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Quarterly Financial Information (Unaudited) (Tables)
12 Months Ended
Dec. 31, 2013
Quarterly Unaudited Financial Data

The following tables summarize the Company’s quarterly financial information for the years ended December 31, 2013 and 2012 (in thousands except per share amounts):

 

     Three Months Ended  
     March 31,
2013
    June 30,
2013
    September 30,
2013
    December 31,
2013
 

Revenue:

        

Product revenue

   $ 9,733      $ 10,150      $ 10,542      $ 9,232   

Cost of product revenue

     5,090        5,747        6,826        4,939   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit on product revenue

     4,643        4,403        3,716        4,293   

Government grants and cooperative agreements revenue

                            

Operating expenses:

        

Research and development

     2,700        3,506        4,363        4,618   

Selling, general and administrative

     6,853        7,954        7,728        7,430   

Amortization of intangible assets

     50        51        50        51   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     9,603        11,511        12,141        12,099   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (4,960     (7,108     (8,425     (7,806

Total non-operating income (expense), net

     (5,241     438        (12,016     1,999   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (10,201     (6,670     (20,441     (5,807

Provision for income taxes

     51        54        60        53   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (10,252   $ (6,724   $ (20,501   $ (5,860
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share:

        

Basic

   $ (0.17   $ (0.10   $ (0.29   $ (0.08

Diluted

   $ (0.17   $ (0.10   $ (0.29   $ (0.10

 

     Three Months Ended  
     March 31,
2012
    June 30,
2012
    September 30,
2012
    December 31,
2012
 

Revenue:

        

Product revenue

   $ 8,691      $ 9,224      $ 8,252      $ 10,528   

Cost of product revenue

     5,514        5,574        4,411        5,117   
  

 

 

   

 

 

   

 

 

   

 

 

 

Gross profit on product revenue

     3,177        3,650        3,841        5,411   

Government grants and cooperative agreements revenue

     91                        

Operating expenses:

        

Research and development

     1,824        1,712        1,903        2,164   

Selling, general and administrative

     5,966        6,686        6,219        6,794   

Amortization of intangible assets

     50        51        50        51   
  

 

 

   

 

 

   

 

 

   

 

 

 

Total operating expenses

     7,840        8,449        8,172        9,009   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss from operations

     (4,572     (4,799     (4,331     (3,598

Total non-operating income (expense), net

     (4,227     2,933        926        1,993   
  

 

 

   

 

 

   

 

 

   

 

 

 

Loss before income taxes

     (8,799     (1,866     (3,405     (1,605

Provision for income taxes

     35        41        55        111   
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss

   $ (8,834   $ (1,907   $ (3,460   $ (1,716
  

 

 

   

 

 

   

 

 

   

 

 

 

Net loss per common share:

        

Basic

   $ (0.17   $ (0.04   $ (0.06   $ (0.03

Diluted

   $ (0.17   $ (0.10   $ (0.08   $ (0.07