2015 Q4 Form 10-K Financial Statement

#000117184317001121 Filed on February 24, 2017

View on sec.gov

Income Statement

Concept 2015 Q4 2015 Q3 2015 Q2
Revenue $30.89M $23.68M $22.90M
YoY Change 32.85% 7.37% -12.83%
Cost Of Revenue $6.290M $5.176M $5.274M
YoY Change 14.14% -9.59% -1.11%
Gross Profit $19.32M $18.50M $17.62M
YoY Change 56.17% 13.85% 10.61%
Gross Profit Margin 62.53% 78.12% 76.95%
Selling, General & Admin $4.520M $3.309M $3.388M
YoY Change 23.16% -18.19% -12.36%
% of Gross Profit 23.4% 17.89% 19.22%
Research & Development $3.020M $2.061M $1.812M
YoY Change 52.53% 3.06% -3.26%
% of Gross Profit 15.63% 11.14% 10.28%
Depreciation & Amortization $980.0K $970.0K $920.0K
YoY Change -13.27% -19.83% -21.37%
% of Gross Profit 5.07% 5.24% 5.22%
Operating Expenses $7.540M $5.370M $5.200M
YoY Change 33.22% -11.16% -9.39%
Operating Profit $11.78M $13.14M $12.43M
YoY Change 75.54% 27.7% -18.24%
Interest Expense $40.00K $34.00K $24.00K
YoY Change 0.0% 242.16% 304.38%
% of Operating Profit 0.34% 0.26% 0.19%
Other Income/Expense, Net
YoY Change
Pretax Income $17.10M $13.17M $12.45M
YoY Change 40.97% 27.9% -18.12%
Income Tax $6.060M $4.789M $4.634M
% Of Pretax Income 35.44% 36.37% 37.21%
Net Earnings $11.04M $8.380M $7.820M
YoY Change 41.27% 35.8% -15.93%
Net Earnings / Revenue 35.74% 35.39% 34.14%
Basic Earnings Per Share $0.74 $0.56 $0.52
Diluted Earnings Per Share $0.72 $0.55 $0.51
COMMON SHARES
Basic Shares Outstanding 14.97M 14.96M
Diluted Shares Outstanding 15.35M 15.32M 15.34M

Balance Sheet

Concept 2015 Q4 2015 Q3 2015 Q2
SHORT-TERM ASSETS
Cash & Short-Term Investments $138.5M $130.5M $122.4M
YoY Change 29.56% 42.16% 44.17%
Cash & Equivalents $110.7M $108.5M $103.9M
Short-Term Investments $27.80M $22.00M $18.50M
Other Short-Term Assets $1.400M $2.300M $2.400M
YoY Change -46.15% -28.13% 50.0%
Inventory $14.94M $12.08M $11.72M
Prepaid Expenses
Receivables $21.65M $23.38M $19.17M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $176.4M $168.3M $155.7M
YoY Change 28.0% 30.76% 30.31%
LONG-TERM ASSETS
Property, Plant & Equipment $40.11M $33.80M $31.52M
YoY Change 26.65% 5.62% -2.71%
Goodwill $7.482M $7.713M $7.611M
YoY Change -10.28%
Intangibles $11.66M $12.99M $13.08M
YoY Change -21.75%
Long-Term Investments
YoY Change
Other Assets $100.0K $100.0K $100.0K
YoY Change 0.0% 0.0% 0.0%
Total Long-Term Assets $59.32M $54.57M $52.29M
YoY Change 7.9% -3.93% -12.27%
TOTAL ASSETS
Total Short-Term Assets $176.4M $168.3M $155.7M
Total Long-Term Assets $59.32M $54.57M $52.29M
Total Assets $235.7M $222.9M $208.0M
YoY Change 22.27% 20.14% 16.14%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $8.302M $2.221M $1.658M
YoY Change 591.26% 85.06% -24.65%
Accrued Expenses $6.496M $6.548M $4.442M
YoY Change 36.13% 23.54% -9.35%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00 $0.00
YoY Change
Long-Term Debt Due
YoY Change
Total Short-Term Liabilities $17.28M $13.24M $7.957M
YoY Change 189.27% 106.95% 9.0%
LONG-TERM LIABILITIES
Long-Term Debt $0.00 $0.00 $0.00
YoY Change
Other Long-Term Liabilities $781.0K $803.6K $779.7K
YoY Change -12.64% -19.64% -29.12%
Total Long-Term Liabilities $781.0K $803.6K $779.7K
YoY Change -12.64% -19.64% -29.12%
TOTAL LIABILITIES
Total Short-Term Liabilities $17.28M $13.24M $7.957M
Total Long-Term Liabilities $781.0K $803.6K $779.7K
Total Liabilities $18.06M $14.05M $8.737M
YoY Change 162.98% -11.09% -47.68%
SHAREHOLDERS EQUITY
Retained Earnings $135.7M $124.6M $116.2M
YoY Change 29.32%
Common Stock $81.84M $81.20M $80.66M
YoY Change 5.34%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $210.8M $199.8M $190.6M
YoY Change
Total Liabilities & Shareholders Equity $235.7M $222.9M $208.0M
YoY Change 22.27% 20.14% 16.14%

Cashflow Statement

Concept 2015 Q4 2015 Q3 2015 Q2
OPERATING ACTIVITIES
Net Income $11.04M $8.380M $7.820M
YoY Change 41.27% 35.8% -15.93%
Depreciation, Depletion And Amortization $980.0K $970.0K $920.0K
YoY Change -13.27% -19.83% -21.37%
Cash From Operating Activities $16.12M $8.910M $10.90M
YoY Change 9.21% 20.73% 157.08%
INVESTING ACTIVITIES
Capital Expenditures -$7.200M -$900.0K -$870.0K
YoY Change 1042.86% 275.0% 117.5%
Acquisitions
YoY Change
Other Investing Activities -$5.740M -$3.490M -$6.020M
YoY Change -143.32% -82.55%
Cash From Investing Activities -$12.94M -$4.390M -$6.890M
YoY Change -202.54% -78.31% 1622.5%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net
YoY Change
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities -880.0K 50.00K 0.000
YoY Change -183.02% -200.0% -100.0%
NET CHANGE
Cash From Operating Activities 16.12M 8.910M 10.90M
Cash From Investing Activities -12.94M -4.390M -6.890M
Cash From Financing Activities -880.0K 50.00K 0.000
Net Change In Cash 2.300M 4.570M 4.010M
YoY Change -91.91% -135.4% 50.75%
FREE CASH FLOW
Cash From Operating Activities $16.12M $8.910M $10.90M
Capital Expenditures -$7.200M -$900.0K -$870.0K
Free Cash Flow $23.32M $9.810M $11.77M
YoY Change 51.53% 28.74% 153.66%

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CurrentForeignTaxExpenseBenefit
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CY2014 us-gaap Current Foreign Tax Expense Benefit
CurrentForeignTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
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CY2015 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
