|
|
|
|
|
|
|
September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Balance Sheet Data: | |||||||
Prepaid expenses and other current assets | $ | 18,665 | $ | 19,209 | |||
Total current assets | 267,223 | 267,767 | |||||
Deferred taxes | 13,394 | 22,059 | |||||
Total assets | 297,279 | 306,488 | |||||
Other non-current liabilities | 6,081 | 5,540 | |||||
Total liabilities | 43,425 | 42,884 | |||||
Additional paid-in-capital | 275,031 | 267,429 | |||||
Accumulated deficit | (17,616 | ) | (264 | ) | |||
Total stockholders’ equity | 253,854 | 263,604 | |||||
Total liabilities and stockholders’ equity | 297,279 | 306,488 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
(In thousands, except per share amounts) | As Previously Reported | As Adjusted | As Previously Reported | As Adjusted | |||||||||||
Condensed Consolidated Statements of Operations Data: | |||||||||||||||
Provision for (benefit from) income taxes | $ | 14 | $ | (12,998 | ) | $ | 787 | $ | (16,564 | ) | |||||
Net (loss) income | $ | (1,106 | ) | $ | 11,906 | $ | (141 | ) | $ | 17,210 | |||||
Net (loss) income per share: | |||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.39 | $ | 0.00 | $ | 0.57 | ||||||
Diluted | $ | (0.04 | ) | $ | 0.35 | $ | 0.00 | $ | 0.52 | ||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders: | |||||||||||||||
Basic | 30,604,384 | 30,604,384 | 30,269,463 | 30,269,463 | |||||||||||
Diluted | 30,604,384 | 33,755,383 | 30,269,463 | 33,367,618 |
Nine Months Ended September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Statement of Cash Flow Data: | |||||||
Net cash used in operating activities | $ | (10,051 | ) | $ | (2,450 | ) | |
Net cash provided by financing activities | $ | 12,253 | $ | 4,652 |
|
September 30, 2017 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 23,471 | $ | 2 | $ | (1 | ) | $ | 23,472 | |||||||
U.S. Treasury | 9,004 | — | (4 | ) | 9,000 | |||||||||||
U.S. agency and government sponsored securities | 3,600 | — | (8 | ) | 3,592 | |||||||||||
U.S. states and municipalities | 10,207 | 1 | (4 | ) | 10,204 | |||||||||||
Corporate bonds | 106,964 | 48 | (77 | ) | 106,935 | |||||||||||
Total | $ | 153,246 | $ | 51 | $ | (94 | ) | $ | 153,203 |
December 31, 2016 | ||||||||||||||||
Amortized 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 and government sponsored 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 |
September 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
Commercial paper | $ | 10,959 | $ | (1 | ) | $ | — | $ | — | $ | 10,959 | $ | (1 | ) | ||||||||||
U.S. Treasury | 9,000 | (4 | ) | — | — | 9,000 | (4 | ) | ||||||||||||||||
U.S. agency and government sponsored securities | 1,600 | — | 1,992 | (8 | ) | 3,592 | (8 | ) | ||||||||||||||||
U.S. states and municipalities | 7,184 | (4 | ) | — | — | 7,184 | (4 | ) | ||||||||||||||||
Corporate bonds | 49,655 | (48 | ) | 4,168 | (29 | ) | 53,823 | (77 | ) | |||||||||||||||
Total | $ | 78,398 | $ | (57 | ) | $ | 6,160 | $ | (37 | ) | $ | 84,558 | $ | (94 | ) |
December 31, 2016 | ||||||||
Less than 12 months | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
U.S. agency and government sponsored securities | $ | 3,291 | $ | (12 | ) | |||
U.S. states and municipalities | 22,286 | (75 | ) | |||||
Corporate bonds | 29,748 | (120 | ) | |||||
Total | $ | 55,325 | $ | (207 | ) |
September 30, 2017 | December 31, 2016 | |||||||
Fair Value | Fair Value | |||||||
Due in less than one year | $ | 122,829 | $ | 71,051 | ||||
Due in one to five years | 30,374 | 44,466 | ||||||
Total | $ | 153,203 | $ | 115,517 |
As of September 30, 2017 | ||||||||||||
Level 1 | Level 2 | Total Fair Value | ||||||||||
