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As of December 31, 2016 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 873 | $ | — | $ | — | $ | 873 | ||||||||
Marketable investments: | ||||||||||||||||
Commercial paper | — | 4,238 | — | 4,238 | ||||||||||||
U.S. Treasury | 4,996 | — | — | 4,996 | ||||||||||||
U.S. Agency securities | — | 8,794 | — | 8,794 | ||||||||||||
U.S. States and Municipalities | — | 27,355 | — | 27,355 | ||||||||||||
Corporate bonds | — | 68,925 | — | 68,925 | ||||||||||||
Non-U.S. Government debt securities | — | 1,209 | — | 1,209 | ||||||||||||
Total | $ | 5,869 | $ | 110,521 | $ | — | $ | 116,390 |
As of December 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Commercial paper | $ | — | $ | 9,850 | $ | — | $ | 9,850 | ||||||||
Money market funds | 252 | — | — | 252 | ||||||||||||
Marketable investments: | ||||||||||||||||
Commercial paper | — | 22,332 | — | 22,332 | ||||||||||||
U.S. Treasury | 15,436 | — | — | 15,436 | ||||||||||||
U.S. Agency securities | — | 21,464 | — | 21,464 | ||||||||||||
U.S. States and Municipalities | — | 2,084 | — | 2,084 | ||||||||||||
Corporate bonds | — | 61,002 | — | 61,002 | ||||||||||||
Non-U.S. Government debt securities | — | 6,939 | — | 6,939 | ||||||||||||
Total | $ | 15,688 | $ | 123,671 | $ | — | $ | 139,359 |
|
Balance At Beginning Of Year | Charged To Costs And Expenses | Deductions | Balance At End Of Year | |||||||||||||
For the year ended: | ||||||||||||||||
December 31, 2014 | $ | 471 | $ | 150 | $ | (19 | ) | $ | 602 | |||||||
December 31, 2015 | 602 | (13 | ) | — | 589 | |||||||||||
December 31, 2016 | 589 | 216 | (121 | ) | 684 |
December 31, | ||||||||
2016 | 2015 | |||||||
Prepaid taxes | $ | 4,656 | $ | 2,736 | ||||
Prepaid expenses | 4,573 | 4,706 | ||||||
Income tax receivable | 4,536 | 606 | ||||||
Other current assets | 4,962 | 1,304 | ||||||
Prepaid expenses and other current assets | $ | 18,727 | $ | 9,352 |
December 31, 2016 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 4,237 | $ | 1 | $ | — | $ | 4,238 | ||||||||
U.S. Treasury | 4,996 | — | — | 4,996 | ||||||||||||
U.S. Agency securities | 8,803 | 3 | (12 | ) | 8,794 | |||||||||||
U.S. States and Municipalities | 27,429 | 1 | (75 | ) | 27,355 | |||||||||||
Corporate bonds | 69,009 | 36 | (120 | ) | 68,925 | |||||||||||
Non-U.S. Government debt securities | 1,209 | — | — | 1,209 | ||||||||||||
Total | $ | 115,683 | $ | 41 | $ | (207 | ) | $ | 115,517 |
December 31, 2015 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 22,328 | $ | 5 | $ | (1 | ) | $ | 22,332 | |||||||
U.S. Treasury | 15,459 | 4 | (27 | ) | 15,436 | |||||||||||
U.S. Agency securities | 21,497 | 1 | (34 | ) | 21,464 | |||||||||||
U.S. States and Municipalities | 2,086 | — | (2 | ) | 2,084 | |||||||||||
Corporate bonds | 61,188 | 3 | (189 | ) | 61,002 | |||||||||||
Non-U.S. Government debt securities | 6,954 | 1 | (16 | ) | 6,939 | |||||||||||
Total | $ | 129,512 | $ | 14 | $ | (269 | ) | $ | 129,257 |
December 31, 2016 | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
U.S. Agency securities | 3,291 | (12 | ) | |||||
U.S. States and Municipalities | 22,286 | (75 | ) | |||||
Corporate bonds | 29,748 | (120 | ) | |||||
Total | $ | 55,325 | $ | (207 | ) |
December 31, 2015 | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
Commercial paper | $ | 4,746 | $ | (1 | ) | |||
U.S. Treasury | 12,453 | (27 | ) | |||||
U.S. Agency securities | 13,475 | (34 | ) | |||||
U.S. States and Municipalities | 2,084 | (2 | ) | |||||
Corporate bonds | 59,163 | (189 | ) | |||||
Non-U.S. government debt securities | 5,881 | (16 | ) | |||||
Total | $ | 97,802 | $ | (269 | ) |
December 31, | ||||||||
2016 | 2015 | |||||||
Marketable Investments | Fair Value | Fair Value | ||||||
Due in one year | $ | 71,051 | $ | 62,983 | ||||
Due in one to five years | 44,466 | 66,274 | ||||||
Total | $ | 115,517 | $ | 129,257 |
December 31, | ||||||||
2016 | 2015 | |||||||
Raw materials | $ | 11,367 | $ | 9,176 | ||||
Work in process | 3,663 | 2,746 | ||||||
Finished goods | 57,982 | 44,839 | ||||||
Inventories | $ | 73,012 | $ | 56,761 |
December 31, | ||||||||
2016 | 2015 | |||||||
Machinery and equipment | $ | 9,734 | $ | 8,559 | ||||
Furniture and fixtures | 4,246 | 2,091 | ||||||
Leasehold improvements | 10,207 | 1,564 | ||||||
Software | 1,221 | 666 | ||||||
Computers | 884 | 565 | ||||||
Construction in progress | 2,193 | 577 | ||||||
