Document And Entity Information
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6 Months Ended | |
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Jun. 30, 2015
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Jul. 31, 2015
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Entity Registrant Name | CUTERA INC | |
Entity Central Index Key | 0001162461 | |
Current Fiscal Year End Date | --12-31 | |
Entity Filer Category | Accelerated Filer | |
Entity Current Reporting Status | Yes | |
Entity Voluntary Filers | No | |
Entity Well-known Seasoned Issuer | No | |
Entity Common Stock, Shares Outstanding (in shares) | 14,137,164 | |
Document Type | 10-Q | |
Document Period End Date | Jun. 30, 2015 | |
Document Fiscal Year Focus | 2015 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
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Condensed Consolidated Balance Sheets (Unaudited) (Parentheticals) (USD $)
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Jun. 30, 2015
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Dec. 31, 2014
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Common stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Common stock, authorized (in shares) | 50,000,000 | 50,000,000 |
Common stock, issued (in shares) | 14,230,448 | 14,446,950 |
Common stock, outstanding (in shares) | 14,230,448 | 14,446,950 |
Convertible Preferred Stock [Member]
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Convertible preferred stock, par value (in dollars per share) | $ 0.001 | $ 0.001 |
Convertible preferred stock, authorized (in shares) | 5,000,000 | 5,000,000 |
Convertible preferred stock, issued (in shares) | 0 | 0 |
Convertible preferred stock, outstanding (in shares) | 0 | 0 |
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Condensed Consolidated Statements of Operations (Unaudited) (USD $)
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3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2015
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Jun. 30, 2014
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Jun. 30, 2015
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Jun. 30, 2014
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Net revenue: | ||||
Products | $ 18,042,000 | $ 13,171,000 | $ 32,745,000 | $ 24,923,000 |
Service | 4,521,000 | 4,553,000 | 8,889,000 | 8,990,000 |
Total net revenue | 22,563,000 | 17,724,000 | 41,634,000 | 33,913,000 |
Cost of revenue: | ||||
Products | 7,621,000 | 5,917,000 | 14,930,000 | 10,994,000 |
Service | 2,066,000 | 1,931,000 | 3,809,000 | 4,157,000 |
Total cost of revenue | 9,687,000 | 7,848,000 | 18,739,000 | 15,151,000 |
Gross profit | 12,876,000 | 9,876,000 | 22,895,000 | 18,762,000 |
Operating expenses: | ||||
Sales and marketing | 9,066,000 | 7,754,000 | 17,253,000 | 15,085,000 |
Research and development | 2,728,000 | 2,622,000 | 5,173,000 | 5,266,000 |
General and administrative | 3,014,000 | 2,335,000 | 6,003,000 | 4,899,000 |
Total operating expenses | 14,808,000 | 12,711,000 | 28,429,000 | 25,250,000 |
Loss from operations | (1,932,000) | (2,835,000) | (5,534,000) | (6,488,000) |
Interest and other income, net | 96,000 | 138,000 | 104,000 | 218,000 |
Loss before income taxes | (1,836,000) | (2,697,000) | (5,430,000) | (6,270,000) |
Provision for income taxes | 53,000 | 44,000 | 103,000 | 81,000 |
Net loss | $ (1,889,000) | $ (2,741,000) | $ (5,533,000) | $ (6,351,000) |
Net loss per share: | ||||
Basic and Diluted (in dollars per share) | $ (0.13) | $ (0.19) | $ (0.37) | $ (0.45) |
Weighted-average number of shares used in per share calculations: | ||||
Basic and Diluted (in shares) | 14,441 | 14,231 | 14,758 | 14,127 |
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Condensed Consolidated Statements of Comprehensive Loss (Unaudited) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
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Jun. 30, 2015
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Jun. 30, 2014
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Jun. 30, 2015
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Jun. 30, 2014
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Net loss | $ (1,889) | $ (2,741) | $ (5,533) | $ (6,351) |
Available-for-sale investments | ||||
Net change in unrealized gain (loss) on available-for-sale investments | (13) | 26 | 20 | 28 |
Less: Reclassification adjustment for gains on investments recognized during the year | (1) | (1) | (2) | (1) |
Net change in unrealized gain (loss) on available-for-sale investments | (14) | 25 | 18 | 27 |
Tax provision (benefit) | (5) | 9 | 6 | 10 |
Other comprehensive income (loss), net of tax | (9) | 16 | 12 | 17 |
Comprehensive loss | $ (1,898) | $ (2,725) | $ (5,521) | $ (6,334) |
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Note 1 - Summary of Significant Accounting Policies
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6 Months Ended |
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Jun. 30, 2015
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Notes to Financial Statements | |
