Quarterly report pursuant to Section 13 or 15(d)

Statements of Cash Flows

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Statements of Cash Flows - USD ($)
$ in Thousands
 6 Months Ended
Jun. 30, 2015
Jun. 30, 2014
Cash flows from operating activities    
Net income $ 5,031 $ 3,174
Adjustments to reconcile net income to net cash provided by operating activities:    
Depreciation and amortization 6,908 5,586
Loss on rental units and other fixed assets 648 921
Provision for sales returns 1,291 1,178
Provision for doubtful accounts 1,118 571
Provision for rental revenue adjustments 4,286 3,411
Provision for inventory obsolescence 53 79
Provision for other inventory losses 60  
Stock-based compensation expense 1,327 666
Decrease in fair value of preferred stock warrant liability   (36)
Deferred tax assets   (284)
Excess tax benefits from stock-based compensation arrangements (2,688)  
Changes in operating assets and liabilities:    
Accounts receivable (12,111) (10,574)
Inventories (1,805) (1,932)
Deferred costs of revenue 55 (142)
Income tax receivable 2,669 87
Prepaid expenses and other current assets (601) (595)
Accounts payable and accrued expenses 5,923 3,190
Accrued payroll 191 (57)
Warranty reserve 491 269
Deferred revenue 941 1,267
Income tax payable   1,435
Other noncurrent liabilities (36) (54)
Net cash provided by operating activities 13,751 8,160
Cash flows from investing activities    
Purchases of available-for-sale investments (20,557)  
Maturities of available-for-sale investments 6,317  
Investment in intangible assets (11) (180)
Production and purchase of rental equipment (6,485) (6,752)
Purchases of property and equipment (1,275) (603)
Net cash used in investing activities (22,011) (7,535)
Cash flows from financing activities    
Proceeds from borrowings   6,000
Proceeds from redeemable convertible preferred stock warrants and common stock warrants exercised   467
Proceeds from stock options exercised 379 109
Proceeds from initial public offering   56,471
Costs associated with initial public offering   (4,911)
Proceeds from employee stock purchase 342  
Repayment of debt from investment in intangible assets (163) (86)
Repayment of borrowings   (3,150)
Excess tax benefits from stock-based compensation arrangements 2,688  
Net cash provided by financing activities 3,246 54,900
Net increase (decrease) in cash and cash equivalents (5,014) 55,525
Cash and cash equivalents, beginning of period 56,836 13,521
Cash and cash equivalents, end of period 51,822 69,046
Supplemental disclosures of cash flow information    
Cash paid during the period for interest 15 317
Cash paid during the period for income taxes, net of refunds received $ 33 802
Non-cash transactions:    
Deemed dividend on redeemable convertible preferred stock   $ 987