Total property and equipment | 28,485 | 14,022 | ||||||
Less: Accumulated depreciation and amortization | (7,021 | ) | (5,071 | ) | ||||
Property and equipment, net | $ | 21,464 | $ | 8,951 |
December 31, | ||||||||
2016 | 2015 | |||||||
Payroll and employee-related cost | $ | 16,956 | $ | 13,653 | ||||
Sales return reserve | 2,753 | 3,247 | ||||||
Preclinical and clinical trial cost | 2,054 | 1,330 | ||||||
Deferred revenue | 344 | 526 | ||||||
Product warranty | 1,254 | 713 | ||||||
Sales and VAT tax payable | 733 | 531 | ||||||
Income tax payable | 174 | 308 | ||||||
Other accrued liabilities | 7,422 | 5,273 | ||||||
Total accrued liabilities | $ | 31,690 | $ | 25,581 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance at the beginning of the year | $ | 713 | $ | 314 | $ | 323 | ||||||
Accruals of warranties issued | 1,176 | 752 | 149 | |||||||||
Settlements of warranty claims | (635 | ) | (353 | ) | (158 | ) | ||||||
Balance at the end of the year | $ | 1,254 | $ | 713 | $ | 314 |
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Lease Payments | |||
Year Ending December 31: | |||
2017 | $ | 5,554 | |
2018 | 5,568 | ||
2019 | 5,610 | ||
2020 | 5,642 | ||
2021 | 5,234 | ||
Thereafter | 50,919 | ||
Total future minimum lease payments | $ | 78,527 |
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Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||
Balance, December 31, 2015 | 3,755,345 | $ | 12.13 | ||||||||||
Exercised | (860,424 | ) | 3.62 | ||||||||||
Canceled/Forfeited | (17,966 | ) | 17.68 | ||||||||||
Balance, December 31, 2016 | 2,876,955 | $ | 14.63 | ||||||||||
Vested and expected to vest—December 31, 2016 | 2,858,851 | $ | 14.58 | 6.71 | $ | 140,713 | |||||||
Exercisable—December 31, 2016 | 1,694,078 | $ | 9.89 | 5.49 | $ | 91,330 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested at December 31, 2015 | 849,571 | $ | 15.12 | ||||
Granted | 336,096 | 62.25 | |||||
Vested | (174,723 | ) | 23.30 | ||||
Canceled/Forfeited | (8,000 | ) | 21.38 | ||||
Unvested at December 31, 2016 | 1,002,944 | $ | 29.44 |
Equity Settled Awards | ||||||
Year Ended December 31, | ||||||
2016 | 2015 | 2014 | ||||
Expected term (in years) | .50 | 6.08—6.25 | 6.25 | |||
Expected volatility | 40% | 45% | 45% | |||
Risk-free interest rate | 0.48% | 1.56%—1.78% | 1.76%—2.02% | |||
Expected dividend rate | 0% | 0% | 0% |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Cost of sales | $ | 1,132 | $ | 316 | $ | 267 | ||||||
Research and development | 1,020 | 444 | 96 | |||||||||
Sales, general and administrative | 12,485 | 6,511 | 1,070 | |||||||||
$ | 14,637 | $ | 7,271 | $ | 1,433 |
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Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance, beginning of the year | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) | $ | (220 | ) | $ | (644 | ) | $ | (864 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains (losses)—marketable investments | 98 | — | 98 | (417 | ) | — | (417 | ) | ||||||||||||||||
Foreign currency translation (losses) gains | — | (2,628 | ) | (2,628 | ) | — | (1,425 | ) | (1,425 | ) | ||||||||||||||
Income tax effect—(expense) benefit | (35 | ) | (3 | ) | (38 | ) | 128 | 117 | 245 | |||||||||||||||
Net of tax | 63 | (2,631 | ) | (2,568 | ) | (289 | ) | (1,308 | ) | (1,597 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings: | ||||||||||||||||||||||||
Realized (gains) losses—marketable investments | (8 | ) | — | (8 | ) | 540 | — | 540 | ||||||||||||||||
Income tax effect—benefit (expense) | 3 | — | 3 | (194 | ) | — | (194 | ) | ||||||||||||||||
Net of tax | (5 | ) | — | (5 | ) | 346 | — | 346 | ||||||||||||||||
Net current-year other comprehensive income (loss) | 58 | (2,631 | ) | (2,573 | ) | 57 | (1,308 | ) | (1,251 | ) | ||||||||||||||
Balance, end of the year | $ | (105 | ) | $ | (4,583 | ) | $ | (4,688 | ) | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) |
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Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | (944 | ) | $ | 2,955 | $ | 2,230 | |||||
Foreign | 75 | 1,069 | 909 | |||||||||
Total income (loss) before provision for (benefit from) income taxes | $ | (869 | ) | $ | 4,024 | $ | 3,139 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Current: | ||||||||||||
Federal | $ | (3,872 | ) | $ | 3,815 | $ | 1,155 | |||||
State | 304 | 603 | 274 | |||||||||
Foreign | 772 | 492 | 323 | |||||||||