Organization, Consolidation, Basis of Presentation, Business Description and Accounting Policies [Text Block] | Note 1. Summary of Significant Accounting Policies Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) is a global provider of laser and other energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, and markets laser and other energy-based product platforms for use by physicians and other qualified practitioners, which enable them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following key product platforms: CoolGlide ® , xeo ® , solera ® , GenesisPlus TM , excel V TM , truSculpt TM , excel HR TM , enlighten TM and myQ TM . The Company’s products offer multiple hand pieces and applications, which allow customers to upgrade their systems. The sales of systems, upgrades, hand pieces, Titan refills and the distribution of third party manufactured cosmeceuticals (or “Skincare” ) are classified as “Product” revenue. In the second quarter of 2014, the Company terminated its agreement with Merz Pharma GmbH (“Merz”) for the distribution of its Radiesse dermal filler product. In addition to Product revenue, the Company generates revenue from the sale of post-warranty service contracts, parts, detachable hand piece replacements (except for Titan ) and service labor for the repair and maintenance of products that are out of warranty, all of which is classified as “Service” revenue.Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries in Australia, Belgium, Canada, France, Hong Kong, Italy, Japan , Spain, Switzerland and the United Kingdom. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries and all inter-company transactions and balances have been eliminated. The Company markets, sells and services its products outside of the United States through its direct employees as well as a global distributor network. Unaudited Interim Financial Information The interim financial information filed is unaudited. The Condensed Consolidated Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2014 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) . The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s previously filed audited financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (the “SEC” ) on March 16, 2015.Use of Estimates The preparation of interim Condensed Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported and disclosed in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates these estimates, including those related to revenue elements, warranty obligations, sales commissions, accounts receivable and sales allowances, provision for excess and obsolete inventories, fair values of marketable investments, fair values of acquired intangible assets, useful lives of intangible assets and property and equipment, fair values of performance stock units and options to purchase the Company’s stock, recoverability of deferred tax assets, legal matters and claims, and effective income tax rates, among others. Management bases these estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. Recent Accounting Pronouncements In May 2014, the Financial Accountings Standards Board ( “FASB” ) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers , or ASU 2014-09, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and shall take effect on January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method and the early application of the standard is not permitted. The Company is presently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures and has not yet selected a transition method. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard update provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new guidance is effective for all annual and interim periods ending after December 15, 2016. The new guidance will not have an impact on the Company's consolidated financial statements. |
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Note 2 - Cash, Cash Equivalents and Marketable Investments
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Notes to Financial Statements | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Cash, Cash Equivalents, and Marketable Securities [Text Block] | Note 2. Cash , Cash Equivalents and Marketable Investments The Company invests its cash primarily in money market funds, commercial paper, corporate notes and bonds, municipal bonds, and debt securities issued by the U.S. government and its agencies. The Company considers all highly liquid investments, with an original maturity of three months or less at the time of purchase, to be cash equivalents. Investments with maturities of greater than three months at the time of purchase are accounted for as “available-for-sale ,” are carried at fair value with unrealized gains and losses reported as a component of stockholders’ equity, are held for use in current operations and are classified in current assets as “marketable investments .” The following tables summarize the components, and the unrealized gains and losses position, related to the Company’s cash, cash equivalents and marketable investments (in thousands):
As of June 30, 2015 and December 31, 2014, total gross unrealized losses were $4 ,000 and $13,000, respectively, and were related to interest rate changes on available-for-sale marketable investments. The Company has concluded that it is more-likely-than-not that the securities will be held until maturity or the recovery of their cost basis. No securities were in an unrealized loss position for more than 12 months . The following table summarizes the contractual maturities of the Company’s available-for-sale securities, classified as marketable investments as of June 30, 2015 (in thousands):
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Note 3 - Fair Value of Financial Instruments
