2018 Q4 Form 10-K Financial Statement

#000156459019008311 Filed on March 18, 2019

View on sec.gov

Income Statement

Concept 2018 Q4 2018 Q3 2018 Q2
Revenue $6.451M $12.80M $15.90M
YoY Change -22.78% 281.13% 277.73%
Cost Of Revenue
YoY Change
Gross Profit
YoY Change
Gross Profit Margin
Selling, General & Admin $9.720M $9.200M $9.490M
YoY Change -0.61% 14.29% 16.58%
% of Gross Profit
Research & Development $36.03M $29.85M $29.27M
YoY Change 13.05% 15.74% 13.38%
% of Gross Profit
Depreciation & Amortization $1.550M $1.630M $1.550M
YoY Change 6.9% 8.67% 1.31%
% of Gross Profit
Operating Expenses $45.88M $38.88M $29.27M
YoY Change 19.63% 11.02% -11.56%
Operating Profit -$16.57M
YoY Change
Interest Expense -$8.730M -$7.540M -$6.224M
YoY Change 71.18% 60.43% 39.09%
% of Operating Profit
Other Income/Expense, Net -$690.0K -$120.0K -$2.408M
YoY Change -1250.0% -74.47% -245.96%
Pretax Income -$48.85M -$33.73M -$25.20M
YoY Change 39.45% -8.44% -20.53%
Income Tax $0.00
% Of Pretax Income
Net Earnings -$48.85M -$33.73M -$25.20M
YoY Change 39.43% -8.44% -20.52%
Net Earnings / Revenue -757.22% -263.48% -158.57%
Basic Earnings Per Share
Diluted Earnings Per Share -$397.0K -$288.1K -$234.7K
COMMON SHARES
Basic Shares Outstanding
Diluted Shares Outstanding

Balance Sheet

Concept 2018 Q4 2018 Q3 2018 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $53.10M $46.20M $43.20M
YoY Change -11.79% -34.09% -55.37%
Cash & Equivalents $53.05M $46.17M $43.16M
Short-Term Investments
Other Short-Term Assets $1.496M $15.30M $649.6K
YoY Change 38.26% 27.5% -93.44%
Inventory $55.00K $100.0K $55.49K
Prepaid Expenses $19.27M $12.92M
Receivables $938.0K $6.100M $10.92M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $74.81M $67.60M $67.70M
YoY Change 1.71% -19.81% -38.84%
LONG-TERM ASSETS
Property, Plant & Equipment $25.12M $25.80M $26.92M
YoY Change -4.06% 0.78% 5.16%
Goodwill $22.93M $22.81M
YoY Change -0.54%
Intangibles $12.34M $13.28M
YoY Change -14.36%
Long-Term Investments
YoY Change
Other Assets $1.214M $1.200M $1.214M
YoY Change -0.03% -7.69% -6.59%
Total Long-Term Assets $61.59M $62.90M $64.23M
YoY Change -5.02% -3.23% -2.38%
TOTAL ASSETS
Total Short-Term Assets $74.81M $67.60M $67.70M
Total Long-Term Assets $61.59M $62.90M $64.23M
Total Assets $136.4M $130.5M $131.9M
YoY Change -1.45% -12.59% -25.25%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $13.62M $11.10M $10.20M
YoY Change 68.47% 65.67% 121.74%
Accrued Expenses $24.55M $21.70M $21.00M
YoY Change 13.82% 5.34% 1.94%
Deferred Revenue $1.814M $843.2K $946.8K
YoY Change -59.55%
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due $146.0K $100.0K $146.1K
YoY Change -99.29% -99.5% 46.06%
Total Short-Term Liabilities $68.06M $58.20M $51.30M
YoY Change 20.6% 6.99% 55.93%
LONG-TERM LIABILITIES
Long-Term Debt $13.21M $13.10M $12.90M
YoY Change -90.72% -89.38% -90.69%
Other Long-Term Liabilities $2.773M $190.6M $180.8M
YoY Change -15.29% 721.55% 703.56%
Total Long-Term Liabilities $15.99M $203.7M $193.7M
YoY Change -89.03% 39.04% 20.31%
TOTAL LIABILITIES
Total Short-Term Liabilities $68.06M $58.20M $51.30M
Total Long-Term Liabilities $15.99M $203.7M $193.7M
Total Liabilities $84.05M $260.9M $244.6M
YoY Change -58.41% 29.87% 26.08%
SHAREHOLDERS EQUITY
Retained Earnings -$1.177B
YoY Change 14.69%
Common Stock $1.200M
YoY Change 17.99%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity -$172.5M -$130.4M -$112.7M
YoY Change
Total Liabilities & Shareholders Equity $136.4M $130.5M $131.9M
YoY Change -1.45% -12.59% -25.27%

