| Selected Quarterly Financial Data |
The following
tables set forth a summary of the Company’s quarterly financial information for each of the four quarters for the years ended
December 31, 2013 and 2012.
| | |
First | | |
Second | | |
Third | | |
Fourth | |
| Year
ended December 31, 2012 | |
Quarter | | |
Quarter | | |
Quarter | | |
Quarter | |
| | |
(in
thousands, except percentages, share and per share data) | |
| Revenue | |
$ | 12,506 | | |
$ | 15,638 | | |
$ | 16,416 | | |
$ | 18,861 | |
| Cost
of goods sold | |
| 8,393 | | |
| 10,938 | | |
| 11,743 | | |
| 13,418 | |
| Gross
profit | |
$ | 4,113 | | |
$ | 4,700 | | |
$ | 4,673 | | |
$ | 5,443 | |
| Gross
margin | |
| 32.9% | | |
| 30.1% | | |
| 28.5% | | |
| 28.9% | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
| Research
and development | |
$ | 1,574 | | |
$ | 1,708 | | |
$ | 2,178 | | |
$ | 2,144 | |
| Sales
and marketing | |
| 814 | | |
| 806 | | |
| 759 | | |
| 756 | |
| General
and administrative | |
| 1,961 | | |
| 1,947 | | |
| 1,892 | | |
| 2,213 | |
| Total
operating expenses | |
$ | 4,349 | | |
$ | 4,460 | | |
$ | 4,829 | | |
$ | 5,112 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income
(loss) from operations | |
$ | (236 | ) | |
$ | 240 | | |
$ | (156 | ) | |
$ | 331 | |
| Interest
and other income (expense), net | |
| (287 | ) | |
| (332 | ) | |
| (225 | ) | |
| (280 | ) |
| Net
income (loss) | |
$ | (523 | ) | |
$ | (92 | ) | |
$ | (381 | ) | |
$ | 51 | |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per share—basic, as revised | |
$ | (1.97 | ) | |
$ | (0.35 | ) | |
$ | (1.43 | ) | |
$ | 0.20 | |
| Net
loss per share—diluted, as revised | |
$ | (1.97 | ) | |
$ | (0.35 | ) | |
$ | (1.43 | ) | |
$ | 0.07 | |
| Weighted
average shares used to compute net loss per share, as revised: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 265,168 | | |
| 265,590 | | |
| 265,920 | | |
| 265,920 | |
| Diluted | |
| 265,168 | | |
| 265,590 | | |
| 265,920 | | |
| 695,241 | |
| | |
First | | |
Second | | |
Third | | |
Fourth | |
| Year
ended December 31, 2013 | |
Quarter | | |
Quarter | | |
Quarter | | |
Quarter | |
| | |
(in
thousands, except percentages, share and per share data) | |
| Revenue | |
$ | 14,317 | | |
$ | 19,597 | | |
$ | 20,766 | | |
$ | 23,744 | |
| Cost
of goods sold | |
| 9,732 | | |
| 14,150 | | |
| 14,445 | | |
| 17,068 | |
| Gross
profit | |
$ | 4,585 | | |
$ | 5,447 | | |
$ | 6,321 | | |
$ | 6,676 | |
| Gross
margin | |
| 32.0% | | |
| 27.8% | | |
| 30.4% | | |
| 28.1% | |
| | |
| | | |
| | | |
| | | |
| | |
| Operating
expenses: | |
| | | |
| | | |
| | | |
| | |
| Research
and development | |
$ | 2,004 | | |
$ | 1,898 | | |
$ | 2,211 | | |
$ | 2,400 | |
| Sales
and marketing | |
| 907 | | |
| 1,053 | | |
| 1,034 | | |
| 1,198 | |
| General
and administrative | |
| 2,374 | | |
| 2,447 | | |
| 2,435 | | |
| 3,375 | |
| Total
operating expenses | |
$ | 5,285 | | |
$ | 5,398 | | |
$ | 5,680 | | |
$ | 6,973 | |
| | |
| | | |
| | | |
| | | |
| | |
| Income
(loss) from operations | |
$ | (700 | ) | |
$ | 49 | | |
$ | 641 | | |
$ | (297 | ) |
| Interest
and other income (expense), net | |
| (294 | ) | |
| (331 | ) | |
| (250 | ) | |
| (223 | ) |
| Net
income (loss) | |
$ | (994 | ) | |
$ | (282 | ) | |
$ | 390 | | |
$ | (520 | ) |
| | |
| | | |
| | | |
| | | |
| | |
| Net
loss per share—basic, as revised | |
$ | (3.74 | ) | |
$ | (1.04 | ) | |
$ | 0.04 | | |
$ | (0.04 | ) |
| Net
loss per share—diluted, as revised | |
$ | (3.74 | ) | |
$ | (1.04 | ) | |
$ | 0.04 | | |
$ | (0.04 | ) |
| Weighted
average shares used to compute net loss per share, as revised: | |
| | | |
| | | |
| | | |
| | |
| Basic | |
| 265,920 | | |
| 270,912 | | |
| 8,995,397 | | |
| 12,630,603 | |
| Diluted | |
| 265,920 | | |
| 270,912 | | |
| 9,154,692 | | |
| 12,630,603 | |
|