2014 Q1 Form 10-K Financial Statement

#000119312514093364 Filed on March 11, 2014

View on sec.gov

Income Statement

Concept 2014 Q1 2013 2012 Q4
Revenue $24.85M $81.89M $18.36M
YoY Change 27.88% 16.57% 9.57%
Cost Of Revenue $7.190M $22.33M $5.360M
YoY Change 34.54% 10.34% 6.77%
Gross Profit $17.66M $59.56M $13.00M
YoY Change 25.35% 19.09% 10.75%
Gross Profit Margin 71.06% 72.74% 70.8%
Selling, General & Admin $21.58M $57.01M $11.89M
YoY Change 74.32% 26.52% 13.56%
% of Gross Profit 122.22% 95.72% 91.45%
Research & Development $4.001M $13.44M $2.970M
YoY Change 14.12% 10.64% 0.34%
% of Gross Profit 22.66% 22.56% 22.84%
Depreciation & Amortization $730.0K $2.008M $380.0K
YoY Change 59.39% 6.47% -11.63%
% of Gross Profit 4.13% 3.37% 2.92%
Operating Expenses $25.58M $70.45M $14.86M
YoY Change 61.03% 23.15% 10.57%
Operating Profit -$7.925M -$10.89M -$1.852M
YoY Change 340.28% 51.31% 8.94%
Interest Expense $237.0K $566.0K -$180.0K
YoY Change 36.99% -29.43% 12.5%
% of Operating Profit
Other Income/Expense, Net $466.0K -$3.000K $40.00K
YoY Change 1403.23% -100.59% -118.18%
Pretax Income -$7.682M -$9.409M -$1.990M
YoY Change 296.39% 59.23% -3.86%
Income Tax $27.00K $18.00K $30.00K
% Of Pretax Income
Net Earnings -$7.709M -$11.46M -$2.020M
YoY Change 296.76% 52.14% -2.88%
Net Earnings / Revenue -31.03% -14.0% -11.0%
Basic Earnings Per Share
Diluted Earnings Per Share -$311.3K -$563.7K -$123.7K
COMMON SHARES
Basic Shares Outstanding 27.27M shares
Diluted Shares Outstanding

Balance Sheet

Concept 2014 Q1 2013 2012 Q4
SHORT-TERM ASSETS
Cash & Short-Term Investments $79.40M $26.20M $12.00M
YoY Change 120.56% 118.33% -15.49%
Cash & Equivalents $68.64M $14.90M $7.753M
Short-Term Investments $10.70M $11.30M $4.200M
Other Short-Term Assets $2.098M $2.400M $873.0K
YoY Change 39.87% 166.67% -3.0%
Inventory $11.08M $10.20M $5.718M
Prepaid Expenses
Receivables $14.71M $13.70M $9.948M
Other Receivables $0.00 $0.00 $0.00
Total Short-Term Assets $107.2M $52.50M $28.54M
YoY Change 97.15% 84.21% -8.53%
LONG-TERM ASSETS
Property, Plant & Equipment $5.769M $5.600M $3.430M
YoY Change 64.83% 64.71% 42.92%
Goodwill $35.39M $0.00
YoY Change
Intangibles $9.944M $32.00K
YoY Change
Long-Term Investments $0.00 $7.900M
YoY Change
Other Assets $207.0K $200.0K $430.0K
YoY Change -31.0% -50.0% 43.33%
Total Long-Term Assets $51.31M $59.40M $3.892M
YoY Change 1286.65% 1423.08% 44.15%
TOTAL ASSETS
Total Short-Term Assets $107.2M $52.50M $28.54M
Total Long-Term Assets $51.31M $59.40M $3.892M
Total Assets $158.6M $111.9M $32.43M
YoY Change 172.9% 245.37% -4.33%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $7.921M $8.600M $5.103M
YoY Change 46.69% 68.63% -3.72%
Accrued Expenses $8.054M $16.10M $5.073M
YoY Change 54.88% 215.69% 26.83%
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 $16.01M $26.70M $12.21M
YoY Change 26.09% 118.85% 13.01%
LONG-TERM LIABILITIES
Long-Term Debt $100.0K $4.400M $6.400M
YoY Change -98.31% -31.25% 30.61%
Other Long-Term Liabilities $8.209M $8.200M $1.319M
YoY Change 812.11% 530.77% -47.24%
Total Long-Term Liabilities $8.209M $12.60M $1.319M
YoY Change 20.72% 63.64% -82.18%
TOTAL LIABILITIES
Total Short-Term Liabilities $16.01M $26.70M $12.21M
Total Long-Term Liabilities $8.209M $12.60M $1.319M
Total Liabilities $24.29M $39.30M $19.93M
YoY Change 24.57% 97.49% 9.51%
SHAREHOLDERS EQUITY
Retained Earnings -$129.9M -$110.8M
YoY Change
Common Stock $27.00K $17.00K
YoY Change
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $134.3M $72.60M $12.50M
YoY Change
Total Liabilities & Shareholders Equity $158.6M $111.9M $32.43M
YoY Change 172.9% 245.37% -4.33%

