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Basis of Presentation (Tables)
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3 Months Ended |
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Mar. 31, 2013
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| Organization, Consolidation and Presentation of Financial Statements [Abstract] |
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| Summary of computation of basic and diluted net income (loss) per share |
The following table sets forth the computation of basic and diluted net income (loss) per share for the periods indicated (in thousands, except per share amounts):
| | | | | | | | | | Three Months Ended | | March 31, | | 2013 | | 2012 | Net income (loss) from continuing operations | $ | 1,304 |
| | $ | (738 | ) | Net income from discontinued operations | 191 |
| | 1,871 |
| Net income | $ | 1,495 |
| | $ | 1,133 |
| Shares used to compute basic income (loss) per share | 20,189,378 |
| | 19,709,078 |
| Dilutive potential common shares: | | | | Restricted stock | 90,652 |
| | 29,723 |
| Shares used to compute diluted income (loss) per share | 20,280,030 |
| | 19,738,801 |
| Basic and diluted per share amounts: | | | | Income (loss) from continuing operations | $ | 0.06 |
| | $ | (0.04 | ) | Income from discontinued operations | 0.01 |
| | 0.10 |
| Net income | $ | 0.07 |
| | $ | 0.06 |
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| Summary of investment categories |
The following table summarizes the various investment categories at March 31, 2013 and December 31, 2012 (in thousands):
| | | | | | | | | | | | | | | | | | Cost | | Gross unrealized gains | | Gross unrealized losses | | Estimated fair value | March 31, 2013 | | | | | | | | Available-for-sale securities | $ | 1,426 |
| | $ | 1,166 |
| | $ | — |
| | $ | 2,592 |
| Certificates of deposit - restricted | 1,341 |
| | — |
| | — |
| | 1,341 |
| | $ | 2,767 |
| | $ | 1,166 |
| | $ | — |
| | $ | 3,933 |
| December 31, 2012 | | | | | | | | Available-for-sale securities | $ | 1,426 |
| | $ | — |
| | $ | — |
| | $ | 1,426 |
| Certificates of deposit-restricted | 1,341 |
| | — |
| | — |
| | 1,341 |
| | $ | 2,767 |
| | $ | — |
| | $ | — |
| | $ | 2,767 |
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| Summary of property and equipment |
Property and equipment is stated at cost and consists of the following (in thousands):
| | | | | | | | | | March 31, | | December 31, | | 2013 | | 2012 | Lab and office equipment | $ | 4,837 |
| | $ | 4,374 |
| Leasehold improvements | 134 |
| | 145 |
| Computer equipment and software | 1,244 |
| | 1,150 |
| | 6,215 |
| | 5,669 |
| Less accumulated depreciation and amortization | (5,457 | ) | | (4,881 | ) | | $ | 758 |
| | $ | 788 |
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| Summary of other current assets |
Other current assets consist of the following (in thousands):
| | | | | | | | | | March 31, | | December 31, | | 2013 | | 2012 | Prepaid expenses | $ | 941 |
| | $ | 801 |
| Advanced manufacturing payments | — |
| | 2 |
| Other receivables | 45 |
| | 26 |
| | $ | 986 |
| | $ | 829 |
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| Summary of goodwill and other identifiable intangible assets |
Goodwill and other identifiable intangible assets consist of the following (in thousands):
| | | | | | | | | | March 31, | | December 31, | | 2013 | | 2012 | Indefinite lived intangible assets | | | | Acquired in-process research and development | $ | 13,036 |
| | $ | 13,036 |
| Goodwill | 12,238 |
| | 12,238 |
| Definite lived intangible assets | | | | Complete technology | 15,227 |
| | 15,227 |
| Trade name | 2,642 |
| | 2,642 |
| Customer relationships | 29,600 |
| | 29,600 |
| | 47,469 |
| | 47,469 |
| Accumulated amortization | (5,186 | ) | | (4,593 | ) | Total goodwill and other identifiable intangible assets, net | $ | 67,557 |
| | $ | 68,150 |
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| Summary of accrued liabilities |
Accrued liabilities consist of the following (in thousands):
| | | | | | | | | | March 31, | | December 31, | | 2013 | | 2012 | Compensation | $ | 915 |
| | $ | 1,807 |
| Professional fees | 403 |
| | 199 |
| Other | 3,200 |
| | 2,955 |
| | $ | 4,518 |
| | $ | 4,961 |
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| Summary of other long-term liabilities |
Other long-term liabilities consist of the following (in thousands):
| | | | | | | | | | March 31, | | December 31, | | 2013 | | 2012 | Deposits | $ | 567 |
| | $ | 538 |
| Deferred rent | 399 |
| | 334 |
| Other | — |
| | 214 |
| | $ | 966 |
| | $ | 1,086 |
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| Schedule for accounting for share-based compensation |
The following table summarizes share-based compensation expense recorded as components of research and development expenses and general and administrative expenses for the periods indicated (in thousands):
| | | | | | | | | | Three Months Ended | | March 31, | | 2013 | | 2012 | Share-based compensation expense as a component of: | | | | Research and development expenses | $ | 386 |
| | $ | 425 |
| General and administrative expenses | 738 |
| | 284 |
| | $ | 1,124 |
| | $ | 709 |
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| Summary of fair-value options awarded to employees and directors |
The fair-value for options that were awarded to employees and directors was estimated at the date of grant using the Black-Scholes option valuation model with the following weighted-average assumptions:
| | | | | | Three Months Ended | | March 31, | | 2013 | | 2012 | Risk-free interest rate | 1.1% | | 1.1% | Dividend yield | — | | — | Expected volatility | 70% | | 68% | Expected term | 6.3 | | 6.0 | Forfeiture rate | 9.8% | | 11.2% |
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