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Selected Quarterly Financial Data (Unaudited) | 12 Months Ended
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Dec. 31, 2015
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, 2015 |  |  | September 30, 2015 |  |  | June 30, 2015 |  |  | March 31, 2015 |  |  | December 31, 2014 |  |  | September 30, 2014 |  |  | June 30, 2014 |  |  | March 31, 2014 |
|  | (in thousands, except per share amounts) |
Revenue: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Product revenue |  | $ | 21,449 |  |  | $ | 19,814 |  |  | $ | 21,457 |  |  | $ | 20,816 |  |  | $ | 15,393 |  |  | $ | 15,153 |  |  | $ | 15,551 |  |  | $ | 14,335 |
Royalty and other revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | 1,000 |  |  |  | 125 |  |  |  | — |  |  |  | 1,991 |
Total revenue |  |  | 21,449 |  |  |  | 19,814 |  |  |  | 21,457 |  |  |  | 20,816 |  |  |  | 16,393 |  |  |  | 15,278 |  |  |  | 15,551 |  |  |  | 16,326 |
Operating expenses: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Cost of product revenue |  |  | 10,148 |  |  |  | 8,444 |  |  |  | 8,586 |  |  |  | 8,073 |  |  |  | 8,084 |  |  |  | 6,931 |  |  |  | 6,671 |  |  |  | 6,335 |
Cost of royalty and other revenue |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |  |  |  | — |
Research and development |  |  | 1,431 |  |  |  | 1,490 |  |  |  | 1,252 |  |  |  | 1,568 |  |  |  | 1,328 |  |  |  | 1,650 |  |  |  | 1,430 |  |  |  | 1,201 |
Selling, general and administrative |  |  | 6,473 |  |  |  | 5,959 |  |  |  | 6,242 |  |  |  | 6,024 |  |  |  | 4,975 |  |  |  | 4,471 |  |  |  | 4,326 |  |  |  | 3,384 |
Contingent consideration – fair value adjustments |  |  | 1,969 |  |  |  | 233 |  |  |  | 768 |  |  |  | 1,112 |  |  |  | 1,945 |  |  |  | 10 |  |  |  | 18 |  |  |  | 98 |
Total operating expenses |  |  | 20,021 |  |  |  | 16,126 |  |  |  | 16,848 |  |  |  | 16,777 |  |  |  | 16,332 |  |  |  | 13,062 |  |  |  | 12,445 |  |  |  | 11,018 |
Income from operations |  |  | 1,428 |  |  |  | 3,688 |  |  |  | 4,609 |  |  |  | 4,039 |  |  |  | 61 |  |  |  | 2,216 |  |  |  | 3,106 |  |  |  | 5,308 |
Investment income |  |  | 44 |  |  |  | 37 |  |  |  | 19 |  |  |  | 36 |  |  |  | 59 |  |  |  | 64 |  |  |  | 85 |  |  |  | 102 |
Interest expense |  |  | (8 | ) |  |  | (8 | ) |  |  | (8 | ) |  |  | (9 | ) |  |  | (12 | ) |  |  | (11 | ) |  |  | (13 | ) |  |  | (14 | )
Other income (expense) |  |  | (270 | ) |  |  | (38 | ) |  |  | (269 | ) |  |  | 132 |  |  |  | 134 |  |  |  | (14 | ) |  |  | 65 |  |  |  | 2 |
Income before income taxes |  |  | 1,194 |  |  |  | 3,679 |  |  |  | 4,351 |  |  |  | 4,198 |  |  |  | 242 |  |  |  | 2,255 |  |  |  | 3,243 |  |  |  | 5,398 |
Income tax provision |  |  | 929 |  |  |  | 1,141 |  |  |  | 738 |  |  |  | 1,269 |  |  |  | 640 |  |  |  | 789 |  |  |  | 418 |  |  |  | 1,121 |
Net income (loss) |  | $ | 265 |  |  | $ | 2,538 |  |  | $ | 3,613 |  |  | $ | 2,929 |  |  | $ | (398 | ) |  | $ | 1,466 |  |  | $ | 2,825 |  |  | $ | 4,277 |
Earnings per share: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  | $ | 0.01 |  |  | $ | 0.08 |  |  | $ | 0.11 |  |  | $ | 0.09 |  |  | $ | (0.01 | ) |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.13 |
Diluted |  | $ | 0.01 |  |  | $ | 0.08 |  |  | $ | 0.11 |  |  | $ | 0.09 |  |  | $ | (0.01 | ) |  | $ | 0.04 |  |  | $ | 0.09 |  |  | $ | 0.13 |
Weighted average shares outstanding: |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |  |
Basic |  |  | 32,946 |  |  |  | 32,925 |  |  |  | 32,870 |  |  |  | 32,755 |  |  |  | 32,747 |  |  |  | 32,677 |  |  |  | 32,234 |  |  |  | 31,963 |
Diluted |  |  | 33,577 |  |  |  | 33,690 |  |  |  | 33,671 |  |  |  | 33,451 |  |  |  | 32,747 |  |  |  | 33,327 |  |  |  | 33,076 |  |  |  | 31,855 |

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- 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. + References Reference 1: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 13 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e765-108305 Reference 2: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 50 -Paragraph 1 -Subparagraph (a)-(j) -URI http://asc.fasb.org/extlink&oid=51825399&loc=d3e1280-108306 Reference 3: http://www.xbrl.org/2003/role/presentationRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -SubTopic 10 -Section 45 -Paragraph 12 -URI http://asc.fasb.org/extlink&oid=51655806&loc=d3e725-108305 Reference 4: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Staff Accounting Bulletin (SAB) -Number Topic 6 -Section G -Subsection 1 Reference 5: http://www.xbrl.org/2003/role/presentationRef -Publisher SEC -Name Regulation S-K (SK) -Number 229 -Section 302 -Paragraph a + Details
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