Total current | (2,796 | ) | 4,910 | 1,752 | ||||||||
Deferred: | ||||||||||||
Federal | (11,909 | ) | (3,025 | ) | (625 | ) | ||||||
State | (785 | ) | (251 | ) | (116 | ) | ||||||
Foreign | (193 | ) | 25 | (117 | ) | |||||||
Total deferred | (12,887 | ) | (3,251 | ) | (858 | ) | ||||||
Provision for (benefit from) income taxes | $ | (15,683 | ) | $ | 1,659 | $ | 894 |
Year Ended December 31, | |||||||||
2016 | 2015 | 2014 | |||||||
Income tax at federal statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
State income taxes, net of federal benefit | 75.9 | 1.9 | 3.2 | ||||||
Foreign taxes differential | (63.0 | ) | (9.0 | ) | 5.2 | ||||
Prepaid tax ASC 810-10 | 59.0 | 2.1 | (8.9 | ) | |||||
IRC 199 deduction | — | (7.4 | ) | (7.0 | ) | ||||
Stock-based compensation | 1,474.0 | 14.8 | 6.0 | ||||||
Non- deductible meals and entertainment | (92.6 | ) | 5.6 | 5.8 | |||||
Imputed interest | (30.7 | ) | 4.7 | 6.6 | |||||
Tax credits | 395.5 | (11.6 | ) | (12.1 | ) | ||||
Other | (47.4 | ) | 3.6 | 2.8 | |||||
Change in valuation allowance | 0.3 | 2.5 | (7.1 | ) | |||||
Effective tax rate | 1,805.0 | % | 41.2 | % | 28.5 | % |
December 31, | ||||||||
2016 | 2015 | |||||||
Deferred tax assets | ||||||||
Net operating loss carryforwards | $ | 5,983 | $ | 1,000 | ||||
Tax credits | 6,260 | 1,355 | ||||||
Accruals and reserves | 7,668 | 5,048 | ||||||
Stock-based compensation | 3,703 | 1,352 | ||||||
Translation adjustment | 690 | 715 | ||||||
UNICAP adjustments | 4,721 | 3,840 | ||||||
Other | 938 | 870 | ||||||
Gross deferred tax assets | 29,963 | 14,180 | ||||||
Valuation allowance | (6,062 | ) | (2,702 | ) | ||||
Total deferred tax assets | 23,901 | 11,478 | ||||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | (1,425 | ) | (1,335 | ) | ||||
Total deferred tax liabilities | (1,425 | ) | (1,335 | ) | ||||
Net deferred tax assets | $ | 22,476 | $ | 10,143 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance at the beginning of the year | $ | 2,702 | $ | 2,945 | $ | 3,860 | ||||||
Release of valuation allowance | — | (243 | ) | (321 | ) | |||||||
Other reserves and deferrals | 3,360 | — | (594 | ) | ||||||||
Balance at the end of the year | $ | 6,062 | $ | 2,702 | $ | 2,945 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Beginning Balance | $ | 3,619 | $ | 1,726 | $ | 1,325 | ||||||
Gross increase for tax positions of current year | 1,213 | 1,023 | 401 | |||||||||
Gross increase for tax positions of prior years | 250 | 1,062 | — | |||||||||
Gross decrease for tax positions of prior years | (648 | ) | — | — | ||||||||
Settlement | (387 | ) | — | — | ||||||||
Lapse of statute of limitations | (220 | ) | (192 | ) | — | |||||||
Ending Balance | $ | 3,827 | $ | 3,619 | $ | 1,726 |
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Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | 176,104 | $ | 127,311 | $ | 82,965 | ||||||
Japan | 30,284 | 19,016 | 14,699 | |||||||||
Other International | 56,929 | 39,768 | 27,846 | |||||||||
Total | $ | 263,317 | $ | 186,095 | $ | 125,510 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Neuro | $ | 185,533 | $ | 141,410 | $ | 106,242 | ||||||
Peripheral Vascular | 77,784 | 44,685 | 19,268 | |||||||||
Total | $ | 263,317 | $ | 186,095 | $ | 125,510 |
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Quarter Ended | ||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | ||||||||||||||||||||||
Selected Statement of Operations Data: | ||||||||||||||||||||||||||||
Revenue | $ | 57,919 | $ | 65,106 | $ | 67,187 | $ | 73,105 | $ | 57,919 | $ | 65,106 | $ | 67,187 | ||||||||||||||
Cost of revenue | 18,014 | 23,636 | 24,313 | 26,525 | 18,014 | 23,636 | 24,313 | |||||||||||||||||||||
Gross profit | $ | 39,905 | $ | 41,470 | $ | 42,874 | $ | 46,580 | $ | 39,905 | $ | 41,470 | $ | 42,874 | ||||||||||||||
(Loss) Income before provision for (benefit from) income taxes | $ | 2,121 | $ | (383 | ) | $ | (1,092 | ) | $ | (1,515 | ) | $ | 2,121 | $ | (383 | ) | $ | (1,092 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 1,341 | $ | (568 | ) | $ | 14 | $ | 881 | $ | (170 | ) | $ | (3,396 | ) | $ | (12,998 | ) | ||||||||||
Net income (loss) | $ | 780 | $ | 185 | $ | (1,106 | ) | $ | (2,396 | ) | $ | 2,291 | $ | 3,013 | $ | 11,906 | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 780 | $ | 185 | $ | (1,106 | ) | $ | (2,396 | ) | $ | 2,291 | $ | 3,013 | $ | 11,906 | ||||||||||||