Cashflow Statement

Concept 2014 Q1 2013 2012 Q4
OPERATING ACTIVITIES
Net Income -$7.709M -$11.46M -$2.020M
YoY Change 296.76% 52.14% -2.88%
Depreciation, Depletion And Amortization $730.0K $2.008M $380.0K
YoY Change 59.39% 6.47% -11.63%
Cash From Operating Activities -$14.40M -$5.222M -$190.0K
YoY Change 460.31% 169.73% -83.19%
INVESTING ACTIVITIES
Capital Expenditures $1.020M $2.864M -$620.0K
YoY Change 124.18% -4.05% -7.46%
Acquisitions
YoY Change
Other Investing Activities $8.430M -$11.29M $600.0K
YoY Change -951.52% -6042.11% -92.12%
Cash From Investing Activities $7.410M -$14.15M -$10.00K
YoY Change -611.03% 405.93% -100.14%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $65.83M $26.87M
YoY Change 144.98%
Debt Paid & Issued, Net
YoY Change
Cash From Financing Activities 60.74M 26.83M -260.0K
YoY Change 123.8% 907.81% -160.47%
NET CHANGE
Cash From Operating Activities -14.40M -5.222M -190.0K
Cash From Investing Activities 7.410M -14.15M -10.00K
Cash From Financing Activities 60.74M 26.83M -260.0K
Net Change In Cash 53.75M 7.455M -460.0K
YoY Change 132.48% -459.97% -107.38%
FREE CASH FLOW
Cash From Operating Activities -$14.40M -$5.222M -$190.0K
Capital Expenditures $1.020M $2.864M -$620.0K
Free Cash Flow -$15.42M -$8.086M $430.0K
YoY Change 409.75% 64.32% -193.48%