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CurrentIncomeTaxExpenseBenefit
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ComprehensiveIncomeNetOfTax
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CY2014 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
35523000
CY2016 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Concentration of Credit Risk and Significant Customers</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company has no significant off-balance sheet risks related to foreign exchange contracts, option contracts, or other foreign hedging arrangements. The Company&#x2019;s cash equivalents and investments are held with <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> major international financial institutions.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The Company, by policy, routinely assesses the financial strength of its customers. As a result, the Company believes that its accounts receivable credit risk exposure is limited.</div> <div style=" font-size: 10pt; text-indent: 0.55in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">As of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div>&nbsp;<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> DePuy Synthes Mitek Sports Medicine (&#x201c;Mitek&#x201d;), represented <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">66%</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">60%,</div> respectively, of the Company&#x2019;s accounts receivable balance, no other single customer accounted for more than <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">10%</div> of accounts receivable in either period.</div></div></div>
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1
CY2015 us-gaap Concentration Risk Percentage1
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1
CY2014 us-gaap Concentration Risk Percentage1
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1
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5425000
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CY2016 us-gaap Cost Of Goods Sold
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21053000
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547000
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1253000
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1567000
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510000
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677000
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762000
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2932000
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400000
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1.4
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3775000
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2.61
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0.57
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0.377
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0.35
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0.35
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0.35
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0.029
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0.029
CY2014 us-gaap Effective Income Tax Rate Reconciliation Deductions Qualified Production Activities
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0.017
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-0.001
CY2015 us-gaap Effective Income Tax Rate Reconciliation Foreign Income Tax Rate Differential
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0.001
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EffectiveIncomeTaxRateReconciliationForeignIncomeTaxRateDifferential
0.002
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0.045
CY2015 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.048
CY2014 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
EffectiveIncomeTaxRateReconciliationStateAndLocalIncomeTaxes
0.049
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
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0.001
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
0
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Investment
EffectiveIncomeTaxRateReconciliationTaxCreditsInvestment
0.001
CY2016 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.009
CY2015 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.004
CY2014 us-gaap Effective Income Tax Rate Reconciliation Tax Credits Research
EffectiveIncomeTaxRateReconciliationTaxCreditsResearch
0.007
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3089000
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3082000
CY2016 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1200000
CY2015 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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1100000
CY2014 us-gaap Employee Service Share Based Compensation Tax Benefit From Compensation Expense
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3100000
CY2016 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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647000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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847000
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Financing Activities
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9626000
