,010 3,010 Total cost of revenues $ 6,016 $ 3,010 $ 9,026 Gross profit $ 4,058 $ 2,440 $ 6,498 Total operating expenses 5,482 Total non-operating expense (244 ) Income (loss) before income taxes $ 772 The following summarizes other information by segment for the three months ended March 31, 2017 (in thousands): Product Service Total Revenues Product revenues $ 7,726 $ — $ 7,726 Service revenues — 3,521 3,521 Total revenues $ 7,726 $ 3,521 $ 11,247 Cost of product revenues $ 4,313 $ — $ 4,313 Cost of service revenues — 2,243 2,243 Total cost of revenues $ 4,313 $ 2,243 $ 6,556 Gross profit $ 3,413 $ 1,278 $ 4,691 Total operating expenses 6,146 Total non-operating income 14 Income (loss) before income taxes $ (1,441 ) |
Property and Equipment
Property and Equipment | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Property and Equipment | (7) Property and Equipment Property and equipment consists of the following (in thousands): Estimated Useful Life (Years) March 31, 2018 December 31, 2017 Machinery and equipment 3-10 $ 13,013 $ 12,358 Furniture and fixtures 3-5 1,083 1,083 Computer equipment and software 3-5 628 628 Buildings Up to 39 8,301 7,995 Land Indefinite 532 513 Construction in-process 1,508 1,133 25,065 23,710 Less: Accumulated depreciation (9,185 ) (8,481 ) Total $ 15,880 $ 15,229 Depreciation expense was $0.5 million and $0.4 million for the three-month periods ended March 31, 2018 and 2017, respectively. Machinery and equipment includes $1.5 million of equipment purchased under equipment loans. |
Shareholders' Equity
Shareholders' Equity | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Shareholders' Equity | (8) Shareholders’ Equity Preferred Stock During the quarter ending June 30, 2017, the Company issued a Notice of Conversion to the holders of its Series B and a Notice of Redemption to the holders of its Series C giving notice that on June 30, 2017 (the “Redemption and Conversion Date”) all outstanding shares of the respective Preferred Stock issuance would be converted, as in the case of the Series B, or redeemed, as in the case of the Series C. The Series B, by its terms, automatically converted into shares of common stock, upon the occurrence of the event. On the Redemption and Conversion Date, each share of the 130 shares of Series B outstanding converted into 2.78 shares of common stock resulting in an issuance of 361 shares. The holders of each share of the 550 shares of Series C outstanding had the right to require the Company to redeem their shares in cash plus all accrued and unpaid dividends thereon the date such redemption is demanded. On the Redemption and Conversion Date, the Company paid to the holders of the Series C approximately $0.01 million and as a result of the transaction recorded the excess of the carrying value of Series C over redemption value of approximately $0.5 million to accumulated deficit for the year ended December 31, 2017. There are no outstanding shares of either the Series B or the Series C at March 31, 2018 or December 31, 2017. |
Net Income (Loss) Per Common Sh
Net Income (Loss) Per Common Share | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Net Income (Loss) Per Common Share | (9 ) Net Income (Loss) Per Common Share The calculation of basic and diluted income (loss) per common share and common share equivalents is as follows (in thousands except for per share data): Three Months Ended March 31, 2018 2017 Basic net income (loss) per common share Net income (loss) $ 772 $ (1,441 ) Less: Preferred stock dividends — (7 ) Net income (loss) applicable to common stock $ 772 $ (1,448 ) Basic weighted average number of common shares outstanding 10,943 10,803 Basic net income (loss) per common share $ 0.07 $ (0.13 ) Diluted income (loss) per common share Net income (loss) applicable to common stock $ 772 $ (1,448 ) Add: Preferred stock dividends — 7 Net income (loss) applicable to dilutive common stock $ 772 $ (1,441 ) Basic weighted average number of common shares outstanding 10,943 10,803 Effect of dilutive securities Dilutive stock awards 1,344 — Diluted weighted average number of common shares outstanding 12,287 10,803 Diluted net income (loss) per common share $ 0.06 $ (0.13 ) Basic net income (loss) per common share is computed by dividing the net income (loss), less preferred dividends through March 31, 2018, by the weighted-average number of shares of common stock outstanding during a period. The diluted income (loss) per common share calculation gives effect to dilutive options, convertible preferred stock, and other potential dilutive common stock including restricted shares of common stock outstanding during the period. Diluted net income (loss) per share is based on the treasury stock method and includes the effect from potential issuance of common stock, such as shares issuable pursuant to the exercise of stock options, assuming the exercise of all in-the-money stock options. Common share equivalents have been excluded where their inclusion would be anti-dilutive. Shares to be issued upon the exercise of the outstanding options, performance-based restricted stock units, convertible preferred stock, and selected restricted shares of common stock excluded from the income per share calculation amounted to 0.7 million and 2.3 million in each of the three-month periods ended March 31, 2018 and 2017, respectively, because the awards were anti-dilutive. |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Loss | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Accumulated Other Comprehensive Loss | (10) Accumulated Other Comprehensive Loss Changes to accumulated other comprehensive loss during the three months ended March 31, 2018 were as follows (in thousands): Translation Adjustment Balance—December 31, 2017 $ (3,157 ) Current period other comprehensive income 940 Balance—March 31, 2018 $ (2,217 ) |
Stock-Based Compensation
Stock-Based Compensation | 3 Months Ended |
Mar. 31, 2018 | |
Disclosure Of Compensation Related Costs Sharebased Payments [Abstract] | |
Stock-Based Compensation | (11) Stock-Based Compensation Stock Incentive Plan – Stock Options Juniper granted options to purchase 293,500 and 655,400 shares of common stock to employees during the three months ended March 31, 2018 and 2017, respectively. There were no options granted to non-employees during the three months ended March 31, 2018 and 2017. Stock options granted to employees typically vest over a four-year term and options granted to non-employee directors typically vest over a three-year term. The Company uses the Black-Scholes option pricing model to determine the estimated grant date fair values for stock-based awards. The Black-Scholes o ption pricing model requires the input of various subjective assumptions, including the option’s expected life and the price volatility of the underlying stock. The weighted-average grant date fair values of options granted to employees during the three months ended March 31, 2018 and 2017 were $3.40 and $2.44, respectively, using the following assumptions: Three Months Ended March 31, 2018 2017 Risk free interest rate 2.15% 1.45% - 1.48% Expected term 4.75 years 4.5 - 4.75 years Dividend yield — — Expected volatility 47.79% - 47.86% 54.60% - 55.20% The Company records stock-based compensation expense for stock options granted to non-employees based on the fair value of the stock options, which is re-measured over the graded vesting term resulting in periodic adjustments to stock-based compensation expense. The stock-based compensation expense recorded for non-employees is primarily reflected in the research and development line of the statement of operations and is remeasured on a quarterly basis from the date of grant. The Company did not record any stock-based expense for non-employee awards during the three months ended March 31, 2018 as all options were fully vested. During the three months ended March 31, 2017, the Company recorded a reduction of stock-based compensation expense of $0.1 million for non-employee options as a result of changes in the fair value of the options during the period. Stock Option Plan – Restricted Stock Juniper granted 122,300 and 5,625 time-based restricted stock units to employees and non-employee directors, respectively, during the three months ended March 31, 2018. The Company granted 52,700 time-based restricted stock units to employees during the three months ended March 31, 2017. The weighted-average grant date fair value of the time-based restricted stock units was $8.18 and $5.15 per share