Net income (loss) per share attributable to common stockholders—Basic | $ | 0.03 | $ | 0.01 | $ | (0.04 | ) | $ | (0.08 | ) | $ | 0.08 | $ | 0.10 | $ | 0.39 | ||||||||||||
Net income (loss) per share attributable to common stockholders—Diluted | $ | 0.02 | $ | 0.01 | $ | (0.04 | ) | $ | (0.08 | ) | $ | 0.07 | $ | 0.09 | $ | 0.35 | ||||||||||||
Weighted average shares used to compute net income (loss) per share attributable to common stockholders—Basic | 29,990,006 | 30,210,322 | 30,604,384 | 31,045,700 | 29,990,006 | 30,210,322 | 30,604,384 | |||||||||||||||||||||
Weighted average shares used to compute net income (loss) per share attributable to common stockholders—Diluted | 32,486,516 | 32,693,684 | 30,604,384 | 31,045,700 | 33,023,495 | 33,308,193 | 33,755,383 |
Quarter Ended | ||||||||||||||||
2015 | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Selected Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 38,952 | $ | 42,311 | $ | 50,416 | $ | 54,416 | ||||||||
Cost of revenue | 12,224 | 14,936 | 16,919 | 17,958 | ||||||||||||
Gross profit | $ | 26,728 | $ | 27,375 | $ | 33,497 | $ | 36,458 | ||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 4,242 | $ | (4,178 | ) | $ | 2,084 | $ | 1,876 | |||||||
Net (loss) income | $ | 2,502 | $ | (2,671 | ) | $ | 901 | $ | 1,633 | |||||||
Net (loss) income attributable to common stockholders | $ | 503 | $ | (553 | ) | $ | 276 | $ | 1,633 | |||||||
Net (loss) income per share attributable to common stockholders—Basic | $ | 0.10 | $ | (0.11 | ) | $ | 0.04 | $ | 0.05 | |||||||
Net (loss) income per share attributable to common stockholders—Diluted | $ | 0.07 | $ | (0.11 | ) | $ | 0.03 | $ | 0.05 | |||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders—Basic | 4,903,535 | 5,096,151 | 7,853,730 | 29,890,944 | ||||||||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders—Diluted | 7,193,452 | 5,096,151 | 10,189,248 | 32,321,410 |
As Reported | As Adjusted | |||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | |||||||||||||||||||
Selected Statement of Cash Flow Data: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (3,584 | ) | $ | (12,555 | ) | $ | (10,051 | ) | $ | (2,074 | ) | $ | (8,182 | ) | $ | (2,450 | ) | ||||||
Net cash provided by (used in) financing activities | $ | (3 | ) | $ | 7,803 | $ | 12,253 | $ | (1,513 | ) | $ | 3,430 | $ | 4,652 |
As Reported | As Adjusted | |||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | |||||||||||||||||||
Selected Statement of Cash Flow Data: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (2,662 | ) | $ | (8,331 | ) | $ | (12,631 | ) | $ | (2,662 | ) | $ | (8,331 | ) | $ | (11,374 | ) | ||||||
Net cash provided by (used in) financing activities | $ | 326 | $ | (2,974 | ) | $ | 125,194 | $ | 326 | $ | (2,974 | ) | $ | 123,937 |
As Reported | As Adjusted | |||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | |||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 11,512 | $ | 17,406 | $ | 18,665 | $ | 11,512 | $ | 17,371 | $ | 19,209 | ||||||||||||
Total current assets | $ | 253,651 | $ | 260,252 | $ | 267,223 | $ | 253,651 | $ | 260,217 | $ | 267,767 | ||||||||||||
Deferred taxes | $ | 11,318 | $ | 11,422 | $ | 13,394 | $ | 11,318 | $ | 11,422 | $ | 22,059 | ||||||||||||
Total assets | $ | 275,121 | $ | 283,979 | $ | 297,279 | $ | 275,121 | $ | 283,944 | $ | 306,488 | ||||||||||||
Other non-current liabilities | $ | 3,094 | $ | 4,199 | $ | 6,081 | $ | 3,094 | $ | 4,199 | $ | 5,540 | ||||||||||||
Total liabilities | $ | 37,073 | $ | 36,388 | $ | 43,425 | $ | 37,073 | $ | 36,388 | $ | 42,884 | ||||||||||||
Additional paid-in-capital | $ | 255,499 | $ | 266,650 | $ | 275,031 | $ | 253,988 | $ | 262,276 | $ | 267,429 | ||||||||||||
Accumulated deficit | $ | (16,695 | ) | $ | (16,510 | ) | $ | (17,616 | ) | $ | (15,184 | ) | $ | (12,171 | ) | $ | (264 | ) | ||||||
Total stockholders' equity | $ | 238,048 | $ | 247,591 | $ | 253,854 | $ | 238,048 | $ | 247,556 | $ | 263,604 | ||||||||||||
Total liabilities and stockholders' equity | $ | 275,121 | $ | 283,979 | $ | 297,279 | $ | 275,121 | $ | 283,944 | $ | 306,488 |
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As of December 31, 2016 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Money market funds | $ | 873 | $ | — | $ | — | $ | 873 | ||||||||
Marketable investments: | ||||||||||||||||
Commercial paper | — | 4,238 | — | 4,238 | ||||||||||||
U.S. Treasury | 4,996 | — | — | 4,996 | ||||||||||||
