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S. SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)
 12 Months Ended
Dec. 31, 2016
Quarterly Financial Information Disclosure [Abstract]  
SELECTED QUARTERLY FINANCIAL DATA (UNAUDITED)

NOTE S—Selected Quarterly Financial Data (unaudited)

 

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, 2016 and 2015.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First 

 

Second

 

Third

 

Fourth

 

Year ended December 31, 2016

    

Quarter

    

Quarter

    

Quarter

    

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$
50,422

 

$
55,254

 

$
70,137

 

$
84,900

 

Cost of goods sold

 

 
36,169

 

 
37,952

 

 
46,976

 

 
52,662

 

Gross profit

 

$
14,253

 

$
17,302

 

$
23,161

 

$
32,238

 

Gross margin

 

 
28.3%

 

 
31.3%

 

 
33.0%

 

 
38.0%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$
8,396

 

$
7,814

 

$
8,362

 

$
7,208

 

Sales and marketing

 

 
1,680

 

 
1,610

 

 
1,594

 

 
1,743

 

General and administrative

 

 
5,733

 

 
5,906

 

 
6,445

 

 
7,443

 

Total operating expenses

 

$
15,809

 

$
15,330

 

$
16,401

 

$
16,394

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$
(1,556)

 

$
1,972

 

$
6,760

 

$
15,844

 

Interest and other income (expense), net

 

 
34

 

 
(1,317)

 

 
(356)

 

 
(378)

 

Net income (loss) before taxes

 

$
(1,522)

 

$
655

 

$
6,404

 

$
15,466

 

Income tax (expense) benefit

 

 
192

 

 
(52)

 

 
11,332

 

 
(1,241)

 

Net income (loss)

 

$
(1,330)

 

$
603

 

$
17,736

 

$
14,225

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share—basic

 

 
(0.08)

 

 
0.04

 

 
1.03

 

 
0.81

 

Net income (loss) per share—diluted

 

 
(0.08)

 

 
0.03

 

 
0.97

 

 
0.77

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

First

 

Second

 

Third

 

Fourth

 

Year ended December 31, 2015

    

Quarter

    

Quarter

    

Quarter

    

Quarter

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Revenue

 

$
30,234

 

$
49,632

 

$
57,085

 

$
52,952

 

Cost of goods sold

 

 
20,183

 

 
32,901

 

 
39,032

 

 
37,334

 

Gross profit

 

$
10,051

 

$
16,731

 

$
18,053

 

$
15,618

 

Gross margin

 

 
33.2%

 

 
33.7%

 

 
31.6%

 

 
29.5%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating expenses:

 

 

 

 

 

 

 

 

 

 

 

 

 

Research and development

 

$
4,805

 

$
4,701

 

$
5,386

 

$
5,960

 

Sales and marketing

 

 
1,559

 

 
1,607

 

 
1,582

 

 
1,633

 

General and administrative

 

 
5,003

 

 
4,534

 

 
4,963

 

 
5,271

 

Total operating expenses

 

$
11,367

 

$
10,842

 

$
11,931

 

$
12,864

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Income (loss) from operations

 

$
(1,316)

 

$
5,889

 

$
6,122

 

$
2,754

 

Interest and other income (expense), net

 

 
641

 

 
335

 

 
(3,016)

 

 
(241)

 

Net income (loss) before taxes

 

$
(675)

 

$
6,224

 

$
3,106

 

$
2,513

 

Income tax (expense) benefit

 

 

 —

 

 
(135)

 

 
(406)

 

 
166

 

Net income (loss)

 

$
(675)

 

$
6,089

 

$
2,700

 

$
2,679

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share—basic

 

$
(0.05)

 

 
0.41

 

 
0.17

 

 
0.16

 

Net income (loss) per share—diluted

 

$
(0.05)

 

 
0.38

 

 
0.16

 

 
0.15