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Fair Value Disclosures [Text Block] | Note 3. Fair Value of Financial Instruments Fair value is defined as the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value hierarchy distinguishes between (1) market participant assumptions developed based on market data obtained from independent sources (observable inputs) and (2) an entity’s own assumptions about market participant assumptions developed based on the best information available in the circumstances (unobservable inputs ). The fair value hierarchy consists of three broad levels, which gives the highest priority to unadjusted quoted prices in active markets for identical assets or liabilities (Level 1) and the lowest priority to unobservable inputs (Level 3). The three levels of the fair value hierarchy are described below:
In determining fair value, the Company utilizes valuation techniques that maximize the use of observable inputs and minimize the use of unobservable inputs to the extent possible as well as considers counterparty credit risk in its assessment of fair value. As of June 30, 2015, financial assets measured and recognized at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above were as follows (in thousands):
As of December 31, 2014, financial assets measured and recognized at fair value on a recurring basis and classified under the appropriate level of the fair value hierarchy as described above was as follows (in thousands):
The Company’s Level 2 investments include U.S. government-backed securities and corporate securities that are valued based upon observable inputs that may include benchmark yields, reported trades, broker/dealer quotes, issuer spreads, two-sided markets, benchmark securities, bids, offers and reference data including market research publications. The average remaining maturity of the Company’s Level 2 investments as of June 30, 2015 is less than 36 months and all of these investments are rated by S&P and Moody’s at A or better . |
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Note 4 - Inventories
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Inventory Disclosure [Text Block] | Note 4. Inventories As of June 30, 2015 and December 31, 2014, inventories consist of the following (in thousands):
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Note 5 - Warranty
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Product Warranty Disclosure [Text Block] | Note 5. Warranty The Company provides a standard one-year warranty on all systems. Warranty coverage provided is for labor and parts necessary to repair the systems during the warranty period. The Company accounts for the estimated warranty cost of the standard warranty coverage as a charge to costs of revenue when revenue is recognized. The estimated warranty cost is based on historical product performance. To determine the estimated warranty reserve, the Company utilizes historical service costs to calculate the expected service expense per system and applies this to the equivalent number of units exposed under warranty. The Company updates these estimated charges every quarter. The following table provides the changes in the product warranty accrual for the three and six months ended June 30, 2015 and 2014 (in thousands):
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Note 6 - Deferred Service Contract Revenue
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Deferred Revenue Disclosure [Text Block] | Note 6. Deferred Service Contract Revenue The Company generates Service revenue from the sale of extended service contracts and from time and material services provided to customers who are not under a warranty or extended service contract. Service contract revenue is recognized on a straight-line basis over the period of the applicable contract. Service revenue, from customers whose systems are not under a service contract, is recognized as the services are provided. The following table provides changes in the deferred service contract revenue balance for the three and six months ended June 30, 2015 and 2014 (in thousands):
Costs for extended service contracts were $1.4 million and $1.8 million for the three months ended June 30, 2015 and 2014, respectively, and $3.1 million and $3.5 million for the six months ended June 30, 2015 and 2014, respectively. |
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Note 7 - Stockholders' Equity and Stock-based Compensation Expense
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Disclosure of Compensation Related Costs, Share-based Payments [Text Block] | Note 7. Stockholders’ Equity and Stock-based Compensation Expense Share Repurchase Program On February 18, 2015, the Company’s Board of Directors modified Cutera, Inc.’s stock buyback program ( “Modified Stock Buyback Program” ), from $10 million to $40 million, under which the Company’s issued and outstanding common shares can be repurchased through a 10b5-1 program based on predetermined pricing and volume parameters, as well as open-market purchases that are subject to management discretion and regulatory restrictions.In the three months ended June 3 0, 2015, the Company repurchased 878,454 shares of its common stock for approximately $12.5 million. In the six months ended June 3 0, 2015, the Company repurchased 1,264,609 shares of its common stock for approximately $17.7 million. As of June 30, 2015, there remained an additional $22.3 million to be purchased under the Modified Stock Buyback Program. The number of shares to be repurchased, and the timing of such repurchases, will be based on several factors, including the price of the Company's common stock, regulatory restrictions, and general market and business conditions. All shares repurchased are retired and returned to authorized but unissued status. Stock-based Compensation Expense Stock-based compensation expense by department recognized during the three and six months ended June 30, 2015 and 2014 were as follows (in thousands):