during the three months ended March 31, 2018 and 2017, respectively. The Company recognizes stock-based compensation expense for time-based restricted stock units over the vesting period. There were 9,300 time-based restricted stock units that vested during the three months ended March 31, 2018. No time-based restricted stock units vested during the three months ended March 31, 2017. The Company granted 181,000 performance-based restricted stock units to employees during the three months ended March 31, 2017. No additional performance-based restricted stock units were granted during the three months ended March 31, 2018. These performance-based restricted stock units vest based upon the occurrence of certain operational and strategic events that were determined by the Company’s Board of Directors and approved by the Company’s Compensation Committee. The Company considers the performance criteria at each balance sheet date and recognizes stock-based compensation expense for those criteria considered probable. During the year ended and at December 31, 2017, 109,550 performance-based restricted stock units expired. At December 31, 2017, performance-based restricted stock units outstanding totaled 76,450. On January 8, 2018, the Company announced the 4.5-year extension of its supply agreement for Crinone with an affiliate of Merck KGaA, Darmstandt, Germany. On February 7, 2018, the Company’s Compensation Committee of the Board of Director approved the vesting of 27,800 awards affiliated with this performance condition and as a result the Company recorded a charge to stock compensation expense during the first quarter of 2018 totaling $0.1 million. At March 31, 2018, performance-based restricted stock units outstanding totaled 48,650. Stock-based compensation relates to options granted to employees, non-employee directors and non-employees, time-based restricted stock units granted to employees and non-employee directors and performance-based restricted stock units granted to employees. Stock-based compensation expense was $0.6 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively. Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individuals holding the respective awards as follows (in thousands): Three Months Ended March 31, 2018 2017 Cost of revenues $ 38 $ 28 Sales and marketing 13 11 Research and development 18 (43 ) General and administrative 497 345 Total $ 566 $ 341 There were 226,876 of stock option exercised during the three months ended March 31, 2018 for which the Company received $1.4 million. There were no option exercises during the three months ended March 31, 2017. As of March 31, 2018, the total unrecognized compensation cost related to outstanding stock options and time-based restricted stock units expected to vest was $4.3 million, which the Company expects to recognize over a weighted-average period of 2.98 years. |
Fair Value of Financial Instrum
Fair Value of Financial Instruments | 3 Months Ended |
Mar. 31, 2018 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Financial Instruments | (12) Fair Value of Financial Instruments The Company is required to disclose information on all assets and liabilities reported at fair value that enables an assessment of the inputs used in determining the reported values. ASC 820 establishes a framework for measuring fair value U.S. GAAP and enhances disclosures about fair value measurements. Fair value is defined as the amount that would be received for an asset or paid to transfer a liability (i.e., an exit price) in the principal or most advantageous market for the asset or liability in an orderly transaction between market participants on the measurement date. Valuation techniques used to measure fair value maximize the use of observable inputs and minimize the use of unobservable inputs. The standard describes the following fair value hierarchy based on three levels of inputs, of which the first two are considered observable and the last unobservable, that may be used to measure fair value: Level 1: Quoted prices in active markets for identical assets and liabilities. Level 2: Inputs other than Level 1 that are observable, either directly or indirectly, such as quoted prices for similar assets or liabilities; quoted prices in markets that are not active; or other inputs that are observable or can be corroborated by observable market data for substantially the full term of the assets or liabilities. Level 3: Unobservable inputs that are supported by little or no market activity and that are significant to the fair value of the assets or liabilities. The fair value of cash and cash equivalents are classified as Level 1 at March 31, 2018 and December 31, 2017. Some of the estimates and assumptions in the Company's goodwill impairment assessment include: the amount and timing of the projected net cash flows, the discount rate, and the tax rate. The fair values of accounts receivable and accounts payable approximate their respective carrying amounts. The Company’s long-term debt is carried at amortized face value, which approximates fair value based on current market pricing of similar debt instruments and is categorized as a Level 2 measurement. The Company did not have transfers of financial assets between Level 1 and Level 2. |
Income Taxes
Income Taxes | 3 Months Ended |
Mar. 31, 2018 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | (13) Income Taxes During the three months ended March 31, 2018, Juniper recorded no income tax expense as the Company had net loss carryforwards to off-set expected taxable income forecasted for the year which are fully offset by valuation allowances maintained in the U.S., United Kingdom and France. During the three months ended March 31, 2017, Juniper recorded no income tax expense due to expected losses forecasted for the year. On December 22, 2017 President Donald Trump signed into U.S. law the Tax Cuts and Jobs Act of 2017 (“Tax Reform”). ASC Topic 740, Accounting for Income Taxes One of the Tax Reform provisions effective January 1, 2018 includes a minimum tax on certain foreign earnings in excess of 10% of the foreign subsidiaries tangible assets (i.e., global intangible low-taxed income or “GILTI”). Under the U.S. generally accepted accounting principles, companies are allowed to make an accounting policy election of either (i) account for GILTI as a component of tax expense in the period in which the Company is subject to the rules (the “period cost method”), or (ii) account for GILTI in the Company’s measurement of deferred taxes (the “deferred method”). The Company is currently accounting for GILTI using the period cost method as it continues to evaluate the two policies available. Under the period cost method, the Company has included approximately $0.5 million GILTI in US taxable income, fully off-set by net operating loss carryforwards. Given the significance of the legislation, the FASB issued ASU No. 2018-05, Amendments to SEC Paragraphs Pursuant to SEC Staff Accounting Bulletin No. 118 The Company operates in multiple countries. Accordingly, separate tax filings are required based on jurisdiction. Due to the separate tax filings of our U.S., U.K. and France jurisdictions, the Company has evaluated the need for a valuation allowance on a separate jurisdiction basis. As of March 31, 2018, the Company continues to maintain a full valuation allowance against all net deferred tax assets. Tax Reform included a mandatory one-time tax on accumulated earnings of foreign subsidiaries, and as a result, all previously unremitted earnings for which no U.S. deferred tax liability had been accrued have now been subject to U.S. tax. Notwithstanding the U.S. taxation of these amounts, the Company intends to continue to invest all of these earnings, as well as the capital in these subsidiaries, indefinitely outside of the U.S. The amount of any unrecognized deferred tax liability on these undistributed earnings would be immaterial. The Company files tax returns in the United States, United Kingdom, France and various state jurisdictions. All of the Company’s tax years remain open to examination by major taxing jurisdictions to which the Company is subject, as carryforward attributes generated in past years may still be adjusted upon examination by the Internal Revenue Service or state and foreign tax authorities if they have or will be used in future periods. The Internal Revenue Service has concluded their audit of the 2011 and 2012 tax years. There were no material findings resulting from their audit. Additionally, with few exceptions, Juniper is no longer subject to U.S. state tax examinations for years prior to 2012. |
