|
Summary of Significant Accounting Policies (Tables)
|
3 Months Ended |
|
Mar. 31, 2014
|
| Summary of Fair Value Liabilities Measured on Recurring Basis |
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The following table summarizes fair value measurements by level at December 31, 2013 for the liabilities measured at fair value on a recurring basis:
|
Level 1 |
|
|
Level 2 |
|
|
Level 3 |
|
|
Total |
|
Preferred stock warrant liability |
$ |
— |
|
|
$ |
— |
|
|
$ |
260 |
|
|
$ |
260 |
|
Total liabilities |
$ |
— |
|
|
$ |
— |
|
|
$ |
260 |
|
|
$ |
260 |
|
|
| Breakdown of Company's Revenue from U.S. and Non-U.S. Sources |
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|
| Summary of Fair Value Measurements using Significant Level 3 Inputs |
The following table summarizes the fair value measurements using significant Level 3 inputs, and changes therein, for the three months ended March 31, 2014 and March 31, 2013:
|
Warrant
liability
|
|
Balance as of December 31, 2012 |
$ |
164 |
|
Fair value of preferred stock warrants exercised |
|
(31 |
) |
Change in fair value |
|
(20 |
) |
Balance as of March 31, 2013 |
$ |
113 |
|
|
|
|
|
|
Warrant
liability
|
|
Balance as of December 31, 2013 |
$ |
260 |
|
Fair value of preferred stock warrants exercised |
|
(148 |
) |
Change in fair value |
|
(36 |
) |
Reclassification of liability to additional paid in capital |
|
(76 |
) |
Balance as of March 31, 2014 |
$ |
— |
|
|
| Schedule of Inventories |
Inventories consist of the following:
|
|
March 31, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
Raw materials and work-in-progress |
|
$ |
3,995 |
|
|
$ |
3,783 |
|
Finished goods |
|
|
766 |
|
|
|
565 |
|
Less: reserves |
|
|
(110 |
) |
|
|
(100 |
) |
Inventories |
|
$ |
4,651 |
|
|
$ |
4,248 |
|
|
| Computation of Depreciation and Amortization using Straight Line Method Over Estimated Useful Lives of Assets |
Property and equipment are stated at cost. Depreciation and amortization are calculated using the straight-line method over the assets estimated useful lives as follows:
Rental equipment |
|
1.5-5 years |
Manufacturing equipment and tooling |
|
5 years |
Computer equipment and software |
|
3 years |
Furniture and equipment |
|
3-5 years |
Leasehold improvements |
|
Shorter of 3-10 years or life of underlying lease |
|
| Summary of Depreciation and Amortization Expense of Property and Equipment and Rental Equipment |
Depreciation and amortization expense related to property and equipment and rental equipment is summarized below for the three month ended March 31, 2014 and March 31, 2013, respectively.
|
|
Three Months Ended March 31, |
|
Depreciation and amortization |
|
2014 |
|
|
2013 |
|
Rental equipment |
|
$ |
2,257 |
|
|
$ |
1,342 |
|
Other property and equipment |
|
|
362 |
|
|
|
251 |
|
Depreciation and amortization |
|
$ |
2,619 |
|
|
$ |
1,593 |
|
|
| Summary of Property Plant and Equipment and Rental Equipment with Related Accumulated Depreciation |
Property and equipment and rental equipment with association accumulated depreciation is summarized below for March 31, 2014 and December 31, 2013, respectively.
|
|
March 31, |
|
|
December 31, |
|
|
|
2014 |
|
|
2013 |
|
Property and equipment |
|
|
|
|
|
|
|
|
Rental equipment, net of allowance |
|
$ |
39,832 |
|
|
$ |
37,573 |
|
Other property and equipment |
|
|
8,274 |
|
|
|
8,105 |
|
Property and equipment |
|
|
48,106 |
|
|
|
45,678 |
|
|
|
|
|
|
|
|
|
|
Accumulated depreciation |
|
|
|
|
|
|
|
|
Rental equipment |
|
|
14,508 |
|
|
|
12,545 |
|
Other property and equipment |
|
|
3,774 |
|
|
|
3,411 |
|
Accumulated depreciation |
|
|
18,282 |
|
|
|
15,956 |
|
|
|
|
|
|
|
|
|
|
Net property and equipment |
|
|
|
|
|
|
|
|
Rental equipment |
|
|
25,324 |
|
|
|
25,028 |
|
Other property and equipment |
|
|
4,500 |
|
|
|
4,694 |
|
Property and equipment, net |
|
$ |
29,824 |
|
|
$ |
29,722 |
|
|
| Computation of Earnings Per Share |
The computation of EPS is as follows:
|
|
Three months ended March 31, |
|
|
|
2014 |
|
|
2013 |
|
Numerator—basic: |
|
|
|
|
|
|
|
|
Net income |
|
$ |
888 |
|
|
$ |
730 |
|
Less deemed dividend on redeemable preferred stock |
|
|
(987 |
) |
|
|
(1,723 |
) |
Net loss after deemed dividend on redeemable preferred stock |
|
$ |
(99 |
) |
|
$ |
(993 |
) |
|
|
|
|
|
|
|
|
|
Net loss per share - basic common stock |
|
$ |
(0.01 |
) |
|
$ |
(3.65 |
) |
Net loss per shares - basic preferred stock |
|
$ |
(0.01 |
) |
|
$ |
(3.65 |
) |
Denominator: |
|
|
|
|
|
|
|
|
Weighted-average common shares - basic common stock |
|
|
9,437,525 |
|
|
|
272,226 |
|
Weighted-average common shares - diluted common stock |
|
|
9,437,525 |
|
|
|
272,226 |
|
|