Financial Assets | ||||||||||||
Cash equivalents: | ||||||||||||
Commercial paper | $ | — | $ | 9,084 | $ | 9,084 | ||||||
Money market funds | 9,042 | — | 9,042 | |||||||||
U.S. Treasury | — | — | — | |||||||||
U.S. states and municipalities | — | 6,500 | 6,500 | |||||||||
Marketable investments: | ||||||||||||
Commercial paper | — | 23,472 | 23,472 | |||||||||
U.S. Treasury | 9,000 | — | 9,000 | |||||||||
U.S. agency and government sponsored securities | — | 3,592 | 3,592 | |||||||||
U.S. states and municipalities | — | 10,204 | 10,204 | |||||||||
Corporate bonds | — | 106,935 | 106,935 | |||||||||
Total | $ | 18,042 | $ | 159,787 | $ | 177,829 |
As of December 31, 2016 | ||||||||||||
Level 1 | Level 2 | Total 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 and government sponsored 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 |
|
September 30, 2017 | December 31, 2016 | |||||||
Prepaid tax | $ | 1,023 | $ | 4,656 | ||||
Prepaid expenses | 5,213 | 4,573 | ||||||
Other current assets | 8,228 | 9,498 | ||||||
Prepaid expenses and other current assets | $ | 14,464 | $ | 18,727 |
September 30, 2017 | December 31, 2016 | |||||||
Raw materials | $ | 11,288 | $ | 11,367 | ||||
Work in process | 6,923 | 3,663 | ||||||
Finished goods | 72,318 | 57,982 | ||||||
Inventories | $ | 90,529 | $ | 73,012 |
September 30, 2017 | December 31, 2016 | |||||||
Payroll and employee-related cost | $ | 22,244 | $ | 16,956 | ||||
Sales return reserve | 3,024 | 2,753 | ||||||
Preclinical and clinical trial cost | 1,501 | 2,054 | ||||||
Royalty | 946 | 802 | ||||||
Product warranty | 1,066 | 1,254 | ||||||
Leasehold improvement expenditures | 2,904 | 260 | ||||||
Acquisition-related liabilities1 | 3,514 | — | ||||||
Other accrued liabilities | 10,113 | 7,611 | ||||||
Total accrued liabilities | $ | 45,312 | $ | 31,690 |
September 30, 2017 | December 31, 2016 | |||||||
Balance at the beginning of the period | $ | 1,254 | $ | 713 | ||||
Accruals of warranties issued | 289 | 1,176 | ||||||
Settlements of warranty claims | (477 | ) | (635 | ) | ||||
Balance at the end of the period | $ | 1,066 | $ | 1,254 |
September 30, 2017 | December 31, 2016 | |||||||
Deferred tax liabilities | $ | 3,299 | $ | 824 | ||||
Licensing-related cost1 | 12,717 | — | ||||||
Other non-current liabilities | 2,101 | — | ||||||
Total other non-current liabilities | $ | 18,117 | $ | 824 |
|
Cash, net of working capital and financial debt adjustments | $ | 9,918 | ||
Fair value of contingent consideration for milestone payments | 4,343 | |||
Contract purchase price | $ | 14,261 | ||
Consideration for settlement of pre-existing receivable due from Crossmed to Penumbra | 3,273 | |||
Total value of consideration transferred | $ | 17,534 |
Acquisition-Date Fair Value | Estimated Useful Life of Finite-Lived Intangible Assets | ||||
Tangible assets acquired and (liabilities) assumed: | |||||
Accounts receivable | $ | 4,406 | |||
Inventories | 1,343 | ||||
Other current and non-current assets | 1,316 | ||||
Property and equipment, net | 829 | ||||
Accounts payable | (740 | ) | |||
Accrued liabilities and obligations for short-term debt and credit facilities | (2,164 | ) | |||
Deferred tax liabilities | (2,472 | ) | |||
Other non-current liabilities | (797 | ) | |||
Intangible assets acquired: | |||||
Customer relationships | $ | 6,790 | 15 years | ||
Other | 1,750 | 5 years | |||
Goodwill | 7,273 | ||||
Total purchase price | $ | 17,534 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pro forma net revenue | $ | 83,911 | $ | 68,012 | $ | 240,506 | $ | 193,521 | ||||||||