Recent Accounting Pronouncement
Recent Accounting Pronouncements | 3 Months Ended |
Mar. 31, 2018 | |
Accounting Changes And Error Corrections [Abstract] | |
Recent Accounting Pronouncements | (14) Recent Accounting Pronouncements Adopted In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue Recognition-Construction-Type and Production-Type Contracts Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers To be adopted In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In February 2016, the FASB issued ASU No. 2016-02, Leases |
Restructuring Charges
Restructuring Charges | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Restructuring Charges | (15) Restructuring Charges In September 2017, the Company announced a corporate reprioritization which aimed to re-focus its resources on the core businesses of Crinone progesterone gel and JPS and reduce expenditures on research and development activities associated with the Company’s IVR program with the goal of potentially identifying a partner for one or more of its IVR product candidates. As a result, during the fiscal year ended December 31, 2017, the Company incurred approximately $0.8 million in restructuring charges. The Company accounted for these actions in accordance with ASC 420, Exit or Disposal Cost Obligations The following table summarizes the components of the Company’s restructuring activity recorded in the accompanying balance sheets (in thousands): Amounts accrued at December 31, 2017 Expense incurred Amounts paid Amounts accrued at March 31, 2018 Employee severance, benefits and related costs $ 72 $ — $ (72 ) $ — Obligations under manufacturing and development contracts 283 — (113 ) 170 $ 355 $ — $ (185 ) $ 170 No significant additional charges are anticipated relating to this restructuring plan. The Company expects to pay approximately $0.1 million and $0.1 million during the remainder of 2018 and beyond, respectively. |
Revenue from Contracts with Cus
Revenue from Contracts with Customers | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Revenue from Contracts with Customers | (16) Revenue from Contracts with Customers The new accounting standard for recognition of revenue, Topic 606, was adopted by the Company for its fiscal year beginning on January 1, 2018. In accordance with Topic 606, the Company recognizes revenue following the five-step model based on the principle that an entity should recognize revenue to depict the transfer of promised goods or services to customers at an amount that reflects the consideration the entity expects to be entitled to in exchange for those goods or services. The five-step model prescribed under Topic 606 include: (i) identify contract(s) with a customer; (ii) identify the performance obligations in the contract; (iii) determine the transaction price; (iv) allocate the transaction price to the performance obligations in the contract; and (v) recognize revenues when (or as) the Company satisfies the performance obligation. The Company adopted Topic 606 using the modified retrospective transition method. In adopting Topic 606, the Company applied the new guidance only to contracts that were not completed on January 1, 2018. The Company does not disclose information about remaining performance obligations that are part of contracts with an original expected duration of one year or less and does not adjust for the effect of the financing components when the period between customer payment and revenue recognition is one year or less, which are practical expedients provided within Topic 606. Product Revenue The adoption of Topic 606 resulted in a change in the pattern of revenue recognition for product revenue. Our revenue and related cost of sales are primarily the result of firm purchase commitments, generally only for a short period of time. Revenue is recognized when our performance obligation has been met, upon shipment to the customer. Selling prices to Merck KGaA for Crinone are determined on an annual and country-by-country basis. Juniper records revenue at a transaction price that most closely approximate what it will be sold for by Merck KGaA. The transaction price is determined by evaluating the Merck KGaA selling price. The Company records as deferred revenue amounts invoiced above the transaction price. Accordingly, product revenue in each period includes both an amount for product shipped to Merck KGaA in the current period recognized at the transaction price and an amount for product shipped by Merck KGaA to its customers in the current period equal to the difference between the invoice price and the transaction price. Product revenue is recorded net of variable consideration which include volume discounts and price adjustments. Merck KGaA is entitled to a volume discount based on annual purchases. The Company records reserves against revenue on a quarterly basis to reflect the volume discount expected to be earned by Merck KGaA during the year. In addition, any difference between selling price to Merck KGaA and Merck KGaA’s actual net selling price are billed or credited to Merck KGaA in the quarter the product is sold through by Merck KGaA. Product sales are recorded net of value-added tax and similar taxes. Shipping and handling costs are recorded in cost of revenue. Upon adoption, the Company recorded approximately $5.7 million as an adjustment to both deferred revenue and accumulated deficit. In accordance with Topic 605, the Company would have recognized approximately $8.7 million in product revenue for the three months ended March 31, 2018 and product deferred revenue as of that date would have been $7.3 million. Service Revenue The adoption of Topic 606 did not have an impact on how the Company recognizes service revenue. Juniper recognizes substantially all of the Company’s professional services revenues under written contracts as the services are provided, and only in those situations where collection from the client is reasonably assured. Contracts with customers may include multiple performance obligations. For such arrangements, the Company allocates revenues to each performance obligation based on its relative standalone selling price. When entering into multiple element arrangements, the Company identifies whether its performance obligations under the arrangement represent a distinct good or service or a series of distinct goods or services. A series of distinct goods or services is required to be accounted for as a single performance obligation provided that (i) each distinct good or service in the series promised would meet the criteria to be a performance obligation satisfied over-time; and (ii) the same method would be used to measure the Company’s progress toward complete satisfaction of the performance obligation to transfer each distinct good or service in the series to the customer. If a contract is separated into more than one performance obligation, the Company allocates the total transaction price to each performance obligation in an amount based on the estimated relative standalone selling prices of the promised goods or services underlying each performance obligation. The fair value of deliverables under the arrangement may be derived using a “best estimate of selling price” if vendor-specific objective evidence and third-party evidence is not available. Significant management judgment is required in determining the consideration to be earned under an arrangement and the period over which the Company is expected to complete its performance obligations under an arrangement. Service revenues from a majority of Juniper’s fixed-price engagements are recognized on a proportional performance method based on the ratio of costs incurred, substantially all of which are labor-related, to the total estimated project costs. The proportional performance method is used for fixed-price contracts because reasonably dependable estimates of the revenues and costs applicable to various stages of a contract can be made, based on historical experience and the terms set forth in the contract, and are indicative of the level of benefit provided to Juniper’s clients. Project costs are classified in costs of services and are based on the direct salary of the employees on the engagement plus all direct expenses incurred to complete the engagement, including any amounts billed to Juniper by its vendors. In the event of a termination, fixed-price contracts generally