2016 Q1 Form 10-Q Financial Statement

#000119312516582028 Filed on May 06, 2016

View on sec.gov

Income Statement

Concept 2016 Q1 2015 Q1
Revenue $7.632M $7.692M
YoY Change -0.78% -2.21%
Cost Of Revenue $4.263M $4.714M
YoY Change -9.57% 13.4%
Gross Profit $3.369M $2.978M
YoY Change 13.13% -19.71%
Gross Profit Margin 44.14% 38.72%
Selling, General & Admin $11.75M $11.72M
YoY Change 0.25% 42.28%
% of Gross Profit 348.68% 393.49%
Research & Development $6.917M $5.581M
YoY Change 23.94% 20.23%
% of Gross Profit 205.31% 187.41%
Depreciation & Amortization $476.0K $443.0K
YoY Change 7.45% 36.31%
% of Gross Profit 14.13% 14.88%
Operating Expenses $18.71M $17.35M
YoY Change 7.87% 34.2%
Operating Profit -$15.35M -$14.37M
YoY Change 6.78% 55.88%
Interest Expense $655.0K $255.0K
YoY Change 156.86% 410.0%
% of Operating Profit
Other Income/Expense, Net -$706.0K $4.930M
YoY Change -114.32% -45.42%
Pretax Income -$16.05M -$9.441M
YoY Change 70.01% 4948.66%
Income Tax $812.0K $19.00K
% Of Pretax Income
Net Earnings -$16.86M -$9.460M
YoY Change 78.26% 4104.44%
Net Earnings / Revenue -220.95% -122.98%
Basic Earnings Per Share -$0.17 -$0.10
Diluted Earnings Per Share -$0.17 -$0.17
COMMON SHARES
Basic Shares Outstanding 99.47M 93.41M shares
Diluted Shares Outstanding 99.47M 94.66M shares

Balance Sheet

Concept 2016 Q1 2015 Q1
SHORT-TERM ASSETS
Cash & Short-Term Investments $91.30M $111.9M
YoY Change -18.41% 131.68%
Cash & Equivalents $20.79M $17.93M
Short-Term Investments $70.51M $94.00M
Other Short-Term Assets $6.333M $1.933M
YoY Change 227.63% 111.72%
Inventory $11.26M $16.11M
Prepaid Expenses $1.377M $1.331M
Receivables $4.086M $5.153M
Other Receivables $0.00 $0.00
Total Short-Term Assets $119.4M $136.4M
YoY Change -12.45% 103.37%
LONG-TERM ASSETS
Property, Plant & Equipment $3.380M $3.797M
YoY Change -10.98% 19.93%
Goodwill $1.316M $1.316M
YoY Change 0.0% 0.0%
Intangibles $1.092M
YoY Change -15.61%
Long-Term Investments
YoY Change
Other Assets $2.341M $140.0K
YoY Change 1572.14% 118.75%
Total Long-Term Assets $8.501M $6.806M
YoY Change 24.9% 10.7%
TOTAL ASSETS
Total Short-Term Assets $119.4M $136.4M
Total Long-Term Assets $8.501M $6.806M
Total Assets $127.9M $143.2M
YoY Change -10.67% 95.59%
SHORT-TERM LIABILITIES
YoY Change
Accounts Payable $6.238M $10.51M
YoY Change -40.65% 200.89%
Accrued Expenses $9.221M $7.104M
YoY Change 29.8% -19.62%
Deferred Revenue
YoY Change
Short-Term Debt $0.00 $0.00
YoY Change
Long-Term Debt Due $4.500M $600.0K
YoY Change 650.0% -81.82%
Total Short-Term Liabilities $22.82M $22.76M
YoY Change 0.24% -16.41%
LONG-TERM LIABILITIES
Long-Term Debt $15.30M $9.300M
YoY Change 64.52%
Other Long-Term Liabilities $1.314M $1.116M
YoY Change 17.74% 8.24%
Total Long-Term Liabilities $1.314M $1.116M
YoY Change 17.74% 8.24%
TOTAL LIABILITIES
Total Short-Term Liabilities $22.82M $22.76M
Total Long-Term Liabilities $1.314M $1.116M
Total Liabilities $44.40M $33.29M
YoY Change 33.39% 17.38%
SHAREHOLDERS EQUITY
Retained Earnings -$614.7M -$551.4M
YoY Change 11.47% 9.53%
Common Stock $694.8M $661.4M
YoY Change 5.06% 918445.83%
Preferred Stock
YoY Change
Treasury Stock (at cost)
YoY Change
Treasury Stock Shares
Shareholders Equity $83.53M $109.9M
YoY Change
Total Liabilities & Shareholders Equity $127.9M $143.2M
YoY Change -10.67% 95.59%