Pro forma net income (loss) | 238 | 11,950 | (4,695 | ) | 17,020 |
|
Total Company | ||||
Balance as of December 31, 2016 | $ | — | ||
Acquisition of Crossmed(1) | 7,273 | |||
Foreign currency translation | 176 | |||
Balance as of September 30, 2017 | $ | 7,449 |
As of September 30, 2017 | Weighted-Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
Customer relationships | 15 years | $ | 7,044 | $ | (168 | ) | $ | 6,876 | ||||||
Other | 5 years | 1,815 | (87 | ) | 1,728 | |||||||||
Total intangible assets subject to amortization | $ | 8,859 | $ | (255 | ) | $ | 8,604 | |||||||
Intangible assets related to licensed technology | 15,217 | — | 15,217 | |||||||||||
Total intangible assets | $ | 24,076 | $ | (255 | ) | $ | 23,821 |
|
|
Number of Shares | Weighted-Average Exercise Price | ||||||
Balance at December 31, 2016 | 2,876,955 | $ | 14.63 | ||||
Options exercised | (678,825 | ) | 6.21 | ||||
Options canceled | (2,866 | ) | 16.98 | ||||
Balance at September 30, 2017 | 2,195,264 | 17.24 |
Number of Shares | Weighted -Average Grant Date Fair Value | ||||||
Unvested at December 31, 2016 | 1,002,944 | $ | 29.44 | ||||
Granted | 99,638 | 80.04 | |||||
Vested | (325,023 | ) | 24.79 | ||||
Canceled/Forfeited | (20,687 | ) | 45.22 | ||||
Unvested and expected to vest at September 30, 2017 | 756,872 | 37.67 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of revenue | $ | 316 | $ | 83 | $ | 817 | $ | 742 | ||||||||
Research and development | 352 | 251 | 913 | 790 | ||||||||||||
Sales, general and administrative | 3,819 | 3,930 | 11,362 | 9,268 | ||||||||||||
Total | $ | 4,487 | $ | 4,264 | $ | 13,092 | $ | 10,800 |
|
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance at beginning of the period | $ | (38 | ) | $ | (4,657 | ) | $ | (4,695 | ) | $ | 206 | $ | (2,785 | ) | $ | (2,579 | ) | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains (losses) — marketable investments | 54 | — | 54 | (178 | ) | — | (178 | ) | ||||||||||||||||
Foreign currency translation gains (losses) | — | 5,845 | 5,845 | — | (901 | ) | (901 | ) | ||||||||||||||||
Income tax effect — benefit | — | — | — | 63 | 3 | 66 | ||||||||||||||||||
Net of tax | 54 | 5,845 | 5,899 | (115 | ) | (898 | ) | (1,013 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income to earnings: | ||||||||||||||||||||||||
Realized losses — marketable investments | — | — | — | 1 | — | 1 | ||||||||||||||||||
Income tax effect — expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Net of tax | — | — | — | — | — | — | ||||||||||||||||||
Net current-year other comprehensive income (loss) | 54 | 5,845 | 5,899 | (115 | ) | (898 | ) | (1,013 | ) | |||||||||||||||
Balance at end of the period | $ | 16 | $ | 1,188 | $ | 1,204 | $ | 91 | $ | (3,683 | ) | $ | (3,592 | ) |
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance at beginning of the period | $ | (105 | ) | $ | (4,583 | ) | $ | (4,688 | ) | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains —marketable investments | 157 | — | 157 | 401 | — | 401 | ||||||||||||||||||
Foreign currency translation gains (losses) | — | 5,771 | 5,771 | — | (1,732 | ) | (1,732 | ) | ||||||||||||||||
Income tax effect — (expense) benefit | — | — | — | (145 | ) | 1 | (144 | ) | ||||||||||||||||
Net of tax | 157 | 5,771 | 5,928 | 256 | (1,731 | ) | (1,475 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to earnings: | ||||||||||||||||||||||||
Realized gains — marketable investments | (36 | ) | — | (36 | ) | (3 | ) | — | (3 | ) | ||||||||||||||
Income tax effect — benefit | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net of tax | (36 | ) | — | (36 | ) | (2 | ) | — | (2 | ) | ||||||||||||||