provide for payment for services rendered up to the termination date. Service revenues also include reimbursements, which include reimbursement for travel and other out-of-pocket expenses, outside consultants, and other reimbursable expenses. Amounts invoiced not yet earned on service revenue are deferred until such time as performance is rendered or the obligation to perform the service is completed for service revenues. The professional service contracts that Juniper enters into and operates under specify whether the engagement will be billed on a time-and-materials or a fixed-price basis. These engagements generally last three to six months, although some of Juniper’s engagements can be longer in duration. Payments terms vary by the type and services offered. The term between invoicing and when payment is due is not significant. In certain cases, Juniper bills clients prior to work being performed, which requires Juniper to defer revenue in accordance with U.S. GAAP. Revenues from time-and-materials service contracts are recognized as the services are performed based upon hours worked and contractually agreed-upon hourly rates, as well as indirect fees based upon hours worked. Juniper collects value-added tax from its customers for revenue generated out of the United Kingdom for which the customer is not tax exempt and remits such taxes to the appropriate governmental authority. Juniper presents its value added tax on a net basis; therefore, these taxes are excluded form revenues. The Company generally expenses commission when incurred because the amortization period would have been one year or less. These costs are recorded within sales and marketing expenses. Juniper does not disclose the value of unsatisfied performance obligations for (i) contracts with an original expected length of one year or less and (ii) contracts for which the Company recognized revenue at the amount to which it has the right to invoice for services performed. For contracts that exceed one year in duration, the Company has recorded contract costs totaling $0.2 million. For the quarter ended March 31, 2018, in accordance with Topic 605, the Company would have recognized a reduction in sales and marketing expense of approximately $4 thousand. The ending balance of prepaid expenses and other current assets as of March 31, 2018 was $0.2 million. A summary of changes in deferred revenue balances for product and service revenue is as follows: Product Revenue Service Revenue Total Opening Balance - December 31, 2017 $ 5,888 $ 253 $ 6,141 Additions 191 335 526 Recognized into Revenue (150 ) (179 ) (329 ) Recognized into Accumulated Deficit (5,703 ) — (5,703 ) Ending Balance - March 31, 2018 $ 226 $ 409 $ 635 |
Subsequent Event
Subsequent Event | 3 Months Ended |
Mar. 31, 2018 | |
Subsequent Events [Abstract] | |
Subsequent Event | (17) Subsequent Event On April 24, 2018, Juniper entered into an Exclusive License Agreement with Daré Bioscience, Inc. (Daré), the “Daré License Agreement”) pursuant to which the Company granted Daré (a) an exclusive worldwide license under certain patent rights (i) owned by the Company and (ii) exclusively licensed to the Company under the License Agreement, dated as of March 25, 2015, by and between Juniper and The General Hospital Corporation, as amended, to make, have made, use, have used, sell, have sold, import and have imported products and processes; and (b) a non-exclusive worldwide license under certain technological information owned by the Company to make, have made, use, have used, sell, have sold, import and have imported products and processes. Daré is also entitled to sublicense the rights granted to it under the Daré License Agreement. As consideration, the Company would receive a $250,000 license fee from Daré in connection with the execution of the Daré License Agreement, and the Company is entitled to receive an annual license maintenance fee from Daré in the amount of $50,000 for the first two anniversaries of the effective date of the Daré License Agreement, increasing to $100,000 for each anniversary thereafter. The Company is also entitled to receive potential future development and sales milestone payments of up to $43.8 million (up to $13.5 million in development milestones and up to $30.3 million in sales milestones) for each product or process covered by the licenses granted under the License Agreement, and is eligible to receive mid-single-digit to low double-digit royalties based on worldwide net sales of products and processes covered by the licenses granted under the Daré Licensee Agreement. The royalty term shall terminate on a product-by-product basis (or process-by-process) basis on the latest of (i) the expiration date of the last valid claim within the licensed patent rights in a country, (ii) ten (10) years following the first commercial sale of a product or process in a country, or (iii) the entry of generic competition for a product or process in a country, provided that if there is no generic competition for a product or process in a country by the ten (10) year anniversary of the first commercial sale of a product or process in a country, the royalty term shall terminate on the ten (10) year anniversary of the first commercial sale of such product or process in the country. In addition, if Daré sublicenses any of its rights under the Daré License Agreement, the Company is eligible to a low double-digit percentage of all sublicense income received by Daré for the sublicense of such rights to a third party, in lieu of the royalties on net sales noted above. |
Interim Condensed Consolidate24
Interim Condensed Consolidated Financial Statements (Policies) | 3 Months Ended |
Mar. 31, 2018 | |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | |
Management Estimates | Management Estimates The preparation of financial statements in conformity with U.S. GAAP requires management to make estimates and assumptions that affect the reported amounts of assets, liabilities, revenues and expenses and related disclosures at the date of the financial statements during the reporting period. Significant estimates are used for, but are not limited to, revenue recognition, allowance for doubtful accounts, inventory reserves, impairment analysis of goodwill and intangibles including their useful lives, research and development accruals, deferred tax assets, liabilities and valuation allowances, and fair value of stock options. On an ongoing basis, management evaluates its estimates. Actual results could differ from those estimates. |
Goodwill and Intangible Assets | Goodwill represents the excess of the purchase price over the fair value of assets acquired and liabilities assumed in a business combination. The Company does not amortize its goodwill, but instead tests for impairment annually in the fourth quarter and more frequently whenever events or changes in circumstances indicate that fair value of the asset may be less than the carrying value of the asset. The Company capitalizes and includes in intangible assets the costs of trademark, developed technology and customer relationships. Intangible assets are recorded at fair value at the time of their acquisition and stated net of accumulated amortization. The Company amortizes its intangible assets that have finite lives using either the straight-line or accelerated method, based on the useful life of the asset over which it is expected to be consumed utilizing expected undiscounted future cash flows. Amortization is recorded over the estimated useful lives ranging from 3 to 7 years. The Company evaluates the realizability of its definite lived intangible assets whenever events or changes in circumstances or business conditions indicate that the carrying value of these assets may not be recoverable based on expectations of future undiscounted cash flows for each asset group. If the carrying value of an asset or asset group exceeds its undiscounted cash flows, the Company estimates the fair value of the assets, generally utilizing a discounted cash flow analysis based on the present value of estimated future cash flows to be generated by the assets using a risk-adjusted discount rate. To estimate the fair value of the assets, the Company uses market participant assumptions pursuant to Financial Accounting Standards Board (“FASB”) Accounting Standards Codification (“ASC”) Topic 820, Fair Value Measurement and Disclosures, |