Under the 2004 Equity Incentive Plan, as amended, the Company issued 286,252 and 934,905 shares of common stock during the three and six months ended June 3 0, 2015 , in conjunction with stock options exercised . Activity under the Company’s 2004 Equity Incentive Plan, as amended, is summarized as follows:
(*) Stock awards are counted at 2.12 shares for every 1 share granted or canceled when computing the Shares Available for Grant. As of June 3 0, 2015, there was $4.1 million of unrecognized compensation expense, net of projected forfeitures , related to non-vested equity awards. The expense is expected to be recognized over the remaining weighted-average period of 2.4 years. |
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Note 8 - Net Loss Per Share
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Earnings Per Share [Text Block] | Note 8. Net Loss Per Share Basic net loss per share is calculated by dividing net loss by the weighted-average number of common shares outstanding during the year. Diluted net loss per common share is the same as basic net loss per common share, as the effect of the potential common stock equivalents is anti-dilutive and as such is excluded from the calculations of the diluted net loss per share. The following numbers of shares outstanding, prior to the application of the treasury stock method, were excluded from the computation of diluted net loss per common share for the periods presented because including them would have had an anti-dilutive effect (in thousands):
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Note 9 - Income Taxes
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Income Tax Disclosure [Text Block] | Note 9. Income Taxes The Company’s quarterly income taxes reflect an estimate of the corresponding year’s annual effective tax rate and include, when applicable, adjustments from discrete tax items. For the three and six months ended June 30, 2015, the Company’s tax provision was $53,000 and $103,000, compared to $44,000 and $81,000 for the three and six months ended June 30, 2014 , respectively, and was primarily related to income taxes of the Company’s non-U.S. operations as the Company’s U.S. operations were in a loss position and the Company maintains a 100% valuation allowance against its U.S. deferred tax assets. The Company utilizes the asset and liability method of accounting for income taxes, under which deferred taxes are determined based on the temporary differences between the financial statement and tax basis of assets and liabilities using enacted tax rates expected to be in effect during the years in which the basis differences reverse. A valuation allowance is recorded when it is more likely than not that some of the deferred tax assets will not be realized. As of June 3 0, 2015 and December 31, 2014, the Company had a 100% valuation allowance against its U.S. deferred tax assets. Significant management judgment is required in determining any valuation allowance recorded against deferred tax assets. In evaluating the ability to recover deferred tax assets, the Company considered available positive and negative evidence giving greater weight to its recent cumulative losses and lesser weight to its projected financial results due to the subjectivity involved in forecasting future periods. The Company also considered, commensurate with its objective verifiability, the forecast of future taxable income including the reversal of temporary differences and the implementation of feasible and prudent tax planning strategies. |
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Note 10 - Commitments and Contingencies
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Commitments and Contingencies Disclosure [Text Block] | Note 10. Commitments and Contingencies Litigation and Litigation Settlements The Company is named from time to time as a party to product liability, contractual lawsuits and other general corporate matters in the normal course of business. The Company routinely assesses the likelihood of any adverse judgments or outcomes related to legal matters and claims, as well as ranges of probable losses. A determination of the amount of the reserves required, if any, for these contingencies is made after analysis of each known issue, historical experience, whether it is more likely than not that the Company shall incur a loss, and whether the loss is estimable. As of June 30, 2015 and December 31, 2014, the Company had an immaterial accrual for legal matters and claims and did not expect to incur any material costs beyond the amounts accrued. |
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Significant Accounting Policies (Policies)
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Accounting Policies [Abstract] | |