U.S. Agency securities | — | 8,794 | — | 8,794 | ||||||||||||
U.S. States and Municipalities | — | 27,355 | — | 27,355 | ||||||||||||
Corporate bonds | — | 68,925 | — | 68,925 | ||||||||||||
Non-U.S. Government debt securities | — | 1,209 | — | 1,209 | ||||||||||||
Total | $ | 5,869 | $ | 110,521 | $ | — | $ | 116,390 |
As of December 31, 2015 | ||||||||||||||||
Level 1 | Level 2 | Level 3 | Fair Value | |||||||||||||
Financial Assets | ||||||||||||||||
Cash equivalents: | ||||||||||||||||
Commercial paper | $ | — | $ | 9,850 | $ | — | $ | 9,850 | ||||||||
Money market funds | 252 | — | — | 252 | ||||||||||||
Marketable investments: | ||||||||||||||||
Commercial paper | — | 22,332 | — | 22,332 | ||||||||||||
U.S. Treasury | 15,436 | — | — | 15,436 | ||||||||||||
U.S. Agency securities | — | 21,464 | — | 21,464 | ||||||||||||
U.S. States and Municipalities | — | 2,084 | — | 2,084 | ||||||||||||
Corporate bonds | — | 61,002 | — | 61,002 | ||||||||||||
Non-U.S. Government debt securities | — | 6,939 | — | 6,939 | ||||||||||||
Total | $ | 15,688 | $ | 123,671 | $ | — | $ | 139,359 |
|
Balance At Beginning Of Year | Charged To Costs And Expenses | Deductions | Balance At End Of Year | |||||||||||||
For the year ended: | ||||||||||||||||
December 31, 2014 | $ | 471 | $ | 150 | $ | (19 | ) | $ | 602 | |||||||
December 31, 2015 | 602 | (13 | ) | — | 589 | |||||||||||
December 31, 2016 | 589 | 216 | (121 | ) | 684 |
December 31, | ||||||||
2016 | 2015 | |||||||
Prepaid taxes | $ | 4,656 | $ | 2,736 | ||||
Prepaid expenses | 4,573 | 4,706 | ||||||
Income tax receivable | 4,536 | 606 | ||||||
Other current assets | 4,962 | 1,304 | ||||||
Prepaid expenses and other current assets | $ | 18,727 | $ | 9,352 |
December 31, 2016 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 4,237 | $ | 1 | $ | — | $ | 4,238 | ||||||||
U.S. Treasury | 4,996 | — | — | 4,996 | ||||||||||||
U.S. Agency securities | 8,803 | 3 | (12 | ) | 8,794 | |||||||||||
U.S. States and Municipalities | 27,429 | 1 | (75 | ) | 27,355 | |||||||||||
Corporate bonds | 69,009 | 36 | (120 | ) | 68,925 | |||||||||||
Non-U.S. Government debt securities | 1,209 | — | — | 1,209 | ||||||||||||
Total | $ | 115,683 | $ | 41 | $ | (207 | ) | $ | 115,517 |
December 31, 2015 | ||||||||||||||||
Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 22,328 | $ | 5 | $ | (1 | ) | $ | 22,332 | |||||||
U.S. Treasury | 15,459 | 4 | (27 | ) | 15,436 | |||||||||||
U.S. Agency securities | 21,497 | 1 | (34 | ) | 21,464 | |||||||||||
U.S. States and Municipalities | 2,086 | — | (2 | ) | 2,084 | |||||||||||
Corporate bonds | 61,188 | 3 | (189 | ) | 61,002 | |||||||||||
Non-U.S. Government debt securities | 6,954 | 1 | (16 | ) | 6,939 | |||||||||||
Total | $ | 129,512 | $ | 14 | $ | (269 | ) | $ | 129,257 |
December 31, 2016 | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
U.S. Agency securities | 3,291 | (12 | ) | |||||
U.S. States and Municipalities | 22,286 | (75 | ) | |||||
Corporate bonds | 29,748 | (120 | ) | |||||
Total | $ | 55,325 | $ | (207 | ) |
December 31, 2015 | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
Commercial paper | $ | 4,746 | $ | (1 | ) | |||
U.S. Treasury | 12,453 | (27 | ) | |||||
U.S. Agency securities | 13,475 | (34 | ) | |||||
U.S. States and Municipalities | 2,084 | (2 | ) | |||||
Corporate bonds | 59,163 | (189 | ) | |||||
Non-U.S. government debt securities | 5,881 | (16 | ) | |||||
Total | $ | 97,802 | $ | (269 | ) |
December 31, | ||||||||
2016 | 2015 | |||||||
Marketable Investments | Fair Value | Fair Value | ||||||
Due in one year | $ | 71,051 | $ | 62,983 | ||||
Due in one to five years | 44,466 | 66,274 | ||||||
Total | $ | 115,517 | $ | 129,257 |
December 31, | ||||||||
2016 | 2015 | |||||||
Raw materials | $ | 11,367 | $ | 9,176 | ||||
Work in process | 3,663 | 2,746 | ||||||
Finished goods | 57,982 | 44,839 | ||||||
Inventories | $ | 73,012 | $ | 56,761 |
December 31, | ||||||||
2016 | 2015 | |||||||
Machinery and equipment | $ | 9,734 | $ | 8,559 | ||||
Furniture and fixtures | 4,246 | 2,091 | ||||||
Leasehold improvements | 10,207 | 1,564 | ||||||
Software | 1,221 | 666 | ||||||
Computers | 884 | 565 | ||||||
Construction in progress | 2,193 | 577 | ||||||
Total property and equipment | 28,485 | 14,022 | ||||||
Less: Accumulated depreciation and amortization | (7,021 | ) | (5,071 | ) | ||||
Property and equipment, net | $ | 21,464 | $ | 8,951 |
December 31, | ||||||||
2016 | 2015 | |||||||