Recent Accounting Pronouncements | Adopted In August 2016, the FASB issued ASU No. 2016-15, Classification of Certain Cash Receipts and Cash Payments In January 2016, the FASB issued ASU 2016-01, Financial Instruments – Recognition and Measurement of Financial Assets and Financial Liabilities In May 2014, the FASB issued ASU No. 2014-09, Revenue from Contracts with Customers Revenue Recognition Revenue Recognition-Construction-Type and Production-Type Contracts Revenue from Contracts with Customers (Topic 606): Deferral of the Effective Date Revenue from Contracts with Customers (Topic 606): Principal versus Agent Consideration (Reporting Revenue Gross versus Net) , Revenue from Contracts with Customers (Topic 606): Identifying Performance Obligations and Licensing Revenue from Contracts with Customers (Topic 606): Narrow-Scope Improvements and Practical Expedients Technical Corrections and Improvements to Topic 606, Revenue from Contracts with Customers To be adopted In January 2017, the FASB issued ASU 2017-04, Simplifying the Test for Goodwill Impairment In February 2016, the FASB issued ASU No. 2016-02, Leases |
Inventories (Tables)
Inventories (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Inventory Disclosure [Abstract] | |
Schedule of Inventory | Inventories consist of the following (in thousands): March 31, 2018 December 31, 2017 Raw materials $ 1,823 $ 1,921 Work in process 3,701 3,299 Finished goods 794 1,106 Total $ 6,318 $ 6,326 |
Goodwill and Intangible Assets
Goodwill and Intangible Assets (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Schedule of Changes to Goodwill | Changes to goodwill during the three months ended March 31, 2018 were as follows (in thousands): Total Balance—December 31, 2017 $ 9,123 Effects of foreign currency translation 350 Balance—March 31, 2018 $ 9,473 |
Changes to Intangible Assets | Intangible assets consist of the following at March 31, 2018 and December 31, 2017 (in thousands): Trademark Developed Technology Customer Relationships Total Gross carrying amount $ 300 $ 1,370 $ 1,240 $ 2,910 Foreign currency translation adjustment (53 ) (153 ) (138 ) (344 ) Accumulated amortization (247 ) (907 ) (714 ) (1,868 ) Balance—March 31, 2018 $ — $ 310 $ 388 $ 698 Trademark Developed Technology Customer Relationships Total Gross carrying amount $ 300 $ 1,370 $ 1,240 $ 2,910 Foreign currency translation adjustment (53 ) (198 ) (179 ) (430 ) Accumulated amortization (247 ) (839 ) (650 ) (1,736 ) Balance—December 31, 2017 $ — $ 333 $ 411 $ 744 |
Amortization Expense Remaining on Existing Intangible Assets | As of March 31, 2018, amortization expense remaining on existing intangible assets is as follows (in thousands): Year ending December 31, Total Remainder of 2018 $ 225 2019 272 2020 201 Total $ 698 |
Debt and Other Contractual Ob27
Debt and Other Contractual Obligations (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Debt Disclosure [Abstract] | |
Summary of Future Contractual Obligations | The Company’s future contractual obligations as of March 31, 2018 include the following (in thousands): Total Remainder of 2018 2019 2020 2021 2022 Thereafter Operating lease obligations $ 407 $ 333 $ 74 $ — $ — $ — $ — Loan principal repayments 2,453 193 251 258 265 273 1,213 Capital lease obligations 1,351 243 337 351 365 55 Minimum purchase obligation 5,062 3,203 1,859 — — — — Total $ 9,273 $ 3,972 $ 2,521 $ 609 $ 630 $ 328 $ 1,213 |
Segments and Geographic Infor28
Segments and Geographic Information (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Segment Reporting [Abstract] | |
Selected Information by Geographic Area | The following tables show selected information by geographic area (in thousands): Revenues: Three Months Ended March 31, 2018 2017 United States $ 3,542 $ 1,628 Switzerland 10,278 7,757 United Kingdom 793 949 Other countries 911 913 Total $ 15,524 $ 11,247 Total assets: March 31, 2018 December 31, 2017 United States $ 21,233 $ 21,683 Switzerland 4,916 1,366 United Kingdom 38,371 38,129 Other countries 19 42 Total $ 64,539 $ 61,220 Long-lived assets: March 31, 2018 December 31, 2017 United States $ 396 $ 523 Switzerland 536 535 United Kingdom 15,717 15,064 Other countries 2 2 Total $ 16,651 $ 16,124 |
Schedule of Other Information by Segment | The following summarizes other information by segment for the three months ended March 31, 2018 (in thousands): Product Service Total Revenues Product revenues $ 10,074 $ — $ 10,074 Service revenues — 5,450 5,450 Total revenues $ 10,074 $ 5,450 $ 15,524 Cost of product revenues $ 6,016 $ — $ 6,016 Cost of service revenues — 3,010 3,010 Total cost of revenues $ 6,016 $ 3,010 $ 9,026 Gross profit $ 4,058 $ 2,440 $ 6,498 Total operating expenses 5,482 Total non-operating expense (244 ) Income (loss) before income taxes $ 772 The following summarizes other information by segment for the three months ended March 31, 2017 (in thousands): Product Service Total Revenues Product revenues $ 7,726 $ — $ 7,726 Service revenues — 3,521 3,521 Total revenues $ 7,726 $ 3,521 $ 11,247 Cost of product revenues $ 4,313 $ — $ 4,313 Cost of service revenues — 2,243 2,243 Total cost of revenues $ 4,313 $ 2,243 $ 6,556 Gross profit $ 3,413 $ 1,278 $ 4,691 Total operating expenses 6,146 Total non-operating income 14 Income (loss) before income taxes $ (1,441 ) |
Property and Equipment (Tables)
Property and Equipment (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Property Plant And Equipment [Abstract] | |
Schedule of Property and Equipment | Property and equipment consists of the following (in thousands): Estimated Useful Life (Years) March 31, 2018 December 31, 2017 Machinery and equipment 3-10 $ 13,013 $ 12,358 Furniture and fixtures 3-5 1,083 1,083 Computer equipment and software 3-5 628 628 Buildings Up to 39 8,301 7,995 Land Indefinite 532 513 Construction in-process 1,508 1,133 25,065 23,710 Less: Accumulated depreciation (9,185 ) (8,481 ) Total $ 15,880 $ 15,229 |
Net Income (Loss) Per Common 30
Net Income (Loss) Per Common Share (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Earnings Per Share [Abstract] | |
Calculation of Basic and Diluted Income (Loss) Per Common Share and Common Share Equivalents | The calculation of basic and diluted income (loss) per common share and common share equivalents is as follows (in thousands except for per share data): Three Months Ended March 31, 2018 2017 Basic net income (loss) per common share Net income (loss) $ 772 $ (1,441 ) Less: Preferred stock dividends — (7 ) Net income (loss) applicable to common stock $ 772 $ (1,448 ) Basic weighted average number of common shares outstanding 10,943 10,803 Basic net income (loss) per common share $ 0.07 $ (0.13 ) Diluted income (loss) per common share Net income (loss) applicable to common stock $ 772 $ (1,448 ) Add: Preferred stock dividends — 7 Net income (loss) applicable to dilutive common stock $ 772 $ (1,441 ) Basic weighted average number of common shares outstanding 10,943 10,803 Effect of dilutive securities Dilutive stock awards 1,344 — Diluted weighted average number of common shares outstanding 12,287 10,803 Diluted net income (loss) per common share $ 0.06 $ (0.13 ) |
Accumulated Other Comprehensi31
Accumulated Other Comprehensive Loss (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Equity [Abstract] | |
Schedule of Accumulated Other Comprehensive Loss | Changes to accumulated other comprehensive loss during the three months ended March 31, 2018 were as follows (in thousands): Translation Adjustment Balance—December 31, 2017 $ (3,157 ) Current period other comprehensive income 940 Balance—March 31, 2018 $ (2,217 ) |
Stock-Based Compensation (Table
Stock-Based Compensation (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Schedule of Stock-Based Compensation Expense Allocation | Stock-based compensation expense was $0.6 million and $0.3 million for the three months ended March 31, 2018 and 2017, respectively. Total stock-based compensation expense was recorded to cost of revenues and operating expenses based upon the functional responsibilities of the individuals holding the respective awards as follows (in thousands): Three Months Ended March 31, 2018 2017 Cost of revenues $ 38 $ 28 Sales and marketing 13 11 Research and development 18 (43 ) General and administrative 497 345 Total $ 566 $ 341 |
Employees [Member] | |
Assumptions Used to Value Options Granted | The weighted-average grant date fair values of options granted to employees during the three months ended March 31, 2018 and 2017 were $3.40 and $2.44, respectively, using the following assumptions Three Months Ended March 31, 2018 2017 Risk free interest rate 2.15% 1.45% - 1.48% Expected term 4.75 years 4.5 - 4.75 years Dividend yield — — Expected volatility 47.79% - 47.86% 54.60% - 55.20% |