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647000
CY2015 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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847000
CY2014 us-gaap Excess Tax Benefit From Share Based Compensation Operating Activities
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9626000
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8380000
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7820000
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2800000
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900000
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50181000
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48608000
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63232000
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50870000
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48254000
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61505000
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689000
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22826000
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13778000
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5625000
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6201000
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4996000
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1566000
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2939000
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1974000
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66000
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-94000
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898000
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263000
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120000
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58000
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900000
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900000
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3502000
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14938000
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5884000
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5780000
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5559000
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5656000
CY2016 us-gaap Inventory Write Down
InventoryWriteDown
654000
CY2015 us-gaap Inventory Write Down
InventoryWriteDown
210000
CY2014 us-gaap Inventory Write Down
InventoryWriteDown
378000
CY2016 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000
CY2015 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1300000
CY2014 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
1400000
CY2016Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
27796000
CY2015Q4 us-gaap Leasehold Improvements Gross
LeaseholdImprovementsGross
27622000
CY2016Q4 us-gaap Liabilities And Stockholders Equity
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240246000
CY2015Q4 us-gaap Liabilities And Stockholders Equity
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235748000
CY2016Q4 us-gaap Liabilities Current
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8799000
CY2015Q4 us-gaap Liabilities Current
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17278000
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27456000
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24512000
CY2016Q4 us-gaap Marketable Securities Current
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20500000
CY2015Q4 us-gaap Marketable Securities Current
MarketableSecuritiesCurrent
27751000
CY2015 us-gaap Payments Related To Tax Withholding For Share Based Compensation
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<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-weight: bold;"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div> Nature of Business</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">Anika Therapeutics, Inc. is a global, integrated orthopedic medicines company committed to improving the lives of patients with degenerative orthopedic diseases and traumatic conditions with clinically meaningful therapies along the continuum of care, from palliative pain management to regenerative cartilage repair. The Company has over <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">two</div> decades of global expertise developing, manufacturing, and commercializing products based on the Company&#x2019;s proprietary HA technology. The Company&#x2019;s orthopedic medicine portfolio includes ORTHOVISC, MONOVISC, and CINGAL, which alleviate pain and restore joint function by replenishing depleted HA, and HYALOFAST, a solid HA-based scaffold to aid cartilage repair and regeneration.</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0; background-color: white">The Company is subject to risks common to companies in the biotechnology and medical device industries including, but not limited to, development by the Company or its competitors of new technological innovations, dependence on key personnel, protection of proprietary technology, commercialization of existing and new products, and compliance with FDA and foreign regulations and approval requirements, as well as the ability to grow the Company&#x2019;s business through appropriate commercial strategies.</div></div>