Cashflow Statement

Concept 2016 Q1 2015 Q1
OPERATING ACTIVITIES
Net Income -$16.86M -$9.460M
YoY Change 78.26% 4104.44%
Depreciation, Depletion And Amortization $476.0K $443.0K
YoY Change 7.45% 36.31%
Cash From Operating Activities -$13.04M -$15.75M
YoY Change -17.21% 60.22%
INVESTING ACTIVITIES
Capital Expenditures $43.00K $59.00K
YoY Change -27.12% -92.97%
Acquisitions
YoY Change
Other Investing Activities -$45.04M -$65.54M
YoY Change -31.28% -14347.83%
Cash From Investing Activities -$45.09M -$65.59M
YoY Change -31.25% -2286.33%
FINANCING ACTIVITIES
Cash Dividend Paid
YoY Change
Common Stock Issuance & Retirement, Net $7.199M $75.53M
YoY Change -90.47% 243535.48%
Debt Paid & Issued, Net $32.00K $28.00K
YoY Change 14.29% -77.6%
Cash From Financing Activities 7.870M 76.50M
YoY Change -89.71% 5651.88%
NET CHANGE
Cash From Operating Activities -13.04M -15.75M
Cash From Investing Activities -45.09M -65.59M
Cash From Financing Activities 7.870M 76.50M
Net Change In Cash -50.26M -4.840M
YoY Change 938.43% -12.0%
FREE CASH FLOW
Cash From Operating Activities -$13.04M -$15.75M
Capital Expenditures $43.00K $59.00K
Free Cash Flow -$13.08M -$15.81M
YoY Change -17.24% 48.18%