Consolidation, Subsidiaries or Other Investments, Consolidated Entities, Policy [Policy Text Block] | Description of Operations and Principles of Consolidation Cutera, Inc. (“Cutera” or the “Company”) is a global provider of laser and other energy-based aesthetic systems for practitioners worldwide. The Company designs, develops, manufactures, and markets laser and other energy-based product platforms for use by physicians and other qualified practitioners, which enable them to offer safe and effective aesthetic treatments to their customers. The Company currently markets the following key product platforms: CoolGlide ® , xeo ® , solera ® , GenesisPlus TM , excel V TM , truSculpt TM , excel HR TM , enlighten TM and myQ TM . The Company’s products offer multiple hand pieces and applications, which allow customers to upgrade their systems. The sales of systems, upgrades, hand pieces, Titan refills and the distribution of third party manufactured cosmeceuticals (or “Skincare” ) are classified as “Product” revenue. In the second quarter of 2014, the Company terminated its agreement with Merz Pharma GmbH (“Merz”) for the distribution of its Radiesse dermal filler product. In addition to Product revenue, the Company generates revenue from the sale of post-warranty service contracts, parts, detachable hand piece replacements (except for Titan ) and service labor for the repair and maintenance of products that are out of warranty, all of which is classified as “Service” revenue.Headquartered in Brisbane, California, the Company has wholly-owned subsidiaries in Australia, Belgium, Canada, France, Hong Kong, Italy, Japan , Spain, Switzerland and the United Kingdom. The Condensed Consolidated Financial Statements include the accounts of the Company and its subsidiaries and all inter-company transactions and balances have been eliminated. The Company markets, sells and services its products outside of the United States through its direct employees as well as a global distributor network. |
Unaudited Interim Financial Information [Policy Text Block] | Unaudited Interim Financial Information The interim financial information filed is unaudited. The Condensed Consolidated Financial Statements included in this report reflect all adjustments (consisting only of normal recurring adjustments) that the Company considers necessary for the fair statement of the results of operations for the interim periods covered and of the financial condition of the Company at the date of the interim balance sheet. The December 31, 2014 Condensed Consolidated Balance Sheet was derived from audited financial statements, but does not include all disclosures required by generally accepted accounting principles in the United States of America (“GAAP”) . The results for interim periods are not necessarily indicative of the results for the entire year or any other interim period. The Condensed Consolidated Financial Statements should be read in conjunction with the Company’s previously filed audited financial statements and the notes thereto included in the Company’s annual report on Form 10-K for the year ended December 31, 2014 filed with the Securities and Exchange Commission (the “SEC” ) on March 16, 2015. |
Use of Estimates, Policy [Policy Text Block] | Use of Estimates The preparation of interim Condensed Consolidated Financial Statements in conformity with GAAP requires the Company’s management to make estimates and assumptions that affect the amounts reported and disclosed in the Condensed Consolidated Financial Statements and the accompanying notes. Actual results could differ materially from those estimates. On an ongoing basis, the Company evaluates these estimates, including those related to revenue elements, warranty obligations, sales commissions, accounts receivable and sales allowances, provision for excess and obsolete inventories, fair values of marketable investments, fair values of acquired intangible assets, useful lives of intangible assets and property and equipment, fair values of performance stock units and options to purchase the Company’s stock, recoverability of deferred tax assets, legal matters and claims, and effective income tax rates, among others. Management bases these estimates on historical experience and on various other assumptions that are believed to be reasonable, the results of which form the basis for making judgments about the carrying values of assets and liabilities. |
New Accounting Pronouncements, Policy [Policy Text Block] | Recent Accounting Pronouncements In May 2014, the Financial Accountings Standards Board ( “FASB” ) issued Accounting Standards Update No. 2014-09, Revenue from Contracts with Customers , or ASU 2014-09, which requires an entity to recognize the amount of revenue to which it expects to be entitled for the transfer of promised goods or services to customers. The standard will replace most existing revenue recognition guidance in U.S. GAAP when it becomes effective and shall take effect on January 1, 2017. The standard permits the use of either the retrospective or cumulative effect transition method and the early application of the standard is not permitted. The Company is presently evaluating the effect that ASU 2014-09 will have on its consolidated financial statements and related disclosures and has not yet selected a transition method. In August 2014, the FASB issued Accounting Standards Update No. 2014-15, Disclosure of Uncertainties About an Entity's Ability to Continue as a Going Concern. This standard update provides guidance around management's responsibility to evaluate whether there is substantial doubt about an entity's ability to continue as a going concern and to provide related footnote disclosures. The new guidance is effective for all annual and interim periods ending after December 15, 2016. The new guidance will not have an impact on the Company's consolidated financial statements. |
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Note 2 - Cash, Cash Equivalents and Marketable Investments (Tables)