Cashflow Statement

Concept 2018 Q4 2018 Q3 2018 Q2
OPERATING ACTIVITIES
Net Income -$48.85M -$33.73M -$25.20M
YoY Change 39.43% -8.44% -20.52%
Depreciation, Depletion And Amortization $1.550M $1.630M $1.550M
YoY Change 6.9% 8.67% 1.31%
Cash From Operating Activities -$35.80M -$24.60M -$30.50M
YoY Change 38.38% -5.93% 11.4%
INVESTING ACTIVITIES
Capital Expenditures -$600.0K -$820.0K -$690.0K
YoY Change -20.0% -14.58% -30.3%
Acquisitions
YoY Change
Other Investing Activities $0.00 $0.00 $0.00
YoY Change -100.0% -100.0% -100.0%
Cash From Investing Activities -$600.0K -$820.0K -$680.0K
YoY Change -114.15% -109.07% -88.59%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 43.42M 28.50M 22.57M
YoY Change 158.91% 6851.22% 1649.61%
NET CHANGE
Cash From Operating Activities -35.80M -24.60M -30.50M
Cash From Investing Activities -600.0K -820.0K -680.0K
Cash From Financing Activities 43.42M 28.50M 22.57M
Net Change In Cash 6.900M 3.000M -9.200M
YoY Change -241.98% -117.96% -71.29%
FREE CASH FLOW
Cash From Operating Activities -$35.80M -$24.60M -$30.50M
Capital Expenditures -$600.0K -$820.0K -$690.0K
Free Cash Flow -$35.20M -$23.78M -$29.81M
YoY Change 40.13% -5.6% 12.96%