CY2016 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
-23346000
CY2015 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
1921000
CY2014 us-gaap Net Cash Provided By Used In Financing Activities
NetCashProvidedByUsedInFinancingActivities
5332000
CY2016 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-6763000
CY2015 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-30226000
CY2014 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-8303000
CY2016 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
23801000
CY2015 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39064000
CY2014 us-gaap Net Cash Provided By Used In Operating Activities
NetCashProvidedByUsedInOperatingActivities
39978000
CY2016Q4 us-gaap Net Income Loss
NetIncomeLoss
8085000
CY2016Q3 us-gaap Net Income Loss
NetIncomeLoss
8952000
CY2016Q2 us-gaap Net Income Loss
NetIncomeLoss
8615000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
6895000
CY2015Q4 us-gaap Net Income Loss
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11042000
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PaymentsRelatedToTaxWithholdingForShareBasedCompensation
6349000
CY2016 us-gaap Net Income Loss
NetIncomeLoss
32547000
CY2015 us-gaap Net Income Loss
NetIncomeLoss
30758000
CY2014 us-gaap Net Income Loss
NetIncomeLoss
38319000
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1
CY2016 us-gaap Operating Income Loss
OperatingIncomeLoss
50607000
CY2015 us-gaap Operating Income Loss
OperatingIncomeLoss
48134000
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OperatingIncomeLoss
61447000
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OperatingLeasesFutureMinimumPaymentsDueCurrent
1454000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Four Years
OperatingLeasesFutureMinimumPaymentsDueInFourYears
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CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Three Years
OperatingLeasesFutureMinimumPaymentsDueInThreeYears
1858000
CY2016Q4 us-gaap Operating Leases Future Minimum Payments Due In Two Years
OperatingLeasesFutureMinimumPaymentsDueInTwoYears
1878000
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5200000
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880000
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OtherAccruedLiabilitiesCurrent
438000
CY2016 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-668000
CY2015 us-gaap Other Comprehensive Income Foreign Currency Transaction And Translation Adjustment Net Of Tax Portion Attributable To Parent
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-2154000
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-2796000
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OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-700000
CY2015 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2200000
CY2014 us-gaap Other Comprehensive Income Loss Foreign Currency Transaction And Translation Adjustment Net Of Tax
OtherComprehensiveIncomeLossForeignCurrencyTransactionAndTranslationAdjustmentNetOfTax
-2800000
CY2014 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2796000
CY2015 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-2154000
CY2016 us-gaap Other Comprehensive Income Loss Net Of Tax
OtherComprehensiveIncomeLossNetOfTax
-668000
CY2016Q4 us-gaap Other Liabilities Noncurrent
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2078000
CY2015Q4 us-gaap Other Liabilities Noncurrent
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781000
CY2015 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016 us-gaap Other Than Temporary Impairment Losses Investments Availableforsale Securities
OtherThanTemporaryImpairmentLossesInvestmentsAvailableforsaleSecurities
0
CY2016 us-gaap Payments For Repurchase Of Common Stock
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25000000
CY2015 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2014 us-gaap Payments For Repurchase Of Common Stock
PaymentsForRepurchaseOfCommonStock
CY2016 us-gaap Payments Related To Tax Withholding For Share Based Compensation
PaymentsRelatedToTaxWithholdingForShareBasedCompensation
CY2016 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
39249000
CY2015 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
45251000
CY2014 us-gaap Payments To Acquire Marketable Securities
PaymentsToAcquireMarketableSecurities
26750000
CY2016 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
14014000
CY2015 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
9225000
CY2014 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
1553000
CY2016Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2015Q4 us-gaap Preferred Stock Par Or Stated Value Per Share
PreferredStockParOrStatedValuePerShare
0.01
CY2016Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2015Q4 us-gaap Preferred Stock Shares Authorized
PreferredStockSharesAuthorized
1250000
CY2016Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2015Q4 us-gaap Preferred Stock Shares Issued
PreferredStockSharesIssued
0
CY2016Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2015Q4 us-gaap Preferred Stock Shares Outstanding
PreferredStockSharesOutstanding
0
CY2016Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2015Q4 us-gaap Preferred Stock Value
PreferredStockValue
CY2016Q4 us-gaap Prepaid Expense And Other Assets Current