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Unrealized Gain (Loss) on Investments [Table Text Block] |
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Investments Classified by Contractual Maturity Date [Table Text Block] |
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Note 3 - Fair Value of Financial Instruments (Tables)
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Fair Value Measurements, Recurring and Nonrecurring [Table Text Block] |
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Notes Tables | |||||||||||||||||||||||||||||||||||||
Schedule of Inventory, Current [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 5 - Warranty (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Jun. 30, 2015
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Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Product Warranty Liability [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 6 - Deferred Service Contract Revenue (Tables)
|
6 Months Ended | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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Notes Tables | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Deferred Revenue, by Arrangement, Disclosure [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Employee Service Share-based Compensation, Allocation of Recognized Period Costs [Table Text Block] |
|
||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Share-based Compensation, Activity [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 8 - Net Loss Per Share (Tables)
|
6 Months Ended | ||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
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Jun. 30, 2015
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Notes Tables | |||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||||
Schedule of Antidilutive Securities Excluded from Computation of Earnings Per Share [Table Text Block] |
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 2 - Cash, Cash Equivalents and Marketable Investments (Details Textual) (USD $)
|
Jun. 30, 2015
|
Dec. 31, 2014
|
---|---|---|
Available-for-sale Securities, Accumulated Gross Unrealized Loss, before Tax | $ 4,000 | $ 13,000 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 2 - Unrealized Gains and Losses Related to Marketable Investments (Details) (USD $)
|
Jun. 30, 2015
|
Dec. 31, 2014
|
---|---|---|
Cash and cash equivalents | $ 11,627,000 | $ 9,803,000 |
Money market funds | 11,627,000 | 9,803,000 |
Amortized Cost | 54,635,000 | 71,288,000 |
Gross Unrealized Gains | 77,000 | 68,000 |
Gross Unrealized Losses | 4,000 | 13,000 |
Available-for-sale securities | 54,708,000 | 71,343,000 |
Gross Unrealized Losses | (4,000) | (13,000) |
Amortized Cost | 66,262,000 | 81,091,000 |
Fair Market Value | 66,335,000 | 81,146,000 |
Cash [Member]
|
||
Cash and cash equivalents | 6,771,000 | 7,761,000 |
Money market funds | 6,771,000 | 7,761,000 |
Money Market Funds [Member]
|
||
Cash and cash equivalents | 4,856,000 | 242,000 |
Money market funds | 4,856,000 | 242,000 |
Commercial Paper [Member]
|
||
Cash and cash equivalents | 1,800,000 | |
Money market funds | 1,800,000 | |
US Treasury and Government [Member]
|
||
Amortized Cost | 14,321,000 | 18,345,000 |
Gross Unrealized Gains | 34,000 | 17,000 |
Gross Unrealized Losses | (1,000) | |
Available-for-sale securities | 14,355,000 | 18,361,000 |
Gross Unrealized Losses | 1,000 | |
US Government Agencies Debt Securities [Member]
|
||
Amortized Cost | 14,178,000 | 19,768,000 |
Gross Unrealized Gains | 28,000 | 33,000 |
Gross Unrealized Losses | 1,000 | |
Available-for-sale securities | 14,206,000 | 19,800,000 |
Gross Unrealized Losses | (1,000) | |
US States and Political Subdivisions Debt Securities [Member]
|
||
Amortized Cost | 3,919,000 | 3,607,000 |
Gross Unrealized Gains | 4,000 | 3,000 |
Gross Unrealized Losses | 3,000 | |
Available-for-sale securities | 3,923,000 | 3,607,000 |
Gross Unrealized Losses | (3,000) | |
Commercial Paper, Not Included with Cash and Cash Equivalents [Member]
|
||
Amortized Cost | 8,789,000 | 10,693,000 |
Gross Unrealized Gains | 5,000 | 2,000 |
Gross Unrealized Losses | ||
Available-for-sale securities | 8,794,000 | 10,695,000 |
Gross Unrealized Losses | ||
Corporate Debt Securities [Member]
|
||
Amortized Cost | 13,428,000 | 18,875,000 |
Gross Unrealized Gains | 6,000 | 13,000 |
Gross Unrealized Losses | 4,000 | 8,000 |
Available-for-sale securities | 13,430,000 | 18,880,000 |
Gross Unrealized Losses | $ (4,000) | $ (8,000) |
X | ||||||||||
- Definition
Total cash and cash equivalents and marketable investments at amortized cost. No definition available.
|
X | ||||||||||
- Definition
Total cash and cash equivalents and marketable investments at fair market value. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 2 - Maturities of Available-for-Sale Securities (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2015
|
---|---|
Due in less than one year | $ 38,862 |
Due in 1 to 3 years | 15,846 |
$ 54,708 |
X | ||||||||||
- Definition
Amount of available-for-sale debt securities at fair value maturing in the second fiscal year through the third fiscal year following the latest fiscal year. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 3 - Fair Value of Financial Instruments (Details Textual) (Fair Value, Inputs, Level 2 [Member])
|
6 Months Ended |
---|---|
Jun. 30, 2015
|
|
Fair Value, Inputs, Level 2 [Member]
|
|
Maximum Maturity Period Of Investments | 3 years |
X | ||||||||||
- Definition
The maximum maturity period of the investments. No definition available.