Payroll and employee-related cost | $ | 16,956 | $ | 13,653 | ||||
Sales return reserve | 2,753 | 3,247 | ||||||
Preclinical and clinical trial cost | 2,054 | 1,330 | ||||||
Deferred revenue | 344 | 526 | ||||||
Product warranty | 1,254 | 713 | ||||||
Sales and VAT tax payable | 733 | 531 | ||||||
Income tax payable | 174 | 308 | ||||||
Other accrued liabilities | 7,422 | 5,273 | ||||||
Total accrued liabilities | $ | 31,690 | $ | 25,581 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance at the beginning of the year | $ | 713 | $ | 314 | $ | 323 | ||||||
Accruals of warranties issued | 1,176 | 752 | 149 | |||||||||
Settlements of warranty claims | (635 | ) | (353 | ) | (158 | ) | ||||||
Balance at the end of the year | $ | 1,254 | $ | 713 | $ | 314 |
|
Lease Payments | |||
Year Ending December 31: | |||
2017 | $ | 5,554 | |
2018 | 5,568 | ||
2019 | 5,610 | ||
2020 | 5,642 | ||
2021 | 5,234 | ||
Thereafter | 50,919 | ||
Total future minimum lease payments | $ | 78,527 |
|
Number of Shares | Weighted Average Exercise Price | Weighted Average Remaining Contractual Life (in Years) | Aggregate Intrinsic Value (in thousands) | ||||||||||
Balance, December 31, 2015 | 3,755,345 | $ | 12.13 | ||||||||||
Exercised | (860,424 | ) | 3.62 | ||||||||||
Canceled/Forfeited | (17,966 | ) | 17.68 | ||||||||||
Balance, December 31, 2016 | 2,876,955 | $ | 14.63 | ||||||||||
Vested and expected to vest—December 31, 2016 | 2,858,851 | $ | 14.58 | 6.71 | $ | 140,713 | |||||||
Exercisable—December 31, 2016 | 1,694,078 | $ | 9.89 | 5.49 | $ | 91,330 |
Number of Shares | Weighted Average Grant Date Fair Value | ||||||
Unvested at December 31, 2015 | 849,571 | $ | 15.12 | ||||
Granted | 336,096 | 62.25 | |||||
Vested | (174,723 | ) | 23.30 | ||||
Canceled/Forfeited | (8,000 | ) | 21.38 | ||||
Unvested at December 31, 2016 | 1,002,944 | $ | 29.44 |
Equity Settled Awards | ||||||
Year Ended December 31, | ||||||
2016 | 2015 | 2014 | ||||
Expected term (in years) | .50 | 6.08—6.25 | 6.25 | |||
Expected volatility | 40% | 45% | 45% | |||
Risk-free interest rate | 0.48% | 1.56%—1.78% | 1.76%—2.02% | |||
Expected dividend rate | 0% | 0% | 0% |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Cost of sales | $ | 1,132 | $ | 316 | $ | 267 | ||||||
Research and development | 1,020 | 444 | 96 | |||||||||
Sales, general and administrative | 12,485 | 6,511 | 1,070 | |||||||||
$ | 14,637 | $ | 7,271 | $ | 1,433 |
|
Year Ended December 31, 2016 | Year Ended December 31, 2015 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance, beginning of the year | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) | $ | (220 | ) | $ | (644 | ) | $ | (864 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains (losses)—marketable investments | 98 | — | 98 | (417 | ) | — | (417 | ) | ||||||||||||||||
Foreign currency translation (losses) gains | — | (2,628 | ) | (2,628 | ) | — | (1,425 | ) | (1,425 | ) | ||||||||||||||
Income tax effect—(expense) benefit | (35 | ) | (3 | ) | (38 | ) | 128 | 117 | 245 | |||||||||||||||
Net of tax | 63 | (2,631 | ) | (2,568 | ) | (289 | ) | (1,308 | ) | (1,597 | ) | |||||||||||||
Amounts reclassified from accumulated other comprehensive loss to earnings: | ||||||||||||||||||||||||
Realized (gains) losses—marketable investments | (8 | ) | — | (8 | ) | 540 | — | 540 | ||||||||||||||||
Income tax effect—benefit (expense) | 3 | — | 3 | (194 | ) | — | (194 | ) | ||||||||||||||||
Net of tax | (5 | ) | — | (5 | ) | 346 | — | 346 | ||||||||||||||||
Net current-year other comprehensive income (loss) | 58 | (2,631 | ) | (2,573 | ) | 57 | (1,308 | ) | (1,251 | ) | ||||||||||||||
Balance, end of the year | $ | (105 | ) | $ | (4,583 | ) | $ | (4,688 | ) | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) |
|
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | (944 | ) | $ | 2,955 | $ | 2,230 | |||||
Foreign | 75 | 1,069 | 909 | |||||||||
Total income (loss) before provision for (benefit from) income taxes | $ | (869 | ) | $ | 4,024 | $ | 3,139 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Current: | ||||||||||||
Federal | $ | (3,872 | ) | $ | 3,815 | $ | 1,155 | |||||
State | 304 | 603 | 274 | |||||||||
Foreign | 772 | 492 | 323 | |||||||||
Total current | (2,796 | ) | 4,910 | 1,752 | ||||||||
Deferred: | ||||||||||||
Federal | (11,909 | ) | (3,025 | ) | (625 | ) | ||||||
State | (785 | ) | (251 | ) | (116 | ) | ||||||
Foreign | (193 | ) | 25 | (117 | ) | |||||||
