Quarterly report pursuant to Section 13 or 15(d)

Summary of Significant Accounting Policies (Tables)

v2.4.1.9
Summary of Significant Accounting Policies (Tables)
3 Months Ended
Mar. 31, 2015
Accounting Policies [Abstract]  
Breakdown of Company's Revenue from U.S. and Non-U.S. Sources

A portion of revenue is earned from sales outside the United States. Non-U.S. revenue is denominated in U.S. dollars. A breakdown of the Company’s revenue from U.S. and non-U.S. sources for the three months ended March 31, 2015 and March 31, 2014 is as follows:

 

 

 

Three months ended March 31,

 

 

 

2015

 

 

2014

 

U.S. revenue

 

$

25,354

 

 

$

19,187

 

Non-U.S. revenue

 

 

8,398

 

 

 

4,446

 

Total revenue

 

$

33,752

 

 

$

23,633

 

 

Schedule of Inventories

Inventories consist of the following:

 

 

 

March 31,

 

 

December 31,

 

 

 

2015

 

 

2014

 

Raw materials and work-in-progress

 

$

7,045

 

 

$

6,774

 

Finished goods

 

 

875

 

 

 

983

 

Less: reserves

 

 

(128

)

 

 

(141

)

Inventories

 

$

7,792

 

 

$

7,616

 

 

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 months ended March 31, 2015 and March 31, 2014, respectively.

 

 

 

Three months ended March 31,

 

 

 

2015

 

 

2014

 

Rental equipment

 

$

2,956

 

 

$

2,257

 

Other property and equipment

 

 

467

 

 

 

362

 

Total depreciation and amortization

 

$

3,423

 

 

$

2,619

 

 

 

Summary of Property Plant and Equipment and Rental Equipment with Associated Accumulated Depreciation

Property and equipment and rental equipment with associated accumulated depreciation is summarized below for March 31, 2015 and December 31, 2014, respectively.

 

 

 

March 31,

 

 

December 31,

 

Property and equipment

 

2015

 

 

2014

 

Rental equipment, net of allowance

 

$

51,130

 

 

$

48,359

 

Other property and equipment

 

 

9,960

 

 

 

9,408

 

Property and equipment

 

 

61,090

 

 

 

57,767

 

 

 

 

 

 

 

 

 

 

Accumulated depreciation

 

 

 

 

 

 

 

 

Rental equipment

 

 

23,539

 

 

 

21,084

 

Other property and equipment

 

 

5,223

 

 

 

4,756

 

Accumulated depreciation

 

 

28,762

 

 

 

25,840

 

 

 

 

 

 

 

 

 

 

Net property and equipment

 

 

 

 

 

 

 

 

Rental equipment

 

 

27,591

 

 

 

27,275

 

Other property and equipment

 

 

4,737

 

 

 

4,652

 

Property and equipment, net

 

$

32,328

 

 

$

31,927

 

 

 

Computation of Earnings Per Share

The computation of EPS is as follows:

 

 

 

Three months ended March 31,

 

 

 

2015

 

 

2014

 

Numerator—basic and diluted:

 

 

 

 

 

 

 

 

Net income

 

$

1,572

 

 

$

888

 

Less deemed dividend on redeemable convertible preferred stock

 

 

 

 

 

(987

)

  Net income (loss) attributable to common stockholders - basic

 

$

1,572

 

 

$

(99

)

 

 

 

 

 

 

 

 

 

Denominator:

 

 

 

 

 

 

 

 

Weighted-average common shares - basic common stock

 

 

19,167,585

 

 

 

9,437,525

 

Weighted-average common shares - diluted common stock

 

 

20,562,040

 

 

 

9,437,525

 

 

 

 

 

 

 

 

 

 

Net income (loss) per share - basic common stock

 

$

0.08

 

 

$

(0.01

)

Net income (loss) per share - diluted common stock

 

$

0.08

 

 

$

(0.01

)

Shares excluded from diluted net income (loss):

 

 

 

 

 

 

 

 

Stock options

 

 

110,000

 

 

 

25,630

 

  Shares excluded from diluted net income (loss)

 

 

110,000

 

 

 

25,630

 

Denominator calculation from basic to diluted:

 

 

 

 

 

 

 

 

Weighted-average common shares - basic common stock

 

 

19,167,585

 

 

 

9,437,525

 

Warrants

 

 

9,649

 

 

 

 

Stock options

 

 

1,384,806

 

 

 

 

  Weighted-average common shares - diluted common stock

 

 

20,562,040

 

 

 

9,437,525