|
Note 3 - Fair Value of Financial Instruments (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
---|---|---|
Cash equivalents: | ||
Money market funds | $ 11,627 | $ 9,803 |
Marketable investments: | ||
Available-for-sale securities | 54,708 | 71,343 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Cash equivalents: | ||
Money market funds | 4,856 | 242 |
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Cash equivalents: | ||
Money market funds | ||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Cash equivalents: | ||
Money market funds | ||
Money Market Funds [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Cash equivalents: | ||
Money market funds | 4,856 | 242 |
Money Market Funds [Member]
|
||
Cash equivalents: | ||
Money market funds | 4,856 | 242 |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Cash equivalents: | ||
Money market funds | ||
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Cash equivalents: | ||
Money market funds | 1,800 | |
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Cash equivalents: | ||
Money market funds | ||
Commercial Paper [Member] | Fair Value, Measurements, Recurring [Member]
|
||
Cash equivalents: | ||
Money market funds | 1,800 | |
Commercial Paper [Member]
|
||
Cash equivalents: | ||
Money market funds | 1,800 | |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 1 [Member]
|
||
Marketable investments: | ||
Available-for-sale securities | ||
Total Assets Fair Value | 4,856 | 242 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 2 [Member]
|
||
Marketable investments: | ||
Available-for-sale securities | 54,708 | 71,343 |
Total Assets Fair Value | 54,708 | 73,143 |
Fair Value, Measurements, Recurring [Member] | Fair Value, Inputs, Level 3 [Member]
|
||
Marketable investments: | ||
Available-for-sale securities | ||
Total Assets Fair Value | ||
Fair Value, Measurements, Recurring [Member]
|
||
Marketable investments: | ||
Available-for-sale securities | 54,708 | 71,343 |
Total Assets Fair Value | $ 59,564 | $ 73,385 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Details
|
Note 4 - Summary of Inventories (Details) (USD $)
In Thousands, unless otherwise specified |
Jun. 30, 2015
|
Dec. 31, 2014
|
---|---|---|
Raw materials | $ 8,449 | $ 7,185 |
Finished goods | 5,072 | 3,803 |
Total | $ 13,521 | $ 10,988 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 5 - Summary of Warranties (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Beginning Balance | $ 1,203 | $ 1,071 | $ 1,167 | $ 1,202 |
Add: Accruals for warranties issued during the period | 736 | 591 | 1,552 | 1,047 |
Less: Settlements made during the period | (685) | (582) | (1,465) | (1,169) |
Ending Balance | $ 1,254 | $ 1,080 | $ 1,254 | $ 1,080 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 6 - Deferred Service Contract Revenue (Details Textual) (USD $)
In Millions, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Deferred Revenue Costs Incurred | $ 1.4 | $ 1.8 | $ 3.1 | $ 3.5 |
X | ||||||||||
- Definition
Costs incurred under service contracts. No definition available.