Facts In Submission

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CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-7133086
CY2017 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-11261399
CY2016 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
-65254857
CY2017Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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60186617
CY2016Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
71448016
CY2015Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
136702873
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsIncludingDisposalGroupAndDiscontinuedOperations
53053531
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InterestPaidNet
1171085
CY2017 us-gaap Interest Paid Net
InterestPaidNet
1120000
CY2016 us-gaap Interest Paid Net
InterestPaidNet
1120000
CY2018 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
299637
CY2017 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
968400
CY2016 us-gaap Capital Expenditures Incurred But Not Yet Paid
CapitalExpendituresIncurredButNotYetPaid
695466
CY2018 us-gaap Use Of Estimates
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<p style="margin-top:18pt;margin-bottom:0pt;text-indent:2.27%;font-weight:bold;font-style:italic;font-family:Times New Roman;font-size:10pt;text-transform:none;font-variant: normal;">(c) Use of Estimates</p> <p style="margin-top:6pt;margin-bottom:0pt;text-indent:4.54%;font-family:Times New Roman;font-size:10pt;font-weight:normal;font-style:normal;text-transform:none;font-variant: normal;">The preparation of consolidated financial statements in conformity with U.S. generally accepted accounting principles requires us to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosures of contingent assets and liabilities at the date of the consolidated financial statements and the reported amounts of revenues and expenses during the reporting period. We base those estimates on historical experience and on various assumptions that are believed to be reasonable under the circumstances. Actual results could differ from those estimates.</p>
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2700000
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-7100000
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CY2018Q2 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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43200000
CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Including Disposal Group And Discontinued Operations
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CY2018 us-gaap Depreciation
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CY2018Q3 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
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3000000
CY2018Q4 us-gaap Cash Cash Equivalents Restricted Cash And Restricted Cash Equivalents Period Increase Decrease Including Exchange Rate Effect
CashCashEquivalentsRestrictedCashAndRestrictedCashEquivalentsPeriodIncreaseDecreaseIncludingExchangeRateEffect
6900000
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-40200000
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-30500000
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-24600000
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-35800000
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-54261000
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-25204000
CY2018Q3 us-gaap Net Income Loss
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-33731000
CY2018Q4 us-gaap Net Income Loss
NetIncomeLoss
-48848000
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2
CY2018 us-gaap Number Of Reportable Segments
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1
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0
CY2017Q4 us-gaap Allowance For Doubtful Accounts Receivable
AllowanceForDoubtfulAccountsReceivable
0
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Depreciation
3800000
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14146000
CY2017Q4 us-gaap Debt Instrument Carrying Amount
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129146000
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-2200000
CY2017 us-gaap Foreign Currency Transaction Gain Loss Before Tax
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1900000
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-2100000
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0.34
CY2018 us-gaap Effective Income Tax Rate Reconciliation At Federal Statutory Income Tax Rate
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0.21
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0
CY2017 agen Tax Cuts And Jobs Act Of2017 Income Tax Expense Benefit Complete Accounting Provisional Amount
TaxCutsAndJobsActOf2017IncomeTaxExpenseBenefitCompleteAccountingProvisionalAmount
0
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0
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3.55
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1912000
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19810000
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1928000
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19869000
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P9Y
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2000000
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2300000
CY2015 us-gaap Amortization Of Intangible Assets
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2200000
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1900000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Two
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1900000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Three
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1900000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Four
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1900000
CY2018Q4 us-gaap Finite Lived Intangible Assets Amortization Expense Year Five
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1400000
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63184000
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60208000
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182557000
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185535000
CY2018Q4 us-gaap Deferred Tax Assets Operating Loss Carryforwards Foreign
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1524000
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16209000
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18507000
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19597000
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4824000
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8249000
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36217000
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6555000
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4882000
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6221000
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255066000
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235811000
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254315000
CY2017Q4 us-gaap Deferred Tax Assets Valuation Allowance
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232443000
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751000
CY2017Q4 us-gaap Deferred Tax Assets Net
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3368000
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1063000
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1178000
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406000
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2782000
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3960000
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718000
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592000
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0
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IncomeTaxExpenseBenefit
0
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IncomeTaxExpenseBenefit
0
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-34029000
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11089000
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CY2016 us-gaap Income Tax Reconciliation Tax Contingencies State And Local
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104764000
CY2018 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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956000
CY2017 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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2084000
CY2016 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
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4398000
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6567000
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5481000
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1451450
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18.00
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P10Y
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1451450
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P4Y
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0.028
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0.017
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0.00
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2052000
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25000000
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0
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2400000
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2600000
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3300000
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2499000
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0.00
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14366787
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6195082
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272493
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763040
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18613822
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4.22
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4.06
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3.41
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4.04
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5.26
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4.15
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4.15
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1320643
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2577
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1.23
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1.97
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399000
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132000
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1313550
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53050
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89965
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2213967
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3.77
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4.21
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3.20
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242000
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3800000
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3377000
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CY2017Q4 us-gaap Noncurrent Assets
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15895000
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RevenueFromContractWithCustomerExcludingAssessedTax
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487000
CY2016 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
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334000
CY2018 us-gaap Defined Contribution Plan Cost Recognized
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617000
CY2018Q4 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q4 us-gaap Nonfinancial Liabilities Fair Value Disclosure
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4373000
CY2018Q4 us-gaap Fair Value Assets Level1 To Level2 Transfers Amount
FairValueAssetsLevel1ToLevel2TransfersAmount
0
CY2018 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
617000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
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2279000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
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1874000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due In Five Years
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1457000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due Thereafter
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928000
CY2018Q4 us-gaap Operating Leases Future Minimum Payments Due
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CY2018Q4 us-gaap Letters Of Credit Outstanding Amount
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CY2018 agen Amounts Drawn On Letter Of Credit
AmountsDrawnOnLetterOfCredit
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CY2018Q4 us-gaap Security Deposit
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CY2018 us-gaap Rental Income Nonoperating
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541000
CY2017 us-gaap Rental Income Nonoperating
RentalIncomeNonoperating
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CY2016 us-gaap Rental Income Nonoperating
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable Current
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CY2018Q4 us-gaap Operating Leases Future Minimum Payments Receivable In Two Years
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CY2018Q4 us-gaap Capital Leases Future Minimum Payments Due In Two Years
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CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Current
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CY2017Q4 us-gaap Debt Instrument Unamortized Discount Noncurrent
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CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations
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CY2017Q4 agen Unamortized Debt Issuance Expense Long Term
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CY2017Q4 us-gaap Debt Instrument Unamortized Discount
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1576000
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CY2017Q4 us-gaap Long Term Debt And Capital Lease Obligations Including Current Maturities
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163025000
CY2015Q1 us-gaap Debt Instrument Unamortized Discount
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CY2015Q1 us-gaap Debt Instrument Convertible Remaining Discount Amortization Period1
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P3Y
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205000000
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NonCashInterestExpenseRelatedToSaleOfFutureRoyalties
23104000
CY2018Q4 agen Liability Related To Sale Of Future Royalties And Milestones Including Unamortized Transaction Costs
LiabilityRelatedToSaleOfFutureRoyaltiesAndMilestonesIncludingUnamortizedTransactionCosts
210795000
CY2018Q4 agen Liability Related To Sale Of Future Royalties Unamortized Transaction Costs
LiabilityRelatedToSaleOfFutureRoyaltiesUnamortizedTransactionCosts
535000
CY2018Q4 agen Liability Related To Sale Of Future Royalties And Milestones Net
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210260000
CY2018Q4 agen Contingent Consideration Liability Fair Value Disclosure
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3038000
CY2018Q4 us-gaap Nonfinancial Liabilities Fair Value Disclosure
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3038000
CY2017Q4 agen Contingent Consideration Liability Fair Value Disclosure
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4373000
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CY2018Q2 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-24723000
CY2018Q3 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
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CY2018Q4 us-gaap Net Income Loss Available To Common Stockholders Basic
NetIncomeLossAvailableToCommonStockholdersBasic
-47807000
CY2018Q1 us-gaap Earnings Per Share Basic And Diluted
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-0.53
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CY2018Q4 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q1 us-gaap Revenue From Contract With Customer Excluding Assessed Tax
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CY2017Q1 us-gaap Net Income Loss
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CY2017Q1 us-gaap Net Income Loss Available To Common Stockholders Basic
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CY2017Q1 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q2 us-gaap Earnings Per Share Basic And Diluted
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CY2017Q3 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.37
CY2017Q4 us-gaap Earnings Per Share Basic And Diluted
EarningsPerShareBasicAndDiluted
-0.35

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