Facts In Submission

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CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
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19000
CY2015Q1 us-gaap Interest Expense
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CY2015Q1 us-gaap Available For Sale Securities Gross Realized Gains
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0
CY2015Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
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CY2015Q1 us-gaap Cost Of Goods Sold
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CY2015Q1 us-gaap Available For Sale Securities Gross Realized Losses
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0
CY2015Q1 cers Payment For Manufacturing Of Entity Products
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CY2015Q1 cers Non Cash Interest Expense
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CY2015Q1 us-gaap Proceeds From Issuance Of Common Stock
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CY2015Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
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CY2015Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
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CY2015Q1 us-gaap Depreciation Depletion And Amortization
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CY2015Q1 us-gaap Income Tax Expense Benefit
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CY2015Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
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4400000
CY2015Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
5581000
CY2015Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
999000
CY2015Q1 us-gaap Increase Decrease In Deferred Revenue
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23000
CY2015Q1 us-gaap Fair Value Adjustment Of Warrants
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CY2015Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
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CY2015Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
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CY2015Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2015Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
484000
CY2015Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1474000
CY2015Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2015Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11718000
CY2015Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-1488000
CY2015Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q1 dei Document Type
DocumentType
10-Q
CY2016Q1 dei Trading Symbol
TradingSymbol
CERS
CY2016Q1 us-gaap Acquired Finite Lived Intangible Assets Weighted Average Useful Life
AcquiredFiniteLivedIntangibleAssetsWeightedAverageUsefulLife
P10Y
CY2016Q1 dei Entity Central Index Key
EntityCentralIndexKey
0001020214
CY2016Q1 dei Document Period End Date
DocumentPeriodEndDate
2016-03-31
CY2016Q1 dei Entity Filer Category
EntityFilerCategory
Accelerated Filer
CY2016Q1 dei Current Fiscal Year End Date
CurrentFiscalYearEndDate
--12-31
CY2016Q1 dei Document Fiscal Period Focus
DocumentFiscalPeriodFocus
Q1
CY2016Q1 us-gaap Concentration Risk Credit Risk
ConcentrationRiskCreditRisk
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Concentration of Credit Risk</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> Financial instruments that potentially subject the Company to concentrations of credit risk consist primarily of cash equivalents, available-for-sale securities and accounts receivable.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> Pursuant to the Company&#x2019;s investment policy, substantially all of the Company&#x2019;s cash, cash equivalents and available-for-sale securities are maintained at major financial institutions of high credit standing. The Company monitors the financial credit worthiness of the issuers of its investments and limits the concentration in individual securities and types of investments that exist within its investment portfolio. Generally, all of the Company&#x2019;s investments carry high credit quality ratings, which is in accordance with its investment policy. At March&#xA0;31, 2016, the fair value of the Company&#x2019;s marketable equity securities of Aduro is subject to the underlying volatility of Aduro&#x2019;s stock price. At March&#xA0;31, 2016, the Company does not believe there is significant financial risk from non-performance by the issuers of the Company&#x2019;s cash equivalents and short-term investments.</p> <p style="MARGIN-BOTTOM: 0px; FONT-SIZE: 1px; MARGIN-TOP: 12px"> &#xA0;</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 0pt"> Concentrations of credit risk with respect to trade receivables exist. On a regular basis, including at the time of sale, the Company performs credit evaluations of its significant customers that it expects to sell to on credit terms. Generally, the Company does not require collateral from its customers to secure accounts receivable. To the extent that the Company determines specific invoices or customer accounts may be uncollectible, the Company establishes an allowance for doubtful accounts against the accounts receivable on its unaudited condensed consolidated balance sheets and records a charge on its unaudited condensed consolidated statements of operations as a component of selling, general and administrative expenses.