Net current-year other comprehensive income (loss) | 121 | 5,771 | 5,892 | 254 | (1,731 | ) | (1,477 | ) | ||||||||||||||||
Balance at end of the period | $ | 16 | $ | 1,188 | $ | 1,204 | $ | 91 | $ | (3,683 | ) | $ | (3,592 | ) |
|
|
September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Balance Sheet Data: | |||||||
Prepaid expenses and other current assets | $ | 18,665 | $ | 19,209 | |||
Total current assets | 267,223 | 267,767 | |||||
Deferred taxes | 13,394 | 22,059 | |||||
Total assets | 297,279 | 306,488 | |||||
Other non-current liabilities | 6,081 | 5,540 | |||||
Total liabilities | 43,425 | 42,884 | |||||
Additional paid-in-capital | 275,031 | 267,429 | |||||
Accumulated deficit | (17,616 | ) | (264 | ) | |||
Total stockholders’ equity | 253,854 | 263,604 | |||||
Total liabilities and stockholders’ equity | 297,279 | 306,488 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
(In thousands, except per share amounts) | As Previously Reported | As Adjusted | As Previously Reported | As Adjusted | |||||||||||
Condensed Consolidated Statements of Operations Data: | |||||||||||||||
Provision for (benefit from) income taxes | $ | 14 | $ | (12,998 | ) | $ | 787 | $ | (16,564 | ) | |||||
Net (loss) income | $ | (1,106 | ) | $ | 11,906 | $ | (141 | ) | $ | 17,210 | |||||
Net (loss) income per share: | |||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.39 | $ | 0.00 | $ | 0.57 | ||||||
Diluted | $ | (0.04 | ) | $ | 0.35 | $ | 0.00 | $ | 0.52 | ||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders: | |||||||||||||||
Basic | 30,604,384 | 30,604,384 | 30,269,463 | 30,269,463 | |||||||||||
Diluted | 30,604,384 | 33,755,383 | 30,269,463 | 33,367,618 |
Nine Months Ended September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Statement of Cash Flow Data: | |||||||
Net cash used in operating activities | $ | (10,051 | ) | $ | (2,450 | ) | |
Net cash provided by financing activities | $ | 12,253 | $ | 4,652 |
|
September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Balance Sheet Data: | |||||||
Prepaid expenses and other current assets | $ | 18,665 | $ | 19,209 | |||
Total current assets | 267,223 | 267,767 | |||||
Deferred taxes | 13,394 | 22,059 | |||||
Total assets | 297,279 | 306,488 | |||||
Other non-current liabilities | 6,081 | 5,540 | |||||
Total liabilities | 43,425 | 42,884 | |||||
Additional paid-in-capital | 275,031 | 267,429 | |||||
Accumulated deficit | (17,616 | ) | (264 | ) | |||
Total stockholders’ equity | 253,854 | 263,604 | |||||
Total liabilities and stockholders’ equity | 297,279 | 306,488 |
Three Months Ended September 30, 2016 | Nine Months Ended September 30, 2016 | ||||||||||||||
(In thousands, except per share amounts) | As Previously Reported | As Adjusted | As Previously Reported | As Adjusted | |||||||||||
Condensed Consolidated Statements of Operations Data: | |||||||||||||||
Provision for (benefit from) income taxes | $ | 14 | $ | (12,998 | ) | $ | 787 | $ | (16,564 | ) | |||||
Net (loss) income | $ | (1,106 | ) | $ | 11,906 | $ | (141 | ) | $ | 17,210 | |||||
Net (loss) income per share: | |||||||||||||||
Basic | $ | (0.04 | ) | $ | 0.39 | $ | 0.00 | $ | 0.57 | ||||||
Diluted | $ | (0.04 | ) | $ | 0.35 | $ | 0.00 | $ | 0.52 | ||||||
Weighted average shares used to compute net (loss) income per share attributable to common stockholders: | |||||||||||||||
Basic | 30,604,384 | 30,604,384 | 30,269,463 | 30,269,463 | |||||||||||
Diluted | 30,604,384 | 33,755,383 | 30,269,463 | 33,367,618 |
Nine Months Ended September 30, 2016 | |||||||
(In thousands) | As Previously Reported | As Adjusted | |||||
Condensed Consolidated Statement of Cash Flow Data: | |||||||
