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Selected Quarterly Financial Data (Unaudited) | 9 Months Ended
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Dec. 31, 2011
Selected Quarterly Financial Data (Unaudited) |
12. | Selected Quarterly Financial Data (Unaudited)
The following table contains consolidated statements of operations information for each of the previous eight quarters. The Company believes that the following information reflects all normal recurring adjustments necessary for a fair presentation of the information for the periods presented. The operating results for any quarter are not necessarily indicative of results for any future period.
|  | December 31, 2011 |  |  | September 30, 2011 |  |  | June 30, 2011 |  |  | March 31, 2011 |  |  | December 31, 2010 |  |  | September 30, 2010 |  |  | June 30, 2010 |  |  | March 31, 2010 |
|  | (in thousands, except per share amounts) |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue |  | $ | 3,114 |  |  | $ | 5,742 |  |  | $ | 4,359 |  |  | $ | 3,150 |  |  | $ | 3,126 |  |  | $ | 4,416 |  |  | $ | 4,269 |  |  | $ | 2,225 |
Royalty and other revenue |  |  | 4,051 |  |  |  | 2,889 |  |  |  | 3,295 |  |  |  | 2,756 |  |  |  | 3,942 |  |  |  | 2,891 |  |  |  | 2,741 |  |  |  | 2,647 |
Total revenue |  |  | 7,165 |  |  |  | 8,631 |  |  |  | 7,654 |  |  |  | 5,906 |  |  |  | 7,068 |  |  |  | 7,307 |  |  |  | 7,010 |  |  |  | 4,872 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of product revenue |  |  | 1,511 |  |  |  | 2,093 |  |  |  | 1,553 |  |  |  | 1,393 |  |  |  | 1,449 |  |  |  | 1,472 |  |  |  | 1,266 |  |  |  | 885 |
Cost of royalty and other revenue |  |  | 481 |  |  |  | 418 |  |  |  | 416 |  |  |  | 376 |  |  |  | 412 |  |  |  | 377 |  |  |  | 372 |  |  |  | 345 |
Research and development |  |  | 2,870 |  |  |  | 3,075 |  |  |  | 3,517 |  |  |  | 3,785 |  |  |  | 2,930 |  |  |  | 3,119 |  |  |  | 2,695 |  |  |  | 3,453 |
Selling, general and administrative |  |  | 4,268 |  |  |  | 2,493 |  |  |  | 2,289 |  |  |  | 2,438 |  |  |  | 1,980 |  |  |  | 1,813 |  |  |  | 1,788 |  |  |  | 1,952 |
Gain on bargain purchase |  |  | (427 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Total operating expenses |  |  | 8,703 |  |  |  | 8,079 |  |  |  | 7,775 |  |  |  | 7,992 |  |  |  | 6,771 |  |  |  | 6,781 |  |  |  | 6,121 |  |  |  | 6,635 |
(Loss) income from operations |  |  | (1,538 | ) |  |  | 552 |  |  |  | (121 | ) |  |  | (2,086 | ) |  |  | 297 |  |  |  | 526 |  |  |  | 889 |  |  |  | (1,763 | )
Investment income |  |  | 43 |  |  |  | 53 |  |  |  | 66 |  |  |  | 69 |  |  |  | 92 |  |  |  | 97 |  |  |  | 99 |  |  |  | 134 |
Interest expense |  |  | (28 | ) |  |  | — |  |  |  | — |  |  |  | (13 | ) |  |  | (13 | ) |  |  | — |  |  |  | — |  |  |  | — |
Other expense |  |  | (623 | ) |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
(Loss) income before income taxes |  |  | (2,146 | ) |  |  | 605 |  |  |  | (55 | ) |  |  | (2,030 | ) |  |  | 376 |  |  |  | 623 |  |  |  | 988 |  |  |  | (1,629 | )
Income tax provision |  |  | 16 |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Net (loss) income |  | $ | (2,162 | ) |  | $ | 605 |  |  | $ | (55 | ) |  | $ | (2,030 | ) |  | $ | 376 |  |  | $ | 623 |  |  | $ | 988 |  |  | $ | (1,629 | )
Earnings (loss) per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | (0.07 | ) |  | $ | 0.02 |  |  | $ | (0.00 | ) |  | $ | (0.06 | ) |  | $ | 0.01 |  |  | $ | 0.02 |  |  | $ | 0.03 |  |  | $ | (0.05 | )
Diluted |  | $ | (0.07 | ) |  | $ | 0.02 |  |  | $ | (0.00 | ) |  | $ | (0.06 | ) |  | $ | 0.01 |  |  | $ | 0.02 |  |  | $ | 0.03 |  |  | $ | (0.05 | )
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 30,715 |  |  |  | 30,797 |  |  |  | 30,812 |  |  |  | 30,782 |  |  |  | 30,787 |  |  |  | 30,780 |  |  |  | 30,768 |  |  |  | 30,752 |
Diluted |  |  | 30,715 |  |  |  | 30,934 |  |  |  | 30,812 |  |  |  | 30,782 |  |  |  | 31,005 |  |  |  | 30,920 |  |  |  | 30,926 |  |  |  | 30,752 |

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