Total deferred | (12,887 | ) | (3,251 | ) | (858 | ) | ||||||
Provision for (benefit from) income taxes | $ | (15,683 | ) | $ | 1,659 | $ | 894 |
Year Ended December 31, | |||||||||
2016 | 2015 | 2014 | |||||||
Income tax at federal statutory rate | 34.0 | % | 34.0 | % | 34.0 | % | |||
State income taxes, net of federal benefit | 75.9 | 1.9 | 3.2 | ||||||
Foreign taxes differential | (63.0 | ) | (9.0 | ) | 5.2 | ||||
Prepaid tax ASC 810-10 | 59.0 | 2.1 | (8.9 | ) | |||||
IRC 199 deduction | — | (7.4 | ) | (7.0 | ) | ||||
Stock-based compensation | 1,474.0 | 14.8 | 6.0 | ||||||
Non- deductible meals and entertainment | (92.6 | ) | 5.6 | 5.8 | |||||
Imputed interest | (30.7 | ) | 4.7 | 6.6 | |||||
Tax credits | 395.5 | (11.6 | ) | (12.1 | ) | ||||
Other | (47.4 | ) | 3.6 | 2.8 | |||||
Change in valuation allowance | 0.3 | 2.5 | (7.1 | ) | |||||
Effective tax rate | 1,805.0 | % | 41.2 | % | 28.5 | % |
December 31, | ||||||||
2016 | 2015 | |||||||
Deferred tax assets | ||||||||
Net operating loss carryforwards | $ | 5,983 | $ | 1,000 | ||||
Tax credits | 6,260 | 1,355 | ||||||
Accruals and reserves | 7,668 | 5,048 | ||||||
Stock-based compensation | 3,703 | 1,352 | ||||||
Translation adjustment | 690 | 715 | ||||||
UNICAP adjustments | 4,721 | 3,840 | ||||||
Other | 938 | 870 | ||||||
Gross deferred tax assets | 29,963 | 14,180 | ||||||
Valuation allowance | (6,062 | ) | (2,702 | ) | ||||
Total deferred tax assets | 23,901 | 11,478 | ||||||
Deferred tax liabilities | ||||||||
Depreciation and amortization | (1,425 | ) | (1,335 | ) | ||||
Total deferred tax liabilities | (1,425 | ) | (1,335 | ) | ||||
Net deferred tax assets | $ | 22,476 | $ | 10,143 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Balance at the beginning of the year | $ | 2,702 | $ | 2,945 | $ | 3,860 | ||||||
Release of valuation allowance | — | (243 | ) | (321 | ) | |||||||
Other reserves and deferrals | 3,360 | — | (594 | ) | ||||||||
Balance at the end of the year | $ | 6,062 | $ | 2,702 | $ | 2,945 |
December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Beginning Balance | $ | 3,619 | $ | 1,726 | $ | 1,325 | ||||||
Gross increase for tax positions of current year | 1,213 | 1,023 | 401 | |||||||||
Gross increase for tax positions of prior years | 250 | 1,062 | — | |||||||||
Gross decrease for tax positions of prior years | (648 | ) | — | — | ||||||||
Settlement | (387 | ) | — | — | ||||||||
Lapse of statute of limitations | (220 | ) | (192 | ) | — | |||||||
Ending Balance | $ | 3,827 | $ | 3,619 | $ | 1,726 |
|
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
United States | $ | 176,104 | $ | 127,311 | $ | 82,965 | ||||||
Japan | 30,284 | 19,016 | 14,699 | |||||||||
Other International | 56,929 | 39,768 | 27,846 | |||||||||
Total | $ | 263,317 | $ | 186,095 | $ | 125,510 |
Year Ended December 31, | ||||||||||||
2016 | 2015 | 2014 | ||||||||||
Neuro | $ | 185,533 | $ | 141,410 | $ | 106,242 | ||||||
Peripheral Vascular | 77,784 | 44,685 | 19,268 | |||||||||
Total | $ | 263,317 | $ | 186,095 | $ | 125,510 |
|
Quarter Ended | ||||||||||||||||||||||||||||
As Reported | As Adjusted | |||||||||||||||||||||||||||
2016 | ||||||||||||||||||||||||||||
March 31 | June 30 | September 30 | December 31 | March 31 | June 30 | September 30 | ||||||||||||||||||||||
Selected Statement of Operations Data: | ||||||||||||||||||||||||||||
Revenue | $ | 57,919 | $ | 65,106 | $ | 67,187 | $ | 73,105 | $ | 57,919 | $ | 65,106 | $ | 67,187 | ||||||||||||||
Cost of revenue | 18,014 | 23,636 | 24,313 | 26,525 | 18,014 | 23,636 | 24,313 | |||||||||||||||||||||
Gross profit | $ | 39,905 | $ | 41,470 | $ | 42,874 | $ | 46,580 | $ | 39,905 | $ | 41,470 | $ | 42,874 | ||||||||||||||
(Loss) Income before provision for (benefit from) income taxes | $ | 2,121 | $ | (383 | ) | $ | (1,092 | ) | $ | (1,515 | ) | $ | 2,121 | $ | (383 | ) | $ | (1,092 | ) | |||||||||
Provision for (benefit from) income taxes | $ | 1,341 | $ | (568 | ) | $ | 14 | $ | 881 | $ | (170 | ) | $ | (3,396 | ) | $ | (12,998 | ) | ||||||||||
Net income (loss) | $ | 780 | $ | 185 | $ | (1,106 | ) | $ | (2,396 | ) | $ | 2,291 | $ | 3,013 | $ | 11,906 | ||||||||||||
Net income (loss) attributable to common stockholders | $ | 780 | $ | 185 | $ | (1,106 | ) | $ | (2,396 | ) | $ | 2,291 | $ | 3,013 | $ | 11,906 | ||||||||||||
Net income (loss) per share attributable to common stockholders—Basic | $ | 0.03 | $ | 0.01 | $ | (0.04 | ) | $ | (0.08 | ) | $ | 0.08 | $ | 0.10 | $ | 0.39 | ||||||||||||