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CY2013 us-gaap Revenue Recognition Sales Returns
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CY2013 us-gaap Concentration Risk Percentage1
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0.204 pure
CY2013 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Description And Terms
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Participants may not purchase more than $25 of the Company's common stock in a calendar year and, effective January 1, 2009, may not purchase more than 1.5 shares during an offering period
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912000 shares
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3225000
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26872000
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3708000
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951000
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3080000
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1445000
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1207000
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22326000
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1718000
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790000
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115000
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3080000
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183000
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870000
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70454000
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0.25 pure
CY2013 atrc Loss Contingency Settlement Agreement Period
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P5Y
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CY2013 atrc Expenses Of Warrant
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272000
CY2013 atrc Increase In Applicable Interest Rate
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22000
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26000000
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24000
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79000
CY2013 atrc Loaned Capital Equipment Cost To Direct Customers Using Disposable Products
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0
CY2013 atrc Non Employee Stock Compensation Vesting Period
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P4Y
CY2013 atrc Payment Terms For End Users
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606000
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26000000
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0
CY2013 atrc Long Term Purchase Commitment Additional Quantity Required
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P4Y
CY2013 atrc Share Based Compensation Expenses Non Employees
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0
CY2013 atrc Business Acquisition Contingent Consideration
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2015
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P6M
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October 1, 2010
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10 Customer
CY2013 atrc Purchase Price Allocation Terms Completion
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P1Y
CY2013 atrc Unrecognized Tax Benefits Increases Or Decreases Related To Settlements
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179000
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CY2012 us-gaap Share Based Compensation Arrangements By Share Based Payment Award Options Forfeitures In Period Weighted Average Exercise Price
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CY2012 us-gaap Defined Contribution Plan Maximum Annual Contributions Per Employee Percent
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0.25 pure
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CY2012 us-gaap Weighted Average Number Of Share Outstanding Basic And Diluted
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7.15
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4.65
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2.90
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Grants In Period Gross
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972000 shares
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0.6950 pure
CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Exercisable Weighted Average Remaining Contractual Term1
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CY2012 us-gaap Sharebased Compensation Arrangement By Sharebased Payment Award Options Vested And Expected To Vest Outstanding Weighted Average Remaining Contractual Term1
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CY2012 us-gaap Stock Issued During Period Shares Stock Options Exercised
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CY2012 us-gaap Effective Income Tax Rate Reconciliation State And Local Income Taxes
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0.0067 pure
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0.196 pure
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109000 shares
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3676000 shares
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0.0008 pure
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0.0000 pure
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259000
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CY2012 us-gaap Revenues
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70247000
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8096000
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50014000
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65000
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10000
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505000
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179000
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114000
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409000
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CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Recurring Basis Liability Purchases Sales Issuances Settlements
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115000
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417000
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114000
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627000
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3468000
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198000
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6000
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2985000
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2662000
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2336000
CY2012 us-gaap Proceeds From Issuance Of Secured Debt
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CY2012 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
-2336000
CY2012 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Options Exercises In Period Total Intrinsic Value
ShareBasedCompensationArrangementByShareBasedPaymentAwardOptionsExercisesInPeriodTotalIntrinsicValue
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CY2012 us-gaap Share Based Compensation
ShareBasedCompensation
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CY2012 us-gaap Provision For Doubtful Accounts
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CY2012 us-gaap Income Tax Reconciliation Tax Contingencies Foreign
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-4980000