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2098000
CY2015Q4 us-gaap Prepaid Expense And Other Assets Current
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1385000
CY2016 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
46500000
CY2015Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14961000
CY2015 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
24250000
CY2014 us-gaap Proceeds From Sale And Maturity Of Marketable Securities
ProceedsFromSaleAndMaturityOfMarketableSecurities
20000000
CY2016 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1007000
CY2015 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
1074000
CY2014 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
2055000
CY2015Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q4 us-gaap Product Warranty Accrual
ProductWarrantyAccrual
0
CY2016Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
79073000
CY2015Q4 us-gaap Property Plant And Equipment Gross
PropertyPlantAndEquipmentGross
64648000
CY2016Q4 us-gaap Property Plant And Equipment Net
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52296000
CY2015Q4 us-gaap Property Plant And Equipment Net
PropertyPlantAndEquipmentNet
40108000
CY2016 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
52000
CY2015 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
38000
CY2014 us-gaap Provision For Doubtful Accounts
ProvisionForDoubtfulAccounts
CY2016 us-gaap Research And Development Expense
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10732000
CY2015 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8987000
CY2014 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
8144000
CY2016Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
168209000
CY2015Q4 us-gaap Retained Earnings Accumulated Deficit
RetainedEarningsAccumulatedDeficit
135662000
CY2015 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
5303000
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SalesRevenueGoodsNet
22898000
CY2014 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
30121000
CY2016 us-gaap Revenue Recognition Sales Of Goods
RevenueRecognitionSalesOfGoods
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; margin: 0pt 0"><div style="display: inline; font-style: italic;">Product Revenue</div></div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Revenues from product sales are recognized when title and risk of loss have passed to the customer, which is typically upon shipment to the customer. Amounts billed or collected prior to recognition of revenue are classified as deferred revenue. When determining whether risk of loss has transferred to customers on product sales, or if the sales price is fixed or determinable, the Company evaluates both the contractual terms and conditions of its distribution and supply agreements as well as its business practices. </div></div> <div style=" font-size: 10pt; text-indent: 0.55in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white"></div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Product revenue also includes royalties. Royalty revenue is based on distributors&#x2019; sales and recognized in the same period distributors record their sale of products manufactured by the Company. On a quarterly basis the Company records royalty revenue based upon sales provided to it by its distributor customers. </div></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white"></div></div> <div style=" font-size: 10pt; text-indent: 0.55in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0"><div style="display: inline; background-color: white">Pursuant to the Health Care and Education Reconciliation Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2010,</div> in conjunction with the Patient Protection and Affordable Care Act, a medical device excise tax (&#x201c;MDET&#x201d;) became effective on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2013</div> for sales of certain medical devices. Some of the Company&#x2019;s product sales are subject to the provisions of the MDET. The Company has elected to recognize any amounts related to the MDET under the gross method as allowed under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">45.</div> For the periods ended <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015</div> and <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2014,</div> amounts included in revenues and costs of goods sold for the MDET were immaterial. On <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">18,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2015,</div> President Obama signed the Consolidated Appropriations Act of <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> which suspends the <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.3</div> percent MDET beginning on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2016,</div> with the suspension ending on <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> December</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">31,</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2017.</div></div></div></div></div>
CY2016 us-gaap Revenue Recognition Services Licensing Fees
RevenueRecognitionServicesLicensingFees