Net cash used in operating activities | $ | (10,051 | ) | $ | (2,450 | ) | |
Net cash provided by financing activities | $ | 12,253 | $ | 4,652 |
|
September 30, 2017 | ||||||||||||||||
Amortized Cost | Gross Unrealized Gains | Gross Unrealized Losses | Fair Value | |||||||||||||
Commercial paper | $ | 23,471 | $ | 2 | $ | (1 | ) | $ | 23,472 | |||||||
U.S. Treasury | 9,004 | — | (4 | ) | 9,000 | |||||||||||
U.S. agency and government sponsored securities | 3,600 | — | (8 | ) | 3,592 | |||||||||||
U.S. states and municipalities | 10,207 | 1 | (4 | ) | 10,204 | |||||||||||
Corporate bonds | 106,964 | 48 | (77 | ) | 106,935 | |||||||||||
Total | $ | 153,246 | $ | 51 | $ | (94 | ) | $ | 153,203 |
December 31, 2016 | ||||||||||||||||
Amortized 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 and government sponsored 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 |
September 30, 2017 | ||||||||||||||||||||||||
Less than 12 months | 12 months or more | Total | ||||||||||||||||||||||
Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | Fair Value | Gross Unrealized Losses | |||||||||||||||||||
Commercial paper | $ | 10,959 | $ | (1 | ) | $ | — | $ | — | $ | 10,959 | $ | (1 | ) | ||||||||||
U.S. Treasury | 9,000 | (4 | ) | — | — | 9,000 | (4 | ) | ||||||||||||||||
U.S. agency and government sponsored securities | 1,600 | — | 1,992 | (8 | ) | 3,592 | (8 | ) | ||||||||||||||||
U.S. states and municipalities | 7,184 | (4 | ) | — | — | 7,184 | (4 | ) | ||||||||||||||||
Corporate bonds | 49,655 | (48 | ) | 4,168 | (29 | ) | 53,823 | (77 | ) | |||||||||||||||
Total | $ | 78,398 | $ | (57 | ) | $ | 6,160 | $ | (37 | ) | $ | 84,558 | $ | (94 | ) |
December 31, 2016 | ||||||||
Less than 12 months | ||||||||
Fair Value | Gross Unrealized Losses | |||||||
U.S. agency and government sponsored securities | $ | 3,291 | $ | (12 | ) | |||
U.S. states and municipalities | 22,286 | (75 | ) | |||||
Corporate bonds | 29,748 | (120 | ) | |||||
Total | $ | 55,325 | $ | (207 | ) |
September 30, 2017 | December 31, 2016 | |||||||
Fair Value | Fair Value | |||||||
Due in less than one year | $ | 122,829 | $ | 71,051 | ||||
Due in one to five years | 30,374 | 44,466 | ||||||
Total | $ | 153,203 | $ | 115,517 |
As of September 30, 2017 | ||||||||||||
Level 1 | Level 2 | Total Fair Value | ||||||||||
Financial Assets | ||||||||||||
Cash equivalents: | ||||||||||||
Commercial paper | $ | — | $ | 9,084 | $ | 9,084 | ||||||
Money market funds | 9,042 | — | 9,042 | |||||||||
U.S. Treasury | — | — | — | |||||||||
U.S. states and municipalities | — | 6,500 | 6,500 | |||||||||
Marketable investments: | ||||||||||||
Commercial paper | — | 23,472 | 23,472 | |||||||||
U.S. Treasury | 9,000 | — | 9,000 | |||||||||
U.S. agency and government sponsored securities | — | 3,592 | 3,592 | |||||||||
U.S. states and municipalities | — | 10,204 | 10,204 | |||||||||
Corporate bonds | — | 106,935 | 106,935 | |||||||||
Total | $ | 18,042 | $ | 159,787 | $ | 177,829 |
As of December 31, 2016 | ||||||||||||
Level 1 | Level 2 | Total 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 and government sponsored 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 |
|
September 30, 2017 | December 31, 2016 | |||||||
Prepaid tax | $ | 1,023 | $ | 4,656 | ||||
Prepaid expenses | 5,213 | 4,573 | ||||||
Other current assets | 8,228 | 9,498 | ||||||
Prepaid expenses and other current assets | $ | 14,464 | $ | 18,727 |
September 30, 2017 | December 31, 2016 | |||||||
Raw materials | $ | 11,288 | $ | 11,367 | ||||
Work in process | 6,923 | 3,663 | ||||||
Finished goods | 72,318 | 57,982 | ||||||