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company had two customers and three customers that accounted for more than 10% of the Company&#x2019;s outstanding trade receivables at March&#xA0;31, 2016 and December&#xA0;31, 2015, respectively. These customers cumulatively represented approximately 48% and 49% of the Company&#x2019;s outstanding trade receivables at March&#xA0;31, 2016 and December&#xA0;31, 2015, respectively. To date, the Company has not experienced collection difficulties from these customers.</p> </div>
CY2016Q1 us-gaap Weighted Average Number Of Shares Outstanding Basic
WeightedAverageNumberOfSharesOutstandingBasic
99471000 shares
CY2016Q1 us-gaap Net Cash Provided By Used In Operating Activities Continuing Operations
NetCashProvidedByUsedInOperatingActivitiesContinuingOperations
-13043000
CY2016Q1 dei Amendment Flag
AmendmentFlag
false
CY2016Q1 us-gaap Guarantees Indemnifications And Warranties Policies
GuaranteesIndemnificationsAndWarrantiesPolicies
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Guarantee and Indemnification Arrangements</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The Company recognizes the fair value for guarantee and indemnification arrangements issued or modified by the Company. In addition, the Company monitors the conditions that are subject to the guarantees and indemnifications in order to identify if a loss has occurred. If the Company determines it is probable that a loss has occurred, then any such estimable loss would be recognized under those guarantees and indemnifications. Some of the agreements that the Company is a party to contain provisions that indemnify the counter party from damages and costs resulting from claims that the Company&#x2019;s technology infringes the intellectual property rights of a third party or claims that the sale or use of the Company&#x2019;s products have caused personal injury or other damage or loss. The Company has not received any such requests for indemnification under these provisions and has not been required to make material payments pursuant to these provisions.</p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 12pt"> The Company generally provides for a one-year warranty on certain of its INTERCEPT blood-safety products covering defects in materials and workmanship. The Company accrues costs associated with warranty obligations when claims become known and are estimable. The Company has not experienced significant or systemic warranty claims nor is it aware of any existing current warranty claims. Accordingly, the Company had not accrued for any future warranty costs for its products at March&#xA0;31, 2016 and December&#xA0;31, 2015.</p> </div>
CY2016Q1 dei Entity Registrant Name
EntityRegistrantName
CERUS CORP
CY2016Q1 us-gaap Nonoperating Income Expense
NonoperatingIncomeExpense
-706000
CY2016Q1 us-gaap Number Of Reportable Segments
NumberOfReportableSegments
1 Segment
CY2016Q1 us-gaap Earnings Per Share Basic
EarningsPerShareBasic
-0.17
CY2016Q1 us-gaap Use Of Estimates
UseOfEstimates
<div> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 18pt"> <b>Use of Estimates</b></p> <p style="MARGIN-BOTTOM: 0pt; FONT-SIZE: 10pt; FONT-FAMILY: Times New Roman; MARGIN-TOP: 6pt"> The preparation of financial statements requires management to make estimates, assumptions and judgments that affect the reported amounts of assets, liabilities, revenue and expenses, and related disclosures of contingent assets and liabilities. On an ongoing basis, management evaluates its estimates, which are based on historical experience and on various other assumptions that are believed to be reasonable under the circumstances. Actual results may differ from those estimates under different assumptions or conditions.</p> </div>
CY2016Q1 us-gaap Number Of Operating Segments
NumberOfOperatingSegments
1 Segment
CY2016Q1 dei Document Fiscal Year Focus
DocumentFiscalYearFocus
2016
CY2016Q1 us-gaap Weighted Average Number Of Diluted Shares Outstanding
WeightedAverageNumberOfDilutedSharesOutstanding
99471000 shares
CY2016Q1 us-gaap Earnings Per Share Diluted
EarningsPerShareDiluted
-0.17
CY2016Q1 us-gaap Increase Decrease In Other Operating Assets
IncreaseDecreaseInOtherOperatingAssets
213000
CY2016Q1 us-gaap Foreign Currency Transaction Gain Loss Before Tax
ForeignCurrencyTransactionGainLossBeforeTax
-117000
CY2016Q1 us-gaap Goodwill Other Changes
GoodwillOtherChanges
0
CY2016Q1 us-gaap Comprehensive Income Net Of Tax
ComprehensiveIncomeNetOfTax
-20785000
CY2016Q1 us-gaap Payments To Acquire Property Plant And Equipment
PaymentsToAcquirePropertyPlantAndEquipment
43000