Restructuring Charges (Tables)
Restructuring Charges (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Restructuring And Related Activities [Abstract] | |
Summary of Components of Restructuring Activity | The following table summarizes the components of the Company’s restructuring activity recorded in the accompanying balance sheets (in thousands): Amounts accrued at December 31, 2017 Expense incurred Amounts paid Amounts accrued at March 31, 2018 Employee severance, benefits and related costs $ 72 $ — $ (72 ) $ — Obligations under manufacturing and development contracts 283 — (113 ) 170 $ 355 $ — $ (185 ) $ 170 |
Revenue from Contracts with C34
Revenue from Contracts with Customers (Tables) | 3 Months Ended |
Mar. 31, 2018 | |
Revenue From Contract With Customer [Abstract] | |
Summary of Changes in Deferred Revenue Balance for Product and Service Revenue | A summary of changes in deferred revenue balances for product and service revenue is as follows: Product Revenue Service Revenue Total Opening Balance - December 31, 2017 $ 5,888 $ 253 $ 6,141 Additions 191 335 526 Recognized into Revenue (150 ) (179 ) (329 ) Recognized into Accumulated Deficit (5,703 ) — (5,703 ) Ending Balance - March 31, 2018 $ 226 $ 409 $ 635 |
Interim Condensed Consolidate35
Interim Condensed Consolidated Financial Statements - Additional Information (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 | Mar. 31, 2017 | Dec. 31, 2016 |
Organization Consolidation And Presentation Of Financial Statements [Abstract] | ||||
Cash and cash equivalents | $ 20,685 | $ 21,446 | $ 21,759 | $ 20,994 |
Inventories - Schedule of Inven
Inventories - Schedule of Inventory (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Inventory Net Items Net Of Reserve Alternative [Abstract] | ||
Raw materials | $ 1,823 | $ 1,921 |
Work in process | 3,701 | 3,299 |
Finished goods | 794 | 1,106 |
Total | $ 6,318 | $ 6,326 |
Inventories - Additional Inform
Inventories - Additional Information (Detail) - USD ($) | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Inventory Net Items Net Of Reserve Alternative [Abstract] | |||
Inventory reserve balance | $ 500,000 | $ 500,000 | |
Charges for excess and obsolete inventory | $ 11,000 | $ 100,000 |
Goodwill and Intangible Asset38
Goodwill and Intangible Assets - Schedule of Changes to Goodwill (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Goodwill And Intangible Assets Disclosure [Abstract] | |
Beginning balance | $ 9,123 |
Effects of foreign currency translation | 350 |
Ending balance | $ 9,473 |
Goodwill and Intangible Asset39
Goodwill and Intangible Assets - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Acquired Finite Lived Intangible Assets [Line Items] | ||
Amortization expense | $ 0.1 | $ 0.1 |
Minimum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated useful live of definite lived intangible assets | 3 years | |
Maximum [Member] | ||
Acquired Finite Lived Intangible Assets [Line Items] | ||
Estimated useful live of definite lived intangible assets | 7 years |
Goodwill and Intangible Asset40
Goodwill and Intangible Assets - Changes to Intangible Assets (Detail) - USD ($) $ in Thousands | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | $ 2,910 | $ 2,910 |
Foreign currency translation adjustment | (344) | (430) |
Accumulated amortization | (1,868) | (1,736) |
Balance | 698 | 744 |
Trademark [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 300 | 300 |
Foreign currency translation adjustment | (53) | (53) |
Accumulated amortization | (247) | (247) |
Developed Technology [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,370 | 1,370 |
Foreign currency translation adjustment | (153) | (198) |
Accumulated amortization | (907) | (839) |
Balance | 310 | 333 |
Customer Relationships [Member] | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross carrying amount | 1,240 | 1,240 |
Foreign currency translation adjustment | (138) | (179) |
Accumulated amortization | (714) | (650) |
Balance | $ 388 | $ 411 |
Goodwill and Intangible Asset41
Goodwill and Intangible Assets - Amortization Expense Remaining on Existing Intangible Assets (Detail) - USD ($) $ in Thousands | Mar. 31, 2018 | Dec. 31, 2017 |
Finite Lived Intangible Assets Future Amortization Expense [Abstract] | ||
Remainder of 2018 | $ 225 | |
2,019 | 272 | |
2,020 | 201 | |
Total | $ 698 | $ 744 |
Debt and Other Contractual Ob42
Debt and Other Contractual Obligations - Additional Information (Detail) | 1 Months Ended | 3 Months Ended | |||
May 31, 2017Facility | Sep. 30, 2013USD ($) | Mar. 31, 2018USD ($)Facility | Mar. 31, 2017USD ($)Loan | Sep. 30, 2017 | |
Debt Instrument [Line Items] | |||||
Amount owe under loan facility | $ 2,453,000 | ||||
Lease agreement term | 39 months | ||||
Lease agreement, expiration year | 2,019 | ||||
Lease agreement rent free period | 3 months | ||||
Loans entered | $ 1,501,000 | ||||
Loan for Equipment [Member] | Nottingham, UK Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Amount owe on equipment loans | $ 1,400,000 | ||||
Loans entered | $ 1,500,000 | ||||
Number of loans | Loan | 2 | ||||
Loans payment maturity month and year | 2022-03 | ||||
Capital lease term | 60 months | ||||
Loan for Equipment [Member] | Loan One [Member] | Nottingham, UK Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at the end of period | 2.09% | ||||
Loan for Equipment [Member] | Loan Two [Member] | Nottingham, UK Facility [Member] | |||||
Debt Instrument [Line Items] | |||||
Interest rate at the end of period | 2.09% | ||||
Juniper Pharma Services [Member] | |||||
Debt Instrument [Line Items] | |||||
Debt assumed | $ 3,900,000 | ||||
Number of loan facilities | Facility | 3 | ||||
Number of loan facilities repaid | Facility | 1 | ||||
Gain loss on refinancing of debt | $ 0 | ||||
Amount owe under loan facility | $ 2,500,000 | ||||
Weighted average interest rate for the period | 2.76% | ||||
Juniper Pharma Services [Member] | Minimum [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan facilities repayment period | 7 years | ||||
Juniper Pharma Services [Member] | Maximum [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan facilities repayment period | 15 years | ||||
Juniper Pharma Services [Member] | Loan Facility One [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan facilities bear interest rate | 1.95% | ||||
Loan facility interest rate description | base rate plus 1.95% | ||||
Weighted average interest rate at the end of period | 2.45% | ||||
Juniper Pharma Services [Member] | Loan Facility Two [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan facilities bear interest rate | 2.55% | ||||
Loan facility interest rate description | base rate plus 2.55% | ||||
Weighted average interest rate at the end of period | 3.05% | ||||
Juniper Pharma Services [Member] | Loan Facility Three [Member] | |||||
Debt Instrument [Line Items] | |||||
Loan facilities bear interest rate | 2.99% |
Debt and Other Contractual Ob43
Debt and Other Contractual Obligations - Summary of Future Contractual Obligations (Detail) $ in Thousands | Mar. 31, 2018USD ($) |
Debt Disclosure [Abstract] | |
Operating lease obligations, Total | $ 407 |
Operating lease obligations, Remainder of 2018 | 333 |
Operating lease obligations, 2019 | 74 |
Loan principal repayments, Total | 2,453 |
Loan principal repayments, Remainder of 2018 | 193 |
Loan principal repayments, 2019 | 251 |
Loan principal repayments, 2020 | 258 |
Loan principal repayments, 2021 | 265 |
Loan principal repayments, 2022 | 273 |
Loan principal repayments, Thereafter | 1,213 |
Capital lease obligations, Total | 1,351 |
Capital lease obligations, Remainder of 2018 | 243 |
Capital lease obligations, 2019 | 337 |
Capital lease obligations, 2020 | 351 |
Capital lease obligations, 2021 | 365 |
Capital lease obligations, 2022 | 55 |
Minimum purchase obligation, Total | 5,062 |
Minimum purchase obligation, Remainder of 2018 | 3,203 |
Minimum purchase obligation, 2019 | 1,859 |
Total | 9,273 |
Remainder of 2018 | 3,972 |
2,019 | 2,521 |
2,020 | 609 |
2,021 | 630 |
2,022 | 328 |
Thereafter | $ 1,213 |
Intravaginal Ring Technology 44
Intravaginal Ring Technology License - Additional Information (Detail) - USD ($) | Apr. 24, 2018 | Mar. 31, 2018 |
License Agreements [Line Items] | ||
License agreement notice period | 90 days | |
License fee payment | $ 50,000 | |
License fee payment beginning on the sixth anniversary | 100,000 | |