CY2012 us-gaap Defined Contribution Plan Employer Discretionary Contribution Amount
DefinedContributionPlanEmployerDiscretionaryContributionAmount
0
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InterestExpense
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IncomeTaxReconciliationStateAndLocalIncomeTaxes
-49000
CY2012 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
-132000
CY2012 us-gaap Income Tax Reconciliation Income Tax Expense Benefit At Federal Statutory Income Tax Rate
IncomeTaxReconciliationIncomeTaxExpenseBenefitAtFederalStatutoryIncomeTaxRate
-2483000
CY2012 us-gaap Proceeds From Sale Of Property Plant And Equipment
ProceedsFromSaleOfPropertyPlantAndEquipment
24000
CY2012 us-gaap Royalty Expense
RoyaltyExpense
603000
CY2012 us-gaap Cost Of Revenue
CostOfRevenue
20233000
CY2012 us-gaap Fair Value Measurement With Unobservable Inputs Reconciliation Liability Transfers Out Of Level3
FairValueMeasurementWithUnobservableInputsReconciliationLiabilityTransfersOutOfLevel3
CY2012 us-gaap Net Cash Provided By Used In Investing Activities
NetCashProvidedByUsedInInvestingActivities
-2797000
CY2012 us-gaap Research And Development Expense
ResearchAndDevelopmentExpense
12147000
CY2012 us-gaap Proceeds From Stock Options Exercised
ProceedsFromStockOptionsExercised
659000
CY2012 us-gaap Proceeds From Issuance Of Shares Under Incentive And Share Based Compensation Plans
ProceedsFromIssuanceOfSharesUnderIncentiveAndShareBasedCompensationPlans
627000
CY2012 us-gaap Amortization Of Financing Costs
AmortizationOfFinancingCosts
100000
CY2012 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
13000
CY2012 us-gaap Current Income Tax Expense Benefit
CurrentIncomeTaxExpenseBenefit
50000
CY2012 us-gaap Proceeds From Sale And Maturity Of Available For Sale Securities
ProceedsFromSaleAndMaturityOfAvailableForSaleSecurities
9400000
CY2012 us-gaap Depreciation
Depreciation
1886000
CY2012 us-gaap Allocated Share Based Compensation Expense
AllocatedShareBasedCompensationExpense
3468000
CY2012 us-gaap Income Tax Reconciliation Foreign Income Tax Rate Differential
IncomeTaxReconciliationForeignIncomeTaxRateDifferential
142000
CY2012 us-gaap Lease And Rental Expense
LeaseAndRentalExpense
769000
CY2012 us-gaap Unrecognized Tax Benefits Reductions Resulting From Lapse Of Applicable Statute Of Limitations
UnrecognizedTaxBenefitsReductionsResultingFromLapseOfApplicableStatuteOfLimitations
CY2012 us-gaap Operating Expenses
OperatingExpenses
57212000
CY2012 us-gaap Income Tax Reconciliation Other Adjustments
IncomeTaxReconciliationOtherAdjustments
212000
CY2012 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
45065000
CY2012 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
50000
CY2012 us-gaap Effect Of Exchange Rate On Cash And Cash Equivalents
EffectOfExchangeRateOnCashAndCashEquivalents
65000
CY2012 atrc Expense Related To Chief Financial Officer And Chief Executive Officer Departures
ExpenseRelatedToChiefFinancialOfficerAndChiefExecutiveOfficerDepartures
1600000
CY2012 atrc Unrecognized Tax Benefits Increases Or Decrease Resulting From Current Period Tax Positions
UnrecognizedTaxBenefitsIncreasesOrDecreaseResultingFromCurrentPeriodTaxPositions
CY2012 atrc Fair Value Measurement With Unobservable Inputs Reconciliation Reclassification From Equity To Liability When Fully Vested
FairValueMeasurementWithUnobservableInputsReconciliationReclassificationFromEquityToLiabilityWhenFullyVested
99000
CY2012 atrc Expenses Of Warrant
ExpensesOfWarrant
0
CY2012 atrc Income Expense Related To Remeasurement Of Fair Value Of Fully Vested Stock Options
IncomeExpenseRelatedToRemeasurementOfFairValueOfFullyVestedStockOptions
-179000
CY2012 atrc Capital Lease Asset Early Termination
CapitalLeaseAssetEarlyTermination
13000
CY2012 atrc Reclassification Of Non Employee Option Liability
ReclassificationOfNonEmployeeOptionLiability
49000
CY2012 atrc Defined Contribution Plan Employer Matching Contribution
DefinedContributionPlanEmployerMatchingContribution
234000
CY2012 atrc Fair Value Measurement With Unobservable Inputs Reconciliation Purchases Exercises
FairValueMeasurementWithUnobservableInputsReconciliationPurchasesExercises
50000
CY2012 atrc Fair Value Assets Liabilities Transfer Between Levels
FairValueAssetsLiabilitiesTransferBetweenLevels
0
CY2012 atrc Share Based Compensation Expenses Non Employees
ShareBasedCompensationExpensesNonEmployees
0
CY2012 atrc Unrecognized Tax Benefits Increases Or Decreases Related To Settlements
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us-gaap Long Term Purchase Commitment Minimum Quantity Required
LongTermPurchaseCommitmentMinimumQuantityRequired
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atrc Long Term Purchased Commitment Quantity Required
LongTermPurchasedCommitmentQuantityRequired
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CY2013Q1 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2013Q1 us-gaap Revenues
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CY2013Q1 us-gaap Gross Profit
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CY2012Q1 us-gaap Gross Profit
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CY2012Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2012Q2 us-gaap Revenues
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CY2012Q2 us-gaap Net Income Loss
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CY2012Q2 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
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CY2013Q2 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2013Q2 us-gaap Revenues
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CY2013Q2 us-gaap Gross Profit
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CY2013Q2 us-gaap Operating Income Loss
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CY2012Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2012Q3 us-gaap Revenues
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CY2012Q3 us-gaap Gross Profit
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CY2012Q3 us-gaap Share Based Compensation Arrangement By Share Based Payment Award Plan Modification Incremental Compensation Cost
ShareBasedCompensationArrangementByShareBasedPaymentAwardPlanModificationIncrementalCompensationCost
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CY2013Q3 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2013Q3 us-gaap Revenues
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CY2013Q3 us-gaap Operating Income Loss
OperatingIncomeLoss
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CY2010Q4 atrc Aggregate Distributor Earning
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CY2010Q4 atrc Aggregate Distributor Earning
AggregateDistributorEarning
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CY2012Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2012Q4 us-gaap Revenues
Revenues
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CY2012Q4 us-gaap Gross Profit
GrossProfit
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CY2012Q4 us-gaap Operating Income Loss
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CY2012Q4 us-gaap Net Income Loss
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CY2013Q4 us-gaap Income Loss From Continuing Operations Per Basic And Diluted Share
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CY2013Q4 us-gaap Revenues
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21884000
CY2013Q4 us-gaap Gross Profit
GrossProfit
15669000
CY2013Q4 us-gaap Operating Income Loss
OperatingIncomeLoss
-4838000

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