CY2016Q1 us-gaap Other Nonoperating Income Expense
OtherNonoperatingIncomeExpense
66000
CY2016Q1 us-gaap Payments To Acquire Investments
PaymentsToAcquireInvestments
50544000
CY2016Q1 us-gaap Operating Income Loss
OperatingIncomeLoss
-15345000
CY2016Q1 us-gaap Increase Decrease In Inventories
IncreaseDecreaseInInventories
488000
CY2016Q1 us-gaap Income Loss From Continuing Operations Before Income Taxes Extraordinary Items Noncontrolling Interest
IncomeLossFromContinuingOperationsBeforeIncomeTaxesExtraordinaryItemsNoncontrollingInterest
-16051000
CY2016Q1 us-gaap Net Income Loss Available To Common Stockholders Diluted
NetIncomeLossAvailableToCommonStockholdersDiluted
-16863000
CY2016Q1 us-gaap Increase Decrease In Accounts Receivable
IncreaseDecreaseInAccountsReceivable
-1708000
CY2016Q1 us-gaap Increase Decrease In Restricted Cash
IncreaseDecreaseInRestrictedCash
-38000
CY2016Q1 us-gaap Repayments Of Long Term Debt
RepaymentsOfLongTermDebt
32000
CY2016Q1 us-gaap Sales Revenue Goods Net
SalesRevenueGoodsNet
7632000
CY2016Q1 us-gaap Net Income Loss
NetIncomeLoss
-16863000
CY2016Q1 us-gaap Gross Profit
GrossProfit
3369000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Net Of Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodNetOfTax
-3922000
CY2016Q1 us-gaap Available For Sale Securities Gross Realized Gains
AvailableForSaleSecuritiesGrossRealizedGains
0
CY2016Q1 us-gaap Interest Expense
InterestExpense
655000
CY2016Q1 us-gaap Goodwill Impairment Loss
GoodwillImpairmentLoss
0
CY2016Q1 us-gaap Proceeds From Issuance Of Common Stock
ProceedsFromIssuanceOfCommonStock
7199000
CY2016Q1 us-gaap Operating Expenses
OperatingExpenses
18714000
CY2016Q1 us-gaap Net Cash Provided By Used In Financing Activities Continuing Operations
NetCashProvidedByUsedInFinancingActivitiesContinuingOperations
7865000
CY2016Q1 us-gaap Amortization Of Intangible Assets
AmortizationOfIntangibleAssets
50000
CY2016Q1 us-gaap Other Comprehensive Income Unrealized Holding Gain Loss On Securities Arising During Period Tax
OtherComprehensiveIncomeUnrealizedHoldingGainLossOnSecuritiesArisingDuringPeriodTax
-2058000
CY2016Q1 us-gaap Depreciation Depletion And Amortization
DepreciationDepletionAndAmortization
476000
CY2016Q1 us-gaap Income Tax Expense Benefit
IncomeTaxExpenseBenefit
812000
CY2016Q1 us-gaap Proceeds From Maturities Prepayments And Calls Of Available For Sale Securities
ProceedsFromMaturitiesPrepaymentsAndCallsOfAvailableForSaleSecurities
5500000
CY2016Q1 us-gaap Research And Development Expense Excluding Acquired In Process Cost
ResearchAndDevelopmentExpenseExcludingAcquiredInProcessCost
6917000
CY2016Q1 us-gaap Proceeds From Issuance Or Sale Of Equity
ProceedsFromIssuanceOrSaleOfEquity
698000
CY2016Q1 us-gaap Increase Decrease In Deferred Revenue
IncreaseDecreaseInDeferredRevenue
52000
CY2016Q1 us-gaap Deferred Income Tax Expense Benefit
DeferredIncomeTaxExpenseBenefit
9000
CY2016Q1 us-gaap Cash And Cash Equivalents Period Increase Decrease
CashAndCashEquivalentsPeriodIncreaseDecrease
-50227000
CY2016Q1 us-gaap Impairment Of Investments
ImpairmentOfInvestments
0
CY2016Q1 us-gaap Increase Decrease In Accounts Payable
IncreaseDecreaseInAccountsPayable
995000
CY2016Q1 us-gaap Share Based Compensation
ShareBasedCompensation
1776000
CY2016Q1 us-gaap Impairment Of Long Lived Assets Held For Use
ImpairmentOfLongLivedAssetsHeldForUse
0
CY2016Q1 us-gaap Selling General And Administrative Expense
SellingGeneralAndAdministrativeExpense
11747000
CY2016Q1 us-gaap Increase Decrease In Accrued Liabilities
IncreaseDecreaseInAccruedLiabilities
-639000
CY2016Q1 us-gaap Impairment Of Intangible Assets Finitelived
ImpairmentOfIntangibleAssetsFinitelived
0
CY2016Q1 us-gaap Net Cash Provided By Used In Investing Activities Continuing Operations
NetCashProvidedByUsedInInvestingActivitiesContinuingOperations
-45049000
CY2016Q1 us-gaap Cost Of Goods Sold
CostOfGoodsSold
4263000
CY2016Q1 us-gaap Available For Sale Securities Gross Realized Losses
AvailableForSaleSecuritiesGrossRealizedLosses
0
CY2016Q1 cers Work In Process Inventory Life Period
WorkInProcessInventoryLifePeriod
P1Y
CY2016Q1 cers Product Warranty Term
ProductWarrantyTerm
P1Y
CY2016Q1 cers Minimum Term Of Non Cancelable Operating Leases
MinimumTermOfNonCancelableOperatingLeases
P1Y
CY2016Q1 cers Payment For Manufacturing Of Entity Products
PaymentForManufacturingOfEntityProducts
3600000
CY2016Q1 cers Expiration Of Non Cancelable Operating Leases Maximum Year
ExpirationOfNonCancelableOperatingLeasesMaximumYear
2020
CY2016Q1 cers Inventory Life Finished Goods Period
InventoryLifeFinishedGoodsPeriod
P2Y
CY2016Q1 cers Non Cash Interest Expense
NonCashInterestExpense
300000
CY2016Q1 cers Non Cash Tax Expense From Other Unrealized Gain Loss On Available For Sale Securities
NonCashTaxExpenseFromOtherUnrealizedGainLossOnAvailableForSaleSecurities
768000
CY2016Q1 cers Increase Decrease In Manufacturing And Development Payment Liability
IncreaseDecreaseInManufacturingAndDevelopmentPaymentLiability
-924000

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