Inventories | $ | 90,529 | $ | 73,012 |
September 30, 2017 | December 31, 2016 | |||||||
Payroll and employee-related cost | $ | 22,244 | $ | 16,956 | ||||
Sales return reserve | 3,024 | 2,753 | ||||||
Preclinical and clinical trial cost | 1,501 | 2,054 | ||||||
Royalty | 946 | 802 | ||||||
Product warranty | 1,066 | 1,254 | ||||||
Leasehold improvement expenditures | 2,904 | 260 | ||||||
Acquisition-related liabilities1 | 3,514 | — | ||||||
Other accrued liabilities | 10,113 | 7,611 | ||||||
Total accrued liabilities | $ | 45,312 | $ | 31,690 |
September 30, 2017 | December 31, 2016 | |||||||
Balance at the beginning of the period | $ | 1,254 | $ | 713 | ||||
Accruals of warranties issued | 289 | 1,176 | ||||||
Settlements of warranty claims | (477 | ) | (635 | ) | ||||
Balance at the end of the period | $ | 1,066 | $ | 1,254 |
September 30, 2017 | December 31, 2016 | |||||||
Deferred tax liabilities | $ | 3,299 | $ | 824 | ||||
Licensing-related cost1 | 12,717 | — | ||||||
Other non-current liabilities | 2,101 | — | ||||||
Total other non-current liabilities | $ | 18,117 | $ | 824 |
|
Cash, net of working capital and financial debt adjustments | $ | 9,918 | ||
Fair value of contingent consideration for milestone payments | 4,343 | |||
Contract purchase price | $ | 14,261 | ||
Consideration for settlement of pre-existing receivable due from Crossmed to Penumbra | 3,273 | |||
Total value of consideration transferred | $ | 17,534 |
Acquisition-Date Fair Value | Estimated Useful Life of Finite-Lived Intangible Assets | ||||
Tangible assets acquired and (liabilities) assumed: | |||||
Accounts receivable | $ | 4,406 | |||
Inventories | 1,343 | ||||
Other current and non-current assets | 1,316 | ||||
Property and equipment, net | 829 | ||||
Accounts payable | (740 | ) | |||
Accrued liabilities and obligations for short-term debt and credit facilities | (2,164 | ) | |||
Deferred tax liabilities | (2,472 | ) | |||
Other non-current liabilities | (797 | ) | |||
Intangible assets acquired: | |||||
Customer relationships | $ | 6,790 | 15 years | ||
Other | 1,750 | 5 years | |||
Goodwill | 7,273 | ||||
Total purchase price | $ | 17,534 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Pro forma net revenue | $ | 83,911 | $ | 68,012 | $ | 240,506 | $ | 193,521 | ||||||||
Pro forma net income (loss) | 238 | 11,950 | (4,695 | ) | 17,020 |
|
Total Company | ||||
Balance as of December 31, 2016 | $ | — | ||
Acquisition of Crossmed(1) | 7,273 | |||
Foreign currency translation | 176 | |||
Balance as of September 30, 2017 | $ | 7,449 |
As of September 30, 2017 | Weighted-Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
Customer relationships | 15 years | $ | 7,044 | $ | (168 | ) | $ | 6,876 | ||||||
Other | 5 years | 1,815 | (87 | ) | 1,728 | |||||||||
Total intangible assets subject to amortization | $ | 8,859 | $ | (255 | ) | $ | 8,604 | |||||||
Intangible assets related to licensed technology | 15,217 | — | 15,217 | |||||||||||
Total intangible assets | $ | 24,076 | $ | (255 | ) | $ | 23,821 |
As of September 30, 2017 | Weighted-Average Amortization Period | Gross Carrying Amount | Accumulated Amortization | Net | ||||||||||
Customer relationships | 15 years | $ | 7,044 | $ | (168 | ) | $ | 6,876 | ||||||
Other | 5 years | 1,815 | (87 | ) | 1,728 | |||||||||
Total intangible assets subject to amortization | $ | 8,859 | $ | (255 | ) | $ | 8,604 | |||||||
Intangible assets related to licensed technology | 15,217 | — | 15,217 | |||||||||||
Total intangible assets | $ | 24,076 | $ | (255 | ) | $ | 23,821 |
|
Number of Shares | Weighted-Average Exercise Price | ||||||
