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Selected Quarterly Financial Information (Unaudited) | 12 Months Ended
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Dec. 31, 2019
Selected Quarterly Financial Information (Unaudited) |
Selected Quarterly Financial Information (Unaudited) |
Note 14. | Selected Quarterly Financial Information (Unaudited)
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended | ​
​ | ​ | March 31, | ​ | June 30, | ​ | September 30, | ​ | December 31, | ​
(in thousands, except per share amounts) | ​ | 2019 | ​ | 2019 | ​ | 2019 | ​ | 2019 | ​
Net sales |  | $ | 54,026 |  | $ | 58,600 |  | $ | 58,509 |  | $ | 65,849 |
Cost of sales | ​ |  | 7,111 | ​ |  | 7,870 | ​ |  | 7,703 | ​ | ​ | 15,904 | ​
Gross profit | ​ |  | 46,915 | ​ |  | 50,730 | ​ |  | 50,806 | ​ | ​ | 49,945 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative | ​ |  | 34,925 | ​ |  | 37,656 | ​ |  | 44,443 | ​ | ​ | 59,611 | ​
Research and development | ​ |  | 13,930 | ​ |  | 17,069 | ​ |  | 17,278 | ​ | ​ | 20,031 | ​
In-process research and development | ​ | ​ | — | ​ | ​ | 2,245 | ​ | ​ | 1,500 | ​ | ​ | — | ​
Total operating expenses | ​ |  | 48,855 | ​ |  | 56,970 | ​ |  | 63,221 | ​ | ​ | 79,642 | ​
Loss from operations | ​ |  | (1,940) | ​ |  | (6,240) | ​ |  | (12,415) | ​ | ​ | (29,697) | ​
Non-operating income (expense) | ​ |  | 720 | ​ |  | 3 | ​ |  | (904) | ​ | ​ | 437 | ​
Income tax provision (benefit) | ​ |  | 122 | ​ |  | 72 | ​ |  | 187 | ​ |  | (65,841) | ​
Net (loss) income | ​ | $ | (1,342) | ​ | $ | (6,309) | ​ | $ | (13,506) | ​ | $ | 36,581 | ​
Net (loss) income per share (1): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | (0.04) | ​ | $ | (0.17) | ​ | $ | (0.37) | ​ | $ | 0.92 | ​
Diluted | ​ | $ | (0.04) | ​ | $ | (0.17) | ​ | $ | (0.37) | ​ | $ | 0.84 | ​
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​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
​ | ​ | Three months ended |
​ | ​ | March 31, | ​ | June 30, | ​ | September 30, | ​ | December 31, |
(in thousands, except per share amounts) | ​ | 2018 | ​ | 2018 | ​ | 2018 | ​ | 2018 |
Net sales |  | $ | 40,133 |  | $ | 43,161 |  | $ | 43,908 |  | $ | 54,076 | ​
Cost of sales | ​ |  | 5,786 | ​ |  | 6,160 | ​ |  | 6,011 | ​ | ​ | 7,118 | ​
Gross profit | ​ |  | 34,347 | ​ |  | 37,001 | ​ |  | 37,897 | ​ | ​ | 46,958 | ​
Operating expenses: | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Selling, general and administrative | ​ |  | 27,155 | ​ |  | 28,638 | ​ |  | 31,632 | ​ | ​ | 32,104 | ​
Research and development | ​ |  | 10,906 | ​ |  | 12,611 | ​ |  | 13,202 | ​ | ​ | 12,957 | ​
Total operating expenses | ​ |  | 38,061 | ​ |  | 41,249 | ​ |  | 44,834 | ​ | ​ | 45,061 | ​
(Loss) income from operations | ​ |  | (3,714) | ​ |  | (4,248) | ​ |  | (6,937) | ​ | ​ | 1,897 | ​
Non-operating income (expense) | ​ |  | 1,008 | ​ |  | (1,139) | ​ |  | 353 | ​ | ​ | 412 | ​
Provision for income taxes | ​ |  | 5 | ​ |  | 11 | ​ |  | 37 | ​ |  | 530 | ​
Net (loss) income | ​ | $ | (2,711) | ​ | $ | (5,398) | ​ | $ | (6,621) | ​ | $ | 1,779 | ​
Net (loss) income per share (1): | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​ | ​
Basic | ​ | $ | (0.08) | ​ | $ | (0.15) | ​ | $ | (0.19) | ​ | $ | 0.05 | ​
Diluted | ​ | $ | (0.08) | ​ | $ | (0.15) | ​ | $ | (0.19) | ​ | $ | 0.04 | ​
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(1) | Net income or loss per share is computed independently for each of the quarters presented. Therefore, the sum of the quarterly per-share amounts will not necessarily equal the annual per share amount.

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- Definition The entire disclosure for quarterly financial data. Includes, but is not limited to, tabular presentation of financial information for fiscal quarters, effect of year-end adjustments, and an explanation of matters or transactions that affect comparability of the information. + References Reference 1: http://fasb.org/us-gaap/role/ref/legacyRef -Publisher FASB -Name Accounting Standards Codification -Topic 270 -URI http://asc.fasb.org/topic&trid=2126967 + Details
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