Milestone payment | $ 1,200,000 | |
Daré Bioscience, Inc. [Member] | Subsequent Event [Member] | ||
License Agreements [Line Items] | ||
Licence agreement date | Apr. 24, 2018 | |
Financial Default [Member] | ||
License Agreements [Line Items] | ||
Cure period | 15 days | |
Non Financial Default [Member] | ||
License Agreements [Line Items] | ||
Cure period | 60 days |
Segments and Geographic Infor45
Segments and Geographic Information - Additional Information (Detail) | 3 Months Ended | 12 Months Ended | |
Mar. 31, 2018SegmentCustomer | Mar. 31, 2017Customer | Dec. 31, 2017Customer | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of operating segments | Segment | 2 | ||
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Service [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Additional customers accounted for 10% or more of total revenues | 0 | 0 | |
Customer Concentration Risk [Member] | Sales Revenue, Net [Member] | Service [Member] | Customer One [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 33.00% | 17.00% | |
Customer Concentration Risk [Member] | Merck KGaA [Member] | Sales Revenue, Net [Member] | Product Segment [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 100.00% | 100.00% | |
Customer Concentration Risk [Member] | Merck KGaA [Member] | Accounts Receivable [Member] | Product Segment [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 100.00% | 100.00% | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Service [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Number of customers | 1 | 1 | |
Credit Concentration Risk [Member] | Accounts Receivable [Member] | Service [Member] | Customer One [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Concentration risk percentage | 44.00% | 53.00% |
Segments and Geographic Infor46
Segments and Geographic Information - Selected Information by Geographic Area (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | $ 15,524 | $ 11,247 | |
Total assets | 64,539 | $ 61,220 | |
Total Long-lived assets | 16,651 | 16,124 | |
United States [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 3,542 | 1,628 | |
Total assets | 21,233 | 21,683 | |
Total Long-lived assets | 396 | 523 | |
Switzerland [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 10,278 | 7,757 | |
Total assets | 4,916 | 1,366 | |
Total Long-lived assets | 536 | 535 | |
Nottingham, UK Facility [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 793 | 949 | |
Total assets | 38,371 | 38,129 | |
Total Long-lived assets | 15,717 | 15,064 | |
Other Countries [Member] | |||
Revenues from External Customers and Long-Lived Assets [Line Items] | |||
Total revenues | 911 | $ 913 | |
Total assets | 19 | 42 | |
Total Long-lived assets | $ 2 | $ 2 |
Segments and Geographic Infor47
Segments and Geographic Information - Schedule of Other Information by Segment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Revenues | ||
Product revenues | $ 10,074 | $ 7,726 |
Service revenues | 5,450 | 3,521 |
Total revenues | 15,524 | 11,247 |
Cost of product revenues | 6,016 | 4,313 |
Cost of service revenues | 3,010 | 2,243 |
Total cost of revenues | 9,026 | 6,556 |
Gross profit | 6,498 | 4,691 |
Total operating expenses | 5,482 | 6,146 |
Total non-operating income (expense) | (244) | 14 |
Income (loss) before income taxes | 772 | (1,441) |
Product [Member] | ||
Revenues | ||
Product revenues | 10,074 | 7,726 |
Total revenues | 10,074 | 7,726 |
Cost of product revenues | 6,016 | 4,313 |
Total cost of revenues | 6,016 | 4,313 |
Gross profit | 4,058 | 3,413 |
Service [Member] | ||
Revenues | ||
Service revenues | 5,450 | 3,521 |
Total revenues | 5,450 | 3,521 |
Cost of service revenues | 3,010 | 2,243 |
Total cost of revenues | 3,010 | 2,243 |
Gross profit | $ 2,440 | $ 1,278 |
Property and Equipment - Schedu
Property and Equipment - Schedule of Property and Equipment (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Dec. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 25,065 | $ 23,710 |
Less: Accumulated depreciation | (9,185) | (8,481) |
Total | 15,880 | 15,229 |
Machinery and Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 13,013 | 12,358 |
Machinery and Equipment [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Machinery and Equipment [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 10 years | |
Furniture and Fixtures [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,083 | 1,083 |
Furniture and Fixtures [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Furniture and Fixtures [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 5 years | |
Computer Equipment and Software [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 628 | 628 |
Computer Equipment and Software [Member] | Minimum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 3 years | |
Computer Equipment and Software [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 5 years | |
Buildings [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 8,301 | 7,995 |
Buildings [Member] | Maximum [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property, plant and equipment useful life (in years) | 39 years | |
Land [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 532 | 513 |
Property, plant and equipment useful life (in years) | Indefinite | |
Construction in-Process [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Property plant and equipment, gross | $ 1,508 | $ 1,133 |
Property and Equipment - Additi
Property and Equipment - Additional Information (Detail) - USD ($) $ in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Property, Plant and Equipment [Line Items] | ||
Depreciation expense | $ 0.5 | $ 0.4 |
Equipment [Member] | ||
Property, Plant and Equipment [Line Items] | ||
Equipment purchased under equipment loans | $ 1.5 |
Shareholders' Equity - Addition
Shareholders' Equity - Additional Information (Detail) $ in Thousands | Jun. 30, 2017USD ($)shares | Mar. 31, 2018shares | Dec. 31, 2017shares | Dec. 31, 2016shares |
Class of Stock [Line Items] | ||||
Preferred stock, redemption date | Jun. 30, 2017 | |||
Series B Convertible Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock shares outstanding converted into common stock | 130 | |||
Each share of preferred stock converted into common stock | 2.78 | |||
Preferred shares converted into common stock, shares | 361 | |||
Preferred stock, shares outstanding | 0 | 0 | ||
Series C Preferred Stock [Member] | ||||
Class of Stock [Line Items] | ||||
Preferred stock, shares outstanding | 0 | 0 | 550 | |
Payment for redemption of preferred stock | $ | $ 10 | |||
Amount recorded in excess of carrying value over redemption value | $ | $ 500 |
Net Income (Loss) Per Common 51
Net Income (Loss) Per Common Share - Calculation of Basic and Diluted Income (Loss) Per Common Share and Common Share Equivalents (Detail) - USD ($) $ / shares in Units, shares in Thousands, $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Basic net income (loss) per common share | ||
Net income (loss) | $ 772 | $ (1,441) |
Less: Preferred stock dividends | (7) | |
Net income (loss) available to common stockholders | $ 772 | $ (1,448) |
Basic weighted average number of common shares outstanding | 10,943 | 10,803 |
Basic net income (loss) per common share | $ 0.07 | $ (0.13) |
Diluted income (loss) per common share | ||
Net income (loss) applicable to common stock | $ 772 | $ (1,448) |
Add: Preferred stock dividends | 7 | |
Net income (loss) applicable to dilutive common stock | $ 772 | $ (1,441) |
Basic weighted average number of common shares outstanding | 10,943 | 10,803 |
Effect of dilutive securities | ||
Dilutive stock awards | 1,344 | |
Diluted weighted average number of common shares outstanding | 12,287 | 10,803 |
Diluted net income (loss) per common share | $ 0.06 | $ (0.13) |
Net Income (Loss) Per Common 52
Net Income (Loss) Per Common Share - Additional Information (Detail) - shares shares in Millions | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Earnings Per Share [Abstract] | ||
Antidilutive securities excluded from computation of earnings per share | 0.7 | 2.3 |
Accumulated Other Comprehensi53
Accumulated Other Comprehensive Loss - Schedule of Accumulated Other Comprehensive Loss (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance—December 31, 2017 | $ 41,512 | |
Current period other comprehensive income | 940 | $ 228 |
Balance—March 31, 2018 | 51,020 | |
Translation Adjustment [Member] | ||
Accumulated Other Comprehensive Income (Loss) [Line Items] | ||
Balance—December 31, 2017 | (3,157) | |