Balance at December 31, 2016 | 2,876,955 | $ | 14.63 | ||||
Options exercised | (678,825 | ) | 6.21 | ||||
Options canceled | (2,866 | ) | 16.98 | ||||
Balance at September 30, 2017 | 2,195,264 | 17.24 |
Number of Shares | Weighted -Average Grant Date Fair Value | ||||||
Unvested at December 31, 2016 | 1,002,944 | $ | 29.44 | ||||
Granted | 99,638 | 80.04 | |||||
Vested | (325,023 | ) | 24.79 | ||||
Canceled/Forfeited | (20,687 | ) | 45.22 | ||||
Unvested and expected to vest at September 30, 2017 | 756,872 | 37.67 |
Three Months Ended September 30, | Nine Months Ended September 30, | |||||||||||||||
2017 | 2016 | 2017 | 2016 | |||||||||||||
Cost of revenue | $ | 316 | $ | 83 | $ | 817 | $ | 742 | ||||||||
Research and development | 352 | 251 | 913 | 790 | ||||||||||||
Sales, general and administrative | 3,819 | 3,930 | 11,362 | 9,268 | ||||||||||||
Total | $ | 4,487 | $ | 4,264 | $ | 13,092 | $ | 10,800 |
|
Nine Months Ended September 30, 2017 | Nine Months Ended September 30, 2016 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance at beginning of the period | $ | (105 | ) | $ | (4,583 | ) | $ | (4,688 | ) | $ | (163 | ) | $ | (1,952 | ) | $ | (2,115 | ) | ||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains —marketable investments | 157 | — | 157 | 401 | — | 401 | ||||||||||||||||||
Foreign currency translation gains (losses) | — | 5,771 | 5,771 | — | (1,732 | ) | (1,732 | ) | ||||||||||||||||
Income tax effect — (expense) benefit | — | — | — | (145 | ) | 1 | (144 | ) | ||||||||||||||||
Net of tax | 157 | 5,771 | 5,928 | 256 | (1,731 | ) | (1,475 | ) | ||||||||||||||||
Amounts reclassified from accumulated other comprehensive income to earnings: | ||||||||||||||||||||||||
Realized gains — marketable investments | (36 | ) | — | (36 | ) | (3 | ) | — | (3 | ) | ||||||||||||||
Income tax effect — benefit | — | — | — | 1 | — | 1 | ||||||||||||||||||
Net of tax | (36 | ) | — | (36 | ) | (2 | ) | — | (2 | ) | ||||||||||||||
Net current-year other comprehensive income (loss) | 121 | 5,771 | 5,892 | 254 | (1,731 | ) | (1,477 | ) | ||||||||||||||||
Balance at end of the period | $ | 16 | $ | 1,188 | $ | 1,204 | $ | 91 | $ | (3,683 | ) | $ | (3,592 | ) |
Three Months Ended September 30, 2017 | Three Months Ended September 30, 2016 | |||||||||||||||||||||||
Marketable Investments | Currency Translation Adjustments | Total | Marketable Investments | Currency Translation Adjustments | Total | |||||||||||||||||||
Balance at beginning of the period | $ | (38 | ) | $ | (4,657 | ) | $ | (4,695 | ) | $ | 206 | $ | (2,785 | ) | $ | (2,579 | ) | |||||||
Other comprehensive income before reclassifications: | ||||||||||||||||||||||||
Unrealized gains (losses) — marketable investments | 54 | — | 54 | (178 | ) | — | (178 | ) | ||||||||||||||||
Foreign currency translation gains (losses) | — | 5,845 | 5,845 | — | (901 | ) | (901 | ) | ||||||||||||||||
Income tax effect — benefit | — | — | — | 63 | 3 | 66 | ||||||||||||||||||
Net of tax | 54 | 5,845 | 5,899 | (115 | ) | (898 | ) | (1,013 | ) | |||||||||||||||
Amounts reclassified from accumulated other comprehensive income to earnings: | ||||||||||||||||||||||||
Realized losses — marketable investments | — | — | — | 1 | — | 1 | ||||||||||||||||||
Income tax effect — expense | — | — | — | (1 | ) | — | (1 | ) | ||||||||||||||||
Net of tax | — | — | — | — | — | — | ||||||||||||||||||
Net current-year other comprehensive income (loss) | 54 | 5,845 | 5,899 | (115 | ) | (898 | ) | (1,013 | ) | |||||||||||||||
Balance at end of the period | $ | 16 | $ | 1,188 | $ | 1,204 | $ | 91 | $ | (3,683 | ) | $ | (3,592 | ) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|