|
Note 6 - Summary of Deferred Service Contract Revenue (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Beginning Balance | $ 12,528 | $ 12,292 | $ 12,949 | $ 11,637 |
Add: Payments received | 2,250 | 3,856 | 5,052 | 7,567 |
Less: Revenue recognized | (3,232) | (3,147) | (6,455) | (6,203) |
Ending Balance | $ 11,546 | $ 13,001 | $ 11,546 | $ 13,001 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 7 - Stockholders' Equity and Stock-based Compensation Expense (Details Textual) (USD $)
|
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2015
|
Feb. 18, 2015
|
Feb. 17, 2015
|
|
Number of Stock Awards Counted for Every Share Granted or Canceled | 2.12 | |||
Modified Stock Buyback Program [Member]
|
||||
Stock Repurchase Program, Remaining Authorized Repurchase Amount | $ 22,300,000 | $ 22,300,000 | $ 40,000,000 | $ 10,000,000 |
Stock Repurchased During Period, Shares | 878,454 | 1,264,609 | ||
Treasury Stock, Value, Acquired, Cost Method | 12,500,000 | 17,700,000 | ||
Two Thousand Four Equity Incentive Plan [Member]
|
||||
Share-based Compensation Arrangement by Share-based Payment Award, Shares Issued in Period | 286,252 | 934,905 | ||
Employee Stock Option [Member]
|
||||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized | $ 4.10 | $ 4.10 | ||
Employee Service Share-based Compensation, Nonvested Awards, Compensation Cost Not yet Recognized, Period for Recognition | 2 years 146 days |
X | ||||||||||
- Definition
The number of stack awards counted for every share granted or canceled when computed shares available for grant. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 7 - Stock-based Compensation Expense by Department (Details) (USD $)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Allocated Share Based Compensation Expense | $ 982 | $ 693 | $ 1,943 | $ 1,318 |
Cost of Sales [Member]
|
||||
Allocated Share Based Compensation Expense | 114 | 139 | 217 | 271 |
Selling and Marketing Expense [Member]
|
||||
Allocated Share Based Compensation Expense | 231 | 148 | 416 | 219 |
Research and Development Expense [Member]
|
||||
Allocated Share Based Compensation Expense | 180 | 115 | 362 | 239 |
General and Administrative Expense [Member]
|
||||
Allocated Share Based Compensation Expense | $ 457 | $ 291 | $ 948 | $ 589 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 7 - Activity Under the 2004 Equiy Incentive Plan (Details) (USD $)
|
6 Months Ended |
---|---|
Jun. 30, 2015
|
|
Balance, December 31, 2014 (in shares) | 129,760 |
Balance, December 31, 2014 (in shares) | 3,462,567 |
Balance, December 31, 2014 (in dollars per share) | $ 9.39 |
Additional shares reserved (in shares) | 1,300,000 |
Options granted (in shares) | (121,000) |
Options granted (in shares) | 121,000 |
Options granted (in dollars per share) | $ 13.12 |
Options exercised (in shares) | (934,905) |
Options exercised (in dollars per share) | $ 9.23 |
Options canceled (in shares) | 188,452 |
Options canceled (in shares) | (188,452) |
Options canceled (in dollars per share) | $ 10.91 |
Balance, June 30, 2015 (in shares) | 1,457,950 |
Balance, June 30, 2015 (in shares) | 2,460,210 |
Balance, June 30, 2015 (in dollars per share) | $ 9.51 |
Restricted Stock [Member]
|
|
Restricted stock units granted* (in shares) | (75,302) |
Restricted stock units canceled* (in shares) | 36,040 |
X | ||||||||||
- Definition
For presentations that combine terminations, the number of shares available for grant under options that were reserved as additional shares by the entity. No definition available.
|
X | ||||||||||
- Definition
For presentations that combine terminations, the number of shares available for grant under options that were granted during the reporting period. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 8 - Antidilutive Securities Excluded from Computation of Earnings Per Share (Details)
In Thousands, unless otherwise specified |
3 Months Ended | 6 Months Ended | ||
---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
|
Antidilutive Securities (in shares) | 3,067 | 3,623 | 3,362 | 3,774 |
Employee Stock Option [Member]
|
||||
Antidilutive Securities (in shares) | 2,618 | 3,414 | 2,903 | 3,553 |
Restricted Stock Units (RSUs) [Member]
|
||||
Antidilutive Securities (in shares) | 295 | 149 | 305 | 161 |
Performance Shares [Member]
|
||||
Antidilutive Securities (in shares) | 96 | 6 | 96 | 6 |
ESPP [Member]
|
||||
Antidilutive Securities (in shares) | 58 | 54 | 58 | 54 |
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|
Note 9 - Income Taxes (Details Textual) (USD $)
|
3 Months Ended | 6 Months Ended | 12 Months Ended | ||
---|---|---|---|---|---|
Jun. 30, 2015
|
Jun. 30, 2014
|
Jun. 30, 2015
|
Jun. 30, 2014
|
Dec. 31, 2014
|
|
Deferred Tax Assets Valuation Allowance Percentage | 100.00% | 100.00% | 100.00% | ||
Income Tax Expense (Benefit) | $ 53,000 | $ 44,000 | $ 103,000 | $ 81,000 |
X | ||||||||||
- Definition
Valuation allowance as a percentage of total deferred asset valuation. No definition available.
|
X | ||||||||||
- Definition
No authoritative reference available. No definition available.
|