Selected Quarterly Financial Data (Unaudited)

9 Months Ended

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

- Definition

The entire disclosure for the quarterly financial data in the annual financial statements. The disclosure may include a tabular presentation of financial information for each fiscal quarter for the current and previous year, including revenues, gross profit, income or loss before extraordinary items and earnings per share data. It also includes an indication if the information in the note is unaudited, comments on the aggregate effect of year-end adjustments, and an explanation of matters or transactions that affect comparability or are pertinent to an understanding of the information furnished.

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