Net income (loss) per share attributable to common stockholders—Diluted | $ | 0.02 | $ | 0.01 | $ | (0.04 | ) | $ | (0.08 | ) | $ | 0.07 | $ | 0.09 | $ | 0.35 | ||||||||||||
Weighted average shares used to compute net income (loss) per share attributable to common stockholders—Basic | 29,990,006 | 30,210,322 | 30,604,384 | 31,045,700 | 29,990,006 | 30,210,322 | 30,604,384 | |||||||||||||||||||||
Weighted average shares used to compute net income (loss) per share attributable to common stockholders—Diluted | 32,486,516 | 32,693,684 | 30,604,384 | 31,045,700 | 33,023,495 | 33,308,193 | 33,755,383 |
Quarter Ended | ||||||||||||||||
2015 | ||||||||||||||||
March 31 | June 30 | September 30 | December 31 | |||||||||||||
Selected Statement of Operations Data: | ||||||||||||||||
Revenue | $ | 38,952 | $ | 42,311 | $ | 50,416 | $ | 54,416 | ||||||||
Cost of revenue | 12,224 | 14,936 | 16,919 | 17,958 | ||||||||||||
Gross profit | $ | 26,728 | $ | 27,375 | $ | 33,497 | $ | 36,458 | ||||||||
Income (loss) before provision for (benefit from) income taxes | $ | 4,242 | $ | (4,178 | ) | $ | 2,084 | $ | 1,876 | |||||||
Net (loss) income | $ | 2,502 | $ | (2,671 | ) | $ | 901 | $ | 1,633 | |||||||
Net (loss) income attributable to common stockholders | $ | 503 | $ | (553 | ) | $ | 276 | $ | 1,633 | |||||||
Net (loss) income per share attributable to common stockholders—Basic | $ | 0.10 | $ | (0.11 | ) | $ | 0.04 | $ | 0.05 | |||||||
Net (loss) income per share attributable to common stockholders—Diluted | $ | 0.07 | $ | (0.11 | ) | $ | 0.03 | $ | 0.05 | |||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders—Basic | 4,903,535 | 5,096,151 | 7,853,730 | 29,890,944 | ||||||||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders—Diluted | 7,193,452 | 5,096,151 | 10,189,248 | 32,321,410 |
As Reported | As Adjusted | |||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | |||||||||||||||||||
Selected Statement of Cash Flow Data: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (3,584 | ) | $ | (12,555 | ) | $ | (10,051 | ) | $ | (2,074 | ) | $ | (8,182 | ) | $ | (2,450 | ) | ||||||
Net cash provided by (used in) financing activities | $ | (3 | ) | $ | 7,803 | $ | 12,253 | $ | (1,513 | ) | $ | 3,430 | $ | 4,652 |
As Reported | As Adjusted | |||||||||||||||||||||||
2015 | ||||||||||||||||||||||||
Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | Three months ended March 31 | Six months ended June 30 | Nine months ended September 30 | |||||||||||||||||||
Selected Statement of Cash Flow Data: | ||||||||||||||||||||||||
Net cash (used in) provided by operating activities | $ | (2,662 | ) | $ | (8,331 | ) | $ | (12,631 | ) | $ | (2,662 | ) | $ | (8,331 | ) | $ | (11,374 | ) | ||||||
Net cash provided by (used in) financing activities | $ | 326 | $ | (2,974 | ) | $ | 125,194 | $ | 326 | $ | (2,974 | ) | $ | 123,937 |
As Reported | As Adjusted | |||||||||||||||||||||||
2016 | ||||||||||||||||||||||||
March 31 | June 30 | September 30 | March 31 | June 30 | September 30 | |||||||||||||||||||
Balance Sheet Data: | ||||||||||||||||||||||||
Prepaid expenses and other current assets | $ | 11,512 | $ | 17,406 | $ | 18,665 | $ | 11,512 | $ | 17,371 | $ | 19,209 | ||||||||||||
Total current assets | $ | 253,651 | $ | 260,252 | $ | 267,223 | $ | 253,651 | $ | 260,217 | $ | 267,767 | ||||||||||||
Deferred taxes | $ | 11,318 | $ | 11,422 | $ | 13,394 | $ | 11,318 | $ | 11,422 | $ | 22,059 | ||||||||||||
Total assets | $ | 275,121 | $ | 283,979 | $ | 297,279 | $ | 275,121 | $ | 283,944 | $ | 306,488 | ||||||||||||
Other non-current liabilities | $ | 3,094 | $ | 4,199 | $ | 6,081 | $ | 3,094 | $ | 4,199 | $ | 5,540 | ||||||||||||
Total liabilities | $ | 37,073 | $ | 36,388 | $ | 43,425 | $ | 37,073 | $ | 36,388 | $ | 42,884 | ||||||||||||
Additional paid-in-capital | $ | 255,499 | $ | 266,650 | $ | 275,031 | $ | 253,988 | $ | 262,276 | $ | 267,429 | ||||||||||||
Accumulated deficit | $ | (16,695 | ) | $ | (16,510 | ) | $ | (17,616 | ) | $ | (15,184 | ) | $ | (12,171 | ) | $ | (264 | ) | ||||||
Total stockholders' equity | $ | 238,048 | $ | 247,591 | $ | 253,854 | $ | 238,048 | $ | 247,556 | $ | 263,604 | ||||||||||||
Total liabilities and stockholders' equity | $ | 275,121 | $ | 283,979 | $ | 297,279 | $ | 275,121 | $ | 283,944 | $ | 306,488 |
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