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"><div style="display: inline; font-style: italic;">Licensing, Milestone and Contract Revenue</div></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0">Licensing, milestone and contract revenue consist of revenue recognized on initial and milestone payments, as well as contractual amounts received from partners. The Company&#x2019;s business strategy includes entering into collaborative license, development, and/or supply agreements with partners for the development and commercialization of the Company&#x2019;s products. Under the milestone method, the Company recognizes a consideration that is contingent upon the achievement of a milestone in its entirety as revenue in the period in which the milestone is achieved only if the milestone is substantive in its entirety. A milestone is considered substantive when it meets all of the following criteria:</div> <div style=" font-size: 10pt; text-align: justify; margin: 0pt 0"></div> <div style=" font-size: 10pt; margin: 0pt 0">&nbsp;</div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">1.</div></td> <td>The consideration is commensurate with either the entity&#x2019;s performance to achieve the milestone or the enhancement of the value of the delivered item(s) as a result of a specific outcome resulting from the entity&#x2019;s performance to achieve the milestone,</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2.</div></td> <td>The consideration relates solely to past performance, and</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <table style="font-size: 10pt; margin-top: 0pt; margin-bottom: 0pt;" cellspacing="0" cellpadding="0"> <tr style="vertical-align: top"> <td style="width: 0.25in"></td> <td style="width: 0.25in"><div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">3.</div></td> <td>The consideration is reasonable relative to all of the deliverables and payment terms within the arrangement.</td> </tr> </table> <div style=" margin-top: 0pt; margin-bottom: 0pt; font-size: 10pt">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.25in; margin: 0pt 0"></div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">A milestone is defined as an event (i) that can only be achieved based in whole or in part on either the entity&#x2019;s performance or on the occurrence of a specific outcome resulting from the entity&#x2019;s performance, (ii) for which there is substantive uncertainty at the date the arrangement is entered into that the event will be achieved, and (iii) that would result in additional payments being due to the Company. Non substantive milestones are recognized when there are no further obligations by the Company.</div> <div style=" font-size: 10pt; text-indent: 0.55in; margin: 0pt 0">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The terms of the agreements typically include non-refundable license fees, funding of research and development and payments based upon achievement of certain milestones. The Company adopted ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> <div style="display: inline; font-style: italic;">Revenue Recognition</div> in <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;"> January</div> <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2011,</div> which amends ASC Subtopic <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,</div> <div style="display: inline; font-style: italic;">Multiple Element Arrangements</div> (&#x201c;ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25&#x201d;)</div> to require the establishment of a selling price hierarchy for determining the allocable selling price of an item. Under ASC <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">605</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">25,</div> as amended by ASU <div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">2009</div>-<div style="display: inline; font-style: italic; font-weight: inherit; font-style: normal;">13,</div> in order to account for an element as a separate unit of accounting, the element must have objective and reliable evidence of selling price of the undelivered elements. In general, non-refundable up-front fees and milestone payments that do not relate to other elements are recognized as revenue over the term of the arrangement as the Company completes its performance obligations.</div></div></div>
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SalesRevenueGoodsNet
28296000
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SalesRevenueGoodsNet
25783000
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SalesRevenueGoodsNet
26575000
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SalesRevenueGoodsNet
22278000
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SalesRevenueGoodsNet
25607000
CY2015Q3 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
23676000
CY2015Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
15515000
CY2016 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
102932000
CY2015 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
87696000
CY2014 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
75474000
CY2016Q4 us-gaap Sales Revenue Net
SalesRevenueNet
28726000
CY2016Q3 us-gaap Sales Revenue Net
SalesRevenueNet
25789000
CY2016Q2 us-gaap Sales Revenue Net
SalesRevenueNet
26581000
CY2016Q1 us-gaap Sales Revenue Net
SalesRevenueNet
22283000
CY2015Q4 us-gaap Sales Revenue Net
SalesRevenueNet
30894000