Current period other comprehensive income | 940 | |
Balance—March 31, 2018 | $ (2,217) |
Stock-Based Compensation - Addi
Stock-Based Compensation - Additional Information (Detail) - USD ($) | Feb. 07, 2018 | Jan. 08, 2018 | Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 566,000 | $ 341,000 | |||
Stock option exercised | 226,876 | 0 | |||
Cash received from option exercised | $ 1,400,000 | ||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized | $ 4,300,000 | ||||
Employee service share-based compensation, nonvested awards, total compensation cost not yet recognized, period for recognition | 2 years 11 months 23 days | ||||
Merck KGaA, Darmstandt [Member] | Germany [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Term of supply agreement extended | 4 years 6 months | ||||
Time-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Weighted-average grant date fair values of options granted | $ 8.18 | $ 5.15 | |||
Shares, vested | 9,300 | 0 | |||
Performance-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-options stock expired | 109,550 | ||||
Non-options stock outstanding | 48,650 | 76,450 | |||
Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 293,500 | 655,400 | |||
Share-based compensation arrangement by share-based payment award, award vesting period | 4 years | ||||
Weighted-average grant date fair values of options granted | $ 3.40 | $ 2.44 | |||
Employees [Member] | Time-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-options stock granted | 122,300 | 52,700 | |||
Employees [Member] | Performance-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-options stock granted | 0 | 181,000 | |||
Non-Employees [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock options granted | 0 | 0 | |||
Stock-based compensation expense | $ 0 | ||||
Reduction of stock-based compensation expense | $ 100,000 | ||||
Non-Employee Directors [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Share-based compensation arrangement by share-based payment award, award vesting period | 3 years | ||||
Non-Employee Directors [Member] | Time-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Non-options stock granted | 5,625 | ||||
Board of Director [Member] | Performance-Based Restricted Stock Units [Member] | |||||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | |||||
Stock-based compensation expense | $ 100,000 | ||||
Shares, vested | 27,800 |
Stock-Based Compensation - Assu
Stock-Based Compensation - Assumptions Used to Value Options Granted (Detail) - Employees [Member] | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 2.15% | |
Expected term | 4 years 9 months | |
Dividend yield | 0.00% | 0.00% |
Minimum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.45% | |
Expected term | 4 years 6 months | |
Expected volatility | 47.79% | 54.60% |
Maximum [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Risk free interest rate | 1.48% | |
Expected term | 4 years 9 months | |
Expected volatility | 47.86% | 55.20% |
Stock-Based Compensation - Sche
Stock-Based Compensation - Schedule of Stock-Based Compensation Expense Allocation (Detail) - USD ($) $ in Thousands | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 566 | $ 341 |
Cost of Revenues [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 38 | 28 |
Sales and Marketing [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 13 | 11 |
Research and Development [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | 18 | (43) |
General and Administrative [Member] | ||
Share-based Compensation Arrangement by Share-based Payment Award [Line Items] | ||
Total | $ 497 | $ 345 |
Fair Value of Financial Instr57
Fair Value of Financial Instruments - Additional Information (Detail) | Mar. 31, 2018USD ($) |
Fair Value Disclosures [Abstract] | |
Financial assets level 1 to level 2 transfers amount | $ 0 |
Financial assets level 2 to level 1 transfers amount | $ 0 |
Income Taxes - Additional Infor
Income Taxes - Additional Information (Detail) - USD ($) | 3 Months Ended | |
Mar. 31, 2018 | Mar. 31, 2017 | |
Income Taxes And Tax Related [Line Items] | ||
Income tax expense | $ 0 | $ 0 |
Global intangible low tax income included in taxable income | $ 500,000 | |
Measurement period for record provisional amount | 1 year | |
Minimum [Member] | ||
Income Taxes And Tax Related [Line Items] | ||
Global intangible low taxed income tax rate | 10.00% |
Restructuring Charges - Additio
Restructuring Charges - Additional Information (Detail) - USD ($) | 3 Months Ended | 12 Months Ended |
Mar. 31, 2018 | Dec. 31, 2017 | |
Restructuring And Related Activities [Abstract] | ||
Restructuring charges | $ 800,000 | |
Additional restructuring charges | $ 0 | |
Restructuring payments expected to be paid in remainder of 2018 | 100,000 | |
Restructuring payments expected to be paid in 2018 or beyond | $ 100,000 |
Restructuring Charges - Summary
Restructuring Charges - Summary of Components of Restructuring Activity (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Restructuring Cost And Reserve [Line Items] | |
Amounts accrued at December 31, 2017 | $ 355 |
Amounts paid | (185) |
Amounts accrued at March 31, 2018 | 170 |
Employee Severance, Benefits and Related Costs [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Amounts accrued at December 31, 2017 | 72 |
Amounts paid | (72) |
Obligations under Manufacturing and Development Contracts [Member] | |
Restructuring Cost And Reserve [Line Items] | |
Amounts accrued at December 31, 2017 | 283 |
Amounts paid | (113) |
Amounts accrued at March 31, 2018 | $ 170 |
Revenue from Contracts with C61
Revenue from Contracts with Customers - Aditional Information (Detail) - USD ($) $ in Thousands | 3 Months Ended | ||
Mar. 31, 2018 | Mar. 31, 2017 | Dec. 31, 2017 | |
Revenue from Contracts with Customers [Line Items] | |||
Adjustment to deferred revenue and accumulated deficit | $ 5,703 | ||
Deferred revenue | 635 | $ 6,141 | |
Contract cost | 200 | ||
Sales and marketing | 419 | $ 379 | |
Prepaid expenses and other current assets | $ 2,675 | 3,467 | |
Minimum [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Engagement term | 3 months | ||
Maximum [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Engagement term | 6 months | ||
Product [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Adjustment to deferred revenue and accumulated deficit | $ 5,703 | ||
Deferred revenue | 226 | 5,888 | |
Service [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Deferred revenue | 409 | $ 253 | |
Topic 606 [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Prepaid expenses and other current assets | 200 | ||
Accordance with Topic 605 [Member] | Topic 606 [Member] | Product [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Revenue | 8,700 | ||
Deferred revenue | 7,300 | ||
Accordance with Topic 605 [Member] | Topic 606 [Member] | Service [Member] | |||
Revenue from Contracts with Customers [Line Items] | |||
Sales and marketing | $ 4 |
Revenue from Contracts with C62
Revenue from Contracts with Customers - Summary of Changes in Deferred Revenue Balances for Product and Service Revenue (Detail) $ in Thousands | 3 Months Ended |
Mar. 31, 2018USD ($) | |
Deferred Revenue Arrangement [Line Items] | |
Opening Balance - December 31, 2017 | $ 6,141 |
Additions | 526 |
Recognized into Revenue | (329) |
Recognized into Accumulated Deficit | (5,703) |
Ending Balance - March 31, 2018 | 635 |
Product [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Opening Balance - December 31, 2017 | 5,888 |
Additions | 191 |
Recognized into Revenue | (150) |
Recognized into Accumulated Deficit | (5,703) |
Ending Balance - March 31, 2018 | 226 |
Service [Member] | |
Deferred Revenue Arrangement [Line Items] | |
Opening Balance - December 31, 2017 | 253 |
Additions | 335 |
Recognized into Revenue | (179) |
Ending Balance - March 31, 2018 | $ 409 |
Subsequent Event - Additional I
Subsequent Event - Additional Information (Detail) - Daré Bioscience, Inc. [Member] - Subsequent Event [Member] | Apr. 24, 2018USD ($) |
Subsequent Event [Line Items] | |
Licence agreement date | Apr. 24, 2018 |
License fee receivable | $ 250,000 |
License maintenance fee receivable for first two anniversaries | 50,000 |
License maintenance fee receivable for each anniversary, thereafter year two | 100,000 |
Milestone payment receivable | 43,800,000 |
Development Milestones [Member] | |
Subsequent Event [Line Items] | |
Milestone payment receivable | 13,500,000 |
Sales Milestone [Member] | |
Subsequent Event [Line Items] | |
Milestone payment receivable | $ 30,300,000 |