CY2015Q3 us-gaap Sales Revenue Net
SalesRevenueNet
23681000
CY2015Q2 us-gaap Sales Revenue Net
SalesRevenueNet
22904000
CY2015Q1 us-gaap Sales Revenue Net
SalesRevenueNet
15520000
CY2016 us-gaap Sales Revenue Net
SalesRevenueNet
103379000
CY2015 us-gaap Sales Revenue Net
SalesRevenueNet
92999000
CY2014 us-gaap Sales Revenue Net
SalesRevenueNet
105595000
CY2016 us-gaap Sales Revenue Services Net
SalesRevenueServicesNet
447000
CY2015Q1 us-gaap Weighted Average Number Of Shares Issued Basic
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14905000
CY2015 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2014 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
18013000
CY2015 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
14825000
CY2014 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
15074000
CY2016 us-gaap Share Based Compensation
ShareBasedCompensation
3392000
CY2015 us-gaap Share Based Compensation
ShareBasedCompensation
2225000
CY2014 us-gaap Share Based Compensation
ShareBasedCompensation
1607000
CY2016 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Fair Value Assumptions Expected Dividend Rate
ShareBasedCompensationArrangementByShareBasedPaymentAwardFairValueAssumptionsExpectedDividendRate
0
CY2016Q4 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Number Of Shares Available For Grant
ShareBasedCompensationArrangementByShareBasedPaymentAwardNumberOfSharesAvailableForGrant
0.9
CY2016 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2015 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y182D
CY2014 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Fair Value Assumptions Expected Term1
SharebasedCompensationArrangementBySharebasedPaymentAwardFairValueAssumptionsExpectedTerm1
P4Y
CY2014 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
2055000
CY2015 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1074000
CY2016 us-gaap Stock Issued During Period Value Share Based Compensation
StockIssuedDuringPeriodValueShareBasedCompensation
1007000
CY2014 us-gaap Stock Repurchased And Retired During Period Value
StockRepurchasedAndRetiredDuringPeriodValue
6348000
CY2016 us-gaap Stock Repurchased During Period Value
StockRepurchasedDuringPeriodValue
25000000
CY2016Q4 us-gaap Stockholders Equity
StockholdersEquity
222773000
CY2015Q4 us-gaap Stockholders Equity
StockholdersEquity
210848000
CY2013Q4 us-gaap Stockholders Equity
StockholdersEquity
135635000
CY2014Q4 us-gaap Stockholders Equity
StockholdersEquity
178098000
CY2016Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15077000
CY2016Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2015Q4 us-gaap Unrecognized Tax Benefits
UnrecognizedTaxBenefits
0
CY2016 us-gaap Use Of Estimates
UseOfEstimates
<div style="display: inline; font-family: times new roman; font-size: 10pt"><div style="display: inline; font-family: times new roman; font-size: 10pt"><div style=" font-size: 10pt; text-indent: -0.55in; margin: 0pt 0 0pt 0.55in"><div style="display: inline; font-style: italic;">Use of Estimates</div></div> <div style=" font-size: 10pt; margin: 0pt 0 0pt 0.55in">&nbsp;</div> <div style=" font-size: 10pt; text-indent: 0.5in; margin: 0pt 0">The preparation of financial statements in conformity with generally accepted accounting principles in the United States of America requires management to make estimates and assumptions that affect the reported amounts of assets and liabilities and disclosure of contingent assets and liabilities at the date of the financial statements and the reported amounts of revenues and expenses during the reporting period. Actual results could differ from those estimates.</div></div></div>
CY2016 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
434000
CY2015 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
387000
CY2014 us-gaap Weighted Average Number Diluted Shares Outstanding Adjustment
WeightedAverageNumberDilutedSharesOutstandingAdjustment
591000
CY2016Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
14979000
CY2016Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15111000
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15307000
CY2015Q4 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15353000
CY2015Q3 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15316000
CY2015Q2 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15336000
CY2015Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15330000
CY2016 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15116000
CY2015 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15321000
CY2014 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
15269000
CY2016Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14538000
CY2016Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14625000
CY2016Q2 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14679000
CY2016Q1 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14875000
CY2015Q4 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14965000
CY2015Q3 us-gaap Weighted Average Number Of Shares Issued Basic
WeightedAverageNumberOfSharesIssuedBasic
14967000
CY2016 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14682000
CY2015 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14934000
CY2014 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
14678000

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